In 2023, 2024, 2025, total revenues from our five largest customers was RMB550.7 million, RMB641.7 million and RMB597.7 million, respectively, accounting for 74.8%, 73.7% and 68.4% of our total revenues, respectively.
Business · 第 86 页
To the best of our knowledge, during the Track Record Period and up to the Latest Practicable Date, except for the Carraro Group, (i) all of our five largest customers in each year were independent third parties; (ii) there was no past or present relationship (including business, employment, financing, family, trust or otherwise) between us, our Directors, shareholders or senior management, or any of their respective associates and the five largest customers during the Track Record Period; and (iii) none of our Directors or their respective close associates or any person who, to the knowledge of our Directors, owned more than 5% of our issued share capital or had any interest in any of our five largest customers in each year as of the Latest Practicable Date.
Business · 第 90 页
The Company has concentration of credit risk as 34%, 34% and 24% of total trade receivables was due from the Company’s largest customer and 82%, 93% and 73% of total trade receivables was due from the Company’s five largest customers as at December 31, 2023, 2024 and 2025, respectively.
Our revenue from the five largest customers in each year of the Track Record Period, amounted to RMB70.4 million, RMB136.6 million and RMB138.9 million, and contributed to 26.5%, 36.2% and 29.2% of our total revenue in 2023, 2024 and 2025, respectively.
Summary · 第 6 页
Our single largest customer amounted to RMB28.5 million, RMB64.8 million and RMB32.4 million, and contributed to 10.7%, 17.2% and 6.8% of our total revenue in 2023, 2024 and 2025, respectively.
Business · 第 147 页
We derive a significant portion of our revenue from Key Accounts, particularly international circular service provider and large high-value industrial customers, and our revenue from Key Accounts accounted for 76.1%, 81.8%, and 80.8% of our total revenue in 2023, 2024 and 2025, respectively.
北京天星医疗股份有限公司STAR SPORTS MEDICINE CO., LTD.01609.HK
往绩记录期间前五大客户收入占比逾五成
Revenue generated from our five largest customers in each year of 2023, 2024 and 2025 was RMB126.8 million, RMB188.7 million and RMB232.2 million, respectively, accounting for 53.1%, 57.7% and 57.7% of the total revenue in 2023, 2024 and 2025, respectively.
Business · 第 147 页
Distributorship is critical for our sales strategy since distributors’ expertise in selling medical devices and their robust relationships with hospitals can facilitate the expansion of our market coverage.
Business · 第 141 页
According to CIC, our sales and distribution approach is in line with industry norms in the medical devices sales.
The revenue generated from our five largest customers in each year during the Track Record Period amounted to RMB99.1 million, RMB106.4 million and RMB179.2 million, accounting for 74.9%, 75.1% and 80.6% of our total revenue in 2023, 2024 and 2025, respectively.
Summary · 第 3 页
According to Frost & Sullivan, such customer concentration is an inherent characteristic of the automotive industry due to significant capital requirements and stringent technological thresholds, which naturally result in a consolidated market landscape.
Business · 第 129 页
We believe that the likelihood of any material adverse change in or termination of our business relationship with our five largest customers in each year during the Track Record Period customers is low, considering that (i) we have partnered with most of these customers for long periods of time and have established mutually beneficial relationships with them; (ii) we are involved in the very beginning of their product development process to develop the end products together, which enables us to gain a unique and deep understanding of their demands and preferences, giving us competitive advantages as compared to our competitors; (iii) during the Track Record Period and as of the Latest Practicable Date, we did not have any material disputes with our customers; and (iv) we have maintained good business relationships, and currently, there is no indication or sign from them that our existing relationship will materially adversely change in the near future.
湖南明珠矿用化工科技股份有限公司Hunan Mingzhu Mining Chemical Technology Co., Ltd.
前五大客户收入占比约两成且为业绩关键因素
In 2023, 2024 and 2025, revenue generated from our largest customer in each period during the Track Record Period accounted for 5.2%, 5.0% and 5.4%, respectively, of our total revenue during those years.
Business · 第 127 页
In 2023, 2024 and 2025, revenue from our five largest customers accounted for 21.6%, 19.5% and 17.5% of total revenue, respectively.
Financial Information · 第 176 页
Any deterioration in major customer relationships or failure to attract new customers could materially and adversely affect our revenue and profitability.
In 2023, 2024 and 2025, the aggregate revenue generated from our five largest customers during each year of the Track Record Period were RMB885.1 million, RMB1,421.4 million and RMB1,449.0 million, representing 28.8%, 41.1% and 38.0% of our revenue, respectively.
