北京数聚智连科技股份有限公司Beijing Data Intelink Technology Co., Ltd.
前五大客户收入占比约23%至25%
The aggregate revenue generated from our five largest customers for each of the years ended December 31, 2023, 2024 and 2025 accounted for 23.7%, 24.8% and 22.9%, respectively, of our total revenue during the same year. Revenue generated from our largest customer for each of the years ended December 31, 2023, 2024 and 2025 accounted for 9.0%, 10.3% and 10.5%, respectively, of our total revenue.
Summary · 第 5 页
Our major customers are e-commerce platforms and distributors. The aggregate revenue generated from our five largest customers for each of the years ended December 31, 2023, 2024 and 2025 accounted for 23.7%, 24.8% and 22.9%, respectively, of our total revenue during the same year.
Business · 第 132 页
To the best of our knowledge, during the Track Record Period and up to the Latest Practicable Date, all of our five largest customers were Independent Third Parties.
Our customer structure is consistent with industry norms, where large OEMs and Tier-1 manufacturers account for a meaningful share of revenue due to long qualification cycles, high technical requirements and stable, recurring orders.
Business · 第 155 页
We believe that our level of customer concentration does not reflect undue reliance, given the breadth of our product applications and the diversity of our customer base across multiple industries and regions.
Business · 第 155 页
The following tables set forth our top five customers during the Track Record Period.
In 2023, 2024 and 2025, total revenue from our five largest customers was RMB615.0 million, RMB629.1 million and RMB571.5 million, respectively, accounting for 42.7%, 42.3% and 38.9% of our total revenue, respectively.
Summary · 第 6 页
In the same years, revenue from our single largest customer in each year during the Track Record Period was RMB471.6 million, RMB501.5 million and RMB477.0 million, respectively, accounting for 32.8%, 33.7% and 32.4% of our total revenue, respectively.
Business · 第 177 页
Xiaomi is our largest customer and significant commercial partner.
In 2023, 2024, and 2025, revenue generated from our top five customers in each applicable year accounted for 74.4%, 95.1%, and 78.3% of our total revenue, respectively, and revenue generated from our largest customer in each applicable year accounted for 32.2%, 81.5%, and 37.4% of our total revenue, respectively.
Summary · 第 5 页
According to CIC, customer concentration is common among those chip customization service companies with a high revenue contribution from AI-related applications, as the relevant customer base is relatively concentrated and primarily consists of a limited number of large downstream AI cloud service providers;
Business · 第 120 页
Revenue from Customer B accounted for 81.5% of our total revenue in 2024, because we completed chip design for various contracts with it and recognized revenue accordingly during the year.
In the years ended December 31, 2023, 2024 and 2025, revenue generated from our top five customers for each period during the Track Record Period accounted for 51.6%, 42.4%, and 41.0% of our total revenue of such period, respectively.
Summary · 第 14 页
In the year ended December 31, 2023, 2024 and 2025, revenue generated from our top five customers for each period during the Track Record Period accounted for 51.6%, 42.4% and 41.0% of our total revenue of such period, respectively, and revenue generated from our largest customer for each period during the Track Record Period accounted for 27.2%, 19.6% and 14.3% of our total revenue in the same periods, respectively.
Business · 第 149 页
To the best of our knowledge, all of our five largest customers in each year during the Track Record Period were independent third parties.
In each year for the years ended December 31, 2023, 2024 and 2025, purchases by our five largest customers in each period accounted for 71.2%, 58.7% and 58.5% of our total revenue, respectively; during the same years, purchases by our largest customer accounted for 52.7%, 40.0% and 36.1% of our total revenue, respectively.
Business · 第 158 页
Our Directors consider that our customer concentration during the Track Record Period is mainly due to the concentrated nature of the downstream lithium-ion battery industry, and our ability to meet our customers’ requirements for product innovation and for stable supply at large scale.
Business · 第 158 页
We believe that it is mutually beneficial and complementary for both our major customers and us to maintain our business relationships.
In 2023, 2024 and 2025, our five largest customers in each year during the Track Record Period contributed revenue of RMB1,758.9 million, RMB1,951.1 million and RMB2,620.1 million, respectively, accounting for 86.9%, 82.9% and 88.2% of our total revenue, respectively.
Summary · 第 3 页
Revenue from our largest customer in each year of the Track Record Period accounted 39.1%, 37.5% and 35.3% of our total revenue, respectively.
