依赖单一最大客户

Sales to our top five customers for FY2023, FY2024 and FY2025 amounted to approximately RMB310.3 million, RMB422.7 million and RMB463.1 million, respectively, representing approximately 92.7%, 79.5% and 80.1% of our total revenue for each of the years during Track Record Period.

We had a concentration of top five customers, with the revenue contribution of our top five customers representing 92.7%, 79.5% and 80.1% of our revenue during the Track Record Period respectively.

Notwithstanding the foregoing, given that (i) we are a pioneer in developing various China’s first products for the aviation and aerospace sector and there are a limited number of industry players, (ii) we have been able to procure different combinations of top five customers for each year during the Track Record Period, and (iii) our strength lies in our localization of industrial machine tools through co-development with our customers, our Directors are of the view that the concentration of customers during Track Record Period did not materially impinge on our sustainability.

Revenue from our five largest customers in each year during the Track Record Period amounted to RMB7,989.0 million, RMB10,531.2 million and RMB12,157.0 million, respectively, accounting for 58.2%, 62.2% and 64.6% of our total revenue for the same years.

While we view our long-standing relationships with our major customers as a source of revenue stability, we recognize that customer concentration creates revenue concentration risks.

In 2023, 2024 and 2025, our five largest customers accounted for 58.2%, 62.2% and 64.6% of our revenue, respectively, and our largest customer accounted for 16.8%, 18.6% and 23.8% of our revenue, respectively.

Revenue contributed by our five largest customers for each year during the Track Record Period accounted for approximately 50.4%, 53.0% and 54.6% of our total revenue for the years ended December 31, 2023, 2024 and 2025, respectively.

Our Directors consider that we do not place over-reliance on any single customer because we have had a large pool of customers for the corresponding period.

For the years ended December 31, 2023, 2024 and 2025, our customer retention rates, which is calculated based on the percentage of customers for the immediately preceding year which remained to be our customers contributing revenue for the following year, divided by the total number of customers at the beginning of the year who had contributed revenue to us in the immediate preceding year, was approximately 77.4%, 79.5% and 79.0%, respectively, representing 96, 101 and 105 retained customers for the same period.

In 2023, 2024 and 2025, the aggregate revenue generated from our top five customers in the respective year amounted to RMB212.1 million, RMB402.4 million and RMB588.7 million, respectively, representing 23.4%, 22.8% and 21.1% of our total revenue in the corresponding year.

In addition, in 2023, 2024 and 2025, the revenue generated from our largest customer in the respective year amounted to RMB96.8 million, RMB190.2 million and RMB325.6 million, respectively, representing 10.7%, 10.8% and 11.7% of our total revenue in the corresponding year.

As of the Latest Practicable Date, none of our Directors, their associates or any other Shareholder which, to the knowledge of our Directors, owns more than 5% of our share capital had any interest in any of our top five customers in each year during the Track Record Period.

In 2023, 2024 and 2025, our sales to the top five customers in each year during the Track Record Period in total was RMB122.0 million, RMB134.2 million and RMB181.3 million respectively, accounting for 60.7%, 50.1% and 46.8% of the total revenue for the periods, respectively.

We are exposed to concentration with Customer A. According to the F&S Report, reliance on major customers is an industry norm.

Additionally, our revenue from Customer A decreased gradually from 2023 to 2025, indicative of a decreasing concentration trend.

The revenue attributable to our five largest customers for each year during the Track Record Period was RMB990.1 million, RMB1,404.8 million and RMB1,495.7 million, respectively, accounting for 22.4%, 25.7% and 22.5% of our total revenue, respectively.

The revenue attributable to our largest customer for each year during the Track Record Period was RMB647.0 million, RMB912.4 million and RMB1,016.3 million, respectively, accounting for 14.6%, 16.7% and 15.3% of our total revenue, respectively.

To the best of our knowledge, during the Track Record Period and up to the Latest Practicable Date, our five largest customers were Independent Third Parties, except for Customer A.

In 2024 and 2025, revenue generated from our five largest customers for each year amounted to RMB33.5 million and RMB36.3 million, representing approximately 100.0% and 94.9% of our total revenue for the same years, respectively.

Revenue generated from our largest customer for each year amounted to RMB33.5 million and RMB18.0 million, representing approximately 100.0% and 47.1% of our total revenue for the same years, respectively.

