'Nanny state'
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客户集中度逐年上升进一步加剧经营风险。报告期内，公司前五大客户贡献销售收入占主营业务收入的比例分别为28.52%、32.69%、39.88%及42.35%，呈上升趋势，其中来自最大客户比亚迪收入占比从2022年的11.37%上升至2025年上半年的17.03%。，更多细节参见手游
这不仅是交易金额的突破，更是中国创新药企从产品供应商向研发合伙人角色的历史性跨越，为全球医药创新链条注入不可替代的中国能力。。超级权重对此有专业解读