Revenue generated from our largest customer in 2023, 2024, 2025 and the five months ended May 31, 2026 accounted for 5.4%, 5.0%, 4.9% and 4.8%, respectively, of our revenue for the respective period.
Summary · 第 6 页
Revenue generated from our five largest customers in each period during the Track Record Period accounted for 10.2%, 9.3%, 9.2% and 8.7%, respectively, of our revenue for the respective period.
Summary · 第 6 页
In 2023, 2024, 2025 and the five months ended May 31, 2026, revenue from the Southwestern Regional Franchisee contributed 5.4%, 5.0%, 4.9% and 4.8% of our total revenue, respectively and revenue from the SAR Regional Franchisee contributed 1.1%, 1.3%, 1.3% and 1.3% of our total revenue, respectively.
For the years ended December 31, 2023, 2024, 2025 and the three months ended March 31, 2026, the revenue from our five largest customers for the respective years in aggregate accounted for 97.9%, 96.5%, 94.4% and 96.9% of our total revenue, respectively, and our largest customer for the respective years contributed 59.2%, 67.2%, 47.2% and 43.9% of our total revenue, respectively.
Summary · 第 8 页
According to CIC, it is common for domestic providers in the brake-by-wire solutions industry to have high customer concentration, mainly as a result of the downstream OEM market being dominated by a small number of large automobile manufacturers, coupled with the long validation cycles required by OEMs before introducing new suppliers, which typically take eight to 18 months.
Business · 第 152 页
We have not experienced any termination of cooperation with major customers during the Track Record Period. We believe that we have maintained stable business relationships with our major customers and that the likelihood of termination or material change in such relationship is low, on the basis that (i) we are selected by OEMs from their rigorous and multi-staged solution provider selection process including capability demonstration, qualification screening and competitive bidding process; and (ii) after selection and prior to delivery, we undergo a typically one-year formal development phase from full integration with the vehicle's electronic and electrical architecture to validation.
常州星宇车灯股份有限公司Changzhou Xingyu Automotive Lighting Systems Co., Ltd.
前五大客户收入占比约58.6%至69.5%
In 2023, 2024, 2025 and the three months ended March 31, 2026, our five largest customers in each year/period accounted for approximately 68.2%, 69.5%, 64.7% and 58.6% of our total revenue, respectively, while sales to our largest customer accounted for approximately 36.6%, 23.3%, 19.5% and 17.2% of our total revenue, respectively.
Business · 第 141 页
All of our five largest customers in each year/period during the Track Record Period are Independent Third Parties.
Business · 第 146 页
During the Track Record Period and up to the Latest Practicable Date, none of our customers requested to terminate their agreements with us.
Our top five customers in each year/period during the Track Record Period accounted for 57.7%, 57.5%, 55.5% and 43.6% of our total revenue in 2023, 2024, 2025 and the three months ended March 31, 2026, respectively.
Business · 第 154 页
We have entered into an exclusive cooperation arrangement with Customer A, our single largest customer in each year/period during the Track Record Period.
Business · 第 154 页
Given the mutually exclusive nature of our cooperation, the forefront positioning of our co-developed product and the diversity of the end customer base, we believe our collaboration with Customer A is sustainable and the associated customer concentration risk is limited.
For the years ended December 31, 2023, 2024 and 2025 and the four months ended April 30, 2026, our top five customers collectively accounted for 36.8%, 41.3% and 35.1% and 68.0%, respectively, of our total revenue.
Summary · 第 5 页
Many domestic enterprise customers prefer to procure through system integrators with whom they have established long-term relationships, as these system integrators offer comprehensive service capabilities, especially for large-scale, complex robotics solution projects.
Business · 第 156 页
By selling robotic products to system integrators and having them lead deployment and after-sales support, we reduce our customer acquisition and maintenance cost, as the system integrators own the downstream customer relationship, deliver ongoing service, and manage long-term performance.
众安信科（深圳）股份有限公司Zhongan Information Technology (Shenzhen) Co., Ltd.
最大客户及前五大客户收入占比较高
During the Track Record Period, our sales to the largest customer in each year/period accounted for 44.4%, 44.6%, 22.3% and 25.1% of our total revenue for the respective years/period.
Summary · 第 8 页
For the years ended December 31, 2023, 2024 and 2025 and the five months ended May 31, 2026, our sales to the five largest customers in aggregate accounted for 74.7%, 62.7%, 43.0% and 54.7% of our total revenue for the respective years/period.
Business · 第 141 页
The decrease in tender success rate was primarily attributable to our business expansion in 2025, during which we increased our participation in open tenders to broaden our customer base and reduce customer concentration, as compared to 2023 and 2024 when our project engagements were primarily secured through direct negotiations with existing customers.
