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.
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.
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.
Demand for and sales of new energy products are generally not affected by seasonal fluctuation.
Business · p. 160
We typically experience higher sales for our dehumidifier products in January to March in Southern China and June to August in Eastern China due to the higher demands in rainy seasons.
The Group’s operations are generally characterised by moderate seasonality associated with cargo shipment patterns, agricultural export cycles, weather conditions and passenger transportation demand during holiday periods.
Business · p. 161
However, the Group benefits from diversification of its freight transportation categories and a stable underlying demand for railway transportation services throughout the year.
Many of the mining sites where our solutions are deployed are located in remote regions, often at high latitudes, where harsh winter conditions can limit site access and slow mining activities.
Business · p. 179
As a result, we typically see a slowdown in solution deployment and revenue recognition during the first quarter.
Certain of our product categories can be affected by weather due to the nature of our products, such as air conditioner components.
Business · p. 166
We expect the impact of seasonality on our business to remain in the future, although by leveraging our diverse product portfolio, we generally do not experience material seasonal fluctuations with respect to our results of operations and financial conditions for our Group as a whole.
Our business is subject to seasonal fluctuations, primarily driven by sales of our influenza vaccines.
Business · p. 173
Additionally, the effectiveness of our manufacturing plan, which takes months from execution commencement to completion, is impacted by the seasonality of certain products.
ESS sales in our key markets are subject to seasonality due to a variety of factors, including seasonal demand fluctuations, policy influences, holidays and climate conditions.
Business · p. 156
In Europe, for example, customers generally prefer to install ESS products from spring to early fall due to more favorable weather conditions.
Business · p. 156
In South Africa, for example, demand for ESS products is elevated during the delivery window before the winter season.
The seasonality of the operations is primarily driven by the influenza season, during which demand for the anti-influenza product Tamiflu® tends to increase, typically peaking between November and March, while other products generally do not exhibit significant seasonal fluctuations.
Business · p. 194
For Tamiflu®, we employ a data-driven demand forecasting and inventory management system, including real-time influenza surveillance monitoring and predictive modeling updated weekly.
Our Directors and Commissioners considered that, and as confirmed by CRU, our operational and development activities may also be impacted to some extent by unusual or adverse weather conditions, particularly during the rainy season when heavy rainfall can create challenging working conditions.
Business · p. 218
To mitigate this risk, construction and production activities are scheduled with reference to weather forecasts, demand for goods, and inventory levels, with the objective of maintaining cost discipline and operational continuity during periods of heavy rainfall.
Our business and results of operations are subject to seasonal and cyclical fluctuations, which are primarily driven by varying consumer demands across different scenarios, weather conditions, and holiday effects.
Business · p. 141
We proactively adjust our product strategies and supply chain arrangements in response to such fluctuations, including planning in advance to increase brand diversity or introduce seasonal-appropriate categories to meet evolving consumer demand.
Our sales are generally higher in the first and fourth quarters of each year, primarily due to season changes, traditional holiday shopping periods and new product launches that stimulate consumer demand.
Business · p. 144
Warmer autumns and milder winters in recent years have delayed the onset of cold weather, directly impacting demand for higher-priced autumn and winter apparel such as outerwear and down jackets, as customers may postpone purchases or opt for lighter garments when temperatures remain elevated.
Financial Information · p. 181
To address the uncertainties associated with seasonal shifts and climate variability, we have adopted a flexible sales forecasting system and developed a product portfolio that covers seasonally relevant items throughout the year.
The first quarter of a calendar year usually sees fewer inpatient and outpatient visits, mainly due to the Chinese New Year, during which most people usually avoid visiting medical institutions.
Financial Information · p. 224
As a result, our operating and financial results for an interim period may not be representative of our overall performance.
Our business and operating results are subject to seasonal fluctuations, particularly in the first quarter, due to factors such as winter weather and holidays.
Business · p. 164
According to Frost & Sullivan, the sales of mining equipment exhibit certain degree of seasonality.
Typically, demand tends to decline in winter and summer due to extreme weather conditions and holiday periods, which slow or temporarily halt construction activities.
Business · p. 147
To ensure efficient utilization of personnel and production capacity, we typically estimate seasonal demand in advance, drawing on our extensive industry experience, and schedule production ahead of peak periods.
For instance, in winter, due to climatic factors, the incidence of respiratory diseases, cardiovascular and cerebrovascular diseases is relatively high, leading to a higher level of consumption of related home care medical devices.
Business · p. 146
In addition, affected by special periods such as "618" and "Double Eleven (雙十一)" shopping festivals, online sales may experience a significant increase.
Business · p. 146
As we continue to enrich our product portfolio, we expect to reduce the impact of seasonality with increased diversity.
Our results of operations are subject to mild seasonal fluctuations.
Business · p. 163
During the Track Record Period, we usually observed an increase in revenue during winter, primarily due to the rise in the demand for pharmaceuticals and other healthcare products targeting respiratory and other seasonal diseases during winter.
Although summers are typically the low season for baby diaper products in our industry across the PRC, Southeast Asia, Central Asia and Africa due to some parents choosing cotton nappies or other alternative loose-fitting garments to prevent heat rash during hot months, our diverse product mix (such as feminine care product) has enabled us to maintain relatively consistent revenue levels throughout the year during the Track Record Period.
Our edible fungi business is also subject to seasonal fluctuations. From late autumn to early spring, due to cooler weather, more holidays and lower supply of green vegetables, the purchasing frequency of edible fungi often increases.
Business · p. 175
For detailed discussion of risks associated with seasonality, see “Risk Factors — Risks Relating to Our Business and Industry — Our product sales and business operations are subject to seasonal fluctuations”.