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DTSS customer relationships

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Datasea (DTSS) — customer map and commercial implications for investors

Datasea operates an integrated 5G + AI multimodal services and acoustics hardware business in China, monetizing through a mix of service fees (AI multimodal digital services), software sales (SaaS and per‑use), and product/hardware sales. Revenue recognition is largely delivery‑driven, with rapid expansion of AI multimodal clients driving the bulk of FY2025 revenue. For investors, the core thesis is straightforward: Datasea’s growth trajectory rests on scaling recurring software/service revenues while productizing acoustic hardware into channelized commercial deployments. For a deeper signal scan of counterparties and contract structure, see NullExposure’s full intelligence at https://nullexposure.com/.

Why the customer list matters to valuation and risk

Datasea’s customer set documented in the FY2025 filing and contemporaneous press coverage shows a mix of short‑term commercial contracts and emerging subscription/usage revenue, concentrated in China and skewed toward SMEs and vertical operators. This operating posture implies high top‑line volatility but accelerated revenue scalability if channel partnerships successfully translate prototypes into repeatable deployments.

  • Contracting posture: The company reports multiple 12‑month or project‑based agreements alongside a declared subscription and pay‑per‑use platform model, which drives a blended cash profile — near‑term cash from hardware and project contracts, longer‑term upside from SaaS/usage.
  • Concentration & counterparty mix: Customer base skews toward SMEs and vertical operators (hospitals, hotels, beauty chains), consistent with the company statement that over 99% of its served entities are SMEs; this lowers counterparty concentration but increases churn and sales effort per account.
  • Criticality & maturity: Many relationships are commercial pilots or product rollouts rather than multi‑year enterprise locks, indicating early commercialization with meaningful revenue contribution but limited long‑term binding commitments at scale.
  • Geographic exposure: Primarily APAC/China, with modest U.S. operation references — regulatory and execution risk is therefore China‑centric.

Explore the full analytical feed and counterparty filters at https://nullexposure.com/ to validate these readouts in your models.

Customer relationships reported (filings and news)

Below are every customer and partner mentioned in the provided results, with a short plain‑English description and a source reference.

Anhui Gu Kai Business Co., Ltd.
Datasea’s consolidated filing records an agreement signed on October 8, 2024 between Shuhai Beijing and Anhui Gu Kai, establishing a commercial engagement disclosed in the FY2025 Form 10‑K. Source: Datasea FY2025 10‑K (filed 2026).

Beijing Meimei Partnership Network Technology Co., Ltd.
Datasea notes a contract executed on February 20, 2025 between Shuhai Beijing and Beijing Meimei, cited among the company’s FY2025 material customer agreements. Source: Datasea FY2025 10‑K (filed 2026).

Jiajie Technology Co., Ltd.
The FY2025 report lists a multi‑party agreement (Oct 8–Nov 11, 2024) involving Shuhai Beijing, Guozhong Haoze, Guozhong Times and Jiajie Technology, recorded as a customer contract in the annual filing. Source: Datasea FY2025 10‑K (filed 2026).

Nanjing Linghui Information Engineering Co., Ltd.
Datasea’s FY2025 10‑K records a November 1, 2024 agreement between Guozhong Haoze and Nanjing Linghui, reflecting product or service delivery to that counterparty. Source: Datasea FY2025 10‑K (filed 2026).

Qingdao Dong’an Information Technology Co., Ltd.
On August 12, 2024 multiple Datasea subsidiaries entered into an agreement with Qingdao Dong’an; the transaction is listed as a material customer agreement in the FY2025 filing. Source: Datasea FY2025 10‑K (filed 2026).

Qingdao Ruizhi Yixing Information Technology Co., Ltd.
The company lists an August 12, 2024 agreement with Ruizhi Yixing among the material agreements executed during FY2025, included in consolidated subsidiary contracts. Source: Datasea FY2025 10‑K (filed 2026).

Shanghai Shixun Network Technology Co., Ltd. (Shixun Network)
Datasea disclosed an August 9, 2024 contract where Shixun Network agreed to purchase 5G+AI multimodal data cards for a 12‑month term, a direct product sale noted in the FY2025 10‑K. Source: Datasea FY2025 10‑K (filed 2026).

Tianjin Qianli Cultural Media Co., Ltd.
Datasea’s wholly‑owned subsidiary Shuhai Jingwei signed an agreement with Tianjin Qianli Cultural Media on December 25, 2024, recorded as a customer contract in the FY2025 filing. Source: Datasea FY2025 10‑K (filed 2026).

