In 2023, 2024 and 2025, revenue generated from our five largest customers amounted to RMB168.0 million, RMB605.9 million, and RMB961.0 million, respectively, accounting for 95.8%, 70.3%, and 78.7% of our total revenue, respectively.
Summary · 第 5 页
The relatively high customer concentration in 2023 was primarily attributable to (i) our then relatively limited business scale, as we were in the process of scaling up our operations and broadening our customer base; and (ii) the transitional stage of our product and customer mix, as we had strategically focused on AI-related high-speed SiPh products, while revenue contribution from AI-related customers had yet to become significant during the relevant period.
For each of the years ended December 31, 2023, 2024 and 2025, the aggregate revenue generated from our five largest customers in each year during the Track Record Period amounted to RMB455.1 million, RMB706.2 million and RMB686.1 million respectively, representing 69.0%, 77.2% and 55.9% of our total revenue, respectively.
Summary · 第 9 页
This concentration of our major customers is mainly due to the fact that the insurance market in the PRC is highly concentrated, where the top 10 insurance providers in the PRC accounted for over 60% of the market share in 2023.
Business · 第 198 页
To diversify any potential risk of reliance on any customer accounting for significant percentage of revenue contributions, we are actively expanding our network of insurance company customers by deepening relationships with mid-sized and emerging insurance providers.
In 2024 and 2025, we generated revenue of RMB6.5 million and RMB30.6 million, respectively, from a single customer, our distributor for Mircera^®^ in China.
Summary · 第 8 页
During the Track Record Period, all of our revenue was generated from sales to our distributor in China.
Business · 第 197 页
Such arrangement is necessary because under PRC regulations, sales to public hospitals must be conducted through entities holding a Good Supply Practice (GSP) License.
北京融信数联科技股份有限公司Beijing Rongxin Datainfo Science and Technology Co., Ltd.
前五大客户收入占比最高达56.6%
For FY2023, FY2024 and FY2025, the percentage of our total revenue attributable to our top customer for each year during the Track Record Period amounted to 11.3%, 29.3% and 20.1% respectively, while the percentage of our total revenue attributable to our top five customers for each year during the Track Record Period combined amounted to 37.9%, 56.6% and 51.1%, respectively.
Business · 第 134 页
To the best of our Directors’ knowledge, information and belief, each of our top five customers in each year during the Track Record Period was an Independent Third Party.
Business · 第 137 页
According to the Industry Report, it is common in the PRC for end users to procure data integration and analytical application solutions through system integrators when selecting suppliers or service providers, thereby alleviating the time burden of negotiating with multiple suppliers or service providers and allows end users to benefit from a range of other ancillary services offered by system integrators.
江苏博迁新材料股份有限公司Jiangsu Boqian New Materials Stock Co., Ltd.
前五大客户收入占比约76%，最大客户占45%
Revenue generated from our largest customer for the years ended December 31, 2023, 2024 and 2025 amounted to RMB271.8 million, RMB456.3 million and RMB518.7 million, accounting for 39.4%, 48.3% and 45.0%, respectively, of our total revenue for the respective periods.
Business · 第 126 页
As a result, the business relationship between us is stable and sustainable, with no significant risks of uncertainty.
Business · 第 129 页
As of the Latest Practicable Date, our Directors believe that our level of customer concentration is consistent with industry practice and does not constitute a material risk that cannot be mitigated through our ongoing diversification efforts.
In 2023, 2024 and 2025, our aggregate revenue from the five largest customers in each year during the Track Record Period was RMB17,766.8 million, RMB24,772.9 million and RMB29,555.3 million, respectively, accounting for 52.0%, 56.0% and 57.5% of our total revenue, respectively.
Summary · 第 7 页
The increase in customer concentration during the Track Record Period was primarily attributable to the continued expansion of our imaging and display business.
Business · 第 163 页
We believe that our long-term relationships with major customers contribute to the stable growth of our revenue.