All of our five largest customers during the Track Record Period were Independent Third Parties.

In each of 2023, 2024 and 2025, revenue generated from our five largest customers was RMB9.1 million, RMB1.2 million and RMB103.8 million, respectively, accounting for 98.0%, 83.7% and 98.9% of our total revenue for the same periods, respectively.

We commenced our relationship with Customer N in 2025 and sold licensing products to it on credit terms of 30 to 100 days, generating sales of RMB100 million, representing 95.2% of our revenue.

To the best of our knowledge, all our five largest customers in each period during the Track Record Period are independent third parties.

Revenue generated from our five largest customers in each year during the Track Record Period amounted to RMB319.3 million, RMB379.8 million and RMB347.5 million, respectively, representing approximately 27.9%, 30.4% and 25.9% of our total revenue for the respective years in 2023, 2024 and 2025.

In 2023, 2024 and 2025, our customer retention rates were 81.6%, 63.6% and 82.6%, respectively.

To the best knowledge of our Directors, none of our Directors or their associates or any person who owned 5% or more of our issued share capital as at the Latest Practicable Date had any interest in any of our five largest customers during the Track Record Period, and all our customers during the Track Record Period were Independent Third Parties.

Our sales to the five largest customers during the Track Record Period were RMB971.7 million, RMB899.1 million, and RMB1,117.0 million, respectively, representing 68.2%, 57.6%, and 57.3% of our total revenue for the respective periods. Sales to our largest customer accounted for 34.8%, 22.2%, and 16.9% of our total revenue for the same periods.

These factors contribute to relatively high switching costs and reduce the likelihood of material adverse changes in our relationships with our major customers.

To mitigate customer concentration risk, we continue to expand our customer base across different industries and enhance our service offerings.

Our revenue generated from our five largest customers in 2023, 2024 and 2025 accounted for 65.1%, 54.3% and 49.8%, respectively, of our revenue during the same year, respectively.

During the Track Record Period, we did not have any substantial reliance on any single customer.

Our group customer retention rate, reached approximately 84.0% in 2023, 90.0% in 2024 and 100.0% in 2025, demonstrating notable recognition and satisfaction of our customers.

In 2023, 2024 and 2025, the aggregate sales to our five largest customers in each year during the Track Record Period amounted to RMB87.7 million, RMB98.0 million and RMB85.0 million, respectively, accounting for 17.7%, 18.0% and 12.1% of our total revenue for the same years, respectively.

In 2023, 2024 and 2025, the sales to our largest customer in each year during the Track Record Period amounted to RMB28.6 million, RMB27.5 million and RMB17.7 million, respectively, accounting for 5.8%, 5.1% and 2.5% of our total revenue in the same years, respectively.

As of the Latest Practicable Date, to the best of our knowledge, (i) none of our Directors, their associates or any other Shareholder which, to the knowledge of our Directors, owned more than 5% of our share capital had any interest in any of our top five customers;

Our revenue from our five largest customers in each year during the Track Record Period in 2023, 2024 and 2025 was RMB364.9 million, RMB335.6 million and RMB387.4 million, respectively, accounting for 27.7%, 23.7% and 24.4% of our revenue in the respective years.

Our revenue from our largest customer in each year during the Track Record Period in 2023, 2024 and 2025 was RMB102.9 million, RMB89.5 million and RMB95.6 million, respectively, accounting for 7.9%, 6.4% and 6.0% of our revenue in the respective years.

In addition, through long-standing collaboration with brand owners, we have accumulated significant consumer-specific knowledge, deeply integrated our technology infrastructure with that of brand owners, and further raised their switching costs, creating favorable conditions for continued cooperation.

In 2023, 2024 and 2025, sales to our five largest customers amounted to RMB1,660.1 million, RMB1,582.5 million and RMB1,393.2 million, respectively, accounting for 91.1%, 88.4% and 82.5% of our total sales in the respective years.

In 2023, 2024 and 2025, revenue generated from Customer A amounted to RMB1,301.6 million, RMB1,193.9 million and RMB951.0 million, accounting for 71.4%, 66.7% and 56.3% of our total revenue in the respective years.

Our long-standing relationship with Customer A is characterized by synergy and mutual benefit.

In 2024 and 2025, revenue generated from our five largest customers in each year during the Track Record Period amounted to RMB321.1 million and RMB294.2 million, representing approximately 98.9% and 56.6% of our total revenue for the corresponding year, respectively.

