In 2023, 2024 and 2025 and the three months ended March 31, 2026, sales to our five largest customers amounted to RMB2,470.4 million, RMB2,187.6 million, RMB2,406.0 million and RMB784.9 million, respectively, accounting for 54.5%, 51.9%, 50.7% and 50.3% of our total sales in the respective periods.
Summary · 第 3 页
ISSI had established and maintained the business relationship with Customer A before it became a member of our Group, and we have continued this cooperation following our acquisition of ISSI.
In 2023, 2024, 2025 and the five months ended May 31, 2026, revenue generated from our five largest customers in each period during the Track Record Period amounted to RMB20,854.0 million, RMB23,348.5 million, RMB26,465.4 million and RMB12,959.0 million, respectively, accounting for 8.3%, 8.6%, 9.8% and 11.7% of our total revenue in the same periods, respectively.
Business · 第 119 页
Revenue from our largest customer in each period of the Track Record Period accounted for 2.1%, 2.4%, 3.1% and 4.9% of our total revenue, respectively.
Business · 第 119 页
All of our five largest customers during each period of the Track Record Period were Independent Third Parties.
During the Track Record Period, we generated revenue of S$35.7 million, S$61.3 million, S$68.2 million and S$62.5 million from the provision of M&E engineering services to our top five customers in 2023, 2024, 2025 and the six months ended 30 June 2026, respectively, accounting for 75.2%, 76.8%, 56.1% and 60.5% of our total revenue, respectively.
Summary · 第 3 页
In addition, during the Track Record Period, revenues generated from our largest customer in each year accounted for 24.7%, 32.3%, 21.0% and 25.4% of our total revenue, respectively.
Business · 第 125 页
There is a concentration in our customer base due to the size of the M&E engineering projects we undertook.
Revenue from our five largest customers in each period during the Track Record Period accounted for approximately 53.7%, 81.6%, 80.2% and 94.3% of our total revenue in 2023, 2024, 2025 and the four months ended April 30, 2026, respectively.
Summary · 第 7 页
Our relatively high customer concentration in terms of sales during the Track Record Period was primarily attributable to the project-based nature of our large-scale ESS solutions business.
Business · 第 140 页
For instance, we generated revenue of RMB831.9 million from our deployment in the Inner Mongolia 500 MW/2,000 MWh project, which accounted for approximately 44.5% of our total revenue in 2025.
浙江浙能迈领绿航科技股份有限公司ZHEJIANG ENERGY MARINE ENVIRONMENTAL TECHNOLOGY CO., LTD
前五大客户收入占比逾七成且最大客户占比上升
In 2023, 2024, and 2025 and for the five months ended May 31, 2025 and 2026, revenue generated from our top five customers in each applicable period accounted for 84.7%, 69.5%, 77.0%, 71.6%, and 88.1% of our total revenue, respectively, and revenue generated from our largest customer in each applicable period accounted for 36.9%, 57.3%, 66.0%, 57.6% and 68.1% of our total revenue, respectively.
Summary · 第 12 页
Customer A was our largest customer in each applicable period during the Track Record Period, contributing RMB874.3 million, RMB1.37 billion, RMB2.31 billion, RMB762.3 million, and RMB1.71 billion, representing 36.9%, 57.3%, 66.0%, 57.6%, and 68.1% of our total revenue in 2023, 2024, and 2025 and for the five months ended May 31, 2025 and 2026, respectively.
Business · 第 157 页
According to CIC, reliance on major customers is an industry norm because the shipping industry is highly concentrated, with the top 10 container shipping groups accounted for 84.5% of total global operational container shipping volume capacity in 2025.
Revenue from our largest customer in each year/period during the Track Record Period amounted to RMB4.3 million, RMB1.0 million and RMB557.4 million, accounted for 91.4%, 75.6% and 99.9% of our sales for the respective year/period.
