In 2023, 2024 and 2025, the revenue generated from our five largest customers for each year during the Track Record Period amounted to RMB276.4 million, RMB208.1 million and RMB244.7 million, representing 36.3%, 23.8% and 26.1% of our total revenue, respectively.
Summary · 第 5 页
In recognition of our advanced product performance, we maintain stable relationships with our existing customers, who exhibit a high degree of customer stickiness.
Business · 第 153 页
We expect to further expand our customer base alongside the growth of each business line, which will help diversify our revenue streams and improve our resilience.
In 2023, 2024 and 2025, our aggregate revenue from the five largest customers in each year during the Track Record Period was RMB6 thousand, RMB6.2 million and RMB24.9 million, respectively, accounting for 100.0%, 85.0% and 45.0% of our total revenue for the respective years.
Summary · 第 9 页
The declining concentration across the Track Record Period reflects the broadening of our customer base as our business scaled.
Summary · 第 9 页
In 2023, 2024 and 2025, our aggregate revenue from the five largest customers in each year during the Track Record Period was RMB6 thousand, RMB6.2 million and RMB24.9 million, respectively, accounting for 100.0%, 85.0% and 45.0% of our total revenue for the respective years.
In 2023, 2024 and 2025, our revenue from the five largest customers in each year during the Track Record Period amounted to RMB390.8 million, RMB351.8 million and RMB394.1 million, respectively, accounting for 82.4%, 78.6% and 79.3% of our total revenue for the respective years.
Summary · 第 3 页
Revenue from our largest customer in each year during the Track Record Period accounted for 49.7%, 51.3% and 52.6% of our total revenue for the respective years.
Business · 第 120 页
The concentration in our customers reflects the structure of our customer base, which primarily comprises large-scale state-owned enterprises in the oil and gas industry.
Our five largest customers in each of 2023, 2024 and 2025 together accounted for 49.4%, 51.6% and 52.3% of our total revenue, respectively.
Summary · 第 5 页
Revenue from our largest customer in each year of the Track Record Period amounted to RMB53.0 million, RMB64.9 million and RMB97.5 million, respectively, accounting for 16.4%, 13.9% and 17.2% of our total revenue, respectively.
Business · 第 125 页
We have generally maintained long-term and stable collaboration relationships with our major customers. 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.
Revenue generated from our five largest customers in each period of the Track Record Period accounted for 25.2%, 25.0% and 25.9% of our total revenue in the same periods, respectively.
Summary · 第 5 页
In 2023, 2024 and 2025, revenue generated from our five largest customers in each period of the Track Record Period amounted to RMB818.4 million, RMB981.3 million and RMB1,250.2 million, respectively, accounting for 25.2%, 25.0% and 25.9% of our total revenue in the same periods, respectively.
Business · 第 125 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.
广州豪特节能环保科技股份有限公司Guangzhou Haote Energy Saving Technology Co., Ltd.
前五大客户收入占比最高达97.9%
In 2023, 2024 and 2025, revenue generated from our five largest customers in each year of the Track Record Period amounted to approximately RMB698.2 million, RMB966.1 million and RMB1,154.3 million, respectively, accounting for approximately 81.4%, 94.9% and 97.9%, respectively, of our total revenue for the year.
Summary · 第 3 页
we were the largest supplier of Customer A, which is our largest customer in 2023 and 2024 and our second largest customer in 2025, during the years ended December 31, 2023, 2024 and 2025.
Business · 第 166 页
according to Frost & Sullivan, it is common in the data center energy management industry to have high concentration rate of customers, primarily because the downstream data center market is relatively concentrated and the size of projects undertaken by market players in the industry varies significantly, as project scope and system complexity vary across customers.
山东省环能设计院股份有限公司Shandong Huanneng Design Institute Company Limited
最大客户收入占比由24.7%升至51.2%
In terms of revenue, we derived approximately RMB143.4 million, RMB337.0 million and RMB414.7 million respectively from our largest customer, for the years ended 31 December 2023, 2024 and 2025, representing approximately 24.7%, 49.7% and 51.2% of our total revenue for the same periods, respectively.
Summary · 第 2 页
Our Directors believe that, and confirmed by Frost & Sullivan, customer concentration is not uncommon for the construction industry and the business model of our Group is sustainable despite the customer concentration.
