Able View Global

Able View’s sales are exposed to discretionary beauty spending in China, platform algorithms, and partner renewals. Concentration is material: the top three customers accounted for 21%, 19%, and 19% of 2025 revenue, while the top two vendors were 50% and 42% of purchases. Platform concentration is also high (Tmall 29% and JD 21% of GMV in 2025).

These factors, plus macro/regulatory variability, reduce visibility of steady organic growth.