In 2023, 2024 and 2025, our revenue from the five largest customers in each year during the Track Record Period amounted to RMB390.8 million, RMB351.8 million and RMB394.1 million, respectively, accounting for 82.4%, 78.6% and 79.3% of our total revenue for the respective years.
Summary · 第 3 页
Revenue from our largest customer in each year during the Track Record Period accounted for 49.7%, 51.3% and 52.6% of our total revenue for the respective years.
Business · 第 120 页
The concentration in our customers reflects the structure of our customer base, which primarily comprises large-scale state-owned enterprises in the oil and gas industry.
山东省环能设计院股份有限公司Shandong Huanneng Design Institute Company Limited
最大客户收入占比由24.7%升至51.2%
In terms of revenue, we derived approximately RMB143.4 million, RMB337.0 million and RMB414.7 million respectively from our largest customer, for the years ended 31 December 2023, 2024 and 2025, representing approximately 24.7%, 49.7% and 51.2% of our total revenue for the same periods, respectively.
Summary · 第 2 页
Our Directors believe that, and confirmed by Frost & Sullivan, customer concentration is not uncommon for the construction industry and the business model of our Group is sustainable despite the customer concentration.
Business · 第 128 页
Our ability to maintain stable relationships with major customers has positioned us as an important service provider, as evidenced by the fact that our five largest customers accounted for approximately 59.2%, 76.9%, and 73.9% of our total revenue for the years ended 31 December 2023, 2024, and 2025, respectively.
Revenue from our five largest customers in each year during the Track Record Period amounted to RMB4,618.3 million, RMB5,670.7 million and RMB6,018.6 million, respectively, accounting for 64.2%, 62.2% and 57.9% of our total revenue for the respective year.
Summary · 第 8 页
This concentration is consistent with the structure of the global wafer foundry industry, which naturally features a high degree of customer concentration due to the limited number of leading IC design companies with large production volumes and stringent qualification requirements for foundry suppliers.
Business · 第 125 页
To mitigate such risks, we are pursuing customer and product diversification strategies.
立讯精密工业股份有限公司Luxshare Precision Industry Co., Ltd.02475.HK
往绩记录期间最大客户收入占比56.7%至75.2%
Revenue generated from our five largest customers for each year of the Track Record Period was RMB191.2 billion, RMB211.0 billion and RMB216.2 billion in 2023, 2024 and 2025, respectively, accounting for 82.4%, 78.5% and 65.0%, respectively, of our total revenue in the same years.
Summary · 第 2 页
Our Directors are of the view that the likelihood of any material adverse change in our business relationship with Customer A / Supplier A is low, because our cooperation is a mutual choice, and such relationship is long-term and mutually beneficial.
Business · 第 145 页
During the Track Record Period, revenue from Customer A / Supplier A as a percentage of our revenue decreased significantly, from 75.2% in 2023 to 56.7% in 2025.
北京盛景网联科技服务股份有限公司Beijing Shengjing Wanglian Science and Technology Service Co., Ltd.
前五大客户均为集团管理的基金，收入占比约37%至46%
For the financial years ended 31 December 2023, 2024, and 2025, our top five customers collectively accounted for 44.9%, 45.6% and 37.3% of our total revenue, respectively.
Summary · 第 2 页
During the Track Record Period, our largest customer is one of our direct investment funds which contributed 15.3%, 23.5% and 12.0% in 2023, 2024 and 2025, respectively, to the total revenue, and our top five customers, of which are all funds in aggregate contributed 44.9%, 45.6% and 37.3% in 2023, 2024 and 2025, respectively, to the total revenue.
Business · 第 147 页
Due to the nature of our business, all of our five largest customers during the Track Record Period were our internal funds.
In 2023, 2024 and 2025, revenue generated from our five largest customers in each year during the Track Record Period was RMB908.4 million, RMB950.9 million and RMB1,555.0 million, respectively, representing 88.7%, 82.6% and 90.8% of our total revenue, respectively.
Summary · 第 7 页
In 2023, 2024 and 2025, our revenue from Solum was RMB519.6 million, RMB417.7 million and RMB495.1 million, respectively, representing 50.7%, 36.3% and 28.9%, respectively, of our total revenue for the same years.
Summary · 第 7 页
Accordingly and as confirmed by CIC, it is not uncommon for e-paper display module providers to have a relatively large portion of their revenue contributed by a few customers, our partnerships with leading companies like Solum reflect a common and strategic commercial approach.
