In 2024 and 2025, we generated revenue of RMB6.5 million and RMB30.6 million, respectively, from a single customer, our distributor for Mircera^®^ in China.
Summary · 第 8 页
During the Track Record Period, all of our revenue was generated from sales to our distributor in China.
Business · 第 197 页
Such arrangement is necessary because under PRC regulations, sales to public hospitals must be conducted through entities holding a Good Supply Practice (GSP) License.
江苏博迁新材料股份有限公司Jiangsu Boqian New Materials Stock Co., Ltd.
前五大客户收入占比约76%，最大客户占45%
Revenue generated from our largest customer for the years ended December 31, 2023, 2024 and 2025 amounted to RMB271.8 million, RMB456.3 million and RMB518.7 million, accounting for 39.4%, 48.3% and 45.0%, respectively, of our total revenue for the respective periods.
Business · 第 126 页
As a result, the business relationship between us is stable and sustainable, with no significant risks of uncertainty.
Business · 第 129 页
As of the Latest Practicable Date, our Directors believe that our level of customer concentration is consistent with industry practice and does not constitute a material risk that cannot be mitigated through our ongoing diversification efforts.
北京中科闻歌科技股份有限公司Beijing Zhongke WengeAI Science and Technology Co., Ltd.01956.HK
最大客户及前五大客户收入集中
Revenue generated from our largest customer in each year or period during the Track Record Period accounted for 24.3%, 19.9% and 19.1%, respectively, of our revenue for the respective year or period.
Summary · 第 9 页
Revenue generated from our five largest customers in each year or period during the Track Record Period accounted for 48.0%, 32.5%, and 37.6%, respectively, of our revenue for the respective year or period.
Business · 第 182 页
To the best of our knowledge, our five largest customers in each year during the Track Record Period were Independent Third Parties.
As at the Latest Practicable Date, PT Aneka Tambang (Persero) Tbk (“ANTAM”), an Independent Third Party, was our sole gold customer.
Summary · 第 8 页
Sales under this agreement will represent a substantial proportion of our revenue.
Summary · 第 8 页
As of the Latest Practicable Date, while ANTAM was the Company’s only domestic gold buyer, the Company is in ongoing preliminary and exploratory discussions with other local prospective customers in relation to potential gold sales arrangements.
In 2023, 2024 and 2025, sales to our five largest customers amounted to RMB3,274.5 million, RMB3,731.5 million and RMB4,463.0 million, respectively, accounting for 56.9%, 53.7% and 54.5% of our total sales in the respective periods.
Summary · 第 3 页
Our financial performance is significantly affected by our ability to maintain and strengthen relationships with our key customers.
Financial Information · 第 141 页
In particular, we seek to further strengthen our presence in overseas markets in Asia and Africa and further expand into Europe and the Americas, and strengthen relationships with energy developers, industrial enterprises and emerging grid technology companies.
In 2023, 2024, and 2025, the aggregate revenue generated from our five largest customers in each year during the Track Record Period was RMB320.2 million, RMB272.6 million, and RMB356.1 million, representing 70.9%, 55.2%, and 50.6% of our total revenue, respectively.
Summary · 第 7 页
According to Frost & Sullivan, this relatively concentrated customer base is in line with prevailing industry practice.
Business · 第 132 页
Our customer concentration has gradually decreased as our business scale has expanded and we have entered new markets, and we do not believe we face significant customer dependence risk.
During the Track Record Period and up to the Latest Practicable Date, we had not generated any revenue from sales of commercialized products, and did not expect to generate any revenue from product sales before the commercialization of one or more of our drug candidates.
Business · 第 202 页
We generated revenue of RMB38.6 million for the three months ended March 31, 2026 from our collaboration partner, Bleecker, in connection with the out-licensing of LNK01006 on a worldwide basis, excluding the Lynk Territory (including mainland China, Hong Kong, Macau and Taiwan).
Business · 第 202 页
Such payment was made in accordance with the terms of the licensing agreement between us and Bleecker and was settled via bank transfer.
