In 2023, 2024 and 2025, revenue generated from our top five customers for each period during the Track Record Period accounted for 78.6%, 88.8% and 78.3% of our total revenue of such period, respectively.
Summary · 第 5 页
Revenue generated from Customer A amounted to RMB86.9 million, RMB162.3 million and RMB114.7 million, respectively, accounting for 57.9%, 66.5% and 33.1% of our total revenue in the same respective periods.
Business · 第 148 页
To the best knowledge of the Company, during the Track Record Period, the amount of purchases from our Company as a percentage of the total purchases of Customer A was approximately 80% in each respective periods.
Revenue from our five largest customers in each year during the Track Record Period amounted to RMB435.3 million, RMB438.1 million and RMB374.0 million in 2023, 2024 and 2025 respectively, representing 41.5%, 42.4% and 36.6% of our total revenue in the same respective year.
Summary · 第 6 页
For risks relating to our major customers, see “Risk Factors — Risks Relating to our Business and Industry — Our success depends on our strong relationships with certain major customers. Any interruption of collaboration or deterioration of the relationship with our major customers could adversely affect our business, financial condition and results of operations.”
Business · 第 152 页
To the best of our knowledge, each of our five largest customers in each year during the Track Record Period was an Independent Third Party.
Revenue generated from our five largest customers in each year during the Track Record Period amounted to RMB224.4 million, RMB175.4 million and RMB269.9 million in 2023, 2024 and 2025, respectively, representing 49.3%, 40.5% and 55.8% of our total revenue for the respective years.
Summary · 第 7 页
Revenue generated from our largest customer in each year during the Track Record Period amounted to RMB114.9 million, RMB43.0 million and RMB162.4 million in 2023, 2024 and 2025, respectively, representing 25.3%, 9.9% and 33.6% of our total revenue for the respective years.
Business · 第 158 页
None of our Directors, their respective close associates, or Shareholders who, to the knowledge of our Directors, own 5% or more of our issued share capital had any interest in any of our five largest customers in each year during the Track Record Period.
For the years ended December 31, 2023, 2024 and 2025, revenue attributable to our five largest customers amounted to RMB290.2 million, RMB382.8 million and RMB521.2 million, respectively, accounting for approximately 98.7%, 97.2% and 94.4% of our revenue for the respective periods.
Summary · 第 4 页
During each year in the Track Record Period, we made significant sales to our largest customer, CATL, and their revenue contribution to us was significant.
Business · 第 156 页
To the best knowledge of the Directors, CATL is mutually reliant on us, primarily because we also hold a significant share within CATL’s supply chain ecosystem for the products of the same categories and there are a limited number of suppliers of such intelligent equipment.
In 2023, 2024 and 2025, sales to our five largest customers amounted to RMB899.0 million, RMB996.3 million and RMB1,228.0 million, accounting for 72.6%, 66.4% and 68.9% of our total revenue in the respective years.
Summary · 第 4 页
Accordingly, the DDIC design companies tend to maintain strong, longterm relationships with certified DDIC packaging and testing service providers, and it is common in the industry for such service providers to have a highly concentrated customer base.
Business · 第 104 页
In light of the above, we believe that we have mutually beneficial relationships with our major customers and that the likelihood of any material adverse change in our business with such customers in the near term is low.
江苏贝尔家居科技股份有限公司Jiangsu BBL Home Technology Company Limited
前五大客户贡献收入约四成，最大客户占近三成
In 2023, 2024 and 2025, our five largest customers in each period during the Track Record Period contributed 46.6%, 39.0% and 38.9%, respectively, to our total revenue in the same year.
Summary · 第 5 页
In addition, our single largest customer in each year during the Track Record Period contributed 31.9%, 28.6% and 29.2%, respectively, to our total revenue in the same year.
Summary · 第 5 页
To the best knowledge of our Directors, each of our five largest customers in each year during the Track Record Period was an Independent Third Party.
Our revenue from the five largest customers in each year during the Track Record Period was RMB4,167.7 million, RMB5,957.6 million and RMB5,581.2 million, respectively, accounting for 36.9%, 38.5% and 28.3% of our total revenue, respectively.
Summary · 第 8 页
Over the same period, our revenue from the single largest customer in each year during the Track Record Period was RMB1,799.5 million, RMB1,580.5 million and RMB1,767.9 million, accounting for 16.0%, 10.2% and 9.0% of our total revenue for the respective year.