Revenue from our five largest customers in each year/period during the Track Record Period amounted to RMB137.5 million, RMB1,066.9 million, RMB1,871.4 million and RMB878.7 million, respectively, accounting for 86.1%, 92.0%, 93.5% and 91.9% of our total revenue for the respective year/period.
Summary · 第 10 页
In 2023, 2024, 2025 and the five months ended May 31, 2026, revenue from Customer D amounted to RMB17.1 million, RMB422.3 million, RMB1,142.8 million and RMB477.8 million, respectively, representing 10.7%, 36.4%, 57.1% and 50.0% of our total revenue for the respective year/period.
Summary · 第 11 页
Considering (i) the long-term design-in lifecycle of electric control solutions, (ii) our proven delivery and performance track record with Customer D across multiple vehicle programs, (iii) the ongoing expansion of awarded vehicle model coverage and (iv) the continued development pipeline under collaboration, our Directors are of the view that the likelihood of any material adverse change or termination of our business relationship with Customer D in the foreseeable future is low.
In 2023, 2024, 2025 and the three months ended March 31, 2026, the aggregate revenue generated from our five largest customers in each year/period during the Track Record Period were RMB8,038.6 million, RMB18,409.9 million, RMB29,055.6 million and RMB15,956.7 million, representing 75.0%, 77.2%, 76.0% and 81.9% of our revenue, respectively.
Summary · 第 4 页
Revenues generated from our largest customer in each year/period during the Track Record Period were RMB3,890.6 million, RMB5,443.8 million, RMB9,201.5 million and RMB4,889.3 million, representing 36.3%, 22.8%, 24.1% and 25.1% of our revenue, respectively.
Business · 第 183 页
We began our cooperation with our first top-tier cloud service provider customer in 2011, becoming its major optical transceiver supplier ever since.
In 2023, 2024, 2025 and the three months ended March 31, 2026, revenue generated from our five largest customers in each year/period amounted to RMB1,683.4 million, RMB1,251.4 million, RMB1,037.1 million and RMB320.1 million, respectively, accounting for 37.0%, 43.6%, 41.3% and 59.5% of our total revenue in the same periods, respectively.
Business · 第 143 页
Revenue from our largest customer in each year/period of the Track Record Period accounted for 10.0%, 14.5%, 20.3% and 49.1% of our total revenue, respectively.
Business · 第 143 页
All of our five largest customers during each year/period of the Track Record Period were Independent Third Parties.
Revenue generated from our five largest customers in 2023, 2024 and 2025, and for the four months ended April 30, 2026 accounted for 84.6%, 77.6%, 64.9%, and 62.1% respectively, of our total revenue for the same years/periods.
Summary · 第 5 页
Revenue generated from our largest customer in each year/period of the Track Record Period amounted to RMB1,078.0 million, RMB966.3 million, and RMB966.3 million and RMB358.9 million, respectively, representing 65.7%, 61.4%, 49.5% and 42.9% of our total revenue for the same years/period.
Business · 第 175 页
In addition, we have entered into long-term agreements, and established stable relationship with Customer A. Termination of these agreements is limited to certain exceptional circumstances, such as force majeure or serious breaches.
Revenue generated from our largest customer in each year amounted to RMB6.8 million, RMB3.2 million and RMB0.8 million, representing approximately 100.0%, 100.0% and 64.2% of our total revenue for the same year, respectively. In the five months ended May 31, 2026, we did not have any customers.
Summary · 第 10 页
In 2023, 2024 and 2025, we had one, one and two customers, respectively. In the five months ended May 31, 2026, we did not have any customers.
Business · 第 187 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.
In the years ended 31 December 2023, 2024, and 2025 and the five months ended 31 May 2026, sales to our largest customer in each year/period during the Track Record Period accounted for 45.1%, 36.7%, 21.4%, and 20.7% of our total revenue for the respective years/period, while the combined revenue from our five largest customers in each year/period during the Track Record Period accounted for 94.8%, 84.4%, 71.1%, and 72.7% of our total revenue during the years/period.
Summary · 第 5 页
We believe that this concentration is reflective of the industry dynamics rather than an over-reliance on individual customers, as our customer portfolio generally aligns with their respective market shares in the overall industry.
Summary · 第 5 页
According to Frost & Sullivan, in 2025, they collectively represented approximately 50% of the silver paste market in China by sales revenue, which is largely in line with their contribution to our revenue during the same year.
In 2023, 2024, 2025 and three months ended March 31, 2026, sales to our five largest customers in each year/period amounted to RMB247.9 million, RMB509.2 million, RMB905.4 million and RMB201.0 million, accounting for 94.8%, 91.6%, 86.7% and 93.5% of our total revenue in the respective periods.