Summary · 第 3 页
Revenues generated from our largest customer during each year of Track Record Period were RMB505.4 million, RMB758.9 million and RMB620.6 million, representing 16.5%, 22.0% and 16.3% of our revenues, respectively.
Business · 第 140 页
The revenue generated from our top customer increased from 16.5% in 2023 to 22.0% in 2024, while the revenue generated from our top five customers increased from 28.8% in 2023 to 41.1% in 2024, mainly as a result of the business expansion of smart payment device customers.
For the years ended December 31, 2023, 2024 and 2025, the aggregate revenue generated from our top five customers in each period during the Track Record Period accounted for 29.0%, 29.0% and 21.8%, respectively, of our total revenue for the respective periods.
Summary · 第 6 页
For the same periods, revenue generated from our largest customer in each period during the Track Record Period amounted to RMB1,230.6 million, RMB1,366.8 million and RMB955.4 million, respectively, representing 19.8%, 17.2% and 9.4%, respectively, of our total revenue for the respective periods.
Business · 第 149 页
As of the Latest Practicable Date, none of our Directors, their 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.
During the Track Record Period, in 2023, 2024 and 2025, our sales revenue from the top five major customers for each year accounted for 68.4%, 63.4% and 66.8% of our total revenue, respectively.
Summary · 第 5 页
In 2023, 2024 and 2025, our sales revenue from the largest customer for each year accounted for 41.6%, 24.2% and 25.5% of our total revenue, respectively.
Business · 第 132 页
According to CIC, we specialise in serving customers of photovoltaic industry, which is highly concentrated with a continued upward trend in concentration.
the revenue generated from our largest customer of each year during the Track Record Period amounted to RMB11.9 million, RMB19.2 million, and RMB43.2 million, representing 31.1%, 31.8% and 40.6% of our total revenue, respectively
Business · 第 169 页
During the Track Record Period, a significant amount of our revenue was derived from a limited number of customers. According to Frost & Sullivan, such customer concentration is not uncommon in the optical interconnect and optical computing industry.
Business · 第 169 页
Between 2023 and 2025, we steadily increased the total cumulative number of customers served from 12 to 44, and diversified our customer portfolio.
For the years ended December 31, 2023, 2024 and 2025, our revenue from our five largest customers amounted to RMB172.2 million, RMB244.2 million and RMB335.7 million, accounted for 35.3%, 31.9% and 32.9% of our total revenue for the same period, respectively.
Business · 第 124 页
The average partnership tenure of our top ten customers during the Track Record Period was approximately ten years.
江苏华盛锂电材料股份有限公司Jiangsu HSC New Energy Materials Co., Ltd.
前五大客户收入占比近八成，最大客户占比达38.0%
Our revenue from our five largest customers in each year during the Track Record Period amounted to RMB414.2 million, RMB405.6 million and RMB692.6 million, respectively, accounting for 79.0%, 80.3% and 79.6% of our total revenue in the same periods, respectively.
Summary · 第 6 页
Our Directors consider that, although the revenue from either Customer A or Customer B was relatively concentrated during the Track Record Period, our business model is still sustainable, because (i) we currently expect our relationship with Customer A or Customer B to remain stable; and (ii) with the rapid expansion of our production capacity, we are continuously exploring new opportunities to further diversify our customer composition.
Summary · 第 6 页
Specifically, Customer A and Customer B has been the world’s largest and second largest, respectively, lithium-ion battery electrolyte supplier for multiple consecutive years, according to CIC.
For FY2023, FY2024 and FY2025, our revenue from our five largest customers accounted for RMB387.5 million, RMB404.7 million and RMB509.2 million, representing 55.5%, 46.9% and 48.6% of our total revenue during the same period.
Summary · 第 7 页
During the same periods, the revenue from our largest customer amounted to RMB142.0 million, RMB128.3 million and RMB185.9 million, respectively, accounting for 20.3%, 14.9% and 17.7% of our total revenue, respectively.
Business · 第 134 页
As at the Latest Practicable Date, we had established relationship with our top five largest customers ranging from three to 11 years.
In each period during 2023, 2024 and 2025, revenue from our five largest customers in each period amounted to RMB543.1 million, RMB745.5 million and RMB618.6 million, respectively, which accounted for 82.9%, 78.9% and 60.3% of our revenue for the corresponding period, respectively.
Summary · 第 5 页
We provided customer engagement to certain technology service providers during the Track Record Period because they offer comprehensive online traffic services to insurance companies.
Business · 第 154 页
With a revenue retention rate of 96.5% in 2025, we had cumulatively engaged with 115 insurance companies as of December 31, 2025, including nine out of the top ten insurance companies in China in terms of insurance premiums in 2025, according to the Frost & Sullivan Report.
