Revenue generated from each of our five largest customers in each year/period during the Track Record Period amounted to RMB42.6 million, RMB80.7 million, RMB122.7 million and RMB41.6 million, respectively, representing 42.1%, 63.0%, 47.7% and 30.5% of our total revenue, respectively.
Summary · 第 6 页
During the Track Record Period, changes in our five largest customers mainly resulted from our business model and customer spending patterns.
Business · 第 164 页
We confirm that we do not rely on any single customer.
In 2023, 2024 and 2025, the aggregate revenue generated from our top five customers for each of the years accounted for 89.9%, 88.5% and 76.4% of our total revenue, respectively.
Summary · 第 4 页
In 2023, 2024 and 2025, revenue from the largest customer for each of the years amounted to RMB413.3 million, RMB319.3 million and RMB337.7 million, which accounted for 47.4%, 38.8% and 39.2% of our total revenue, respectively.
Business · 第 166 页
As one of our Controlling Shareholders since inception, it is natural for SAIC to keep our development on its radar and consider using our solutions if they fit SAIC's demands and brings mutual benefit.
In 2023, 2024 and 2025, aggregate revenue generated from our five largest customers in each year was RMB190.5 million, RMB226.2 million and RMB238.8 million, respectively, accounting for 39.3%, 29.9% and 22.0% of our total revenue for the same years, respectively.
Summary · 第 5 页
In 2023, 2024 and 2025, revenue generated from our single largest customer in each year was RMB73.2 million, RMB58.0 million and RMB70.5 million, respectively, accounting for 15.1%, 7.7% and 6.5% of our total revenue for the same years.
Summary · 第 5 页
The number of total customers grew from 229 in 2023 to 327 in 2024 and further to 497 in 2025.
上海璞泰来新能源科技集团股份有限公司Shanghai Putailai New Energy Technology Group Co., Ltd.
往绩期间前五大客户收入占比58.4%至70.4%
In 2023, 2024 and 2025, the revenue generated from our five largest customers amounted to RMB10,771.6 million, RMB8,860.4 million and RMB9,135.2 million, respectively, representing 70.4%, 66.1% and 58.4% of our total revenue for the respective years.
Summary · 第 4 页
Our Directors consider that our customer concentration during the Track Record Period is primarily attributable to the concentrated nature of the downstream new energy battery industry and our ability to meet our customers’ requirements for product innovation and stable supply at scale.
Business · 第 140 页
except for Customer A and Customer B in the year ended December 31, 2025, none of our five largest customers in any period of the Track Record Period individually accounted for more than 10% of our total revenue in any such period;
江苏泽景汽车电子股份有限公司JIANGSU NEW VISION AUTOMOTIVE ELECTRONICS CO., LTD.02632.HK
往绩记录期间前五大客户收入占比最高达93.8%
Revenue from our five largest customers in each period during the Track Record Period accounted for 93.0%, 93.8%, 80.9% and 83.1% of our total revenue for the respective periods.
Business · 第 263 页
These factors have made us an indispensable link in our major customers’ supply chains, and it is unlikely that our major customers could easily identify an alternative that could seamlessly replace us due to our HUD solutions’ highly customized integration, system-level coupling and proprietary technological barriers, which result in substantial switching costs, including high adaptation expenses, extended time investments and considerable operational risks, further solidifying the mutual reliance between our major customers and us.
Business · 第 264 页
To mitigate the risk of customer concentration, we have been diversifying our customer base.
浙江凯乐士科技集团股份有限公司Zhejiang Galaxis Technology Group Co., Ltd.02729.HK
往绩记录期间前五大客户收入占比最高达49.7%
Revenue generated from our top five customers in each year/period during the Track Record Period accounted for 48.0%, 49.7%, 34.3% and 27.4% of our total revenue in 2022, 2023 and 2024 and the nine months ended September 30, 2025, respectively, and revenue generated from our largest customer in each year/period during the Track Record Period accounted for 14.7%, 14.0%, 10.8% and 6.0% of our total revenue in the same years/periods, respectively.
Summary · 第 5 页
See “Risk Factors — Risks Relating to Our Business and Industry — We had a concentration of top five customers in each year/period during the Track Record Period” for more information about the concentration risks we face relating to our top five customers in each year/period during the Track Record Period.
Business · 第 162 页
Our Directors confirm that, save for Customer G, none of our Directors, their respective associates or, to the best of their knowledge, any Shareholder holding more than 5% of our issued share capital, held any interest in any of our top five customers in each year/period during the Track Record Period.
上海璞泰来新能源科技集团股份有限公司Shanghai Putailai New Energy Technology Group Co., Ltd.