Business · 第 148 页
As of the Latest Practicable Date, all of our five largest customers are Independent Third Parties, and none of our Directors, their close associates or any of our Shareholders (who owned or to the knowledge of Directors had 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.
In 2023, 2024 and 2025, revenue from our five largest customers accounted for 99.5%, 98.7% and 90.4% of our total revenue, respectively.
Summary · 第 4 页
We expect that our sales to our five largest customers will continue to contribute a significant portion of revenue in the foreseeable future, which is primarily attributable to the inherent concentration of the downstream passenger vehicle OEM market in China.
Business · 第 174 页
In light of (i) the industry practice of customer concentration as described above, (ii) the declining revenue contribution from Customer A over the Track Record Period and the fact that we did not have any single customer accounting for 30% or more of our total revenue in 2025, and (iii) the growth and increasing contribution of revenue from non-Customer A customers and new projects, our Directors are of the view that, although we have historically derived a significant portion of our revenue from Customer A, we are not materially reliant on Customer A.
Revenue generated from our top five customers in each period during the three years ended December 31, 2025 amounted to approximately RMB387.6 million, RMB336.1 million and RMB479.2 million, representing approximately 66.8%, 52.0% and 43.4% of our total revenue for the respective periods.
Business · 第 160 页
Revenue generated from our largest customer in each period during the three years ended December 31, 2025 amounted to RMB174.0 million, RMB87.5 million and RMB170.3 million, representing approximately 30.0%, 13.5% and 15.4% of our total revenue for the respective years.
Business · 第 160 页
(ii) actively diversifying our customer base and deepening our engagement with our business partners to mitigate customer concentration risk and tap into new demand pools;
In 2023, 2024 and 2025, revenue from our five largest customers amounted to RMB80.2 million, RMB261.3 million and RMB361.2 million, respectively, representing 60.1%, 84.6% and 69.3% of our total revenue.
Summary · 第 5 页
In 2023, 2024, and 2025, revenue generated from Customer B, one of our largest customers during the Track Record Period, amounted to RMB22.7 million, RMB183.3 million, and RMB207.8 million in 2023, 2024, and 2025, representing 17.0%, 59.4%, and 39.8% of our total revenue in the same years, respectively.
Business · 第 153 页
Nevertheless, revenue attributable to Customer B as a percentage of our total revenue dropped significantly from 2024 to 2025, as we expanded our customer base and generated more revenue from other major customers, resulting in less reliance on Customer B.
In 2024, our five largest customers accounted for 99.6% of our total revenue, among which Fosun Pharmaceutical Industrial accounted for 99.2% with an aggregate sales of RMB235.9 million.
Summary · 第 10 页
In 2025, our sales to our five largest customers was RMB18.0 million, accounting for 72.5% of our revenue; and our sales to our largest customer was RMB7.5 million, accounting for 30.4% of our revenue.
Business · 第 204 页
The revenue generated from the largest customer in 2025 was sales-based royalties, representing the final settlement in 2025 arising from the azvudine we delivered to Fosun Pharmaceutical Industrial prior to the Amendment and subsequently sold by Fosun Pharmaceutical Industrial.
In 2023, 2024 and 2025, our five largest customers for digital marketing business in each year accounted for approximately 22.5%, 18.9% and 17.0% of our total revenue, respectively, and sales to the largest customer for digital marketing business in each year accounted for approximately 8.4%, 10.1% and 6.8% of our total revenue, respectively.
Summary · 第 7 页
As of the Latest Practicable Date, none of our Directors, their close associates or any of our Shareholders had any interest in any of our five largest customers in each period during the Track Record Period.
Revenue from our five largest customers in each year during the Track Record Period was RMB434.0 million, RMB452.3 million and RMB387.0 million, respectively, representing 25.1%, 26.6% and 22.0% of our total revenue in the respective years, respectively.
Summary · 第 4 页
Revenue from our largest customer in each year during the Track Record Period was RMB321.1 million, RMB368.2 million and RMB296.9 million, respectively, representing 18.6%, 21.7% and 16.9% of our total revenue in the respective years, respectively.
Summary · 第 4 页
During the Track Record Period, we did not experience any material disputes with our customers.
In 2023, 2024 and 2025, revenue from the five largest customers in each year during the Track Record Period was RMB18.7 million, RMB199.2 million and RMB417.6 million, respectively, accounting for 85.1%, 77.2% and 72.1% of our total revenue, respectively.