Business · 第 128 页
Our ability to maintain stable relationships with major customers has positioned us as an important service provider, as evidenced by the fact that our five largest customers accounted for approximately 59.2%, 76.9%, and 73.9% of our total revenue for the years ended 31 December 2023, 2024, and 2025, respectively.
During the Track Record Period, we were not materially dependent on any single customer.
Summary · 第 6 页
In 2023, 2024 and 2025, revenue generated from our five largest customers in each year amounted to RMB5,082.1 million, RMB4,701.4 million and RMB5,445.6 million, respectively, representing 23.4%, 28.4% and 33.4% of our total revenue for the respective year, while revenue generated from our largest customer in each year amounted to RMB1,593.1 million, RMB1,855.5 million and RMB1,698.7 million, respectively, representing 7.3%, 11.2% and 10.4% of our total revenue for the respective year.
Summary · 第 6 页
We generally maintain stable relationships with our customers and provide customer service to enhance customer loyalty.
In 2023, 2024 and 2025, revenue contributed from our five largest customers in each year of the Track Record Period accounted for 31.9%, 30.4% and 30.6% of our total revenue, respectively.
Summary · 第 3 页
Our Directors confirmed that, during the Track Record Period, there was no concentration of sales to customers in any single downstream industry.
Business · 第 137 页
To the best of our knowledge, for each year during the Track Record Period and up to the Latest Practicable Date, all of our five largest customers in each year were Independent Third Parties.
For the year ended December 31, 2023, 2024 and 2025, the aggregate sales to our five largest customers were RMB355.6 million, RMB353.1 million and RMB643.9 million, representing 26.9%, 22.3% and 30.8% of our revenue, respectively.
Business · 第 156 页
Sales to our largest customer for the respective years were RMB106.6 million, RMB82.6 million and RMB197.5 million, representing 8.1%, 5.2% and 9.5% of our revenue, respectively.
Business · 第 156 页
To the knowledge of our Directors, as of the Latest Practicable Date, none of our Directors and their respective associates or any of our shareholders holding more than 5% of our issued share capital had any interests in any of our five largest customers in each year during the Track Record Period.
Revenue from our five largest customers in each year during the Track Record Period amounted to RMB4,618.3 million, RMB5,670.7 million and RMB6,018.6 million, respectively, accounting for 64.2%, 62.2% and 57.9% of our total revenue for the respective year.
Summary · 第 8 页
This concentration is consistent with the structure of the global wafer foundry industry, which naturally features a high degree of customer concentration due to the limited number of leading IC design companies with large production volumes and stringent qualification requirements for foundry suppliers.
Business · 第 125 页
To mitigate such risks, we are pursuing customer and product diversification strategies.
立讯精密工业股份有限公司Luxshare Precision Industry Co., Ltd.02475.HK
往绩记录期间最大客户收入占比56.7%至75.2%
Revenue generated from our five largest customers for each year of the Track Record Period was RMB191.2 billion, RMB211.0 billion and RMB216.2 billion in 2023, 2024 and 2025, respectively, accounting for 82.4%, 78.5% and 65.0%, respectively, of our total revenue in the same years.
Summary · 第 2 页
Our Directors are of the view that the likelihood of any material adverse change in our business relationship with Customer A / Supplier A is low, because our cooperation is a mutual choice, and such relationship is long-term and mutually beneficial.
Business · 第 145 页
During the Track Record Period, revenue from Customer A / Supplier A as a percentage of our revenue decreased significantly, from 75.2% in 2023 to 56.7% in 2025.
Sales to our five largest customers in each of FY2023, FY2024 and FY2025 accounted for approximately 26.5%, 38.8% and 33.7% of our total revenue respectively.
Summary · 第 4 页
During the same years, sales to our largest customers accounted for approximately 6.7%, 23.0% and 12.8% of our total revenue respectively.
Business · 第 137 页
In particular, revenue from Customer F increased significantly in FY2024 primarily due to (i) expanded collaboration across additional regions; and (ii) higher demand for our products.
In 2023, 2024 and 2025, revenue generated from our top five customers for each year during the Track Record Period accounted for 24.4%, 18.0% and 21.5% of our total revenue of such period, respectively, and revenue generated from our largest customer for each year during the Track Record Period accounted for 5.7%, 4.6% and 5.2% of our total revenue in the same periods, respectively.