北京中科闻歌科技股份有限公司Beijing Zhongke WengeAI Science and Technology Co., Ltd.01956.HK
最大客户及前五大客户收入集中
Revenue generated from our largest customer in each year or period during the Track Record Period accounted for 24.3%, 19.9% and 19.1%, respectively, of our revenue for the respective year or period.
Summary · 第 9 页
Revenue generated from our five largest customers in each year or period during the Track Record Period accounted for 48.0%, 32.5%, and 37.6%, respectively, of our revenue for the respective year or period.
Business · 第 182 页
To the best of our knowledge, our five largest customers in each year during the Track Record Period were Independent Third Parties.
In 2023, 2024 and 2025, our five largest customers in each year during the Track Record Period together generated RMB974.2 million, RMB1,190.0 million and RMB1,291.3 million of revenue, respectively, accounting for 37.3%, 35.6% and 33.1% of our total revenue, respectively.
Summary · 第 6 页
In each year during the Track Record Period, our five largest customers consisted of distributors.
Business · 第 157 页
None of our Directors and their respective associates, or Shareholders who own 5% or more of the total issued Shares had any interest in any of our five largest customers in each year during the Track Record Period.
During the Track Record Period, we only had two customers, our related parties PETS and MCG, who rented heavy equipment from us.
Summary · 第 8 页
Sales to our largest customer for each year of the Track Record Period amounted to US$1.4 million, US$1.7 million, US$0.1 million, accounting for 97.46%, 100% and 100% of our revenue for the same periods, respectively.
Summary · 第 8 页
During the Track Record Period, the sole service we provided was the rental of MMI’s heavy equipment to PETS, which has been one of our subsidiaries since June 2024, and/or our related entities, namely, PT Bumi Suksesindo (“BSI”) and PT Merdeka Mining Servis (“MMS”), to support construction and mining preparation activities at the PETS mine and BSI’s mine operations.
As at the Latest Practicable Date, PT Aneka Tambang (Persero) Tbk (“ANTAM”), an Independent Third Party, was our sole gold customer.
Summary · 第 8 页
Sales under this agreement will represent a substantial proportion of our revenue.
Summary · 第 8 页
As of the Latest Practicable Date, while ANTAM was the Company’s only domestic gold buyer, the Company is in ongoing preliminary and exploratory discussions with other local prospective customers in relation to potential gold sales arrangements.
In 2023, 2024 and 2025, revenue from our top five customers in aggregate accounted for 23.5%, 30.2% and 41.6% of our total revenue, respectively, while revenue attributable to our largest customer in the same years accounted for 7.4%, 7.8% and 13.7%, respectively.
Business · 第 137 页
Our Directors are of the view that, and the Sole Sponsor concurs, the revenue contribution from our top five customers is expected to further increase in the near term, as leading customers are continuing to expand capacity and increase production, which is expected to translate into higher procurement demand for our products.
In 2023, 2024 and 2025, sales to our five largest customers amounted to RMB3,274.5 million, RMB3,731.5 million and RMB4,463.0 million, respectively, accounting for 56.9%, 53.7% and 54.5% of our total sales in the respective periods.
Summary · 第 3 页
Our financial performance is significantly affected by our ability to maintain and strengthen relationships with our key customers.
Financial Information · 第 141 页
In particular, we seek to further strengthen our presence in overseas markets in Asia and Africa and further expand into Europe and the Americas, and strengthen relationships with energy developers, industrial enterprises and emerging grid technology companies.
In 2023, 2024, and 2025, the aggregate revenue generated from our five largest customers in each year during the Track Record Period was RMB320.2 million, RMB272.6 million, and RMB356.1 million, representing 70.9%, 55.2%, and 50.6% of our total revenue, respectively.
Summary · 第 7 页
According to Frost & Sullivan, this relatively concentrated customer base is in line with prevailing industry practice.
Business · 第 132 页
Our customer concentration has gradually decreased as our business scale has expanded and we have entered new markets, and we do not believe we face significant customer dependence risk.
Our five largest customers purchased from us in the amount of RMB892.3 million, RMB580.8 million and RMB1,238.1 million in 2023, 2024 and 2025, representing 16.6%, 12.9% and 23.6% of our total revenues, respectively.
