During the Track Record Period and up to the Latest Practicable Date, we had no commercialized products and therefore no sale of products to customers.
Summary · 第 6 页
In 2025, we generated revenue from providing research and development services for an overseas customer, Customer A, which is a multinational pharmaceutical company.
Summary · 第 6 页
The customer engaged us to provide rAAV with our proprietary vectors to test the effect of our vectors on its product efficacy.
In 2024, 2025 and for the six months ended June 30, 2026, the aggregate sales to our five largest customers represented 25.6%, 29.6% and 39.0% of our revenue, respectively, and sales to our largest customer represented 7.4%, 12.9% and 17.1% of our revenue, respectively.
Summary · 第 5 页
For each year/period during the Track Record Period, all our top five medical devices customers require our distributors to make full prepayment for our products, except for the contract development customer whom we provided services to.
Business · 第 178 页
In each year/period during the Track Record Period, all of our five largest customers were Independent Third Parties.
Revenue generated from our five largest customers accounted for 10.6%, 13.5%, 14.4% and 15.5% of our total revenue in 2023, 2024, 2025 and the three months ended March 31, 2026, respectively. Revenue generated from our largest customer accounted for 3.0%, 3.8%, 5.9% and 7.2% of our total revenue in 2023, 2024, 2025 and the three months ended March 31, 2026, respectively.
Summary · 第 4 页
As our products span a wide range of categories and are sold across over 140 countries and regions, our distributor base is highly diversified. As a result, we have a low level of distributor concentration risk.
Business · 第 171 页
Revenue generated from our largest distributor in each period accounted for 2.5%, 2.8%, 2.7% and 7.2%, respectively, of our total revenue in 2023, 2024 and 2025 and the three months ended March 31, 2026. Revenue generated from our ten largest distributors in each period accounted for 12.3%, 15.5%, 12.2% and 20.3%, respectively, of our total revenue during the same periods.
In 2023, 2024, 2025 and the three months ended March, 31, 2026, revenue generated from our five largest customers in each period during the Track Record Period amounted to RMB1,223.3 million, RMB1,375.2 million, RMB1,602.6 million and RMB630.3 million, respectively, accounting for 19.6%, 20.5%, 19.1% and 27.3% of our total revenue in the same periods, respectively.
Summary · 第 3 页
Revenue from our largest customer in each period of the Track Record Period accounted for 5.0%, 5.0%, 5.9% and 6.7% of our total revenue, respectively.
Business · 第 123 页
All of our five largest customers during each year of the Track Record Period were Independent Third Parties.
Our revenue from our five largest customers for each period during the Track Record Period amounted to RMB82.9 million, RMB322.3 million, RMB652.7 million and RMB433.2 million, respectively, accounting for 90.8%, 89.6%, 81.5% and 82.9% of our total revenue, respectively.
Summary · 第 8 页
Our revenue from our largest customer for each period during the Track Record Period amounted to RMB35.9 million, RMB139.6 million, RMB335.0 million and RMB224.4 million, respectively, accounting for 39.3%, 38.8%, 41.8% and 42.9% of our total revenue, respectively.
Business · 第 187 页
To the best of our knowledge, (i) all of our five largest customers for each period during the Track Record Period were 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 of our Company as of the Latest Practicable Date, had any interest in any of our five largest customers for each period during the Track Record Period.
征祥医药（南京）集团股份有限公司Zenshine Pharmaceuticals (Nanjing) Group Co., Ltd.
往绩期间五大客户收入占比高达98.8%
In 2024, 2025 and the six months ended June 30, 2026, our revenue generated from our five largest customers, on a consolidated basis, were nil, RMB5.2 million and RMB2.5 million, respectively, representing nil, 98.8% and 97.7% of our total revenue for the corresponding period.
Summary · 第 11 页
To the best of our knowledge, each of our five largest customers in each year/period comprising the Track Record Period is an Independent Third Party.
Summary · 第 11 页
Our revenue from our largest customer in 2024, 2025 and the six months ended June 30, 2026, on a consolidated basis, were nil, RMB2.3 million and RMB1.0 million, respectively, representing nil, 43.5% and 39.4% of our total revenue for the corresponding period.
The aggregate revenue generated from our five largest customers in each year/period during the Track Record Period was RMB1,006.2 million, RMB1,098.4 million, RMB1,587.8 million, and RMB790.6 million, accounting for 21.0%, 17.8%, 16.7%, and 13.6% of our total revenue for the respective year/period.
Summary · 第 4 页
In 2023, 2024, 2025, and for the six months ended June 30, 2026, the revenue generated from our largest customer in each year/period during the Track Record Period was RMB785.2 million, RMB795.0 million, RMB1,118.8 million, and RMB443.1 million, accounting for 16.4%, 12.9%, 11.8%, and 7.6% of our total revenue for the respective year/period.
Business · 第 173 页
To the best of our knowledge, during the Track Record Period and up to the Latest Practicable Date, our five largest customers in each year/period during the Track Record Period were Independent Third Parties, and none of our Directors, their 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.