最大客户Customer A收入占比约39%
Customer A has been our largest customer during each period of the Track Record Period and has played a significant role in the development and growth of our business.
Business · 第 140 页
According to CIC, consistent with prevailing industry practice in the new energy battery materials sector, major participants such as Customer A typically do not enter into long-term purchase commitments. Instead, our commercial arrangements are governed by annual framework agreements that set forth general terms, including product specifications.
Business · 第 141 页
For the years ended December 31, 2023, 2024 and 2025, our revenue attributable to Customer A amounted to RMB6,031.0 million, RMB5,251.9 million and RMB6,112.7 million, respectively, accounting for 39.4%, 39.2% and 39.0% of our total revenue, respectively.
Income from Ordinary Course of Business attributable to our five largest customers in each period during the Track Record Period amounted to RMB63.6 million, RMB67.1 million and RMB88.1 million, representing approximately 28.8%, 28.5% and 32.9% of our Income from Ordinary Course of Business generated in each year.
Summary · 第 9 页
To the best knowledge of our Directors, each of our five largest customers for each year during the Track Record Period is an Independent Third Party.
For FY2023, FY2024 and FY2025, we derived approximately 91.2%, 79.8% and 91.3% of our revenue, respectively, from our five largest customers.
Business · 第 144 页
The revenue we derived from services provided to Customer Group A amounted to approximately RMB128.5 million, RMB124.3 million and RMB121.6 million for FY2023, FY2024 and FY2025, respectively, representing approximately 78.6%, 49.3% and 40.4%, respectively, of our total revenue for the same period.
Business · 第 150 页
Furthermore, our Directors believe that given our established long term relationship, the reliance between our Group and Customer Group A is mutual and complimentary for the following reasons:
In each year/period during the Track Record Period, revenue contributed from each of our five largest customers accounted for 41.4%, 43.4%, 46.4% and 47.8% of our total revenue in each of 2022, 2023, 2024 and in the nine months ended September 30, 2025, respectively, while the largest customer in each year/period contributed 26.0%, 29.5%, 28.8% and 31.1% of our total revenue, respectively, for the same year/period.
Summary · 第 5 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 in each year/period of the Track Record Period were Independent Third Parties.
Business · 第 149 页
we achieved key customer (key customers are customers contributing to over 1% of our revenue from sales of lithium-ion battery anode material products in a certain year/period) retention rates of approximately 95.5%, 91.7%, 94.1% and 100.0% in each of 2022, 2023, 2024 and the nine months ended September 30, 2025, respectively
During each year/period of the Track Record Period, revenue generated from our five largest customers amounted to RMB1,533.6 million, RMB1,756.7 million, RMB2,291.9 million and RMB2,270.7 million, respectively, accounting for 63.6%, 65.6%, 61.4% and 59.3% of our total revenue in the same periods, respectively.
Summary · 第 5 页
All of our five largest customers were Independent Third Parties during the Track Record Period.
Business · 第 155 页
Our Directors are of the view that, we are not subject to any material end-customer or industry concentration that would have a material adverse impact on our business operation and financial performance.
In 2024 and the nine months ended September 30, 2025, our revenue generated from our five largest customers amounted to RMB179.3 million and RMB168.1 million, respectively, accounting for 86.2%, and 81.0% of our total revenue in the respective period, respectively, and revenue generated from our largest customer alone accounted for 43.9%, and 42.3% of our total revenue in the respective period, respectively.
Summary · 第 6 页
We typically grant our customers credit terms up to 95 days.
Business · 第 196 页
During the Track Record Period and up to the Latest Practicable Date, none of our Directors, their associates or any of our shareholders (who owned or, to the knowledge of our 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, 2022, 2023, 2024 and the nine months ended September 30, 2025, revenue from the five largest customers in each year/period during the Track Record Period was RMB2,297.3 million, RMB2,132.3 million, RMB2,249.8 million and RMB1,844.8 million, respectively, accounting for 16.1%, 13.8%, 13.8% and 15.4% of our total revenue, respectively.
Business · 第 136 页
In addition, due to the structure of these customers’ own core product portfolios, they usually procured from us relatively standardized solutions and products with large market demand and wide application scenarios, which resulted in relatively high annual procurement volumes from these customers to us.
Business · 第 140 页
To the best of our knowledge, none of our Directors, their close associates or any shareholders who own more than 5% of the issued share capital of our Company, had any interest in any of our five largest customers for each of the years/periods during the Track Record Period.
