In 2023, 2024 and 2025 and for the six months ended June 30, 2026, revenue generated from our five largest customers in each period during the Track Record Period was RMB259.3 million, RMB498.6 million, RMB870.6 million and RMB562.9 million, respectively, accounting for 32.1%, 36.7%, 43.2% and 50.3% of our total revenue for the same periods, respectively.
Business · 第 153 页
The significant transaction amount attributable to Customer F reflects our focus on serving leading customers with complex application scenarios, which typically involve larger project sizes and more demanding execution and service requirements.
Business · 第 155 页
To the best of our knowledge, during the Track Record Period and up to the Latest Practicable Date, (i) all of our five largest customers in each year during the Track Record Period were Independent Third Parties; and (ii) none of our Directors, their close associates or any of our Shareholders (who or which to the knowledge of the Directors owned more than 5% of our issued share capital) had any interest in any of our five largest customers in each year during the Track Record Period.
Our sales to the five largest customers in each year/period during the Track Record Period amounted to RMB1,832.1 million, RMB2,334.5 million, RMB2,521.9 million, and RMB667.8 million, representing 99.7%, 96.8%, 92.5%, and 90.6% of our total revenue, respectively.
Summary · 第 7 页
Our sales to the largest customer in each year/period during the Track Record Period amounted to RMB778.5 million, RMB819.1 million, RMB1,432.6 million, and RMB368.2 million, representing 42.4%, 34.0%, 52.5%, and 50.0% of our total revenue for the same periods, respectively.
Business · 第 152 页
While we acknowledge that any material change in our relationship with Customer A could have a significant impact on our operations, we have proactively adopted a dual strategy to mitigate customer concentration risk.
Our revenue generated from sales to the five largest customers in each year/period during the Track Record Period amounted to RMB2,083.6 million, RMB2,780.6 million, RMB3,150.9 million and RMB1,957.8 million, respectively, representing 80.1%, 82.1%, 82.6% and 79.9% of our total revenue for the corresponding years/periods.
Summary · 第 8 页
During each year/period of the Track Record Period, a majority of our revenue was generated from a small number of customers, principally because a substantial portion of our ASR-branded products is sold through a small number of distributors, which together serve a large and diversified base of downstream customers across a wide range of applications.
Business · 第 147 页
Taking into account the foregoing, including our diversified underlying downstream-customer base, our direct relationships with downstream customers and our ability to replace distributors or serve downstream customers directly, our Directors are of the view that we are not unduly dependent on any single customer or distributor.
Our top five customers in each year or period during the Track Record Period in aggregate accounted for 16.4%, 14.4%, 22.2% and 34.8% of our total revenues in 2023, 2024, 2025 and the three months ended March 31, 2026, respectively.
Summary · 第 6 页
Our largest customer in each year or period during the Track Record Period accounted for approximately 4.7%, 3.2%, 5.8% and 12.4% of our total revenue for the respective year or period.
Summary · 第 6 页
All of our five largest customers in 2023 continued their business relationships with us during a subsequent year/period.
广东微电新能源股份有限公司Guangdong Mic-Power New Energy Co., Ltd.
五大客户收入占比超过四成
During the Track Record Period, our top five customers accounted for RMB181.6 million, RMB241.8 million, RMB249.2 million, and RMB146.0 million, accounting for 51.7%, 45.4%, 44.1%, and 43.3% of our total revenue in 2023, 2024, 2025, and in the six months ended June 30, 2026, respectively.
Business · 第 172 页
During the Track Record Period, we maintained stable business relationships with our five largest customers in each year/period.
Business · 第 172 页
As of the Latest Practicable Date, none of our Directors, their respective associates or any Shareholder who owns more than 5% of the issued share capital of our Company immediately following the completion of the [REDACTED] had any interest in our five largest customers in each year/period during the Track Record Period.
Our aggregate revenue from the five largest customers in each year/period during the Track Record Period was RMB1,065.4 million, RMB1,454.9 million, RMB1,370.4 million and RMB318.3 million, respectively, accounting for 49.7%, 48.9%, 34.8% and
Summary · 第 4 页
In the same periods, our revenue from the single largest customer in each year/period during the Track Record Period amounted to RMB327.3 million, RMB489.6 million, RMB520.9 million and RMB141.3 million, accounting for 15.3%, 16.5%, 13.2% and 8.9% of our total revenue, respectively.
Business · 第 145 页
Save for Champion Motorsports, a subsidiary of Champion Holdings, all of our five largest customers in each year/period during the Track Record Period were Independent Third Parties.