浙江荣泰电工器材股份有限公司Zhejiang Rongtai Electric Material Co., Ltd.
往绩记录期间前五大客户收入占比41.7%至47.7%
In 2023, 2024, 2025 and the six months ended June 30, 2026, our revenue from the five largest customers in each year/period during the Track Record Period was RMB333.9 million, RMB480.7 million, RMB585.1 million and RMB428.5 million, respectively, accounting for 41.7%, 42.3%, 42.5% and 47.7% of our total revenue, respectively.
Summary · 第 8 页
Given the significant proportion of our revenue attributable to a concentrated group of major customers, the stability and strength of these customer relationships are crucial to our results of operations and future growth.
Financial Information · 第 201 页
To support long-term cooperation, we establish multi-year framework agreements with core customers, defining service scope, pricing structures and renewal or termination provisions.
Revenue from our five largest customers in each year/period during the Track Record Period amounted to RMB462.4 million, RMB449.6 million, RMB547.8 million and RMB318.1 million for the years ended December 31, 2023, 2024, 2025 and the six months ended June 30, 2026, respectively, representing 86.7%, 81.4%, 79.5% and 76.5% of our total revenue for the same year/period.
Summary · 第 7 页
Revenue from the largest customer in each year/period during the Track Record Period was RMB173.5 million, RMB137.1 million, RMB197.0 million and RMB112.6 million, respectively, accounting for 32.5%, 24.8%, 28.6% and 27.1% of our total revenue, respectively.
Business · 第 169 页
Our major customers consist of (i) direct customers, which are primarily cellular IoT module manufacturers and IoT hardware solution providers that incorporate our cellular IoT chips into their own products, and (ii) channel partners, which act as our contractual counterparties but primarily serve as procurement agents appointed directly by the underlying end customers to implement their procurement plans.
In 2023, 2024 and 2025 and the three months ended March 31, 2026, revenue generated from our five largest customers in each period during the Track Record Period was RMB44.9 million, RMB86.8 million, RMB152.7 million and RMB37.4 million, respectively, accounting for 24.8%, 32.3%, 39.3% and 35.0% of our total revenue for the same periods, respectively.
Summary · 第 5 页
In 2023, 2024 and 2025 and the three months ended March 31, 2026, revenue contribution from existing customers, representing the proportion of total revenue in the current year generated by customers who contributed revenue in the previous year, was 61%, 74%, 78% and 86%, respectively.
Business · 第 210 页
To the best of our knowledge, during the Track Record Period and up to the Latest Practicable Date, none of our Directors, their 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.
For the years ended December 31, 2023, 2024, 2025 and the six months ended June 30, 2026, revenue from our top five customers in each year/period amounted to RMB282.6 million, RMB292.1 million, RMB489.6 million and RMB276.2 million, respectively, accounting for approximately 88.2%, 82.3%, 78.4% and 75.7% of our total revenue for the same respective periods.
Business · 第 143 页
For the years ended December 31, 2023, 2024, 2025 and the six months ended June 30, 2026, sales to our five largest customers in each year/period amounted to RMB282.6 million, RMB292.1 million, RMB489.6 million and RMB276.2 million, respectively; accounted for 88.2%, 82.3%, 78.4% and 75.7% of our total revenue for the same periods, respectively; and sales to our largest customer amounted to RMB91.0 million, RMB74.3 million, RMB139.3 million and RMB121.4 million, respectively; accounted for 28.4%, 20.9%, 22.3% and 33.3% of our total revenue for the same periods, respectively.
Business · 第 140 页
We have entered into long-term agreements with the majority of our major customers with a term of over three years, and have maintained business relations with our key customers of acoustic enhancement material products for over seven years.
In 2024 and 2025 and for the six months ended June 30, 2026, the aggregate revenue from our only two customers was RMB168.8 million, RMB37.3 million and RMB53.3 million, respectively.
Summary · 第 7 页
During the Track Record Period, all our revenue was generated from two customers who were both pharmaceutical companies.
During the Track Record Period, we generated revenue from two customers through (i) providing research and development services, and (ii) joint development arrangements.
Summary · 第 10 页
To the best of our knowledge, the two customers during the Track Record Period are Independent Third Parties.
Business · 第 203 页
This relatively low subsequent settlement rate was primarily attributable to the fact that we did not have any commercialized products and our revenue was highly concentrated in two key customers.
昆仑新能源材料技术（宜昌）股份有限公司Kunlun New Energy Materials Technology (Yichang) Co., Ltd.
前五大客户收入占比逾七成且最大客户占比过半
In 2023, 2024, 2025 and the six months ended June 30, 2026, revenue generated from our five largest customers in each period amounted to RMB1,297.1 million, RMB745.0 million, RMB1,261.4 million and RMB1,475.3 million, respectively, accounting for 82.3%, 73.0%, 72.2% and 74.8% of our total revenue in the respective period.
Business · 第 155 页
In 2023, 2024, 2025 and the six months ended June 30, 2026, revenue generated from Group A in each period amounted to RMB947.5 million, RMB605.0 million, RMB844.7 million and RMB1,105.3 million, respectively, accounting for 60.1%, 59.3%, 48.4% and 56.1% of our total revenue in the respective period.
