During the Track Record Period, we generated a significant amount of revenue from overseas ultimate customers (based on the locations of their headquarters), who contributed to RMB27.7 million, RMB182.7 million, RMB684.2 million and RMB637.4 million in revenue, accounting for 28.7%, 58.7%, 69.1% and 64.1% of our total revenue during the years ended December 31, 2020, 2021 and 2022 and the six months ended June 30, 2023, respectively.
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Outside of China, we are planning to establish a manufacturing base in Singapore to meet the growing demand from customers worldwide for comprehensive bioconjugate CRDMO services and implement a “global dual sourcing” strategy, which supports continuous and timely provision of services to our customers around the globe.
Our express delivery operations span 13 countries, covering seven countries across Southeast Asia, including Indonesia, Vietnam, Malaysia, the Philippines, Thailand, Cambodia and Singapore, and China, as well as other markets, including Saudi Arabia, UAE, Mexico, Brazil and Egypt.
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Each of these countries presented unique operational challenges ranging from under-developed infrastructure, limited connectivity in certain areas, political instability to complex regulatory regimes.
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During the Track Record Period, each country in the New Markets incurred a gross loss, as our operations in these markets are still in the ramp-up stage.