During the Track Record Period, revenue generated from overseas markets amounted to RMB1,960.6 million, RMB2,713.5 million and RMB2,780.8 million in 2023, 2024 and 2025, respectively, accounting for 17.1%, 18.6% and 19.4% of our total revenue for the same periods.
Financial Information · p. 198
We have established production bases and sales centers worldwide, including in Brazil, Indonesia, Poland, Germany, Mexico and Kenya, serving approximately 70 countries and regions as of December 31, 2025.
During the Track Record Period, revenue derived from mainland China amounted to RMB231.2 million, RMB330.6 million and RMB409.9 million, representing 49.5%, 53.6% and 60.0% of our total revenue, while revenue derived from overseas markets amounted to RMB235.9 million, RMB286.6 million and RMB273.4 million, representing 50.5%, 46.4% and 40.0% of our total revenue, respectively.
Summary · p. 1
We have strategically established four production plants in Guangzhou, Zhaoqing, and Jingdezhen, China, as well as in Selangor, Malaysia, to ensure our product delivery capacity and promptly meet the developing demands of key global customers.
Changes in U.S. tariff policies have also had some indirect impacts on our business, and were one of the factors contributing to the decrease in our revenue from sales of actuators by RMB36.7 million, or 29.3%, from RMB125.3 million in 2024 to RMB88.6 million in 2025.
Summary · p. 4
Based on the foregoing, including (i) the limited direct impacts of U.S. tariffs on the Group's business, (ii) the decline in our actuator sales in 2025, partially and indirectly caused by these tariffs, with actuator sales representing only a minor portion of our total revenue, and (iii) the Group's strategic mitigating measures, the Directors are of the view that, based on the tariff measures in effect as at the Latest Practicable Date, U.S. tariffs have not had, and are not expected to have, any material adverse impact on the Group's business or results of operations.
During the Track Record Period, U.S. tariffs on imports from China peaked at 145%, while China’s retaliatory tariffs on U.S. imports peaked at 140%.
Summary · p. 10
In 2023, 2024, 2025 and the three months ended March 31, 2026, revenues generated from products directly exported to the United States accounted for approximately 5.0%, 4.8%, 4.6% and 3.2% of the our total revenues, respectively.
Business · p. 157
For PCBs sold directly to the U.S., import clearance and tariff payments are borne by our customers, in accordance with the international commercial terms set out in sales agreements.
During the Track Record Period, our procurement from U.S. suppliers mainly comprised prunes, which amounted to nil, RMB3.3 million and RMB16.2 million in 2023, 2024 and 2025, respectively, representing nil, 0.3% and 1.1% of our total purchase amount during the same years.
Summary · p. 12
Our procurement from U.S. suppliers increased in 2025, mainly because we procured a large amount of prunes from the U.S. in early 2025, prior to China's implementation of additional tariffs on U.S. goods or after China lowered its tariffs on U.S. goods, mainly due to customer demand for our prune-based products.
Summary · p. 12
We have found alternative suppliers for comparable prunes at competitive price.
Our revenue from overseas markets was RMB1,799.8 million, RMB2,042.5 million and RMB2,306.7 million in 2023, 2024 and 2025, respectively, accounting for 78.3%, 86.7% and 91.2% of our total revenue in the same periods, respectively.
Financial Information · p. 158
Changes in trade policies or the imposition of additional tariffs may increase the cost of our products in certain markets and affect our competitiveness in those markets.
Financial Information · p. 158
We continuously monitor changes in international trade policies and adjust our production and sales strategies accordingly.
In 2023, 2024 and 2025, revenue from our solutions installed in overseas vehicles constitute 0.8%, 4.4% and 7.5% of our total revenue, respectively.
Business · p. 170
As of the Latest Practicable Date, our collaborations already spanned 14 OEMs across China, East Asia, Europe and the United States.
Business · p. 127
As of the Latest Practicable Date, our Directors do not anticipate material adverse impact to our overseas market expansion strategy as a result of the U.S. or EU tariff.
During the Track Record Period, we exported pump products into the United States, with a transaction amount of approximately RMB81.3 million, RMB83.1 million and RMB61.1 million in 2023, 2024 and 2025, respectively, accounting for 0.3970%, 0.3924%, and 0.3049% of our total revenue respectively in each of the corresponding years.
Business · p. 198
Furthermore, while U.S. tariff fluctuations have led some customers to reduce procurement, resulting in a decline in our income from sales to the United States in 2025, our exports to the United States constitute a negligible share of total revenue, and thus the overall impact is not material.
Business · p. 199
After consulting with our International Sanctions Legal Advisor, our Directors confirm, and the Joint Sponsors concur, that the enhanced U.S. tariffs have had no material adverse impact, directly or indirectly, on our business operations and financial performance.
From 2023 to 2025, our overseas business expanded remarkably, with the proportion of revenue from products delivered to overseas markets increased significantly from 39.6% to 74.5%, underscoring the success of our strategic shift and strong customer recognition.