Summary · 第 8 页
Revenue from our four customers in 2024, three customers in 2025 and four customers in the five months ended 31 May 2026, amounted to RMB4.7 million, RMB1.3 million and RMB557.7 million, accounted for 100%, 100% and 100% of our sales for the respective year/period.
Business · 第 206 页
Revenue from technical services during the Track Record Period was concentrated due to the early-stage nature of our business operation.
For the same years/periods, revenue from our largest customer in each year/period during the Track Record Period were RMB149.3 million, RMB361.7 million, RMB384.4 million and RMB138.8 million, respectively, accounting for 72.6%, 90.8%, 85.6% and 77.4% of our total revenue, respectively.
Summary · 第 7 页
This dependency is primarily attributable to our long-standing and deep-rooted partnership with Customer A/H, which has been instrumental in positioning us as a key supplier for Customer A's ICV platforms.
Business · 第 150 页
As Customer A/H's largest supplier in the field of intelligent connectivity solutions, our relationship with Customer A/H is mutually beneficial.
In 2023, 2024 and 2025 and for the five months ended May 31, 2026, revenue contributed from our five largest customers amounted to RMB11.9 billion, RMB24.8 billion, RMB31.3 billion and RMB12.3 billion, accounting for 77.9%, 88.7%, 90.0% and 90.1% of our revenue in the respective years/period, while revenue contributed from our largest customer amounted to RMB6.1 billion, RMB17.2 billion, RMB24.7 billion and RMB9.3 billion, accounting for 39.9%, 61.6%, 71.0% and 68.2% of our revenue in the respective years/period.
Summary · 第 3 页
During the Track Record Period, we primarily sold our products to our top five customers and may be susceptible to concentration risk.
Business · 第 150 页
According to Frost & Sullivan, it is common in the precision optical solutions industry to generate a majority of revenue from a limited number of key customers, as precision optical solutions providers are often closely tied to smart device manufacturers and need to pass rigorous reliability testing, environmental adaptability verification and long-term supply commitments before entering their supply system.
Revenue from our five largest customers in each year/period during the Track Record Period amounted to RMB4,082.0 million, RMB4,063.5 million, RMB4,322.3 million and RMB1,007.8 million in 2023, 2024, 2025 and the three months ended March 31, 2026, respectively, representing 81.7%, 80.2%, 68.1% and 68.3% of our total revenue, respectively.
Summary · 第 6 页
According to Frost & Sullivan, such customer concentration is in line with industry norms for industrial intelligence platforms incubated by major manufacturing groups.
Summary · 第 13 页
Our Directors believe that our business relationship with Haier Group is commercially beneficial and mutually complementary and is in the best interests of our Company and does not give rise to any undue reliance on Haier Group.
Revenue generated from our largest customer in 2023, 2024, 2025 and the five months ended May 31, 2026 accounted for 5.4%, 5.0%, 4.9% and 4.8%, respectively, of our revenue for the respective period.
Summary · 第 6 页
Revenue generated from our five largest customers in each period during the Track Record Period accounted for 10.2%, 9.3%, 9.2% and 8.7%, respectively, of our revenue for the respective period.
Summary · 第 6 页
In 2023, 2024, 2025 and the five months ended May 31, 2026, revenue from the Southwestern Regional Franchisee contributed 5.4%, 5.0%, 4.9% and 4.8% of our total revenue, respectively and revenue from the SAR Regional Franchisee contributed 1.1%, 1.3%, 1.3% and 1.3% of our total revenue, respectively.
For the years ended December 31, 2023, 2024, 2025 and the three months ended March 31, 2026, the revenue from our five largest customers for the respective years in aggregate accounted for 97.9%, 96.5%, 94.4% and 96.9% of our total revenue, respectively, and our largest customer for the respective years contributed 59.2%, 67.2%, 47.2% and 43.9% of our total revenue, respectively.
Summary · 第 8 页
According to CIC, it is common for domestic providers in the brake-by-wire solutions industry to have high customer concentration, mainly as a result of the downstream OEM market being dominated by a small number of large automobile manufacturers, coupled with the long validation cycles required by OEMs before introducing new suppliers, which typically take eight to 18 months.