For the years ended December 31, 2023, 2024 and 2025, revenue from our five largest customers amounted to RMB2,165.7 million, RMB2,251.7 million, and RMB2,119.6 million respectively, representing approximately 40.6%, 45.0% and 39.2% of our total revenue for the same periods, respectively.
Summary · 第 5 页
Sales to our largest customer for each year during the Track Record Period represented 13.9%, 15.0% and 10.0% of our total revenue for the same periods, respectively.
Business · 第 142 页
According to CIC, it is an industry norm for NdFeB PM manufacturers to have a high customer concentration.
For each of the years ended December 31, 2023, 2024 and 2025, revenue from our five largest customers in each year amounted to RMB7,879.9 million, RMB9,731.7 million and RMB10,451.1 million, accounting for 48.6%, 52.1% and 48.7% of our total revenue in the respective periods.
Business · 第 152 页
We believe that the likelihood of any material adverse change in or termination of our business relationship with our top five customers is low, considering that (i) we have partnered with all of these customers for long periods of time and have established mutually beneficial relationships with them; and (ii) we have gained a unique and deep understanding of their demands and preferences for supply chain solutions, giving us competitive advantages as compared to our competitors.
For the years ended December 31, 2023, 2024 and 2025, the revenue generated from our five largest customers in each year accounted for 64.6%, 67.9%, and 48.6%, respectively, of our revenue during those periods.
Summary · 第 3 页
For the years ended December 31, 2023, 2024 and 2025, the revenue generated from our largest customer in each year accounted for 20.0%, 30.2% and 14.4%, respectively, of our revenue during those periods.
Business · 第 156 页
Having considered the factors set out in Chapter 1.2B of the Guide, our Directors are of the view that the Group does not have material reliance on any single customer given (i) the project-based business model with natural customer turnover, (ii) the customer concentration being an industry norm as confirmed by Frost & Sullivan, (iii) the decreasing concentration trend, and (iv) the diversified business lines across Trunk Port, Trunk Pilot and Trunk City serving different customer segments.
深圳市星源材质科技股份有限公司Shenzhen Senior Technology Material Co., Ltd.06067.HK
往绩记录期间前五大客户收入占比最高达63.8%
In the years ended 31 December 2023, 2024 and 2025, our top five customers in each year together generated RMB1,903.5 million, RMB1,785.9 million and RMB2,485.0 million of revenues, respectively, accounting for 63.8%, 50.9% and 60.8% of our total revenue, respectively.
Business · 第 144 页
During the Track Record Period, we had significant customer concentration in NEVs and energy storage systems industries, with all of our top five customers for each year during the Track Record Period being part of the value chain of the abovementioned industries.
Business · 第 147 页
During the Track Record Period, we entered into a Global Strategic Cooperation Memorandum with LG Energy Solution, a Strategic Memorandum with Samsung SDI and a Global Strategic Cooperation Framework Agreement with EVE Energy.
During the Track Record Period, our revenue was all derived from our out-license and collaboration agreements with Junshi Biosciences and/or Junze Chuangyao.
Summary · 第 14 页
During the Track Record Period, all of our revenue was derived from our out-license and collaboration agreements with Junshi Biosciences and/or Junze Chuangyao.
安徽华创新材料股份有限公司Anhui Huachuang New Materials Co., Ltd.
往绩记录期间前五大客户收入占比逾八成
Revenue from our five largest customers in each year during the Track Record Period amounted to RMB3,708.3 million, RMB4,658.1 million and RMB7,027.0 million, respectively, accounting for 85.0%, 84.2% and 81.4% of our total revenue for the same years.
Business · 第 144 页
During the Track Record Period, a majority of our revenue was generated from a small number of major customers.
Business · 第 146 页
Our Directors are of the view that it is unlikely that our business relationships with our major customers will materially deteriorate or be terminated, taking into account our long-standing cooperation with such customers, our track record of meeting their requirements in terms of product quality and delivery, and the absence of material disputes with them during the Track Record Period.
