Company: ABLV
Filing Date: 2025-04-23
Form Type: 20-F
Source: 0001213900-25-034677
Chunk: 8

Company: Able View Global Inc.
Filing Date: 2025-04-23
Form: 20-F
Item: Item 3
Chunk 8
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as well as factors beyond our control, such as level of competition faced by our brand partners, their level of success in e-commerce
and their spending levels.

In particular, some of our existing brand partners
have had years of cooperation with us and we generated a significant portion of our net revenue through the sale of products from
our brand partners in the stores operated by us. Net revenues related to our top three brand partners as ranked by net revenues comprised
approximately 71%, 14% and 4% of our total net revenues, respectively, in 2024. We had 15 brand partners contributing all of our gross
merchandise value (GMV) in 2024. For the year ended December 31, 2024, the products sales of two of Able View’s brand partners
contributed over 10% of the Company’s revenue, with the top brand partner, Clarins, contributing 71%. Able View entered into a new
partnership relation with a new brand in 2024. If any brand partner terminates or does not renew its business relationship with us, our
GMV may be materially and adversely affected. In the past, some brand partners did not renew their business relationships with us, and
we cannot assure you that our existing brand partners will renew their business relationships with us in the future. If some of our existing
brand partners, in particular brand partners with years of cooperation with us, terminate or do not renew their business relationships
with us or renew on less favorable terms, and we do not acquire replacement brand partners or otherwise grow our brand partner base, our
results of operations may be materially and adversely affected.

The non-compete provisions in some of our
contracts with existing brand partners may restrict us from selling product of, or providing service to other brand partners, may negatively
influence our development and expansion of our brand partner base.

Some of our contracts with existing brand partners
were based on standard forms proposed by such brand partners that contain non-compete provisions prohibiting us from selling products
of, or providing similar services to, competitors of such brand partners. Such provision has restricted and may continue to restrict the
development and expansion of our business with some of our brand partners. As our business further expands, we may engage in business
with multiple brand partners that may be in competition with each other and may be subject to similar non-compete restrictions requested
from other existing brand partners or future brand partners. We cannot assure you that we will not be found to be