Summary · 第 5 页
Our customers emphasize long-term collaboration and require our participation in the early-stage technical validation of new battery products.
Business · 第 113 页
As of the Latest Practicable Date, none of our Directors, their close associates or any of our shareholders (who owned or to the knowledge of our Directors, owned more than 5% of our issued share capital) had any interest in any of our five largest customers.
深圳杰成新能源科技股份有限公司Shenzhen Jiecheng New Energy Technology Co., Ltd.
前五大客户收入占比2023年达45.9%
In 2023, 2024 and 2025, revenue from our five largest customers for each year during the Track Record Period amounted to RMB531.2 million, RMB499.8 million, and RMB443.2 million respectively, representing approximately 45.9%, 42.7% and 29.5% of our total revenue during the respective year.
Summary · 第 5 页
For the years ended December 31, 2023, 2024 and 2025, revenue from our five largest customers for each year during the Track Record Period represented approximately 45.9%, 42.7% and 29.5% of our total revenue, and revenue from the largest customer for each year during the Track Record Period represented approximately 25.8%, 16.5% and 7.6% of our total revenue, respectively.
Business · 第 145 页
We aim to take a flexible approach to continue broadening our customer base and service range while strengthening our relationship with key customers.
浙江晶通新材料集团股份有限公司Zhejiang Kingdom New Material Group Co., Ltd.
往绩记录期间前五大客户收入占比42.7%至46.0%
In 2023, 2024 and 2025, our revenue from the five largest customers was RMB738.0 million, RMB975.3 million and RMB987.5 million, respectively, accounting for 46.0%, 44.0% and 42.7% of our total revenue in the same periods, respectively.
Summary · 第 4 页
In 2023, 2024 and 2025, our revenue from the single largest customer amounted to RMB321.8 million, RMB420.7 million and RMB343.9 million, respectively, accounting for 20.1%, 19.0% and 14.9% of our total revenue in the same periods, respectively.
Summary · 第 4 页
To the best of our knowledge, during the Track Record Period and up to the Latest Practicable Date, all of our five largest customers in each year during the Track Record Period were Independent Third Parties.
For the year ended December 31, 2024, we derived revenue from our collaboration agreement with one business partner, as summarized in the table below. We did not generate any revenue for the year ended December 31, 2025.
Business · 第 209 页
Total | 106,566 100.0%
Business · 第 209 页
To the best knowledge of our Directors, none of our Directors, their respective associates or any of our Shareholders holding more than 5% of our issued share capital immediately following the completion of the [REDACTED] had an interest in our customer in each year during the Track Record Period.
Sales to our largest customer for the same periods were RMB150.7 million, RMB184.0 million and RMB182.6 million, representing 43.9%, 40.1% and 34.8% of our revenue, respectively.
Summary · 第 7 页
As we continuously expand our operations, our reliance on Customer A in terms of sales value as a percentage of total revenue has been gradually declining throughout the Track Record Period.
Business · 第 148 页
We intend to continue to maintain this relationship with Customer A in the long term as part of our ongoing efforts to drive sustainable growth and market expansion, but we have replacement strategies in place in the event of uncertainties.
For the fiscal years ended March 31, 2024 and 2025 and the nine months ended December 31, 2025, sales to our largest customer amounted to RMB432.5 million, RMB549.4 million and RMB454.7 million, respectively, representing 28.0%, 25.5% and 21.8% of our revenue for the same fiscal years/period, respectively.
Summary · 第 8 页
As the Ying Project is located near major smelting companies in Henan Province, the PRC, we generated a significant portion of our revenue from sales to a limited number of smelting companies during the Track Record Period.
Summary · 第 8 页
Should any of the top five customers terminate their business relationship with us, we are of the view that we would be able to identify alternative customers on time and enter into sale and purchase agreements with them on commercially reasonable terms without significantly affecting our business operations.
For the years ended December 31, 2023, 2024 and 2025, revenues from our top five customers in each year represented 76.4%, 91.2%, and 94.6% of our total revenues for each respective year. Additionally, revenues from our single largest customer during each year accounted for 43.3%, 59.4%, and 78.9% of total revenues, respectively.
Summary · 第 5 页
Such revenue contribution reflects Geely Holding Group's strong position in the smart vehicle market and our growing number of projects, rather than undue reliance.
Summary · 第 10 页
Our Directors believe that the likelihood of Geely Holding Group terminating or materially altering its business relationship with us, particularly in relation to the use of our driving assistance solutions in its existing vehicle models, is low.