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 during the Track Record Period were independent third parties.
北京盛景网联科技服务股份有限公司Beijing Shengjing Wanglian Science and Technology Service Co., Ltd.
前五大客户均为集团管理的基金，收入占比约37%至46%
For the financial years ended 31 December 2023, 2024, and 2025, our top five customers collectively accounted for 44.9%, 45.6% and 37.3% of our total revenue, respectively.
Summary · 第 2 页
During the Track Record Period, our largest customer is one of our direct investment funds which contributed 15.3%, 23.5% and 12.0% in 2023, 2024 and 2025, respectively, to the total revenue, and our top five customers, of which are all funds in aggregate contributed 44.9%, 45.6% and 37.3% in 2023, 2024 and 2025, respectively, to the total revenue.
Business · 第 147 页
Due to the nature of our business, all of our five largest customers during the Track Record Period were our internal funds.
During the Track Record Period, the aggregate revenue generated from our five largest customers in each year was RMB283.0 million, RMB564.5 million, and RMB822.7 million, representing 46.8%, 63.4%, and 65.7% of our revenue, respectively.
Summary · 第 5 页
During the Track Record Period, our largest customer represented approximately 16.6%, 21.8%, and 22.7% of our total revenue in 2023, 2024 and 2025, respectively, while our top five customers in 2023, 2024 and 2025, accounted for approximately 46.8%, 63.4%, and 65.7% of our total revenue in the same period, respectively.
Financial Information · 第 190 页
We expect that increased orders from such customers will help improve our capacity utilization and enable us to benefit from economies of scale.
In 2023, 2024 and 2025, revenue generated from our five largest customers in each year during the Track Record Period was RMB908.4 million, RMB950.9 million and RMB1,555.0 million, respectively, representing 88.7%, 82.6% and 90.8% of our total revenue, respectively.
Summary · 第 7 页
In 2023, 2024 and 2025, our revenue from Solum was RMB519.6 million, RMB417.7 million and RMB495.1 million, respectively, representing 50.7%, 36.3% and 28.9%, respectively, of our total revenue for the same years.
Summary · 第 7 页
Accordingly and as confirmed by CIC, it is not uncommon for e-paper display module providers to have a relatively large portion of their revenue contributed by a few customers, our partnerships with leading companies like Solum reflect a common and strategic commercial approach.
In each of 2023, 2024, and 2025, the aggregate revenue generated from our five largest customers in each year during the Track Record Period were RMB644.3 million, RMB1,037.3 million and RMB1,508.2 million, representing 86.7%, 78.3% and 62.6% of our revenues, respectively.
Business · 第 187 页
According to CIC, this level of customer concentration is not uncommon among driving automation solutions providers, particularly in their early stages of commercialization.
Business · 第 189 页
Our current revenue concentration also reflects our deliberate go-to-market strategy of prioritizing deep, scalable collaborations with a select group of leading OEMs to establish repeatable success cases, rather than pursuing rapid but fragmented customer expansion.
Revenue generated from our five largest customers in each year during the Track Record Period accounted for 59.1%, 73.5% and 60.3% of our revenue for 2023, 2024 and 2025, respectively.
Summary · 第 2 页
Due to the nature of our industry verticals and business models, which are not consumer-facing and involve a relatively limited pool of customers, our business has experienced a high degree of customer concentration, which is common across these sectors.
Business · 第 175 页
We continue to monitor and mitigate these risks through proactive customer relationship management, market and client diversification, and robust internal planning and forecasting processes to manage revenue fluctuations and ensure long-term operational stability.
Revenue from our five largest customers amounted to RMB255.8 million, RMB825.2 million and RMB949.9 million during each year of the Track Record Period, representing 94.4%, 83.7% and 66.3% of our revenue, respectively.
Summary · 第 3 页
We believe our relationship with Customer H is mutually beneficial and performance-driven.
Business · 第 156 页
We believe revenue concentration during the early stages of commercialization is primarily the result of our deliberate go-to-market strategy and reflects both the nature of our industry and the scale dynamics of autonomous mining deployment, rather than any structural over-dependence on a single customer.