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.
For the years ended December 31, 2023, 2024 and 2025, our revenue generated from sales to our five largest customers in each year in aggregate accounted for 9.3%, 15.7% and 24.5% of our total revenue in the corresponding periods.
Summary · 第 5 页
During the Track Record Period, our customers primarily included individual customers who subscribed our whole-course healthcare management services, and to a lesser extent, enterprise customers (i.e. pharmaceutical companies and insurance companies) and we did not experience any material disputes with our customers.
Business · 第 169 页
None of our Directors, their associates or any Shareholders who, to the knowledge of our Directors, owned more than 5% of our issued share capital as of the Latest Practicable Date, had any interest in any of our five largest customers for each year during the Track Record Period.
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.
In 2024 and 2025, our revenue from our five largest customers in each year in aggregate amounted to RMB147.3 million and RMB577.0 million, representing 73.7% and 87.6% of our total corresponding revenues in such period, respectively, and our revenue from the largest customer in each period amounted to RMB58.9 million and RMB333.1 million, accounted for 29.5% and 50.6% of our total corresponding revenues, respectively.
Summary · 第 11 页
During the Track Record Period, we generated revenue from sales of pharmaceutical products and out-licensing arrangements.
Business · 第 214 页
All of our five largest customers in each period during the Track Record Period are Independent Third Parties.
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.
During the Track Record Period, the aggregate revenue generated from our top five customers in each year amounted to RMB3,016.9 million, RMB3,425.5 million, and RMB4,966.2 million respectively, representing approximately 29.3%, 29.3%, and 34.6% of our total revenue in the respective year.
Summary · 第 4 页
We have maintained long-term and stable collaborative relationships with our top five customers for up to 21 years.
Business · 第 160 页
All of our top five customers were Independent Third Parties during the Track Record Period.
In 2023, 2024 and 2025, sales to our five largest customers in each year during the Track Record Period amounted to RMB2,145.6 million, RMB2,690.5 million and RMB9,847.6 million, accounting for 27.1%, 25.1% and 51.0% of our total revenue.
Business · 第 135 页
The increase in customer concentration during the Track Record Period was primarily attributable to the significant growth in orders from certain major customers, particularly in 2025, driven mainly by strong demand for our MLPCB and HDI products for AI and high-performance computing and other high-end applications.
Business · 第 138 页
We believe that we do not unduly rely on our major customers because it primarily reflects a significant increase in orders placed in connection with our HDI products for AI and high performance computing in 2025.
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.
Revenue from our five largest customers in each year during the Track Record Period amounted to RMB291.8 million, RMB255.8 million, and RMB241.9 million for the years ended December 31, 2023, 2024 and 2025, respectively, representing 18.0%, 14.6% and 13.0% of our total revenue for the same year.
Summary · 第 4 页
Revenue from our largest customers in each year during the Track Record Period amounted to RMB80.9 million, RMB59.7 million, and RMB75.2 million for the years ended December 31, 2023, 2024 and 2025, respectively, representing 5.0%, 3.4%, and 4.0% of our total revenue for the same year.
Business · 第 157 页
During the Track Record Period, we did not rely on any single distributor for more than 10% of our total revenue in any given year.
In each year of 2023, 2024 and 2025, our five largest customers together generated RMB3,519.0 million, RMB3,752.2 million and RMB4,333.9 million of revenues, respectively, accounting for 65.5%, 63.3% and 63.8% of our total revenue, respectively.
Summary · 第 3 页
We have maintained long-term and stable collaboration relationships with our five largest customers for five to eight years.
Business · 第 154 页
None of our Directors and their respective associates, or Shareholders who own 5% or more of the total issued Shares had any interest in any of our five largest customers during the Track Record Period.
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 five largest customers accounted for approximately 35.3%, 35.3% and 36.2% of our total revenue during those periods, respectively, and revenue generated from our largest customer accounted for approximately 18.1%, 15.5% and 11.8%, respectively, of our total revenues during those periods, respectively.
Summary · 第 3 页
We typically grant a credit term up to 90 days, and periodically evaluate the creditworthiness of our five largest customers by reviewing their payment records and evaluating customers' financial condition.
Business · 第 148 页
We have a growing and diversified customer base spanning across different industry verticals.
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.