依赖单一最大客户

For the Track Record Period, the aggregate revenue from our five largest customers accounted for approximately 51.5%, 46.4% and 39.3% of our total revenue, respectively, and the revenue from our largest customers accounted for approximately 19.9%, 16.3% and 10.5% of our total revenue for the same periods.

Up to the Latest Practicable Date, we had established business relationships ranging from approximately 8 to 24 years with our five largest customers, all of which are Independent Third Parties.

We typically collaborate closely with customers throughout their product development cycles to achieve design alignment and production according to customised specifications, and to develop new products and optimise existing offerings.

In each of the years ended December 31, 2023, 2024 and 2025, we generated revenue of RMB1,103.3 million, RMB1,584.5 million, and RMB1,009.4 million from our five largest customers, respectively, representing 58.4%, 63.2%, and 64.7% of our total revenue for the respective periods.

Our major customers primarily comprise national-level or regional leading enterprises in the pharmaceutical distribution industry.

As of the Latest Practicable Date, none of our Directors, their respective close associates or any of our shareholders (who, 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 in each year during the Track Record Period.

In 2023, 2024 and 2025, revenue generated from our five largest customers in each year during the Track Record Period accounted for 72.9%,76.0% and 74.4% of our total revenue, respectively; and revenue generated from our largest customer in each year during the Track Record Period accounted for 38.7%, 45.1% and 39.0% of our total revenue, respectively.

According to F&S, our customer concentration level is not uncommon in the automotive component industry primarily due to (i) the stringent and lengthy OEM qualification process, which typically leads to strong long-term relationships once suppliers are selected by OEM customers; and (ii) customized designs are required for specific OEM mass-production programs, resulting in high switching costs and limited substitutability.

We also continue to expand and diversify our customer base, including by pursuing new OEM customers, vehicle platforms and design wins.

For the years ended December 31, 2023, 2024 and 2025, our revenue generated from the five largest customers in each year during the Track Record Period accounted for 57.7%, 78.9% and 57.4% of our total revenue for the same years, respectively.

Revenue generated from Customer A amounted to RMB195.1 million, RMB422.2 million and RMB325.5 million, representing 36.8%, 64.4% and 41.3% of our total revenue for the years ended December 31, 2023, 2024 and 2025, respectively.

It is commercially rational and strategically advantageous for us to serve a leading telecom operator like Customer A to ensure effective commercialization and market penetration of our GJ AI workforces.

For each of 2023, 2024 and 2025, revenue from our five largest customers was RMB216.6 million, RMB230.2 million, and RMB330.1 million, accounting for 51.0%, 46.5%, and 55.1% of our total revenue, respectively, while revenue from our single largest customer accounted for 23.3%, 15.8% and 17.7% of our total revenue, respectively.

In 2025, revenue generated from our repeat customers was RMB498.8 million, accounting for 83.2% of our total revenue.

We believe the combination of the abovementioned factors effectively mitigates our customer concentration risk.

In 2023, 2024 and 2025, the revenue that we generated from our five largest customers in each year during the Track Record Period amounted to RMB321.0 million, RMB451.1 million and RMB496.3 million, representing 62.2%, 68.4% and 70.1% of our total revenue, respectively.

The revenue that we generated from our largest customer during the Track Record Period amounted to RMB182.3 million, RMB297.6 million and RMB259.1 million, representing 35.3%, 45.2% and 36.6% of our total revenue, respectively.

Such customization increases the switching costs for Customer A and reduces the likelihood of rapid replacement by another service provider.

Revenue generated from our largest customer in 2023, 2024 and 2025 accounted for 24.4%, 26.5% and 40.5%, respectively, of our revenue during same periods.

Revenue generated from our five largest customers in 2023, 2024 and 2025 accounted for 84.9%, 87.0% and 88.2%, respectively, of our revenue during same periods.

During the Track Record Period, our customer concentration was primarily attributable to (i) the high value of our orders, as we focused on large-scale mining projects, and (ii) the limited number of customers, reflecting the high entry barriers of the mining industry and stringent qualification requirements.

In 2023, 2024 and 2025, our revenue generated from sales to our five largest customers in aggregate amounted to HKD548.4 million, HKD557.8 million and HKD587.2 million, respectively, representing 25.2%, 24.9% and 26.8% of our total revenue in the corresponding periods.

For the same periods, our revenue generated from sales to our largest customer amounted to HKD397.7 million, HKD302.4 million and HKD264.8 million, respectively, representing 18.2%, 13.5% and 12.1% of our total revenue in the corresponding periods.

To the best of our knowledge, except for CTG Group, all of our five largest customers during the Track Record Period are Independent Third Parties.

In 2023, 2024 and 2025, sales to our five largest customers amounted to RMB24,734.5 million, RMB26,122.3 million and RMB25,814.1 million, accounting for 73.5%, 71.0% and 64.4% of our total revenue in the respective years.

During the Track Record Period, sales to our top five customers and our largest customer were relatively concentrated, with the top five customers contributing to 73.5%, 71.0% and 64.4% of our revenue and the top customer contributing to 55.8%, 51.3% and 46.5% of our revenue in 2023, 2024 and 2025, respectively.

We believe that we do not unduly rely on our major customers.