During each of the years ended 31 December 2023, 2024 and 2025, revenue generated from our top five customers for each period during the Track Record Period amounted to RMB178.0 million, RMB220.8 million and RMB254.7 million, representing 38.0%, 35.7% and 37.3% of our total revenue during the respective years.
Summary · 第 4 页
We maintain long-term and stable business relationships with our major customers, including tier-1 suppliers, OEMs and branded consumer product manufacturers.
During the Track Record Period, our revenue from the five largest customers in each year accounted for 38.3%, 59.0% and 46.8% of our total revenue, and the revenue from our largest customer amounted to approximately RMB23.0 million, RMB185.7 million and RMB94.0 million, respectively, accounting for 19.6%, 35.5% and 14.1% of our total revenue during the same year, respectively.
Summary · 第 4 页
While Customer F and Customer K represent a relatively significant portion of our revenue in FY2024 and FY2025, respectively, our Directors believe the concentration risk associated with these customers is mitigated by our active diversification of our customer portfolio.
Business · 第 152 页
As at the Latest Practicable Date, there have been no disputes or indications of material changes in our relationship with Customer F or Customer K, and our Directors expect these relationships to remain stable, supported by our tailored offerings and consistent delivery performance.
For the years ended December 31, 2023, 2024 and 2025, our revenue generated from Customer A accounted for 44.1%, 35.2% and 30.0% of our total revenue, respectively; and our revenue generated from Customer B accounted for 27.7%, 32.6% and 23.3% of our total revenue, respectively.
Business · 第 158 页
As a result, cloud computing service providers’ customer concentration on major internet companies is an industry norm, according to CIC.
Business · 第 159 页
our customer concentration has improved materially over the Track Record Period.
In 2023, 2024 and 2025, revenue generated from our five largest customers accounted for 63.6%, 54.0% and 51.0% of our total revenue, respectively.
Summary · 第 4 页
During the same years, our single largest customer contributed to 35.1%, 17.3% and 15.8% of our total revenue, respectively.
Summary · 第 4 页
Relying on our outstanding R&D capabilities, rapid demand response capabilities and consistently stable product quality, we have established stable long-term relationships with well-known customers in downstream industries through joint product development.
Revenues generated from our largest customer for FY2023, FY2024 and FY2025 accounted for 30.0%, 33.0% and 32.7% of our total revenue for the respective years.
Business · 第 136 页
our Directors are of the view that the concentration of our sales to our five largest customers does not give rise to any material reliance issue that would have a material adverse impact on our business operation and financial performance
Business · 第 137 页
(ii) a majority of our major customers are leading IC companies in the Chinese Mainland that impose very stringent qualification requirements on selecting their suppliers, and we have undergone lengthy and complex validation processes with them, and it would take time and cost for them to purchase from a new supplier
For 2025, revenue generated from our largest customer amounted to RMB107.4 million, representing 100.0% of our total revenue for the same year.
Summary · 第 7 页
During the Track Record Period, our revenue was primarily derived from out-licensing and collaboration arrangements with Biohaven, including income of intellectual property to collaborators, representing non-refundable and non-deductible upfront payments received from collaborators.
Business · 第 214 页
We will also actively pursue new collaboration opportunities to diversify our revenue sources.
In 2023, 2024 and 2025, revenue generated from our five largest customers in each year amounted to RMB313.2 million, RMB737.1 million and RMB3,609.8 million, respectively, accounting for 99.7%, 99.9%, and 99.5% of our total revenue in the same years, respectively.
Summary · 第 5 页
We believe that the relationship between us and Geely Related Group is unlikely to materially adversely change or terminate.
Summary · 第 6 页
We will be able to effectively mitigate the relevant exposure through the following approaches: (i) we have and will continue to expand our OEM customer base leveraging the quality of our products and our R&D capability; and (ii) we have strategically expanded into the AIDC power supply system and embodied intelligence domain-controlled electric drive system segments to further diversify our solution portfolio.