Analysis Report on Customer Concentration of Tianshu Zhixin

Time Node	Revenue Contribution of Top 5 Customers	Number of Customers	Remarks
2022	94.2%	22	Highly Concentrated
2024	73.4%	181	Significant Decline
H1 2025	38.6%	290	Substantial Improvement

: Tianshu Zhixin Prospectus and Listing Announcements [1][2][3]

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• Rapid expansion of customer base
  : From 22 customers in 2022 to 290 in H1 2025, achieving nearly 8-fold growth [4]
• Continuous growth of revenue scale
  : Revenue increased from 189 million yuan in 2022 to 539 million yuan in 2024, with a compound annual growth rate of 68.8% [3]
• Gross profit margin improvement
  : The gross profit margin in H1 2025 increased from 45.1% in the same period last year to 50.1% [4]

• Seasonal factor interference
  : The company clearly stated that customers tend to make large purchases in the second half of the year, so the H1 2025 data may not be representative [1]
• Poor customer stability
  : Among the top 5 customers in 2024,
  only one
  made it to the top 5 list in H1 2025, indicating frequent customer turnover [2]
• Company’s own warning
  : The prospectus clearly states that “in the foreseeable future, operating results may continue to depend on sales to a relatively small number of customers” [1]

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Company	Revenue Contribution of Top 5 Customers (2024)	2025 Data
Tianshu Zhixin	73.4%	38.6%
Muxi Semiconductor	>70%	80%+ (Q1)
Biren Technology	>70%	90%+
Moore Threads	>70%	90%+

: The “Four Little Dragons” of domestic GPUs generally face high customer concentration issues. Although Tianshu Zhixin has made improvements, it is still in an industry adjustment period [5][6].

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• ✅ Sustained growth in customer numbers (Met)
• ❌ Stable retention rate of key customers (Not met yet)
• ❌ Diversification of revenue sources (To be verified)

• NVIDIA H200’s return to the Chinese market
  : Expected to resume sales to China in February 2026, bringing competitive pressure [6]
• Technology gap
  : The market share of domestic GPUs is still low; Tianshu Zhixin’s domestic general-purpose GPU market share was only 0.3% in 2024 [2]
• Shortcomings in ecological construction
  : The CUDA ecosystem has high barriers, and domestic manufacturers still need to improve software compatibility [6]

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1. Short-term improvement is credible
   : The 38.6% ratio indeed reflects a substantial expansion of the customer base
2. Mid-term risks remain
   : Seasonal factors and high customer turnover rate mean that future performance may be volatile
3. Long-term observation is needed
   : Whether it can continue to reduce dependence on a small number of customers depends on:
   • Improvement of product technological competitiveness
   • Effectiveness of software ecosystem construction
   • Acceleration of domestic substitution process

: Pay attention to the changing trend of customer concentration in subsequent quarterly reports. Only if it stays below 40% for multiple consecutive quarters and customer stability improves can the substantial mitigation of risks be confirmed.

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[1] Securities Times - Four Domestic GPU Companies Gather in the Capital Market (https://www.stcn.com/article/detail/3578132.html)
[2] Sina Finance - Tianshu Zhixin Goes Public, Four Domestic GPU Companies Gather in the Capital Market (https://finance.sina.com.cn/roll/2026-01-08/doc-inhfqcax6856648.shtml)
[3] ChinaVenture - 40 Billion Yuan, Shanghai Gains Another Listed GPU Company (https://www.chinaventure.com.cn/news/114-20260108-389682.html)
[4] Jiemian News - Tianshu Zhixin Officially Lists on the Hong Kong Stock Exchange (https://www.stcn.com/article/detail/3578117.html)
[5] Securities Times - Year-End Review | Domestic Computing Power Underpins, GPU IPOs Surge in the Capital Market (https://www.stcn.com/article/detail/3559385.html)
[6] CWW - The “Four Little Dragons” of Domestic GPUs List Intensively, Who Can Break Through? (https://www.cww.net.cn/article?id=606501)