In-Depth Analysis of Aitek's Revenue Dependence on Chery Automobile

In-Depth Analysis of Aitek’s Revenue Dependence on Chery Automobile

According to public information,

has seen its revenue dependence on its largest customer, Chery Automobile, become a market focus during its IPO sprint [1]. Data disclosed in the prospectus shows a rapid upward trend in customer concentration:

Year	Sales Revenue from Chery (RMB 100 million)	Proportion of Operating Revenue	YoY Change
2022	6.00	27.6%	Base Year
2023	10.63	Approx. 35.4%	+77.2%
2024	18.69	53.89%	+75.8%
H1 2025	Over 7.61	Over 50%	Maintained at a High Level

: In just two years, the proportion of Aitek’s sales revenue from Chery has soared from 27.6% to 53.89%, doubling the proportion [1]. This means that the company , a concentration level that is already extremely high among manufacturing enterprises.

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From the perspective of incremental contribution, Aitek’s dependence on Chery is even more alarming:

• 2023
  : Of the company’s full-year operating revenue increment of RMB 829 million, Chery contributed RMB 457 million, accounting for 55.13% [1]
• 2024
  : Of the company’s operating revenue increment of RMB 464 million, Chery’s contribution reached as high as RMB 811 million, with the contribution rate soaring to 175% [1]

This abnormal data reveals a deep-seated problem:

. Specifically, in 2024, the company’s sales revenue to Changan Automobile dropped from RMB 582 million to RMB 469 million, and its sales revenue to Li Auto dropped from RMB 342 million to RMB 202 million [1]. Chery has become the “only pillar” supporting the company’s revenue growth.

Complicating matters further,

[1]. This deep binding of equity and business has raised market doubts about the company’s independence. Excluding sales revenue from Chery Automobile, Aitek’s 2024 revenue from non-related-party customers actually declined by 9.5% year-on-year [1]. This data directly exposes the company’s lack of independent growth capabilities and raises doubts about its business independence.

Referring to the semiconductor industry standards, the warning line for customer concentration of listed companies is usually set at no more than 80% of revenue from the top five customers. Taking the case of Xinmi Technology as a reference, it was already given key risk warnings by regulators when the proportion of its top five customers exceeded 77% [1]. However, Aitek’s proportion of revenue from a single customer has exceeded 53%, and the growth rate is still continuing, which far exceeds the general industry risk threshold.

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Aitek’s accounts receivable scale has been continuously rising:

Time Node	Amount of Accounts Receivable (RMB 100 million)	Proportion of Operating Revenue
2022	7.45	Approx. 34%
2023	10.81	Approx. 36%
2024	12.21	Approx. 35%
H1 2025	11.22	Approx. 35%

Data shows that the proportion of accounts receivable to operating revenue has remained stable at around 35% [1], meaning that for every RMB 100 of operating revenue the company generates, about RMB 35 is still in the hands of customers and has not been converted into disposable cash flow.

From 2022 to 2024, Aitek’s revenue growth rate narrowed significantly from 38.33% in 2023 to 15.29%, and its net profit growth rate plummeted from 106.08% to 9.37% [1]. This sharp decline in growth momentum, coupled with a highly concentrated customer structure, makes the company extremely vulnerable to industry fluctuations.

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Aitek will face direct impacts if any of the following scenarios occur in the future:

• Chery faces industry downturn
  : Slowdown in the growth rate of the new energy vehicle market or intensified price wars
• Chery’s strategic adjustment
  : Restructuring of the supply chain system or changes in procurement strategies
• Chery’s supply chain substitution
  : Introduction of other suppliers or cultivation of internal R&D capabilities

In the long run, excessive dependence on a single customer may lead to:

• Loss of bargaining power
  : The major customer may use its position to pressure for price reductions
• Continuous pressure on gross profit margin
  : Forced to accept stricter commercial terms
• Insufficient innovation motivation
  : Slowdown in technological iteration due to lack of competitive pressure

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: Aitek’s proportion of revenue from Chery Automobile exceeding 50% indeed reflects a serious problem of dependence on a major customer, and this dependence has intensified rapidly in just two years, exceeding the industry’s safety warning line. Combined with Chery’s special status as a related-party shareholder, the company faces significant risks in terms of business independence, performance sustainability, and growth space.

: This issue is a , and it is recommended that investors focus on the following when participating in Aitek’s IPO:

1. The company’s capabilities and progress in expanding new customers
2. The fairness of pricing for related-party transactions
3. Revenue growth from customers other than Chery
4. Marginal changes in gross profit margin and cash flow quality

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[1] Sina Finance - “Behind Aitek’s Slowing Performance Growth: Chery Dependence and Production Capacity Dilemma” (https://finance.sina.com.cn/jjxw/2025-10-28/doc-infvkumx9209330.shtml)

[2] Eastmoney Wealth Account - “Aitek Updates Prospectus, Revenue Growth Slows, Proportion of Revenue from Single Customer Exceeds 50%” (https://caifuhao.eastmoney.com/news/20251126112044599724690)

[3] Watchtower Finance - “Chery-Fattened Aitek’s IPO Sprint: Paradox of Soaring Dependence on Major Customers and Shareholders’ Low-Price Exit” (https://www.itiger.com/hans/news/2603535999)

[4] Shanghai Stock Exchange - “Prospectus of Wuhu Aitek Automotive Electronics Co., Ltd.” (https://static.sse.com.cn/stock/disclosure/announcement/c/202506/002079_20250620_NS00.pdf)