Business · 第 152 页
We have not experienced any termination of cooperation with major customers during the Track Record Period. We believe that we have maintained stable business relationships with our major customers and that the likelihood of termination or material change in such relationship is low, on the basis that (i) we are selected by OEMs from their rigorous and multi-staged solution provider selection process including capability demonstration, qualification screening and competitive bidding process; and (ii) after selection and prior to delivery, we undergo a typically one-year formal development phase from full integration with the vehicle's electronic and electrical architecture to validation.
In 2023, 2024 and 2025 and for the four months ended April 30, 2026, our revenue contributed by our five largest customers in each year/period during the Track Record Period amounted to RMB493.9 million, RMB654.8 million, RMB1,307.3 million and RMB831.3 million, respectively, accounting for 39.4%, 21.9%, 22.0% and 29.7% of our total revenue in the same periods, respectively.
Summary · 第 3 页
In 2023, 2024, 2025 and for the four months ended April 30, 2026, our revenue contributed by our five largest customers in each year/period during the Track Record Period amounted to RMB493.9 million, RMB654.8 million, RMB1,307.3 million and RMB831.3 million, respectively, accounting for 39.4%, 21.9%, 22.0% and 29.7% of our total revenue in the same periods, respectively.
Business · 第 153 页
Our major customers typically source from multiple suppliers and adjust procurement based on pricing, product availability and supply stability. Accordingly, transaction volumes with us reflect their demand for specific products during a given period rather than long-term exclusive arrangements.
常州星宇车灯股份有限公司Changzhou Xingyu Automotive Lighting Systems Co., Ltd.
前五大客户收入占比约58.6%至69.5%
In 2023, 2024, 2025 and the three months ended March 31, 2026, our five largest customers in each year/period accounted for approximately 68.2%, 69.5%, 64.7% and 58.6% of our total revenue, respectively, while sales to our largest customer accounted for approximately 36.6%, 23.3%, 19.5% and 17.2% of our total revenue, respectively.
Business · 第 141 页
All of our five largest customers in each year/period during the Track Record Period are Independent Third Parties.
Business · 第 146 页
During the Track Record Period and up to the Latest Practicable Date, none of our customers requested to terminate their agreements with us.
Our customers primarily consist of major enterprises across a broad range of industries, including but not limited to manufacturing, consumer goods, finance, energy, and telecommunications.
Summary · 第 3 页
In 2023, 2024, and 2025 and for the four months ended April 30, 2026, revenue generated from our top five customers in each applicable period during the Track Record Period accounted for 19.0%, 17.0%, 17.1%, and 18.6% of our total revenue, respectively, and revenue generated from our largest customer in each applicable period during the Track Record Period accounted for 8.6%, 8.2%, 5.9%, and 5.7% of our total revenue, respectively.
Summary · 第 3 页
All of our top five customers in each applicable period during the Track Record Period and up to the Latest Practicable Date were Independent Third Parties.
In 2023, 2024 and 2025 and the four months ended April 30, 2026, revenue contributed from our five largest customers in each year/period during the Track Record Period amounted to RMB3,980.5 million, RMB4,688.5 million, RMB3,904.4 million and RMB1,468.4 million, respectively, accounting for 53.2%, 41.8%, 31.9% and 23.8% of our total revenue, respectively, for the same years/periods, while the largest customer contributed RMB1,452.6 million, RMB1,954.8 million, RMB1,742.5 million and RMB618.1 million, respectively, accounting for 19.4%, 17.4%, 14.3% and 10.0% of our total revenue, respectively, for the same years/periods.
Summary · 第 4 页
For each period during the Track Record Period and up to the Latest Practicable Date, all of our five largest customers in each period were Independent Third Parties.
Business · 第 141 页
During the Track Record Period and up to the Latest Practicable Date, none of our Directors or their respective close associates or any person who, 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.
