In each period during the Track Record Period, the revenue generated from our five largest customers amounted to RMB114.1 million, RMB141.5 million, RMB180.3 million and RMB135.7 million, respectively, accounting for 21.0%, 21.9%, 21.5% and 22.4% of our total revenue in the respective period.
Summary · 第 6 页
During the Track Record Period, all of our five largest customers were Independent Third Parties, and none of our Directors, their respective close associates, or any Shareholder who, to the knowledge of our Directors, owns more than 5% of our issued capital, had any interest in these customers during the Track Record Period and up to the Latest Practicable Date.
Business · 第 139 页
We enjoy customer stickiness, evidenced by a 100% repurchase rate among our top 20 customers in terms of revenue during the Track Record Period.
In 2023, 2024, 2025, and for the six months ended June 30, 2026, our five largest customers in each year/period during the Track Record Period together generated RMB58.3 million, RMB339.0 million, RMB966.5 million, and RMB475.6 million of revenues, respectively, accounting for 54.8%, 85.7%, 88.0%, and 80.8% of our total revenue, respectively.
Business · 第 166 页
Further, during the Track Record Period, the largest customer in each year/ period generated revenue accounting for 21.5%, 43.6%, 48.0%, and 29.4% of our total revenue in 2023, 2024, 2025 and for the six months ended June 30, 2026, respectively.
Business · 第 171 页
Based on the foregoing, the Directors believe that our customer concentration is a reflection of the project-driven nature of the AI Computing Infrastructure Solution and our business transformation and development process, and is expected to decrease progressively as our AI Computing Cloud Services scale and our customer base diversifies.
The revenue attributable to our five largest customers for each period during the Track Record Period was US$24.1 million, US$22.4 million, US$25.1 million and US$12.7 million, respectively, accounting for 6.6%, 6.0%, 6.6% and 7.0% of our total revenue, respectively.
Summary · 第 5 页
We served over 10,000 customers across a diverse range of industries, including automotive, electronics and home appliances, packaging and others, and from diverse geographic regions, including all major countries around the world as of the Latest Practicable Date.
Summary · 第 5 页
We expect to further expand our customer base as we expand our business lines, which will help further diversify our revenue streams and improve our resilience.
In 2023, 2024, 2025 and the six months ended June 30, 2026, our revenue generated from the five largest customers in each period during the Track Record Period amounted to RMB193.6 million, RMB226.8 million, RMB181.0 million and RMB159.7 million, representing 20.4%, 21.0%, 18.4% and 23.7% of our total revenue for the corresponding period, respectively
Business · 第 144 页
Our consistent product quality, stringent physical and chemical performance standards, customized product development capabilities and large-scale delivery capacity have enabled us to establish stable and long-term relationships with customers across the industries we serve.
Business · 第 112 页
All of our five largest customers during the Track Record Period were Independent Third Parties.
In each of 2023, 2024 and 2025 and the four months ended April 30, 2026, revenue contributed from our five largest customers amounted to RMB1,943.4 million, RMB2,769.8 million, RMB3,605.6 million and RMB1,394.0 million, respectively, accounting for 18.0%, 22.0%, 23.6% and 26.1% of our total revenue, respectively, for each of the same periods, while the largest customer contributed RMB583.2 million, RMB626.2 million, RMB1,024.5 million and RMB371.7 million, respectively, accounting for 5.4%, 4.9%, 6.7% and 7.0% of our total revenue, respectively, for each of the same periods.
Summary · 第 5 页
Our five largest customers in each period of the Track Record Period were direct sales customers.
Business · 第 140 页
To the best of our knowledge, for each period during the Track Record Period and up to the Latest Practicable Date, all of our five largest customers in each period were Independent Third Parties, and to the best of our Directors’ knowledge, none of our Directors or their respective close associates or any person who, 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.
Our sales to the five largest customers in each year/period during the Track Record Period amounted to RMB1,832.1 million, RMB2,334.5 million, RMB2,521.9 million, and RMB667.8 million, representing 99.7%, 96.8%, 92.5%, and 90.6% of our total revenue, respectively.
Summary · 第 7 页
Our sales to the largest customer in each year/period during the Track Record Period amounted to RMB778.5 million, RMB819.1 million, RMB1,432.6 million, and RMB368.2 million, representing 42.4%, 34.0%, 52.5%, and 50.0% of our total revenue for the same periods, respectively.
Business · 第 152 页
While we acknowledge that any material change in our relationship with Customer A could have a significant impact on our operations, we have proactively adopted a dual strategy to mitigate customer concentration risk.