For the years ended December 31, 2023, 2024 and 2025, revenue from our five largest customers for each year amounted to RMB322.3 million, RMB451.6 million, and RMB329.9 million, respectively, accounting for 27.7%, 36.0% and 27.6% of our total revenue for the respective years, and revenue from our largest customer for each year amounted to RMB82.9 million, RMB130.9 million, and RMB94.9 million, respectively, accounting for 7.1%, 10.4% and 7.9% of our total revenue for the respective years.

During the Track Record Period, our customers primarily consisted of pharmaceutical companies who purchase APIs and intermediates from us, as well as our distributors.

To the best of our knowledge, (i) all of our five largest customers for each year 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 year during the Track Record Period.

In each of 2023, 2024 and 2025, sales to our largest customer for the respective period amounted to RMB532.7 million, RMB573.6 million and RMB828.9 million, respectively, representing 18.4%, 26.6% and 37.6% of our revenue during the respective period

We are actively exploring and has commenced collaborations with other capable and reputable futures traders in the market to reduce reliance on any futures trader.

We will implement a wide range of strategies to broaden our customer base.

Revenue generated from our largest customer in each year during the Track Record Period accounted for 23.6%, 14.3% and 15.9% of our total revenue in 2023, 2024 and 2025, respectively.

Revenue generated from our five largest customers in each year during the Track Record Period accounted for 60.7%, 50.6% and 47.7% of our total revenue in 2023, 2024 and 2025, respectively.

Although our customer base is relatively concentrated in telecom operators, we do not rely on any single operator or a limited few.

In 2023, 2024 and 2025, sales to our five largest customers in each year during the Track Record Period amounted to RMB655.0 million, RMB804.3 million and RMB1,002.8 million, accounting for 91.0%, 90.2% and 90.7% of our total sales in the respective years.

As of December 31, 2024, Frost & Sullivan reported only five major AMOLED panel manufacturers in Chinese mainland.

Our Directors view these as mutually beneficial relationships, with a low likelihood of material adverse change in our business with major downstream customers in the near future.

During the Track Record Period, the aggregate revenue generated from our top five customers in each year amounted to RMB406.5 million, RMB778.6 million, and RMB1,906.8 million respectively, representing 81.3%, 87.6% and 90.6% of our total revenue in the respective year.

Despite this, our Directors believe our business model is sustainable and we can maintain future revenue considering the following factors:

According to Frost & Sullivan, the optical connectivity market is served by a concentrated customer base. Given the market landscape, our Directors believe it is unlikely to completely eliminate reliance on these major customers in the near term.

Our five largest customers for each year during the Track Record Period accounted for approximately 57.3%, 53.8% and 72.2%, respectively, of our total revenue for the respective year.

Sales to our largest customer for each year during the Track Record Period accounted for approximately 25.8%, 20.1% and 35.3% of our total revenue for the respective year.

According to the F&S Report, from customer perspective, the lithium-ion battery intelligent equipment industry is characterised by high customer concentration and switching costs.

In each year during the Track Record Period, revenue contributed from our five largest customers in each year accounted for 59.3%, 57.2% and 62.3% of our total revenue in 2023, 2024 and 2025, respectively, while the largest customer in each year contributed 15.4%, 15.4% and 20.1% of our total revenue, respectively, for the same periods.

We have maintained partnerships with five largest customers for over ten years, having built long-term, stable business relationships.

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 were Independent Third Parties.

In each year during the Track Record Period, revenue generated from our top five customers accounted for 74.9%, 71.4%, and 81.2% of our total revenue in 2023, 2024, and 2025, respectively.

Revenue generated from our largest customer accounted for 49.2%, 26.3% and 24.9% of our total revenue in the same years, respectively.

According to CIC, customer concentration is common in the smart intralogistics solutions industry, including in the smart intralogistics solutions market for new energy lithium-ion battery customers.

For FY2023, FY2024, FY2025, revenue from our five largest customers amounted to RMB320.8 million, RMB273.5 million and RMB362.5 million, respectively, accounting for approximately 94.1%, 84.9% and 89.0% of our total revenue during those years, respectively.

Our Directors believe that our customer concentration is a direct reflection of the broader industry landscape in the PRC energy solutions market.

As we continue to enlarge our market coverage by exploring business opportunities in zero carbon zones, green energy bases, 5G base station facilities and in overseas markets, our customer base and profile are expected to be diversified, and we expect to further reduce our customer concentration.

In 2024 and 2025, the aggregate sales to our five largest customers accounted for 98.1% and 85.9% of our total revenue, respectively, and sales to our largest customer accounted for 24.8% and 53.9% of our total revenue, respectively.

During the Track Record Period, our customers were primarily research institutes and hospitals.

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 any of our customers during the Track Record Period.

During the Track Record Period, our aggregated revenue from the five largest customers for each of FY2023, FY2024 and FY2025 amounted to RMB97.3 million, RMB142.8 million and RMB134.0 million, accounting for 26.8%, 31.9% and 27.1% of our total revenue, respectively.

Specifically, during the Track Record Period, revenue from our five largest ODM customers was RMB92.1 million, RMB142.8 million and RMB124.2 million, respectively, representing 53.1%, 59.1% and 50.5% of our total revenue from ODM business for the same respective periods.

We have maintained long-term relationships with most of our five largest ODM customers in each period of the Track Record Period, with cooperation spanning from three to 14 years.