In 2023, 2024 and 2025, sales to our five largest customers amounted to RMB11,906.4 million, RMB16,370.0 million and RMB18,076.6 million, respectively, accounting for 54.3%, 59.3% and 55.5% of our total sales in the respective periods.
Summary · 第 3 页
See “Risk Factors — We generate a substantial portion of our revenue from a limited number of key customers.”
Summary · 第 3 页
As of the Latest Practicable Date, to the best knowledge of our Directors, none of our Directors, their close associates or any of our current Shareholders (who, to the knowledge of our Directors, own more than 5% of our share capital) had any interest in our five largest customers in any period during the Track Record Period that are required to be disclosed under the Listing Rules.
苏州天孚光通信股份有限公司Suzhou TFC Optical Communication Co., Ltd.
往绩记录期间前五大客户收入占比高达九成
In each of the years ended December 31, 2023, 2024 and 2025, our revenue from our five largest customers accounted for 82.2%, 87.5% and 90.6% of our total revenue, respectively; our revenue from the single largest customer accounted for 54.0%, 62.2% and 63.9% of our total revenue, respectively.
Summary · 第 4 页
In each of the years ended December 31, 2023, 2024 and 2025, our revenue from our five largest customers amounted to RMB1,582.6 million, RMB2,822.5 million and RMB4,632.8 million, representing 82.2%, 87.5% and 90.6% of our total revenue, respectively; our revenue from the single largest customer amounted to RMB1,039.3 million, RMB2,005.9 million and RMB3,268.8 million, representing 54.0%, 62.2% and 63.9% of our total revenue, respectively.
Business · 第 118 页
We are the world's largest provider of integrated optical component solutions, and our cooperation with Customer A is mutually beneficial.
In 2023, 2024 and 2025, revenue generated from our largest customer accounted for 20.1%, 19.0%, and 24.6% of our total revenue during those years, respectively. In 2023, 2024 and 2025, revenue generated from our five largest customers accounted for 60.9%, 51.5%, and 62.7% of our total revenue in the same years, respectively.
Summary · 第 6 页
In 2023, 2024 and 2025, revenue generated from our largest customer accounted for 20.1%, 19.0% and 24.6% respectively, of our total revenue during those years, respectively. In 2023, 2024 and 2025, revenue generated from our five largest customers accounted for 60.9%, 51.5% and 62.7% respectively, of our total revenue in the same years, respectively.
Business · 第 148 页
As of the Latest Practicable Date, none of our Directors, their respective 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.
Revenue generated from our top five customers in each year during the Track Record Period amounted to approximately RMB276.7 million, RMB225.9 million and RMB347.8 million, representing approximately 45.8%, 33.5% and 40.7% of our total revenue for the respective periods.
Summary · 第 4 页
Revenue generated from our largest customer in each year during the Track Record Period amounted to RMB110.1 million, RMB101.0 million and RMB142.3 million, representing approximately 18.2%, 15.0% and 16.6% of our total revenue for the respective year.
Business · 第 149 页
Our customers engage us for CIS production as they are specialized in imaging hardware, firmware, software, or system integration, and are lack the in-house expertise for designing CIS.
Revenue generated from our five largest customers in each year during the Track Record Period amounted to RMB108.3 million, RMB153.7 million and RMB706.2 million, respectively, representing 43.6%, 37.9% and 74.9% of our total revenue for the respective year.
Summary · 第 4 页
Revenue generated from our largest customer in the same periods were RMB75.4 million, RMB61.4 million and RMB394.6 million, respectively, representing 30.4%, 15.1% and 41.8% of our total revenue for the respective year.
Business · 第 156 页
Revenue from the energy storage business has historically provided operating scale and cash flow support, while continued development of electric vehicle programs is expected to contribute to future volume growth, subject to OEM production schedules and market demand.
Revenue generated from our five largest customers in each year of the Track Record Period accounted for 68.4%, 59.0% and 55.9% of our total revenue for the years ended December 31, 2023, 2024 and 2025, respectively.
Summary · 第 4 页
This concentration reflected the concentrated nature of the lithium-ion battery manufacturing industry and the scale and purchasing requirements of lithium-ion leading battery manufacturers.
Business · 第 121 页
As confirmed by Frost & Sullivan, our concentration on major customers is consistent with industry practice.
In 2023, 2024 and 2025, revenue generated from our five largest customers in each year during the Track Record Period represented 47.2%, 49.5% and 61.4% of our total revenue in the same years, respectively.
Summary · 第 2 页
During the Track Record Period, we experienced a high level of customer concentration, with a substantial portion of our revenue derived from our largest five customers.
Business · 第 131 页
As of the Latest Practicable Date, none of our Directors, their associates or any of our Shareholders (who or which 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.