Business · 第 155 页
During the Track Record Period and up to the Latest Practicable Date, we did not have any disputes with any of our five largest customers in each year of the Track Record Period, and currently there is no indication or sign that they will alter the existing relationship with us in any aspect in the near future.
During FY2023, FY2024 and FY2025, the revenue generated from our five largest customers in each year accounted for approximately 90.6%, 67.7% and 57.8%, respectively, of our total revenue during the same periods, and revenue generated from our largest customer in each year accounted for approximately 30.7%, 30.5% and 34.8%, respectively, of our total revenue during the same periods.
Summary · 第 6 页
Despite our five largest customers in each year during the Track Record Period exhibited a certain degree of customer concentration, such degree of customer concentration is not uncommon in the software development industry or the online marketing solutions industry according to CIC, and our Directors consider that such customer concentration will not constitute a significant risk to our Group because of the following reasons:
Business · 第 156 页
We generated revenue from 11, 42 and 190 customers during FY2023, FY2024 and FY2025, respectively.
北京⾼能时代环境技术股份有限公司Beijing GeoEnviron Engineering & Technology, Inc.
往绩记录期间前五大客户收入占比约三成
Revenue from our five largest customers in each year during the Track Record Period accounted for approximately 33.8%, 30.8% and 26.1%, respectively, of our total revenue for the respective year.
Summary · 第 6 页
Revenue from our largest customer in each year during the Track Record Period accounted for approximately 9.8%, 11.8% and 6.9% of our total revenue for the respective year.
Summary · 第 6 页
Through the cultivation of strong, positive relationships with our established suppliers and customers, we aim to periodically broaden our customer and supplier base, thereby mitigating operational risks associated with dependency on a singular entity;
In 2023, 2024 and 2025, revenue from our five largest customers in each year of the Track Record Period amounted to RMB460.6 million, RMB681.5 million and RMB1,144.5 million, respectively, accounting for 21.5%, 26.8% and 29.9% of our total revenue for the respective year.
Summary · 第 2 页
Revenue from our largest customer in 2023, 2024 and 2025 accounted for 5.2%, 8.6% and 12.4% of our total revenue in the same years, respectively.
Business · 第 116 页
During the Track Record Period, our total number of customers also trended upward, with our key customers remaining relatively stable and no attrition among our top ten customers, demonstrating strong customer stickiness.
Our revenue generated from our top five largest customers were RMB2,188.7 million, RMB2,775.3 million and RMB2,830.4 million for the year ended December 31, 2023, 2024 and 2025, respectively, accounting for approximately 52.9%, 56.5% and 51.6% of our total revenue for the respective periods.
Summary · 第 5 页
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 are independent.
Business · 第 139 页
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.
Our aggregate sales to our five largest customers in 2023, 2024 and 2025 were approximately RMB458.6 million, RMB441.5 million and RMB560.6 million, accounting for 96.2%, 92.2% and 79.3% of our total revenue for the respective years.
Summary · 第 4 页
Our aggregate sales to our largest customer in 2023, 2024 and 2025 were approximately RMB221.9 million, RMB228.8 million and RMB315.2 million, accounting for 46.5%, 47.8% and 44.6% of the total revenue for the respective periods.
Business · 第 140 页
We have concentration of credit risk as 53%, 52% and 39%, of the gross carrying amount of trade receivables was due from our largest customer as of December 3l, 2023, 2024 and 2025, respectively, while 93%, 92% and 74% of the gross carrying amount of trade receivables were due from our five largest customers as of December 31, 2023, 2024 and 2025, respectively.
In 2023, 2024 and 2025, our revenue generated from sales to our five largest customers in each year in aggregate amounted to RMB80.2 million, RMB148.9 million and RMB431.9 million, respectively, representing 55.6%, 59.1% and 71.8% of our total revenue in the corresponding years.
Summary · 第 6 页
Our collaboration with Customer F is mutually beneficial.
Business · 第 160 页
In addition to Customer F, we have successfully expanded our customers base to include other leading optical transceiver manufacturers globally.
The revenue from our five largest customers in each year of the Track Record Period accounted for approximately 99.9%, 88.5% and 98.5% of the total revenue in 2023, 2024 and 2025, respectively, while revenue from our single largest customer represented approximately 84.8%, 22.3% and 30.8% in 2023, 2024 and 2025, respectively.