Business · 第 156 页
Our Directors consider that our customer concentration during the Track Record Period is mainly due to the high concentration 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.
Revenue generated from our five largest customers in each period during the Track Record Period amounted to RMB64.7 million, RMB65.6 million, RMB61.4 million and RMB21.6 million in 2023, 2024, 2025 and the six months ended June 30, 2026, respectively, representing 29.9%, 27.0%, 24.0% and 33.2% of our total revenue in the respective periods.
Summary · 第 6 页
Through years of deep collaboration with our key customers, we have established stable relationships, which form a solid foundation for the sustainable growth of our business.
Summary · 第 6 页
Revenue generated from our five largest customers in each period during the Track Record Period amounted to RMB64.7 million, RMB65.6 million, RMB61.4 million and RMB21.6 million in 2023, 2024, 2025 and the six months ended June 30, 2026, respectively, representing 29.9%, 27.0%, 24.0% and 33.2% of our total revenue in the respective years/periods.
伊戈尔电气股份有限公司Eaglerise Electric & Electronic (CHINA) Co., Ltd.
最大客户及前五大客户收入占比较高
In 2023, 2024, 2025 and for the six months ended June 30, 2026, revenue generated from our top five customers for each year/period during the Track Record Period amounted to approximately RMB2,041.0 million, RMB2,403.2 million, RMB2,094.4 million and RMB1,259.4 million, representing 56.4%, 52.2%, 40.2% and 47.3% of our total revenue of such year, respectively.
Business · 第 165 页
Revenue generated from our largest customer for each year/period during the Track Record Period amounted to approximately RMB1,554.4 million, RMB1,623.7 million, RMB1,241.8 million and RMB748.6 million, representing 43.0%, 35.3%, 23.8% and 28.1% of our total revenue in the same year, respectively.
Business · 第 165 页
our Directors are of the view, and the Sole Sponsor concurs, that the relationship between our Group and our key customers is unlikely to materially adversely change or terminate.
In 2023, 2024 and 2025 and the six months ended June 30, 2026, our top five customers together accounted for 59.9%, 56.0%, 59.2% and 54.3%, respectively, of our total revenue, and our largest customer accounted for 21.6%, 16.2%, 19.1% and 17.6%, respectively, of our total revenue.
Summary · 第 5 页
We have developed established relationships with many of our customers and a significant portion of our revenue is generated from repeat customers.
Summary · 第 5 页
During the Track Record Period, all of our top five customers in each year or period during the Track Record Period were independent third parties.
Our revenue is meaningfully concentrated among major channel partners. During the Track Record Period, our five largest customers in each year/period during the Track Record Period accounted for 52.0%, 44.4%, 34.3% and 35.7% of our revenue, respectively, in 2023, 2024, 2025 and for the five months ended May 31, 2026, and our largest customer in each year/period during the Track Record Period accounted for 16.4%, 14.0%, 11.1% and 9.2% of revenue in those years/periods, respectively.
Summary · 第 3 页
In 2023, 2024, 2025 and for the five months ended May 31, 2026, our five largest customers in each year/period during the Track Record Period accounted for 52.0%, 44.4%, 34.3% and 35.7%, of our total revenue for each year/period, respectively.
Business · 第 170 页
To the best knowledge of our Directors, none of our Directors, their respective associates or any of our Shareholders holding more than 5% of our issued share capital immediately following the completion of the [REDACTED] had an interest in any of our five largest customers during the Track Record Period.
Our revenue from the five largest customers in each period during the Track Record Period was RMB19.1 million, RMB29.6 million, RMB36.5 million and RMB34.4 million, respectively, accounting for 20.5%, 21.9%, 14.4% and 25.5% of our total revenue, respectively.
Business · 第 171 页
Our revenue from the largest customer in each period during the Track Record Period was RMB5.5 million, RMB8.2 million, RMB10.1 million and RMB13.4 million, respectively, accounting for 5.8%, 6.1%, 4.0% and 9.9% of our total revenue, respectively.
Business · 第 171 页
To our best knowledge, all of our five largest customers in each period during the Track Record Period were independent third parties.
In 2023, 2024 and 2025 and the three months ended March 31, 2026, our five largest customers together generated RMB39,750.1 million, RMB18,387.8 million, RMB24,715.6 million and RMB9,507.0 million of revenue, respectively, accounting for 96.1%, 81.4%, 71.3% and 63.6% of our total revenue, respectively.
Summary · 第 4 页
For the years ended December 31, 2023, 2024 and 2025 and the three months ended March 31, 2026, a significant portion of our revenue was derived from our five largest customers, which are among the leading lithium-ion battery manufacturers globally.
Business · 第 133 页
According to Frost & Sullivan, leading global battery manufacturers tend to forge deep, strategic partnerships with a select group of technologically advanced and scalable material suppliers rather than frequently changing suppliers, because consistency in raw material quality is critical to the performance, safety and reliability of their end-products.