Our business may be subject to seasonality, with higher revenue generally recorded in the second half of each year during the Track Record Period.
Financial Information · p. 236
(i) we typically accelerate the collection of trade and bills receivables towards the end of a year, and, therefore, the sales collections rate during the first four months of a year is typically lower than the full-year rate, leading to relatively higher turnover days in the first four months of a year;
Our business is subject to seasonality during the Track Record Period, see "Risk Factors—We are subject to seasonal fluctuations in our revenue" for more details.
Orders for pharmaceutical glass packaging may decrease in the third quarter due to maintenance shutdowns or holidays at certain pharmaceutical companies, and gradually recover after October. Customers of our household heat-resistant glass may build inventory in the fourth quarter in preparation for Christmas and the year-end consumption peak season.
Business · p. 161
Accordingly, our revenue and results of operations may fluctuate between periods due to the timing of customer orders, product mix, delivery arrangements and operating expenses, and our interim results may not be indicative of our results for the full year.
Our results fluctuate due to consumer electronics trends, typically peaking in the second and fourth quarters as downstream demand for consumer electronics is seasonal.
Financial Information · p. 245
These fluctuations are seasonal, and interim results should not be relied upon as indicators of full-year performance.
Given our customers in the automotive industry usually deliver more of their vehicle models towards the year end, this has an impact on the timing of our delivery of relevant solutions and products as we need to plan production and delivery schedule ahead.
Financial Information · p. 212
Such fluctuations are seasonal in nature and thus quarterly or half-year results are not indicative of our results of operations for the full year.
While not traditionally seasonal, our revenue does exhibit predictable fluctuations throughout the year.
Business · p. 161
The third quarter is typically our slowest sales period, situated between the two major promotional peaks of the second and fourth quarters. The fourth quarter is consistently our strongest sales period, benefiting from a convergence of major global promotional events.
In particular, due to the impacts of the public holidays such as the Spring Festival and the stocking and sales cycles of customers before or around holidays, we typically experience higher sales in the second and fourth quarters during the year.
Financial Information · p. 232
As we continue to enrich our product portfolio and expand into other high-value sectors and application scenarios, we expect to reduce the impact of seasonality with this increased diversity.
However, based on our past practice, our mining operations may be impacted by the rainy season, which generally occurs in the second quarter of the year, when continuous rainfall may impede heavy machinery and equipment from accessing our orebodies. However, taking into account such factors, we stockpile ore in advance of the rainy season to maintain a stable feed to our processing plant, and our production volume has therefore not been materially affected.
Business · p. 134
Based on our past practice, our mining operations may be impacted by the rainy season, which generally occurs in the second quarter of the year, when continuous rainfall may impede heavy machinery and equipment from accessing our orebodies.
We have historically experienced, and expect to continue to experience, a decrease in demand during July and August due to routine summer maintenance activities undertaken by our tyre manufacturers clients.
Business · p. 131
To effectively manage these seasonal characteristics, we proactively engage with our clients to understand downstream demand changes, allowing us to prepare for production and inventory management well in advance.
For PCB products used in smart devices, we typically experience higher sales in the second half of the year due to the new product launch cycles of downstream end markets and increased shopping activities during the holiday season.
Business · p. 158
Moreover, we typically record relatively lower sales and revenue in the first quarter due to the impact of the Spring Festival holiday.
Our results of operations historically have been seasonal because our end customers engaging in finance, government, telecommunications, energy, and manufacturing fields typically adhere to strict budget management systems.
Business · p. 171
As a result, our revenue is usually concentrated in the final quarter of each year, while our expenses are incurred relatively evenly throughout the year, leading to quarterly variations in profitability.
We experience seasonality in certain product categories of our business, primarily due to differences in end-market demand and usage scenarios.
Business · p. 160
Demand for our LSEVs is generally stronger in the second and third quarters of each calendar year, primarily because warmer weather is more conducive to outdoor and community usage, while demand is typically lower in the first quarter.