In 2023, 2024, 2025, and the six months ended June 30, 2026, we generated revenue of RMB1,729.4 million, RMB2,053.4 million, RMB2,387.6 million, and RMB1,376.9 million from our five largest customers, respectively, representing 51.3%, 51.2%, 54.9%, and 55.5% of our total revenue for these respective periods.
Summary · 第 6 页
We commenced business relationship with Customer A in 2004.
Business · 第 200 页
To the best of our knowledge, none of our Directors, their associates, or any of our shareholders (who owned or to the knowledge of our Directors had owned more than five percent of our issued share capital) had any interest in any of our five largest customers in each year/period during the Track Record Period.
广西玉柴船电动力股份有限公司Guangxi Yuchai Marine and Genset Power Co., Ltd.
前五大客户收入占比最高达39.9%
In FY2023, FY2024, FY2025 and 1H2026, sales to our largest customer in each year/period amounted to RMB708.4 million, RMB539.4 million, RMB1,269.9 million and RMB1,005.0 million, representing 21.9%, 13.5%, 20.6% and 22.4% of our total revenue, respectively, while sales to our five largest customers in each year/period amounted to RMB1,088.7 million, RMB1,135.8 million, RMB2,118.7 million and RMB1,795.3 million, representing 33.6%, 28.4%, 34.4% and 39.9% of our total revenue, respectively.
Business · 第 133 页
Revenue growth from Customer A in FY2025 was mainly driven by increased market demand for power generator sets integrated with our engines, particularly for the data center industry.
For the years ended December 31, 2023, 2024 and 2025 and the six months ended June 30, 2026, the aggregate revenue contributed by our five largest customers in each period accounted for approximately 21.6%, 44.0%, 55.7% and 55.2% of our total revenue, respectively.
Summary · 第 10 页
The growing customer concentration during the Track Record Period was primarily attributable to our sales model, which focuses on delivering high-quality robotic solutions to large-scale enterprises.
Business · 第 176 页
To mitigate the risks associated with customer reliance, we have implemented several strategic measures.
宁波舜宇智行科技股份有限公司Ningbo Sunny Smart Autotech Company Limited
往绩期间五大客户收入占比约35%-57%
For the years ended December 31, 2023, 2024, 2025 and the six months ended June 30, 2026, sales to our largest customer in each period of the Track Record Period accounted for 14.7%, 13.5%, 8.8% and 8.2% of our revenue, respectively, while our five largest customers in each of the same periods accounted for 56.5%, 47.7%, 36.4% and 35.1% of our revenue, respectively.
Summary · 第 4 页
For the years ended December 31, 2023, 2024, 2025 and the six months ended June 30, 2026, sales to our largest customer in each period of the Track Record Period accounted for 14.7%, 13.5%, 8.8% and 8.2% of our revenue, respectively, while our five largest customers in each period of the Track Record Period accounted for 56.5%, 47.7%, 36.4% and 35.1% of our revenue, respectively.
Business · 第 144 页
As of the Latest Practicable Date, none of our Directors or their respective associates or any Shareholder holding more than 5% of our issued share capital held any interest in any of our five largest customers.
Our revenue from our five largest customers in each period during the Track Record Period amounted to RMB2,712.3 million, RMB2,804.2 million, RMB3,499.5 million and RMB2,803.3 million, respectively, accounting for 85.8%, 87.3%, 83.1% and 82.4% of our total revenue in the same periods, respectively.
Summary · 第 7 页
Our Directors consider that, although the revenue from Customer A was relatively concentrated during the Track Record Period, our business model is still sustainable, because (i) our relationship with Customer A is unlikely to materially deteriorate or terminate; and (ii) with the rapid expansion of our production capacity, we are continuously exploring new opportunities to further diversify our customer composition.
Summary · 第 8 页
According to Frost & Sullivan, as of the Latest Practicable Date, there were no more than five qualified suppliers from whom Customer A can source substitute products.
In 2024, 2025 and the six months ended June 30, 2026, revenue generated from our five largest customers for daily-care products in each year/period amounted to RMB1.9 million, RMB1.1 million and RMB0.4 million, representing 36.9%, 32.9% and 20.2% of our total revenue for the respective years/period.
Summary · 第 7 页
Revenue generated from our single largest customer for each year/period amounted to RMB0.6 million, RMB0.4 million and RMB0.2 million, representing 11.5%, 13.5% and 10.8% of our total revenue for the respective year/period.
Summary · 第 8 页
To the best of our knowledge, the top five largest customers in each year during the Track Record Period are Independent Third Parties.
In FY2023, FY2024, FY2025 and 3M2026, revenue generated from our five largest customers in each year/period during the Track Record Period amounted to RMB174.0 million, RMB193.0 million, RMB242.6 million and RMB63.7 million, respectively, representing approximately 71.3%, 72.2%, 76.4% and 83.2% of our total revenue in the respective years/periods, while our largest customer in each year/period during the Track Record Period, accounted for approximately 31.9%, 37.6%, 36.7% and 31.6% of our total revenue respectively in the same years/periods.