Business · p. 108
The European offshore wind market is characterized by high entry barriers and substantial commercial potential, and offshore wind power equipment in Europe serve as a primary driver of our profitability.
Business · p. 108
With offices in Europe, Japan, and South Korea, we have built a sales and marketing network covering key development regions for offshore wind sector, providing a foundation for our further expansion into emerging markets such as Australia and Southeast Asia.
In 2023, 2024 and 2025, our revenue from overseas sales was RMB0.3 million, RMB9.3 million and RMB119.3 million, accounting for 1.5%, 3.6% and 20.6% of our total revenue, during the same years, respectively.
Business · p. 143
Guided by an international expansion strategy, we develop overseas service networks to support the sustainable growth of our global business, ensuring proximity to key markets and timely delivery for global customers.
The sales amount of U.S.-origined products accounted for 4.4%, 4.2% and 4.1% of our total sales in 2023, 2024 and 2025, respectively, out of which 1.1%, 0.8% and 0.9% were directly purchased from brand owners located in the U.S., respectively, and others were purchased from brand owners’ authorised sales agents or PRC branches.
Summary · p. 15
Our Directors are of the view that the risk of rising tariffs has had relatively limited impact on our operations.
Summary · p. 15
Based on the foregoing, our PRC Legal Advisers and our Sponsor concur with our Directors’ assessment that the U.S. tariff policies did not and will not have a direct material impact on the Group’s business operations or financial performance.
During the Track Record Period, our overseas business generated cumulative revenue of nearly RMB8.0 billion and has become an important growth driver for our Group.
Business · p. 159
As of December 31, 2025, we had operated 842 ophthalmic medical centers globally, including 663 in Chinese Mainland, 151 in Europe, 18 in Southeast Asia, nine in Hong Kong and one in the United States.
Financial Information · p. 221
Globally, our strategic acquisitions in Europe, the United States, and Southeast Asia are critical to diversifying our revenue streams and capturing international market share.
In 2023, 2024, and 2025, our revenue from overseas countries and regions accounted for 40.2%, 35.5%, and 51.0% of our total revenue, respectively.
Financial Information · p. 166
We are actively enhancing diversified global presence, increasing investment in commercial and industrial and utility-scale energy storage business, AIDC, and other new businesses to hedge against industry and market volatility.
During the Track Record Period, our overseas business was at a relatively early stage with rapid development, increasing from RMB10.2 million in 2023 to RMB29.4 million in 2025, at a CAGR of 69.4% from 2023 to 2025.
Financial Information · p. 194
Outside China, we expand through a combination of direct sales arrangements and localized distributors in Southeast Asia, the Americas and Europe.
The reduction in average annualized GMV per store in our overseas directly-operated stores since 2023 was primarily attributable to the significant increase in the number of newly opened stores overseas.
Business · p. 112
We also expanded our footprint into overseas markets such as Malaysia, the Philippines, Vietnam, Singapore, Thailand, and Indonesia.
From the perspective of U.S. and E.U. tariffs, we did not record any export sales to either the U.S. or the E.U., and all of our sales were made to customers located in countries and regions outside these jurisdictions, in each case, during the Track Record Period and up to the Latest Practicable Date.
Summary · p. 14
However, we may face at least 10% additional tariffs if we plan to export its products to the U.S. in the near future.
Business · p. 174
Specifically, we generated RMB25.0 million, RMB18.5 million and RMB17.1 million from overseas OEM customer in Thailand, accounting for 2.8%, 1.4% and 0.7% of our total revenue in 2023, 2024 and 2025, respectively.
To address structural gaps in U.S. last-mile delivery, we launched local last-mile delivery services in the U.S. in March 2024 as part of our globalization strategy.
Summary · p. 1
Since its launch in March 2024 until December 31, 2025, through our U.S. service network, we processed an aggregate of approximately 46.8 million parcels.
Business · p. 124
Our local last-mile delivery services generated revenue of RMB91.2 million and RMB385.3 million in 2024 and 2025, respectively.
We also export products on an OEM basis to overseas motor component vendors in over 30 overseas countries and regions, primarily in European countries such as Germany, Italy and Turkey, as well as in Africa.
Summary · p. 1
Given our overseas sales exposure, we are subject to foreign exchange fluctuations between RMB and such foreign currencies, which may adversely affect our revenue, cost of sales and profitability.
Business · p. 123
We have professional staff within the finance department to manage risks arising from transactional effects of exchange rate fluctuations, utilizing the natural hedge for settling currencies and forward foreign exchange hedging contracts, while controlling the scale of foreign currency assets and liabilities.
During the Track Record Period, our revenue generated from the sales to the United States amounted to RMB492.7 million, RMB524.8 million and RMB887.6 million, respectively, in 2023, 2024 and 2025, accounting for 26.2%, 22.9% and 28.4% of the total revenue for the same periods.
Summary · p. 10
To address the impact of the additional U.S. tariffs, we have taken the following measures to enhance our sales in the U.S., consistent with the industry practice, as confirmed by CIC:
Summary · p. 10
We passed on the impacts of the tariff increases to customers through adjustments on the recommended retail prices.