For each period during the Track Record Period, revenue contributed from our five largest customers accounted for 34.6%, 36.8%, 29.0% and 28.3% of our total revenue in 2023, 2024, 2025 and four months ended April 30, 2026, respectively, while the largest customer contributed 11.0%, 14.0%, 7.6% and 7.5% of our total revenue, respectively, for the same periods.
Business · 第 192 页
To the best knowledge of our Directors, for each year during the Track Record Period and up to the Latest Practicable Date, all of our five largest customers were Independent Third Parties.
In 2023, 2024, 2025 and the three months ended March, 31, 2026, revenue generated from our five largest customers in each period during the Track Record Period amounted to RMB1,223.3 million, RMB1,375.2 million, RMB1,602.6 million and RMB630.3 million, respectively, accounting for 19.6%, 20.5%, 19.1% and 27.3% of our total revenue in the same periods, respectively.
Summary · 第 3 页
Revenue from our largest customer in each period of the Track Record Period accounted for 5.0%, 5.0%, 5.9% and 6.7% of our total revenue, respectively.
Business · 第 123 页
All of our five largest customers during each year of the Track Record Period were Independent Third Parties.
浙江荣泰电工器材股份有限公司Zhejiang Rongtai Electric Material Co., Ltd.
往绩记录期间前五大客户收入占比41.7%至47.7%
In 2023, 2024, 2025 and the six months ended June 30, 2026, our revenue from the five largest customers in each year/period during the Track Record Period was RMB333.9 million, RMB480.7 million, RMB585.1 million and RMB428.5 million, respectively, accounting for 41.7%, 42.3%, 42.5% and 47.7% of our total revenue, respectively.
Summary · 第 8 页
Given the significant proportion of our revenue attributable to a concentrated group of major customers, the stability and strength of these customer relationships are crucial to our results of operations and future growth.
Financial Information · 第 201 页
To support long-term cooperation, we establish multi-year framework agreements with core customers, defining service scope, pricing structures and renewal or termination provisions.
Revenue generated from our five largest customers in each period during the Track Record Period amounted to RMB64.7 million, RMB65.6 million, RMB61.4 million and RMB21.6 million in 2023, 2024, 2025 and the six months ended June 30, 2026, respectively, representing 29.9%, 27.0%, 24.0% and 33.2% of our total revenue in the respective periods.
Summary · 第 6 页
Through years of deep collaboration with our key customers, we have established stable relationships, which form a solid foundation for the sustainable growth of our business.
Summary · 第 6 页
Revenue generated from our five largest customers in each period during the Track Record Period amounted to RMB64.7 million, RMB65.6 million, RMB61.4 million and RMB21.6 million in 2023, 2024, 2025 and the six months ended June 30, 2026, respectively, representing 29.9%, 27.0%, 24.0% and 33.2% of our total revenue in the respective years/periods.
Our customers primarily consist of major enterprises across a broad range of industries, including but not limited to manufacturing, consumer goods, finance, energy, and telecommunications.
Summary · 第 3 页
In 2023, 2024, and 2025 and for the four months ended April 30, 2026, revenue generated from our top five customers in each applicable period during the Track Record Period accounted for 19.0%, 17.0%, 17.1%, and 18.6% of our total revenue, respectively, and revenue generated from our largest customer in each applicable period during the Track Record Period accounted for 8.6%, 8.2%, 5.9%, and 5.7% of our total revenue, respectively.
Summary · 第 3 页
All of our top five customers in each applicable period during the Track Record Period and up to the Latest Practicable Date were Independent Third Parties.
In 2023, 2024, 2025 and for the four months ended April 30, 2026, the aggregate sales to our top five customers amounted to RMB97.2 million, RMB124.6 million, RMB138.9 million and RMB48.4 million, representing 15.9%, 19.2%, 19.1% and 18.8% of our revenue in each respective period.
Summary · 第 6 页
In 2023, 2024, 2025 and for the four months ended April 30, 2026, the sales to our largest customer amounted to RMB36.6 million, RMB50.3 million, RMB65.5 million and RMB17.2 million, representing 6.0%, 7.7%, 9.0% and 6.7% of our revenue in each respective period.
Business · 第 158 页
Among our top five customers in each period during the Track Record Period, 87% had maintained collaboration with us for over eight years, highlighting the depth and stability of our customer relationship.
In 2023, 2024 and 2025, the aggregate revenue from our five largest customers was RMB69.5 million, RMB69.2 million and RMB69.3 million, representing 29.1%, 23.7% and 21.3% of our revenue, respectively.
Summary · 第 8 页
Revenue from our largest customer for the same periods was RMB23.1 million, RMB23.7 million and RMB17.3 million, representing 9.7%, 8.1% and 5.3% of our revenue, respectively.
