Longpan Technology faces customer concentration risk

During the Track Record Period, most of Longpan Technology's revenue came from a relatively small number of customers. From 2021 to 2023, the top five customers accounted for 42.9%, 80.0% and 64.5% of total revenue, of which the largest customer, CATL, accounted for 28.6%, 53.2% and 30.3% of revenue, respectively.