Tudatong's financial situation and customer structure

Business ties have led to significant revenue dependence. According to the prospectus, in 2022, 2023, 2024 and the first five months of 2025, Tudatong's revenue from NIO was US$58.8 million, US$109.8 million, US$146.1 million and US$44.8 million, respectively, accounting for 88.7%, 90.6%, 91.6% and 86.2% of its total revenue during the same period.