Summary · 第 4 页
During the Track Record Period our revenue was concentrated among our top five customers.
Business · 第 146 页
Taking the foregoing into account, our Directors consider that, although our major customers possess relatively greater ability to negotiate commercial terms, the customer concentration did not materially adversely affect our pricing, overall gross profit margin, credit terms or other material commercial arrangements during the Track Record Period.
For each period during the Track Record Period, revenue contributed from our five largest customers accounted for 34.6%, 36.8%, 29.0% and 28.3% of our total revenue in 2023, 2024, 2025 and four months ended April 30, 2026, respectively, while the largest customer contributed 11.0%, 14.0%, 7.6% and 7.5% of our total revenue, respectively, for the same periods.
Business · 第 192 页
To the best knowledge of our Directors, for each year during the Track Record Period and up to the Latest Practicable Date, all of our five largest customers were Independent Third Parties.
During the Track Record Period, we had only one customer.
Summary · 第 8 页
For the years ended December 31, 2024 and 2025 and the six months ended June 30, 2026, revenue generated from this customer for each period amounted to RMB0.9 million, RMB0.5 million and nil, representing approximately 100.0%, 100.0% and nil of our total revenue for the same period, respectively.
Summary · 第 8 页
During the Track Record Period, our revenue was primarily derived from technology transfer related to a preclinical program.
Revenue from our five largest customers in each year/period during the Track Record Period was RMB88.2 million, RMB88.6 million, RMB102.5 million and RMB103.2 million in 2023, 2024, 2025 and the six months ended June 30, 2026, respectively, accounting for 52.9%, 51.4%, 38.3% and 55.5% of our total revenue for the same years/periods, respectively.
Summary · 第 9 页
A substantial portion of our five largest customers in each year/period during the Track Record Period were distributors, and sales to such distributors reflect their downstream distribution to multiple end customers rather than demand from a single end customer.
Business · 第 182 页
According to CIC, a certain level of customer concentration is common for independent vendors in our sector.
In 2023, 2024, and 2025, our top five customers together accounted for approximately 42.0%, 34.6%, and 34.6% of our total revenue, respectively.
Business · 第 150 页
The decline in the percentage contribution of our top five customers from 2023 to 2024 reflects a further diversification of our customer base.
Business · 第 150 页
We have a diversified customer base without over-reliance on any single customer. Our top five customers are primarily battery and electronic component manufacturers.
In 2023, 2024, 2025 and the six months ended June 30, 2026, our revenue from the five largest customers in each period during the Track Record Period in total was RMB20,715.5 million, RMB25,480.3 million, RMB23,891.3 million and RMB12,281.3 million, respectively, accounting for 36.2%, 39.5%, 40.4% and 32.3% of our total revenue in the same periods, respectively.
Business · 第 139 页
In the same periods, our revenue from the single largest customer in each period during the Track Record Period was RMB7,825.7 million, RMB9,841.9 million, RMB8,512.9 million and RMB3,452.4 million, respectively, accounting for 13.7%, 15.3%, 14.4% and 9.1% of our total revenue in the same periods, respectively.
Business · 第 139 页
To the best of our knowledge, save for CHINT Group, all of our five largest customers in each period during the Track Record Period were independent third parties.
杭州糖吉医疗科技股份有限公司HANGZHOU TANGJI MEDICAL TECHNOLOGY CO., LTD.
往绩记录期间五大客户收入占比逾五成半
Revenue generated from our five largest customers in 2024 and 2025 and the six months ended June 30, 2026, accounted for 60.8%, 56.2% and 44.8%, respectively, of our revenue for the respective periods.
Summary · 第 10 页
We generally require payment in advance before delivery, and credit terms are granted only in exceptional circumstances.
Business · 第 189 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 or period during the Track Record Period were Independent Third Parties.
In 2023, 2024 and 2025 and the six months ended June 30, 2026, our revenue from our five largest customers, which were primarily drug distributors in China, in each year/period during the Track Record Period in aggregate accounted for 61.5%, 59.3%, 62.0% and 65.0% of our total revenue for the respective years/periods.
Summary · 第 9 页
Our revenue from our largest customer in each year/period during the Track Record Period accounted for 31.6%, 32.2%, 33.5% and 35.5% of our total revenue for the respective years/periods.
Business · 第 191 页
To the best of our knowledge, (i) all of our customers in each year/period during the Track Record Period are 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 as of the Latest Practicable Date has any interest in any of our customers for each period during the Track Record Period.