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.
Summary · 第 3 页
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.
Business · 第 151 页
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 from our five largest customers in each year during the Track Record Period accounted for 71.9%, 72.2% and 56.0% of our total revenue for the respective year.
Summary · 第 3 页
Revenue from our largest customer in each year during the Track Record Period accounted for 28.4%, 38.6% and 41.0% of our total revenue for the respective year.
Business · 第 135 页
To the knowledge of our Directors, as of the Latest Practicable Date, none of our Directors and their respective associates or any Shareholders holds more than 5% of our issued share capital had any interests in any of our five largest customers in each year of the Track Record Period.
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.
Summary · 第 2 页
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.
Business · 第 149 页
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.
Summary · 第 9 页
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.
Summary · 第 10 页
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.
Business · 第 162 页
We are exposed to concentration with Customer A. According to the F&S Report, reliance on major customers is an industry norm.
Business · 第 164 页
Additionally, our revenue from Customer A decreased gradually from 2023 to 2025, indicative of a decreasing concentration trend.
In each year during the Track Record Period, the total revenue generated from our top five customers amounted to RMB351.1 million, RMB998.5 million and RMB1,564.4 million, accounting for 82.5%, 50.7% and 39.5% of our total revenue for each year, respectively.
Summary · 第 3 页
In each year during the Track Record Period, the revenue generated from our largest customer amounted to RMB147.9 million, RMB504.9 million and RMB501.4 million, accounting for 34.8%, 25.7% and 12.7% of our total revenue for each year, respectively.
Business · 第 169 页
Therefore, certain of our top five customers in each year during the Track Record Period were battery operating leasing companies to whom we sold battery packs.
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.
Summary · 第 4 页
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.
Business · 第 145 页
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.
For the years ended December 31, 2023, 2024 and 2025, our revenue from top five customers was RMB567.2 million, RMB630.6 million and RMB619.8 million, respectively, accounting for 45.1%, 44.8% and 40.4% of our total revenue for the respective period.
Business · 第 180 页
According to Frost & Sullivan, our sales and distribution arrangements are in line with industry practices in the pharmaceutical industry.
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.
Summary · 第 8 页
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.
Summary · 第 8 页
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.
Summary · 第 10 页
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.
Business · 第 202 页
To the best of our knowledge, all our five largest customers in each period during the Track Record Period are independent third parties.
Sales to our largest customer for each year during the Track Record Period accounted for approximately 31.46%, 12.89% and 28.43% of our total revenue for the respective year.
Summary · 第 4 页
Revenue from our five largest customers for each year during the Track Record Period accounted for approximately 50.92%, 49.62% and 64.74%, respectively, of our total revenue for the respective year.
Business · 第 149 页
For key accounts, we typically seek to establish multi-platform or multi-project cooperation arrangements and embed our L1 to L4 solutions as preferred or standard configurations on our customers' EV models and BESS project pipelines.
四川新荷花中药饮片股份有限公司Sichuan Neautus Traditional Chinese Medicine Co., Ltd.
往绩记录期间前五大客户收入占比最高约30.4%
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.
Business · 第 157 页
In 2023, 2024 and 2025, our customer retention rates were 81.6%, 63.6% and 82.6%, respectively.
Business · 第 157 页
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.
Business · 第 149 页
These factors contribute to relatively high switching costs and reduce the likelihood of material adverse changes in our relationships with our major customers.
Business · 第 149 页
To mitigate customer concentration risk, we continue to expand our customer base across different industries and enhance our service offerings.
Revenue from our five largest customers in each year during the Track Record Period was RMB1,161.3 million, RMB1,651.6 million and RMB1,325.5 million, respectively, representing 13.1%, 15.3% and 12.5% of our total revenue from sales of goods for the respective year.
Summary · 第 7 页
Our customers are primarily end consumers in terms of revenue, while the largest customers could comprise e-commerce platforms that serve as our online distributors.
Business · 第 133 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.
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.
Summary · 第 6 页
During the Track Record Period, we did not have any substantial reliance on any single customer.
Business · 第 166 页
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.
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 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.
Business · 第 152 页
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;
In 2023, 2024 and 2025, revenue generated from our top five customers in each period during the Track Record Period accounted for 47.5%, 57.3% and 74.1% 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 17.4%, 20.5% and 37.0% of our total revenue for such period, respectively.
Summary · 第 6 页
We are seeking to mitigate the concentration risks by fostering relationships with emerging markets and broadening and diversifying our offerings to appeal to a wider customer base.
上海百秋尚美科技服务集团股份有限公司Shanghai Buy Quickly BMax Technology Services Group Co., Ltd.
前五大客户收入占比约24%至28%
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.
Summary · 第 4 页
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.
Business · 第 160 页
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.
Summary · 第 5 页
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.
Business · 第 145 页
Our long-standing relationship with Customer A is characterized by synergy and mutual benefit.