In each of 2023, 2024, and 2025, the aggregate revenue generated from our five largest customers in each year during the Track Record Period were RMB644.3 million, RMB1,037.3 million and RMB1,508.2 million, representing 86.7%, 78.3% and 62.6% of our revenues, respectively.
Business · 第 187 页
According to CIC, this level of customer concentration is not uncommon among driving automation solutions providers, particularly in their early stages of commercialization.
Business · 第 189 页
Our current revenue concentration also reflects our deliberate go-to-market strategy of prioritizing deep, scalable collaborations with a select group of leading OEMs to establish repeatable success cases, rather than pursuing rapid but fragmented customer expansion.
Revenue from our five largest customers amounted to RMB255.8 million, RMB825.2 million and RMB949.9 million during each year of the Track Record Period, representing 94.4%, 83.7% and 66.3% of our revenue, respectively.
Summary · 第 3 页
We believe our relationship with Customer H is mutually beneficial and performance-driven.
Business · 第 156 页
We believe revenue concentration during the early stages of commercialization is primarily the result of our deliberate go-to-market strategy and reflects both the nature of our industry and the scale dynamics of autonomous mining deployment, rather than any structural over-dependence on a single customer.
Revenue generated from our largest customer in each year during the Track Record Period accounted for 29.7%, 45.5% and 20.6% of our total sales in the respective years.
Summary · 第 8 页
Revenue generated from our five largest customers in each year during the Track Record Period accounted for 46.4%, 63.1% and 40.4% of our total sales in the respective years.
Business · 第 170 页
To ensure long-term, sustainable growth, we are committed to diversifying our customer base.
During the Track Record Period, revenue contributed from our five largest customers in each year accounted for 46.3%, 38.6% and 42.0% of our total revenue in 2023, 2024 and 2025, respectively, while the largest customer contributed 14.4%, 12.8% and 12.3% of our total revenue, respectively, for the same year.
Summary · 第 6 页
We plan to broaden our customer base and strengthen our relationship with customers.
Business · 第 188 页
We consider it critical to diversify our revenue stream and plan to deepen our collaboration with existing direct sale customers and attract and establish long-term business relationship with new direct sale customers in the near future.
We generated revenue of RMB276.4 million, RMB890.8 million and RMB1,645.0 million from our top five customers, representing 59.5%, 74.1% and 67.5%, respectively, to our total revenue for the years ended December 31, 2023, 2024 and 2025.
Summary · 第 10 页
In addition, our Key Account Customers currently contribute a significant portion of our revenues, with our five largest customers accounting for 67.5% of our total revenue for the year ended December 31, 2025.
Financial Information · 第 203 页
For the year ended December 31, 2025, we maintained a Key Account Customer retention rate of 100.0% and a Key Account Customer net dollar retention rate of 180.5%.
For the years ended December 31, 2023, 2024 and 2025, the aggregate revenue generated from our top five customers amounted to HK$345.7 million, HK$449.1 million and HK$466.0 million, respectively, representing 96.7%, 94.7% and 92.9%, respectively, of our total revenue for the respective periods.
Business · 第 138 页
While our revenue is concentrated among a small number of major retailer customers, such customer concentration is common and structurally inherent in the decorative gardening and gardening supply industry, where procurement is typically centralized within large international retail chains.
Business · 第 140 页
Customer G and Customer H were both onboarded after approximately 20 months. As such onboarding cycles are lengthy, customer diversification is typically realized progressively rather than immediately.
For the years ended December 31, 2023, 2024 and 2025, our revenue generated from sales to our five largest customers in each year in aggregate amounted to RMB752.4 million, RMB752.3 million and RMB1,144.3 million, respectively, representing 80.3%, 79.9% and 86.6% of our total revenue in the corresponding years.
Summary · 第 5 页
For the same years, our revenue generated from sales to our largest customer amounted to RMB245.4 million, RMB313.5 million and RMB432.9 million, respectively, representing 26.2%, 33.3% and 32.8% of our total revenue in the corresponding years.
Summary · 第 5 页
During the Track Record Period, our customers primarily consisted of our distributors and we did not experience any material disputes with our customers.
In 2023, 2024 and 2025, the revenue generated from our five largest customers for each year amounted to RMB206.0 million, RMB358.0 million and RMB420.1 million, respectively, accounting for 99.0%, 97.4% and 89.6% of our total revenue for the corresponding year, respectively.
