While we aim to be a cross-industry intelligent industrial software solutions provider, a majority of our top five customers in each period during the Track Record Period were Chinese front-end semiconductor companies, and a large number of our current intelligent industrial software solutions are tailored for the semiconductor industry, as CIM is particularly crucial in semiconductor fabrication.
Business · 第 162 页
We also have been diversifying our customer base in terms of solution offerings and industrial sectors, aiming to acquire more customers and decrease the risks of customer concentration.
During the Track Record Period, we generated revenue from lithium-ion battery materials of RMB14,104.4 million, RMB10,974.2 million and RMB15,050.5 million, accounting for 91.6%, 87.7% and 90.4% of our total revenue in 2023, 2024 and 2025, respectively.
Financial Information · 第 223 页
As the profit margins, cost structures and market dynamics can vary significantly across these product categories, changes in our product mix will have a direct impact on our overall gross margins.
In 2025, revenue derived from the sales of data center laser chips surpassed that from the sales of telecommunications laser chips and accounted for 65.4% of our total revenue for the year.
Summary · 第 9 页
The divergence in the sales volume between the two product lines was primarily because we proactively optimized our product portfolio and reallocated our resources to prioritize higher-value products, including our data center laser chips and our high-end telecommunications laser chips.
For FY2023, FY2024 and FY2025, the revenue generated from our projects in the FMCG industry amounted to RMB149.6 million, RMB178.6 million and RMB153.7 million, which accounted for approximately
Financial Information · 第 212 页
Given that the majority amount of our revenue came from the projects in the FMCG industry, any downturn in the FMCG industry in the PRC and/or shifts in the business operations and strategies of brand owners in the FMCG industry may reduce their demand for our services and have a material adverse impact on our business, prospects, financial condition and/or results of operations.
Financial Information · 第 213 页
While we focus on the FMCG industry, we have been actively diversifying our customer base to include enterprises from various industries such as automobile, household essentials commercial services, telecommunications and information technology.
In 2022, 2023, 2024, and the nine months ended September 30, 2024 and 2025, our revenue from computing application PCBs (mainly for high performance servers, including AI servers and general-purpose servers) amounted to RMB1,635.3 million, RMB1,858.2 million, RMB2,705.6 million, RMB1,961.7 million and RMB2,833.2 million, representing 67.8%, 69.4%, 72.5%, 73.2% and 73.9% of our total revenue in the same period, respectively.
Summary · 第 1 页
Our ability to maintain a balanced and high-quality order mix, especially in computing application PCBs, supports both our revenue growth and margin expansion.
We observed an increase in our revenue from the ICV application sector, which increased by 73.5% from RMB342.2 million in 2022 to RMB593.6 million in 2023, and further increased by 105.7% to RMB1,220.9 million in 2024.
Financial Information · 第 291 页
To mitigate the risks associated with customer concentration and our reliance on the ICV sector, we are also actively implementing a long-term strategy to foster a more balanced business structure across our key application sectors: ICV, general IoT and wireless broadband.
Business · 第 243 页
According to Frost & Sullivan, the NEV industry in China experienced a pricing competition in 2025 as a transitional phenomenon during a period of rapid expansion and certain major NEV market participants in China have significantly reduced prices on certain entry-level models to intensify competition, and also led major NEV market participants to exert pressure on their supply chain to reduce costs and manage their own working capital.
无锡先导智能装备股份有限公司WUXI LEAD INTELLIGENT EQUIPMENT CO., LTD.00470.HK
锂电智能设备收入占比65.3%至76.8%为最大收入来源
For the years ended December 31, 2022, 2023, 2024 and the nine months ended September 30, 2024 and 2025, our revenue generated from sales of lithium-ion battery intelligent equipment was RMB9,944.4 million, RMB12,641.8 million, RMB7,688.5 million, RMB6,268.4 million and RMB6,949.0 million, respectively, representing 71.8%, 76.8%, 65.3%, 69.5% and 66.8% of our total revenue, respectively.
Financial Information · 第 276 页
Demand for our intelligent equipment products and solutions, especially our lithium-ion battery equipment, is principally driven by the overall demand for the end applications of such products and solutions, including EV, energy storage and consumer electronics.
Financial Information · 第 276 页
We believe that we are well positioned to capture growth opportunities created by these trends with our deep collaboration with leading manufacturers and wide international layouts.
In 2022, 2023, 2024 and the nine months ended September 30, 2024 and 2025, the revenue from the sales of finished hogs (before inter-segment elimination) accounted for 92.8%, 96.5%, 95.2%, 94.1% and 92.5% of the total revenue, respectively.
Summary · 第 8 页
We dynamically adjust the proportion of sales of piglets and finished hogs to optimize our profitability, primarily considering market demand, market prices, and our operational and production plans.
Summary · 第 8 页
We sell finished hogs as our main product under our hog business.
For each year/period during the Track Record Period, nearly half of our revenue of the chemicals segment was generated from customers serving home appliances sector while a significant portion came from automobiles sector (which encompasses electric vehicles sector) and consumer electronics, optical displays and telecommunication sector.
Business · 第 190 页
As the primary downstream application of our products is in the household appliance sector during the Track Record Period, which is a relatively mature market with intensive competition, we have adopted a relatively competitive pricing strategy for our customers in such sector to safeguard our market position and sales volume, which in turn slowed down the pace of our overall sales growth in FY2024 and 10MFY2025 as compared with FY2023.
Summary · 第 2 页
We will continue to cultivate innovation through research and development, broaden our product portfolio, and expand downstream applications of our products to promote sales growth.