Business · p. 160
Sales of our electric two-wheelers generally peak in the fourth quarter, mainly driven by holiday-season demand in the United States, including Thanksgiving and Christmas holidays.
Our revenue recognized in the fourth quarter of the fiscal year accounted for 41.5%, 35.9% and 31.9% of our revenue in the full year of FY2023, FY2024 and FY2025, respectively.
Business · p. 188
Due to industry conditions and other factors, the degree of seasonality may vary each year, making it difficult for us to accurately project demand levels.
In respect of copper tubes, we generally experience a peak season from March to June each year, driven primarily by the production and consumption cycle of air conditioning and refrigeration systems across our downstream markets during summer seasons, with sales volumes moderating during the off-peak period from July to October.
Business · p. 146
For example, we generally observe higher sales of copper tubes in the first half of the year, primarily due to the surging demand for cooling systems in the summer season, while copper foil sales tend to increase in the second half, primarily due to the consumption cycle of copper products in manufacturing activities of end markets.
The resort industry is seasonal in nature, with demand generally being higher during major public holidays and peak vacation seasons, particularly during the winter season for our mountain and ski resorts and the summer season for our sun and beach resorts.
Business · p. 125
We seek to balance the seasonal impact by geographic diversification of our resort portfolio and by our diversified global customer base.
Business · p. 126
In addition, we achieve higher profitability from our mountain and ski resorts in winter.
During the Track Record Period, our operation was subject to certain seasonal fluctuations, with typically increased sales during the fourth quarter.
Business · p. 201
This trend is primarily attributable to (i) the fact that we initiated the commercialization of our Core Product following its NMPA approval in January 2024, and the lower sales volume in the first half of 2024 reflected a natural ramp-up period as we progressively expanded our hospital coverage and established our distributor network; and (ii) the purchasing patterns of our distributors, who tend to increase their inventory levels toward year-end in anticipation of public holidays and potential logistics disruptions, to ensure continuous supply for clinical procedures.
As a result, the demand and sales of sebaloxavir marboxil tablets are expected to increase significantly during influenza seasons and decrease during non-peak periods, leading to seasonal variations in our revenue and results of operations.
Financial Information · p. 223
Our inventory turnover days increased from 7,246 days in 2025 to 8,229 days in the six months ended June 30, 2026, primarily because our product sales are concentrated in the winter-spring influenza season, which led to lower sales volume and correspondingly lower cost of sales recognized in the first half of 2026.
Specifically, demand tends to be strong during peak promotional periods such as June, November, Christmas, and New Year, while production schedules may also be affected by the Chinese New Year holidays in the first quarter.
Business · p. 191
We recorded impairment losses on financial assets of RMB3.8 million in 2023, primarily due to the timing of collections from a major e-commerce platform customer in 2023, which was affected by the New Year holiday.
Consequently, our business exhibits notable seasonality, with a higher portion of revenue recognized in the fourth quarter of the year.
Business · p. 176
The number of projects is generally lower in the first six months of a year than for the whole year, primarily due to the seasonality of our business, as we generally secure most of our projects in the second half of each year.
Business · p. 156
The further increase to 240 days for the six months ended June 30, 2026 primarily reflected the seasonality of our business, as project delivery, customer acceptance and the corresponding revenue recognition are generally more concentrated in the second half of the year.
We typically experience higher sales in the periods leading up to major online shopping festivals in China, such as the "618" Shopping Festival in June and "Double 11" Shopping Festival in November, as well as prior to the Chinese New Year Shopping Festival.
Financial Information · p. 206
As a result, comparisons of our sales and operating results between different periods within a single financial year may not be indicative of our full-year performance and should not be relied upon as such.
Financial Information · p. 206
The amount further increased to RMB106.5 million, which was primarily attributable to the seasonal ramp-up for the "618" Shopping Festival in June 2026.