Business · 第 163 页
All of our five largest customers during the Track Record Period are Independent Third Parties.
In 2023, 2024 and 2025, the aggregate sales to our five largest customers in each year during the Track Record Period amounted to RMB198.5 million, RMB236.0 million and RMB292.0 million, respectively, accounting for 34.4%, 35.3% and 38.0% of our total revenue, respectively.
Summary · 第 6 页
In 2023, 2024 and 2025, the sales to our largest customer in each year during the Track Record Period amounted to RMB54.6 million, RMB60.4 million and RMB73.8 million, respectively, accounting for 9.5%, 9.0% and 9.6% of our total revenue in each year, respectively.
Business · 第 161 页
We have cultivated a loyal and stable customer base, with 70% of our overseas customers in terms of revenue having maintained partnerships with us for over 11 years.
Revenue from our five largest customers in 2023, 2024 and 2025 was RMB172.8 million, RMB192.3 million and RMB187.4 million, respectively, representing 22.1%, 23.7% and 24.1% of our total revenue for the same respective years.
Summary · 第 6 页
To the best of our knowledge, our five largest customers in each year during the Track Record Period were all Independent Third Parties.
Business · 第 116 页
To the best of our knowledge, none of our Directors, their close associates or any Shareholders of our Company, who or which to the knowledge of the Directors owned more than 5% of our Company’s issued share capital, had any interest in any of our five largest customers in each year during the Track Record Period.
Revenue from our five largest customers in each year during the Track Record Period amounted to HK$98.5 million, HK$159.6 million and HK$258.7 million, accounting for 42.1%, 41.3% and 40.8% of our total revenue, respectively, and sales to our largest customer in each year during the Track Record Period amounted to HK$24.8 million, HK$37.1 million and HK$60.1 million, accounting for 10.6%, 9.6% and 9.5% of our total revenue during the respective periods.
Summary · 第 4 页
Revenue from our five largest customers in each year during the Track Record Period amounted to HK$98.5 million, HK$159.6 million and HK$258.7 million, accounting for 42.1%, 41.3% and 40.8% of our total revenue, respectively, and sales to our largest customer in each year during the Track Record Period amounted to HK$24.8 million, HK$37.1 million and HK$60.1 million, accounting for 10.6%, 9.6% and 9.5% of our total revenue during the respective periods.
Business · 第 137 页
All of our five largest customers in each year during the Track Record Period are Independent Third Parties.
During the Track Record Period, our five largest customers generated RMB87.6 million, RMB105.1 million and RMB152.0 million of revenue in 2023, 2024 and 2025, respectively, accounting for 28.1%, 25.6% and 23.9% of our total revenue for the same years, respectively.
Summary · 第 5 页
The average collaboration period with nine companies among top ten PCB manufacturers in terms of revenue in 2024 in China, is approximately ten years.
We have a broad base of customers and we do not believe that we have material concentration risks.
Summary · 第 10 页
The revenue generated from our five largest customers in each period during the Track Record Period amounted to RMB16,035 million, RMB23,799 million, RMB41,698 million and RMB12,989 million accounted for 17.3%, 14.6%, 15.4% and 19.0% of our total revenue in 2022, 2023, 2024 and the three months ended March 31, 2025, respectively.
Summary · 第 10 页
We typically settle with our five largest customers with bank transfer or bank acceptance bills.
北京讯众通信技术股份有限公司Beijing Xunzhong Communication Technology Co., Ltd.02597.HK
前五大客户收入占比约四成，关键客户贡献近九成
Our revenue generated from our top five customers during each year of the Track Record Period combined accounted for approximately 41.8%, 36.7%, and 35.3% of our total revenue, respectively.
Summary · 第 4 页
These key customers, numbering 24, 32, and 32 in 2022, 2023, and 2024, respectively, contributed 80%, 86%, and 89% of the Company's total revenue for those corresponding years.
Business · 第 181 页
Their retention rates were 78%, 100%, and 72% for the years ended December 31, 2022, 2023, and 2024, respectively, surpassing those of customers contributing lower threshold of RMB1 million or more, with rates of 71%, 72%, and 68% for the same corresponding years and contributing higher at least RMB15 million, with rates of 88%, 100% and 70% for the same corresponding years.
In each year during the Track Record Period, our five largest customers accounted for approximately 35.9%, 35.9%, 32.9% of our total revenue, respectively, and sales to the largest customer accounted for approximately 13.1%, 14.6% and 12.6% of our total revenue, respectively.
Business · 第 221 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 in each year during the Track Record Period.
Business · 第 224 页
During the Track Record Period and up to the Latest Practicable Date, none of our customers requested to terminate their agreements with us.