Wuhan Xiaoming Technology Co., Ltd.
Between August 9 and October 18, 2024, Shuhai Beijing, Heilongjiang Xunrui and Guozhong Times executed an agreement with Wuhan Xiaoming Technology, included among FY2025 customer contracts. Source: Datasea FY2025 10‑K (filed 2026).

Wuhan Xinze Shixiang Technology Co., Ltd.
Datasea’s FY2025 10‑K cites a September 18, 2024 agreement between Guozhong Haoze and Xinze Shixiang, evidencing a commercial engagement. Source: Datasea FY2025 10‑K (filed 2026).

Xinyi Xinfanfa Information Technology Co., Ltd. (Xinfanfa Technology)
A contract spanning August 8, 2024 to February 13, 2025 was executed with Xinyi Xinfanfa by Guozhong Times, Guozhong Haoze and Shuhai Beijing, per the FY2025 report. Source: Datasea FY2025 10‑K (filed 2026).

Yuxiang Zhiyang (Tianjin) Innovation Technology Co., Ltd.
Shuhai Jingwei signed a contract with Yuxiang Zhiyang on May 20, 2025; subsequent press coverage confirms Datasea provided customized 5G+AI multimodal services generating about RMB 6.53 million (~USD 0.92M) in a quarter. Sources: Datasea FY2025 10‑K (filed 2026); PR Newswire / StockTitan / Investing.com coverage (March 2026).

Shenzhen Yizhimei Technology Co., Ltd. (Yizhimei / Yizhimei Technology)
Datasea announced a strategic partnership to enable Yizhimei with Acoustics + AI for a next‑generation shampooing robot, and press reports and investor notes cite initial technical service revenue from this collaboration. Sources: PR Newswire press release (March 2026); analyst/news summaries (Intellectia, March 2026).

Hainan Zhixingjian Intelligent Technology Co., Ltd.
News releases describe a landmark contract where Hainan Zhixingjian agreed to pay Datasea RMB 9 per pair of shoes produced (including a RMB 1 mini‑program fee), indicating a per‑unit monetization model disclosed in March 2026 press coverage. Source: PR Newswire / StockTitan (March 2026).

Nanjing Linghang / Nanjing Linghang Intelligent Aviation Technology
Press reporting highlights collaborations to integrate Datasea’s acoustic‑driven EEG/BCI technologies with Nanjing Linghang for health robotics and robot deployments, framed as system validation and channel enablement for commercialization. Sources: StockTitan / Investing.com / NG.Investing summaries (March 2026).

ZTO Express (ZTO)
Datasea previously announced engagement by ZTO Express to develop 5G messaging applications, an initiative disclosed historically in a press release and noted in market coverage (FY2021 disclosure). Source: The Globe and Mail press release listing (circa FY2021).

(If you require a downloadable customer table keyed to each source, NullExposure can provide the underlying filings and press links; visit https://nullexposure.com/.)

Commercial implications and risk checklist

  • Revenue mix: FY2025 shows heavy skew to services (5G+AI multimodal) with incremental software and acoustic hardware sales; management reports subscription and pay‑per‑use elements that support recurring revenue growth if adoption expands.
  • Contract tenor & cash flow: Multiple 12‑month and project contracts indicate near‑term revenue visibility but limited long‑dated lock‑ins; modeling should treat a sizable portion of revenue as renewal‑dependent.
  • Customer profile: Broad SME base reduces single‑counterparty concentration but increases sales churn and operational selling costs; material agreements listed in the 10‑K constitute company‑level material contracts.
  • Geographic concentration: China‑centric exposure creates execution and regulatory risk for international investors; revenue to date has been generated from the PRC per company statements.

Bottom line and next steps for investors

Datasea’s commercial footprint demonstrates early‑stage commercialization with growing higher‑margin AI service revenue, enabled by multiple short‑term product and service contracts plus nascent subscription/usage monetization. The critical investor questions are execution of channel rollouts (e.g., Yizhimei and Nanjing partners), renewal economics, and the pace at which one‑off deployments convert to durable SaaS streams.

For a targeted dossier with linked filings and press sources that drive revenue modeling, visit NullExposure at https://nullexposure.com/. If you want a custom risk brief or a downloadable counterparty spreadsheet keyed to each FY2025 reference, request one directly at https://nullexposure.com/ and our team will assemble it.