Summary · 第 2 页
From 2021 to 2024, only 20 molten salt tower CSP projects in China with an aggregate designed capacity of 2,160MW were substantially commenced with suppliers of collector systems engaged.
Business · 第 171 页
Specifically, while Customer B accounted for 84.8% of our revenue in 2023, it did not rank among our top five customers in 2024.
We derived substantially all of our revenues from license-out arrangements which was in relation to certain of our drug candidates’ intellectual property rights.
Summary · 第 7 页
Verdiva Bio Dev Limited(1) . . . License-out, research and development service(4) and | 128,123 | 96.0
Business · 第 203 页
During the Track Record Period and up to the Latest Practicable Date, we had no commercialized product and therefore had no customers from the sales of product candidates.
Our revenue from Customer A was RMB142.9 million, RMB325.8 million and RMB1,082.2 million, accounted for approximately 91.3%, 93.6% and 96.4% of our total revenue in 2023, 2024 and 2025, respectively.
Summary · 第 4 页
Nevertheless, the high concentration of revenue generated from Customer A exposes us to certain risks.
Business · 第 162 页
Based on our stable relationship with Customer A, its growing revenue contribution during the Track Record Period, our deep involvement in the R&D and integration of its smart driving program, and technological, operational and production synergies gained through the process of supplying to Customer A's vehicle models, our Directors are of the view that our relationship with Customer A will not materially adversely change or terminate.
In 2022, 2023, 2024 and the ten months ended October 31, 2025, revenue generated from our top five customers for each period during the Track Record Period accounted for 93.0%, 78.6%, 83.0% and 88.2% of our total revenue of such period, respectively, and revenue generated from our largest customer for each period during the Track Record Period accounted for 32.7%, 23.7%, 30.3% and 30.5% of our total revenue in the same periods, respectively.
Summary · 第 8 页
During the Track Record Period, we primarily sold our products to our five largest customers, which are distributors based in China.
Business · 第 167 页
Our Directors are of the view that our relationship with our largest five customers is unlikely to materially and adversely change or terminate because we have maintained a long-term and stable business relationship with them.
In 2022, 2023, 2024 and the nine months ended September 30, 2025, our revenue from the five largest customers in each year/period during the Track Record Period was RMB56.1 million, RMB85.2 million, RMB188.1 million and RMB155.4 million, respectively, accounting for 51.2%, 48.5%, 60.6% and 55.3% of our total revenue for the respective year/period.
Summary · 第 5 页
In the same years/periods, our revenue from our largest customer in each year/period during the Track Record Period was RMB27.3 million, RMB31.4 million, RMB116.1 million and RMB69.5 million, respectively, accounting for 24.9%, 17.9%, 37.4% and 24.7% of our total revenue for the respective year/period.
Summary · 第 5 页
Our Directors believe that these arrangements are mutually advantageous, as all negotiations were conducted on an arm’s-length basis, consistent with the prevailing market practices and are comparable to those offered to our other customers and suppliers.
For the years ended December 31, 2023 and 2024 and for the nine months ended September 30, 2025, our revenue generated from our largest customer in each year/period accounted for 22.4%, 14.3% and 15.7% of our total revenue during the corresponding periods, respectively, and revenue from our five largest customers in each year/period in the aggregate accounted for 47.0%, 46.0% and 56.0% of our total revenue during the corresponding periods, respectively.
Summary · 第 11 页
During the Track Record Period, none of our Directors, or any Shareholders, who, to the knowledge of our Directors, owns more than 5% of our issued share capital immediately following the completion of the Global Offering nor any of their respective associates 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 were RMB381.5 million, RMB938.0 million, RMB790.6 million and RMB331.0 million, respectively, and accounted for 86.5%, 82.1%, 81.2% and 61.9% of the total revenue for the respective years/periods.
Business · 第 156 页
Revenue from Customer A decreased from RMB614.6 million in 2023 to RMB104.4 million in 2024, and further to nil for the nine months ended September 30, 2025.
Business · 第 156 页
Nonetheless, considering the broad-based yet relatively fragmented nature of domestic customer demand and our effort to extend our customer base, as well as the current inventory level of certain of our largest customers, we expect the proportion of revenue from our top five customers to decline, reducing our reliance on their revenue contribution.