Summary · 第 3 页
During the Track Record Period, sales to our top five customers were relatively concentrated.
Business · 第 140 页
We are continuously expanding our product portfolio to serve a broader range of industries, evidenced by our revenue growth in each of our business lines, thereby effectively mitigating the risk of overconcentration.
In 2023, 2024, 2025 and the three months ended March 31, 2026, our five largest customers in each year/period during the Track Record Period together generated RMB667.8 million, RMB599.3 million, RMB706.5 million and RMB159.9 million of revenues, respectively, accounting for 64.9%, 53.2%, 53.4% and 47.5% of our total revenue, respectively.
Summary · 第 5 页
In addition, the revenue contribution of our largest customer during the Track Record Period, Customer A, decreased from 23.0% in 2023 to 20.0% in 2025, and further to 13.5% in the three months ended March 31, 2026.
Business · 第 157 页
According to Frost & Sullivan, our level of customer concentration is in line with industry norms.
In 2023, 2024 and 2025 and the three months ended March 31, 2026, our five largest customers in each year/period together generated RMB510.8 million, RMB784.6 million, RMB829.2 million and RMB232.8 million of revenues, respectively, accounting for 44.1%, 47.2%, 46.1% and 47.5% of our total revenue, respectively.
Summary · 第 4 页
All of our five largest customers were Independent Third Parties during the Track Record Period.
Business · 第 119 页
None of our Directors and their respective associates, or Shareholders who own 5% or more of the total issued Shares had any interest in any of our five largest customers during the Track Record Period.
广州视源电子科技股份有限公司Guangzhou Shiyuan Electronic Technology Company Limited
前五大客户收入占比约25%至27%
In 2023, 2024, 2025 and the three months ended March 31, 2026, sales to our five largest customers amounted to RMB5,149.1 million, RMB6,087.6 million, RMB6,418.2 million and RMB1,682.7 million, accounting for 25.5%, 27.2%, 26.4% and 27.1% of our total sales in the respective years/periods.
Summary · 第 5 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.
During the Track Record Period, revenue generated by our continuing operations from our five largest customers in each year/period amounted to RMB554.5 million in 2023, RMB1,041.7 million in 2024, RMB1,316.2 million in 2025 and RMB567.1 million for the four months ended April 30, 2026, representing 42.5%, 53.4%, 53.5% and 52.1% of our total revenue for the corresponding years/periods, respectively.
Business · 第 164 页
We maintain strategic partnerships with our customers that go beyond traditional sales relationships.
Financial Information · 第 207 页
We forge close partnership with our semiconductor customers, working alongside our customers to co-design products, drive rapid iteration, and achieve their technological roadmaps.
Revenue generated from our largest customer for 2023, 2024 and 2025, and the four months ended April 30, 2026 accounted for 37.9%, 30.7%, 30.4% and 41.7% of our total revenue for the respective years/periods; and our sales to the five largest customers for the same years/periods accounted for 90.5%, 93.7%, 85.4% and 86.2% of our total revenue, respectively.
Summary · 第 8 页
Our Directors are of the view that the customer concentration observed during the Track Record Period is line with the industry practice and structural characteristics of the micro motor market.
Business · 第 149 页
As a result, our revenue concentration is a reflection of our successful penetration into the supply chains of leading End Customers, rather than an over-reliance on the independent decision-making of single camera module manufacturers.
In 2023, 2024, 2025 and the three months ended March 31, 2026, our revenue generated from our five largest customers was RMB962.6 million, RMB1,668.2 million, RMB2,165.9 million, and RMB628.8 million, representing 81.4%, 81.2%, 76.6% and 68.1% of our total revenue, respectively.
Summary · 第 4 页
We intend to continue our long-term collaboration and mutual technology support with these market-leading customers who are expected to contribute significantly to our revenue base and future growth.
Business · 第 141 页
As we monitor the market trend closely, we seek to further broaden our customer base by actively developing relationships with other market leaders and new customers, with a view to supporting the sustainable growth of our business.
In 2023, 2024 and 2025, revenue generated from our top five customers for each period during the Track Record Period accounted for 24.6%, 28.2% and 28.8% of our total revenue of such period, respectively, and revenue generated from our largest customer for each period during the Track Record Period accounted for 11.7%, 14.3% and 12.3% of our total revenue in the same periods, respectively.
Summary · 第 6 页
To the best of our knowledge, all of our five largest customers in each year during the Track Record Period were independent third parties.
Business · 第 138 页
Expanding our customer base across geographies and segments also helps diversify our revenue streams and prevent concentration risk.