Summary · 第 6 页
Our top five customers accounted for 99.0%, 97.4% and 89.6% of our total revenue in 2023, 2024 and 2025, respectively, while our largest customer accounted for 44.5%, 46.8% and 41.4% of our total revenue during the same periods.
Business · 第 144 页
As an upstream provider of perceptual interaction solutions for smart devices, customer concentration is inherent regardless of the point in the value chain at which we engage in sales.
上海悦普数智科技股份有限公司Shanghai Yuepu Digital Intelligence Technology Co., Ltd.
五大客户收入占比约36%至37%
Our aggregate revenue from our five largest customers in 2023, 2024 and 2025 amounted to RMB541.8 million, RMB496.9 million and RMB505.1 million, respectively, representing 36.0%, 37.2% and 36.0% of our total revenue, respectively.
Summary · 第 7 页
Our key account customer retention rate remained at a consistently high level of 97.1%, 97.4% and 100.0% in 2023, 2024 and 2025, respectively, reflecting their continued recognition of our service quality and execution capabilities.
During the Track Record Period, revenue attributable to our five largest customers amounted to RMB377.3 million, RMB357.6 million and RMB446.1 million in 2023, 2024 and 2025, respectively, representing 43.8%, 25.2% and 34.3% of our total revenue for the corresponding periods.
Summary · 第 3 页
During the same periods, revenue attributable to our single largest customer amounted to RMB204.5 million, RMB211.2 million and RMB218.1 million in 2023, 2024 and 2025, respectively, representing 23.8%, 14.9% and 16.8% of our total revenue for the corresponding periods.
Business · 第 169 页
Our engagement with such key partners, particularly our stable cooperation relationship with them as well as the key contractual terms underlying such cooperation, may have material impact on our business operation and financial performance.
广东真健康医疗科技开发股份有限公司Guangdong True Health Medical Technology Development Co., Ltd.02697.HK
前五大客户收入占比达100.0%及96.4%
In 2024 and 2025, the total revenue generated from our five largest customers in each year was RMB1.8 million and RMB11.7 million, respectively, accounting for 100.0% and 96.4%, respectively, of our total revenue for the same years.
Summary · 第 6 页
During the same years, revenue generated from our single largest customer of each year amounted to RMB1.6 million and RMB4.8 million, respectively, representing 88.9% and 39.2%, respectively, of our total revenue for the same years.
Business · 第 197 页
To the best knowledge of our Directors, each of our five largest customers for each year during the Track Record Period is an Independent Third Party.
江西生物制品研究所股份有限公司Jiangxi Institute of Biological Products Inc.06915.HK
前五大客户收入占比约三成
Revenue from five largest customers in each year, calculated on the group level with entities controlled by the same group combined together, amounted to RMB58.0 million, RMB64.4 million and RMB77.8 million in 2023, 2024 and 2025, respectively, representing approximately 29.3%, 29.2% and 33.1% of our total revenue for the corresponding periods.
Business · 第 180 页
To the best knowledge of our Directors, all of our five largest customers in each year during the Track Record Period are Independent Third Parties.
Business · 第 181 页
None of our Directors, their respective close associates or any shareholder who, to the knowledge of our Directors, 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 in each year during the Track Record Period.
During the Track Record Period, revenue generated from our five largest customers amounted to RMB0.7 million and RMB2.1 million in 2024 and 2025, accounting for 94.9% and 88.0% of our total revenue for the same years, respectively.
Summary · 第 7 页
Revenue from our single largest customer amounted to RMB0.3 million and RMB0.6 million in 2024 and 2025, accounting for 45.8% and 25.4% of our revenue for the same years, respectively.
Summary · 第 7 页
We believe that we maintain strong and stable relationships with our major customers.
In 2023, 2024 and 2025, revenue generated from our five largest customers amounted to RMB168.0 million, RMB605.9 million, and RMB961.0 million, respectively, accounting for 95.8%, 70.3%, and 78.7% of our total revenue, respectively.
Summary · 第 5 页
The relatively high customer concentration in 2023 was primarily attributable to (i) our then relatively limited business scale, as we were in the process of scaling up our operations and broadening our customer base; and (ii) the transitional stage of our product and customer mix, as we had strategically focused on AI-related high-speed SiPh products, while revenue contribution from AI-related customers had yet to become significant during the relevant period.