Business · 第 135 页
Revenues from our largest customer in 2023, 2024 and 2025 amounted to 6.6%, 3.9% and 13.0% of our total revenues, respectively.
Business · 第 135 页
Therefore, our business does not compete with that of our customers.
Revenue from the five largest customers in each year during the Track Record Period amounted to RMB55.1 million, RMB45.7 million and RMB68.3 million in 2023, 2024 and 2025, respectively, accounting for 28.8%, 27.3% and 34.6% of our revenue for each of the corresponding years, respectively.
Summary · 第 4 页
Revenue from our largest customer in each year during the Track Record Period were RMB38.4 million, RMB15.6 million and RMB22.4 million in 2023, 2024 and 2025, respectively, accounting for 20.1%, 9.3%, and 11.4% of our total revenue for each of the corresponding years, respectively.
Business · 第 136 页
Our customers differ across our solutions, reflecting the distinct business models and deployment approaches adopted for each solution.
During the Track Record Period and up to the Latest Practicable Date, we had not generated any revenue from sales of commercialized products, and did not expect to generate any revenue from product sales before the commercialization of one or more of our drug candidates.
Business · 第 202 页
We generated revenue of RMB38.6 million for the three months ended March 31, 2026 from our collaboration partner, Bleecker, in connection with the out-licensing of LNK01006 on a worldwide basis, excluding the Lynk Territory (including mainland China, Hong Kong, Macau and Taiwan).
Business · 第 202 页
Such payment was made in accordance with the terms of the licensing agreement between us and Bleecker and was settled via bank transfer.
For the years ended December 31, 2023, 2024 and 2025, revenue from our five largest customers amounted to RMB2,165.7 million, RMB2,251.7 million, and RMB2,119.6 million respectively, representing approximately 40.6%, 45.0% and 39.2% of our total revenue for the same periods, respectively.
Summary · 第 5 页
Sales to our largest customer for each year during the Track Record Period represented 13.9%, 15.0% and 10.0% of our total revenue for the same periods, respectively.
Business · 第 142 页
According to CIC, it is an industry norm for NdFeB PM manufacturers to have a high customer concentration.
In 2023, 2024 and 2025, our aggregate revenue from the five largest customers in each year during the Track Record Period was RMB51.7 million, RMB63.3 million and RMB68.2 million, respectively, accounting for 20.8%, 18.6% and 15.4% of our total revenue, respectively.
Business · 第 158 页
In the same years, our revenue from the single largest customer in each year during the Track Record Period was RMB18.2 million, RMB35.5 million and RMB19.1 million, accounting for 7.3%, 10.4% and 4.3% of our total revenue, respectively.
Business · 第 158 页
To the best of our knowledge, all of our five largest customers in each year during the Track Record Period were independent third parties.
Revenue from our five largest customers in 2023, 2024 and 2025 was RMB172.8 million, RMB192.3 million and RMB187.4 million, respectively, representing 22.1%, 23.7% and 24.1% of our total revenue for the same respective years.
Summary · 第 6 页
To the best of our knowledge, our five largest customers in each year during the Track Record Period were all Independent Third Parties.
Business · 第 116 页
To the best of our knowledge, none of our Directors, their close associates or any Shareholders of our Company, who or which to the knowledge of the Directors owned more than 5% of our Company’s 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 during the Track Record Period amounted to RMB21.0 million, RMB63.5 million and RMB126.2 million, representing 32.1%, 47.2% and 26.7% of our total revenue, respectively, and our sales to the largest customer in each year during the Track Record Period amounted to RMB4.9 million, RMB18.6 million and RMB41.5 million, representing 7.5%, 13.8% and 8.8% of our total revenue for the same year.
Summary · 第 2 页
We have a high-quality and diverse client base, which expanded rapidly over the Track Record Period.
Business · 第 118 页
All of our five largest customers were Independent Third Parties, and none of our Directors, their close associates or any of our Shareholders who, 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.