Our top five customers in each year/period during the Track Record Period accounted for 57.7%, 57.5%, 55.5% and 43.6% of our total revenue in 2023, 2024, 2025 and the three months ended March 31, 2026, respectively.
Business · 第 154 页
We have entered into an exclusive cooperation arrangement with Customer A, our single largest customer in each year/period during the Track Record Period.
Business · 第 154 页
Given the mutually exclusive nature of our cooperation, the forefront positioning of our co-developed product and the diversity of the end customer base, we believe our collaboration with Customer A is sustainable and the associated customer concentration risk is limited.
For the years ended December 31, 2023, 2024 and 2025 and the four months ended April 30, 2026, our top five customers collectively accounted for 36.8%, 41.3% and 35.1% and 68.0%, respectively, of our total revenue.
Summary · 第 5 页
Many domestic enterprise customers prefer to procure through system integrators with whom they have established long-term relationships, as these system integrators offer comprehensive service capabilities, especially for large-scale, complex robotics solution projects.
Business · 第 156 页
By selling robotic products to system integrators and having them lead deployment and after-sales support, we reduce our customer acquisition and maintenance cost, as the system integrators own the downstream customer relationship, deliver ongoing service, and manage long-term performance.
众安信科（深圳）股份有限公司Zhongan Information Technology (Shenzhen) Co., Ltd.
最大客户及前五大客户收入占比较高
During the Track Record Period, our sales to the largest customer in each year/period accounted for 44.4%, 44.6%, 22.3% and 25.1% of our total revenue for the respective years/period.
Summary · 第 8 页
For the years ended December 31, 2023, 2024 and 2025 and the five months ended May 31, 2026, our sales to the five largest customers in aggregate accounted for 74.7%, 62.7%, 43.0% and 54.7% of our total revenue for the respective years/period.
Business · 第 141 页
The decrease in tender success rate was primarily attributable to our business expansion in 2025, during which we increased our participation in open tenders to broaden our customer base and reduce customer concentration, as compared to 2023 and 2024 when our project engagements were primarily secured through direct negotiations with existing customers.
The aggregate sales to our five largest customers during the year ended December 31, 2024 and 2025, and the five months ended May 31, 2026 amounted to approximately RMB18.6 million, RMB28.5 million and RMB11.4 million, respectively, and accounted for approximately 37.9%, 51.5% and 68.8% of our total revenue for the respective year/period.
Summary · 第 10 页
The increase in contribution of revenue from the five largest customers for the year ended December 31, 2025 and five months ended May 31, 2026 was primarily due to (i) the increased purchase orders placed by the distributor of our Esomeprazole magnesium delayed-release capsules products in the U.S., which accounted for 100% of the revenue of our MAH Business for the respective year/period; and (ii) the progressive scaling down of our CRO Services during the year ended December 31, 2025 and five months ended May 31, 2026, as a result the aggregate revenue accounted by our five largest customers as a percentage of our total revenue increased during the respective year/period.
Summary · 第 10 页
To the best of our knowledge, our five largest customers in each year during the Track Record Period are Independent Third Parties.
During the Track Record Period, revenue from our five largest customers for each year or period during the Track Record Period was RMB183.0 million, RMB335.6 million, RMB414.9 million and RMB125.7 million in 2023, 2024 and 2025 and the three months ended March 31, 2026, accounting for 17.2%, 23.6%, 25.7% and 25.5% of our total revenue for the same periods, respectively.
Summary · 第 6 页
We have built a diversified customer base across China, with a balanced revenue contribution that mitigates concentration risk.
Business · 第 139 页
To the best of our knowledge, all of our five largest customers in each year or period during the Track Record Period were Independent Third Parties, and as of the Latest Practicable Date, none of our Directors, their close associates or any of our Shareholders (who or which to the knowledge of our Directors owned more than 5% of our issued share capital) had any interest in any of our five largest customers in each year or period during the Track Record Period.