As a result, our relationships with such benchmark customers are mutually beneficial: they provide us with opportunities to serve demanding and representative use cases, while our products and services support their continuing need for high-performance and effective AI computing infrastructure, which in turn enables us to generate recurring revenue from such customers.

The number of customers of our AI computing cluster products increased from four in 2023 to 10 in 2024 and further to 48 in 2025.

Revenue contributed by our five largest customers accounted for 90.5%, 78.3% and 82.2% of our total revenue in 2023, 2024 and 2025, respectively, while the largest customer in each of the years during the Track Record Period contributed 25.0%, 26.4% and 37.0% of our total revenue, respectively, for the same years.

We do not believe that we are mutually dependent on any of our five largest customers in each year comprising the Track Record Period, because (i) there was no single largest customer in multiple years during the Track Record Period; (ii) the revenue contribution of our five largest customers decreased from 90.5% in 2023 to 82.2% in 2025, demonstrating our ability to eliminate the reliance on our five largest customers and maintain a more balanced revenue structure; (iii) the shuffling of our five largest customers in each year comprising the Track Record Period showcased our ability to cover multiple downstream market players in the competitive smart device and IoT sectors with significantly fluctuating market share, thereby eliminating the market risks of relying on a single brand.

Our Directors are of the view that the risk of termination or material and adverse change of our relationship with any of our major customers is relatively low, based on the above and also considering that (i) we have maintained a relationship with a majority of our five largest customers in each year comprising the Track Record Period for more than three years, and currently there is no indication or sign from any of them that they will alter their existing relationship with us in any aspect in the near future; (ii) during the Track Record Period and up to the Latest Practicable Date, we did not have any material disputes with any of our major customers; (iii) there had not been any incidents of failure to renew or early termination of agreements with our major customers during the Track Record Period and up to the Latest Practicable Date; and (iv) there had not been any reduction, delay or cancellation of orders from our major customers during the Track Record Period and up to the Latest Practicable Date.

In 2023, 2024 and 2025, revenue generated from our five largest customers amounted to RMB339.1 million, RMB439.3 million and RMB724.0 million, respectively, accounted for 31.7%, 28.0% and 26.0% of our total revenue for the same years, respectively.

During the Track Record Period, we mainly sell sugar confectionery products to our five largest customers.

To the best of our knowledge, during the Track Record Period and up to the Latest Practicable Date, our five largest customers were independent third parties, and none of our Directors, their associates or any of our Shareholders (who or which to the knowledge of the Directors owned more than 5% of our issued share capital) had any interest in any of our five largest customers.

Revenue from our five largest customers in each year during the Track Record Period amounted to RMB6,005.7 million, RMB5,799.6 million and RMB6,107.4 million, respectively, accounting for 45.2%, 42.0% and 40.6% of our total revenue for the respective year.

Revenue from our largest customer in each year during the Track Record Period amounted to RMB1,992.2 million, RMB2,437.9 million and RMB2,980.6 million, respectively, accounting for 15.0%, 17.6% and 19.8% of our total revenue for the respective year.

As a result, our transaction value retention rate for key accounts remained consistently high at 117.0%, 96.6% and 101.3% in 2023, 2024 and 2025, respectively, indicating stable and deepening customer relationships and supporting the sustainability of our results of operations.

In 2023, 2024 and 2025, the aggregate revenue generated from our five largest customers for each year were RMB2,783.3 million, RMB2,919.3 million and RMB3,802.6 million, representing 41.5%, 41.9% and 38.5% of our revenue, respectively.

Revenues generated from our largest customer in the same years were RMB2,249.3 million, RMB2,144.4 million and RMB2,925.3 million, representing 33.6%, 30.8% and 29.6% of our revenue, respectively.

Despite the meaningful contribution of certain affiliates of Geely Group to our overall revenue, we are actively diversifying our product portfolio and customer base.

In 2023, 2024 and 2025, our five largest customers in each year during the Track Record Period contributed 43.8%, 33.7% and 36.1%, respectively, to our total revenue.

Sales to our largest customer in each year during the Track Record Period accounted for 27.0%, 18.9% and 21.9% of our total revenue for the respective years.

During the Track Record Period, all of our major customers were also our suppliers in the respective years.