For the same periods, sales to our top five customers (taken, where applicable, on a group basis) amounted to RMB172.6 million, RMB210.3 million and RMB223.4 million, representing 12.3%, 18.2% and 22.1% of our total revenue, respectively.
Business · 第 149 页
We have established a stable and long-term relationship with our customers. Most of our top five customers during the Track Record Period have business relationship with us from 5 years to 8 years.
Business · 第 149 页
For the same periods, sales to our top five customers (taken, where applicable, on a group basis) amounted to RMB172.6 million, RMB210.3 million and RMB223.4 million, representing 12.3%, 18.2% and 22.1% of our total revenue, respectively.
For the years ended December 31, 2022, 2023, 2024 and the eight months ended August 31, 2025, our five largest customers in each year/period during the Track Record Period contributed approximately 22.5%, 28.4%, 29.8% and 26.5% of our total revenue, respectively.
Summary · 第 9 页
As of the Latest Practicable Date, we were not aware of any information or arrangements which would lead to cessation or termination of our relationships with any of our five largest customers in each year/period during the Track Record Period.
Business · 第 215 页
Major customers, who contribute substantially to our revenue, are especially crucial.
In 2022, 2023, 2024 and the nine months ended September 30, 2025, revenue generated from our top five customers in each year/period during the Track Record Period accounted for 38.2%, 50.7%, 46.6% and 44.2% of our total revenue for such year/period, respectively, and revenue generated from our largest customer in each year/period during the Track Record Period accounted for 13.0%, 16.3%, 17.6% and 16.6% of our total revenue for such year/period, respectively.
Summary · 第 6 页
Therefore, our ability to maintain favorable and stable relationship with such customers is important to our financial performance.
Financial Information · 第 218 页
We expect to further expand our customer base along with the proliferation of each business line, which could diversify our revenue streams and improve our resilience.
For the years ended December 31, 2022, 2023 and 2024 and the nine months ended September 30, 2025, the aggregate revenue generated from our five largest customers in each period during the Track Record Period amounted to RMB637.1 million, RMB915.3 million, RMB1,006.8 million and RMB1,413.8 million, respectively, which accounted for 16.4%, 19.7%, 25.1% and 37.2% of our total revenue, respectively.
Summary · 第 12 页
The increase in customer concentration in the first nine months of 2025 was mainly due to the structure of the industrial robotics industry and market dynamics.
Business · 第 233 页
However, despite the increasingly higher customer concentration, we consciously monitor our customer concentration level and aim to mitigate relevant risks by (i) expanding into other industries and overseas markets to diversify our customer base and reduce reliance on any single industry or customer, (ii) upgrading our products to diversify our application scenarios, and (iii) collaborating with channel partners to reach small and medium-sized enterprises, while our global presence in regions such as Europe and Southeast Asia helps smooth regional market fluctuations.
In 2022, 2023, 2024 and the nine months ended September 30, 2025, revenue generated from our five largest customers in each year/period of the Track Record Period amounted to RMB701.2 million, RMB847.2 million, RMB1,388.8 million and RMB1,398.0 million, respectively, accounting for 30.4%, 39.5%, 47.2% and 49.5% of our total revenue in the same year/period, respectively.
Summary · 第 11 页
In particular, in 2023, 2024 and the nine months ended September 30, 2025, revenue generated from our largest customer, Customer F, accounted for 24.3%, 32.5% and 28.2% of our total revenue, respectively.
Business · 第 240 页
While major customers may possess strong bargaining power, which may affect our pricing and profitability, we believe the benefits outweigh the associated risks.
Revenue generated from our top five customers in each year during the Track Record Period accounted for 16.6%, 20.2% and 19.2% of our total revenue in 2023, 2024 and 2025, respectively, and revenue generated from our largest customer in each year during the Track Record Period accounted for 4.4%, 5.2% and 6.8% of our total revenue in the same years, respectively.
Summary · 第 10 页
During each year of the Track Record Period, our top five customers in each year during the Track Record Period comprised exclusively of distributors.
Business · 第 170 页
During the Track Record Period and up to the Latest Practicable Date, none of our Directors, their close associates or any shareholders which, to the best 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 top five customers in each year during the Track Record Period.
Revenue generated from our largest customer in each year or period during the Track Record Period accounted for 10.3%, 9.2% and 9.0%, respectively, of our revenue for the respective year or period.
Business · 第 164 页
Revenue generated from our five largest customers in each year or period during the Track Record Period accounted for 27.3%, 26.9% and 30.4%, respectively, of our revenue for the respective year or period.
Business · 第 164 页
To the best of our knowledge, all of our five largest customers in each year/period during the Track Record Period were Independent Third Parties.