客户集中及依赖主要客户

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, we generated revenue from our five largest customers in each year during the Track Record Period of RMB307.1 million, RMB293.8 million and RMB343.5 million, respectively, accounting for 50.2%, 54.6% and 59.6% of our total revenue for the corresponding years.

We served approximately 468 end customers through these agencies across a wide range of industries during the Track Record Period.

In view of the foregoing, the Directors are of the view that our customer concentration is a natural consequence of industry practice and does not indicate undue reliance or heightened risk.

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.

In 2023, 2024 and 2025, revenue generated from our five largest customers amounted to RMB105.8 million, RMB93.9 million and RMB84.0 million, respectively, accounting for 11.2%, 10.0%, and 9.2% of our total revenue in the same periods, respectively.

Revenue from our largest customer in each period of the Track Record Period accounted for 5.4%, 5.0% and 3.8% of our total revenue, respectively.

To the best of our knowledge and as of the Latest Practicable Date, we were not aware of any information or arrangement that would lead to the termination of our relationships with any of our major customers.

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.

Revenue from our five largest customers in each year during the Track Record Period amounted to RMB284.5 million, RMB428.8 million and RMB547.9 million, respectively, accounting for 56.1%, 77.5% and 78.0% of our total revenue for the same years, respectively.

The changes in our customer base during the Track Record Period mainly reflected the project-based and customized nature of the satellite and related services as well as satellite-based solutions.

The customer retention rate of our satellites and related services decreased from 50.0% in 2024 to 12.5% in 2025, mainly because (i) such satellite products and services are typically provided under project-based contracts covering multiple stages over extended periods, and (ii) as our satellite capabilities continued to mature and customer relationships further deepened, customers have increasingly shifted from single-satellite procurement to multi-satellite procurement within a single project.

During the Track Record Period, revenue from our top five customers amounted to RMB130.3 million, RMB153.4 million and RMB170.7 million, accounting for 39.2%, 34.9% and 28.6% of our total revenue for the years ended December 31, 2023, 2024 and 2025, respectively.

In addition, revenue generated from our largest customer in each period of the Track Record Period amounted to RMB48.6 million, RMB58.9 million and RMB57.2 million, accounting for 14.6%, 13.4% and 9.6% of our total revenue, respectively.

We have a broad and diverse customer base.

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.

In 2023, 2024 and 2025, revenue generated from our top five customers in each period during the Track Record Period accounted for 46.2%, 55.3% and 56.4% of our total revenue for such period, respectively, and revenue generated from our largest customer in each period during the Track Record Period accounted for 23.6%, 21.7% and 23.7% of our total revenue for such period, respectively.

Despite the relatively short operating period, NEV solutions business contributed 30.1%, 48.8% and 50.7%, respectively, of our total revenue in 2023, 2024 and 2025 while a significant portion of such revenue was derived from a small number of customers.

At an early stage of our NEV solutions business, our NEV customer base was highly concentrated. For example, in 2023, our largest NEV customer contributed 23.6% of our total revenue.

Revenue from our five largest customers for the years ended December 31, 2023, 2024 and 2025 amounted to RMB348.1 million, RMB476.4 million and RMB670.7 million, respectively, representing 23.1%, 29.3% and 36.0%, respectively, of our total revenue.

During the Track Record Period and as of the Latest Practicable Date, all of our five largest customers were Independent Third Parties.

As of the Latest Practicable Date, none of our Directors, their respective associates or any of our shareholders (who owned more than 5% of our issued share capital) had any interest in any of our five largest customers.

32.3%, 46.7% and 40.9% of our total revenue in 2023, 2024 and 2025, respectively, while the largest customer contributed 8.9%, 17.2% and 11.0% of our total revenue, respectively, for the same periods.

During the Track Record Period, revenue contributed from our five largest customers accounted for 32.3%, 46.7% and 40.9% of our total revenue in 2023, 2024 and 2025, respectively, while the largest customer contributed 8.9%, 17.2% and 11.0% of our total revenue, respectively, for the same periods.

We also retain customers through long-term R&D collaborations and comprehensive after-sales support.

In each year of 2023, 2024 and 2025, revenue contributed from our five largest customers amounted to RMB106.5 million, RMB122.7 million and RMB123.9 million, respectively, accounted for 66.0%, 46.2% and 37.8% of our total revenue in the same years, respectively.

In each year of 2023, 2024 and 2025, revenue contributed from our largest customer amounted to RMB61.3 million, RMB49.0 million and RMB31.7 million, respectively, accounting for 38.0%, 18.5% and 9.7% of our total revenue in the same years, respectively.

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.

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.