We are a civil engineering contractor in Malaysia with over 16 years of experience, specialising in providing bridge engineering services as a subcontractor for large-scale transportation infrastructure engineering projects owned or initiated by the government or government-linked companies in Malaysia.
Summary · 第 1 页
Our flood mitigation works involve similar engineering and project management processes to bridge construction, enabling us to effectively apply our existing expertise.
Summary · 第 2 页
These projects are finite in number and may be reduced if the government in Malaysia reduces its expenditure on infrastructure developments.
In 2024, our revenue by industry application generated in various industries outside asset management accounted for 61.3% of our total revenues, growing from 25.6% and 34.1% in 2022 and 2023, respectively.
Business · 第 169 页
In 2024, our revenue by industry application generated in various industries outside asset management accounted for 61.3% of our total revenues, growing from 25.6% in 2022, leading to our revenue growth from RMB73.8 million in 2022 to RMB387.5 million in 2024.
北京五一视界数字孪生科技股份有限公司Beijing 51WORLD Digital Twin Technology Co., Ltd.06651.HK
51Aes业务线贡献约八成收入
As the largest business line of the Group, 51Aes continues to create value for its customers as evidenced by average revenue per customer, which amounted to RMB0.9 million, RMB1.1 million, RMB1.8 million and RMB1.0 million in 2022, 2023 and 2024 and for the six months ended June 30, 2025, respectively.
We began to offer digital marketing (market education services) in October 2023 and, as a result of surging customer demand for digital marketing services, driven by the shift of the marketing expenditures by pharmaceutical companies to online channels, our digital marketing (market education services) grew quickly to generate a revenue of RMB443.8 million in the six months ended June 30, 2025, accounting for 67.7% of our total revenue in the same period.
河北海伟电子新材料科技股份有限公司Hebei Haiwei Electronic New Material Technology Co., Ltd.09609.HK
薄基膜为最大收入来源占比过半
In 2022, 2023 and 2024, and the five months ended May 31, 2024 and 2025, thin base films represented 63.5%, 53.6%, 56.9%, 54.4% and 59.0% of our total revenue, respectively.
Financial Information · 第 244 页
During the Track Record Period and up to the Latest Practicable Date, we prioritized the production of thin base films, primarily due to their stronger market demand and higher production volume within a given timeframe.
During the Track Record Period, the vast majority of our revenue is generated from the hotel scenario, accounting for 70.1%, 95.1%, 83.0%, 92.2% and 93.2% of our total revenue in 2022, 2023, 2024 and the first five months of 2024 and 2025, respectively.
Business · 第 366 页
Our revenue generated from scenarios other than hotel as a percentage of our total revenue increased from 4.9% in 2023 to 17.0% in 2024, evidencing the feasibility of our new strategy.
金叶国际集团有限公司GOLDEN LEAF INTERNATIONAL GROUP LIMITED08549.HK
HVAC系统及商业物业收入集中
For FY2023/24 and FY2024/25, our revenue attributable to E&M engineering works on HVAC systems accounted for approximately 93.6% and 94.1% of our total revenue, respectively.
Financial Information · 第 249 页
Our Directors consider that the demand on our E&M engineering works depends on a range of factors, which primarily include the ages of the properties, technological advancements of the HVAC systems, our customers’ cash flows and the budget available to them on E&M engineering projects, and the environmental, social and governance (ESG) strategy of our customers, including their sustainability and energy-saving targets.
Financial Information · 第 249 页
We specialise in the supply, installation and maintenance of (i) HVAC systems; (ii) electrical systems; and (iii) plumbing and drainage systems, on a project-by-project basis.
健康160国际有限公司160 Health International Limited02656.HK
收入集中于药品及保健产品销售且毛利率偏低
Revenue generated from sale of pharmaceutical and healthcare products constituted 73.2%, 71.7%, 68.7%, 66.6% and 66.9% of our total revenue in 2022, 2023 and 2024 and for the three months ended March 31, 2024 and 2025, respectively, among which, revenue generated from wholesale of pharmaceutical and healthcare products contributed 57.8%, 66.1%, 64.9%, 59.8% and 64.3% of our total revenue during the same periods.
Summary · 第 1 页
In contrast, the gross profit of our sale of pharmaceutical and healthcare products was RMB15.7 million, RMB8.8 million, RMB6.2 million, RMB1.4 million and RMB0.9 million for the same periods, respectively, with gross profit margins of 4.1%, 1.9%, 1.4%, 2.2% and 1.4%, respectively.
Business · 第 270 页
As a result, during the Track Record Period, even though a substantial portion of our revenue came from sale of pharmaceutical and healthcare products, digital healthcare and wellness solutions contributed the majority of our gross profit.
During the Track Record Period, our postpartum center business was our largest business line by revenue, accounting for 86.4%, 83.5%, and 85.0%, respectively, of our total revenue for the years ended December 31, 2022, 2023, and 2024.
Financial Information · 第 345 页
We adopt an asset-light model for our postpartum center business through our strategic collaboration with hotel operators.
Financial Information · 第 345 页
However, if we are unable to maintain the current rate of expansion of our postpartum center network, our revenue may not grow at the same rate or at all, and our results of operations may be adversely affected.
容大合众(厦门)科技集团股份公司Rongta Technology (Xiamen) Group Co., Ltd.09881.HK
定制化产品收入占比升至约四分之三
The revenue from sales of standarised products decreased from RMB126.8 million for FY2022 to RMB73.3 million for FY2023, and further to RMB69.1 million for FY2024, primarily driven by the decrease in sales of our “RONGTA” brand product, which constituted the majority of our sales of standardised products.
Business · 第 205 页
Our revenue and profitability are affected by our product mix as selling prices and profitability vary with different types of products.