Hong Kong IPO disclosure precedents · 165 companies, 165 items
Seasonality with stronger H2 sales from new product launch cycles and holiday shopping seasons, and lower Q1 sales or production due to Chinese New Year holidays.
During the Track Record Period, we typically recorded higher revenue in the second half of each year, primarily because our customers generally conducted inspections upon project completion and confirmed their acceptance in the second half of the year.
Financial Information · p. 348
Such seasonality patterns can also affect our working capital and liquidity conditions, as well as the level of our inventory, contract assets and contract liabilities.
The demand for our products is affected by consumers’ consumption patterns. The demand for our products is typically relatively higher before traditional festivals, such as China’s Spring Festival, Mid Autumn Festival and National Day.
As a result of the foregoing, our revenue was lower in the first quarter of each financial year and higher in the fourth quarter of each financial year during the Track Record Period.
Business · p. 281
As a result of these factors, our revenue was lower in the first quarter of each financial year and higher in the fourth quarter of each financial year during the Track Record Period.
Our sales are generally higher in the second and third quarters of each year due to increased consumption driven by warmer weather.
Financial Information · p. 263
Conversely, the first and fourth quarters are generally low seasons with relatively lower revenue, which negatively affects our profitability during the same periods.
Demand for and sales of our products follow the same seasonality pattern as sales of the end products that feature our products.
Business · p. 199
As a result, we typically experience higher sales in the second and third quarters of the year due to the stock preparation of customers in response to the new product launch cycles and increased shopping activities during the holiday seasons.
As a result of the timing of sales contracts and order fulfillment, we recorded higher sales volume in the second half of 2024 as compared to the first half of 2024, and we expect to experience a similar pattern in 2025.
In general, the fourth quarter is the peak season, mainly driven by (i) the year-end rush for grid connection of energy storage projects in the PRC; and (ii) higher electricity demand during the winter season in overseas markets, which increases the demand for household energy storage.
Our results of operations are exposed to seasonal fluctuations.
Business · p. 195
Specifically, our digital educational content services and products are more affected by seasonality, primarily due to (i) this segment accounting for the majority of our revenue and profit, with revenue typically recognised in the second half of the year, and (ii) its cost structure mainly comprising fixed staff salaries, which are incurred evenly throughout the year regardless of revenue recognition, which collectively lead to more noticeable fluctuations in gross profit margin across different periods.
Business · p. 195
For example, from July to September 2025, we delivered an aggregate of 1,908 digital courses and 1,833 knowledge graphs, respectively, in line with the seasonal delivery cycle typical in our industry.
We experience seasonal fluctuations in our revenue and results of operations.
Business · p. 293
We have historically experienced, and expect to continue to experience, accelerated revenue generation, especially our sales of self-manufactured SiC epitaxial wafers which accounted for a majority of our revenue, in the second half of a particular year as compared to the first half of that year, except in 2024 in view of the relatively intensive global trade tensions.
Business · p. 293
The accelerated revenue generation in the second half of a year is mainly attributable to the more intensive close-to-year-end promotional activities for sales of products held in the industries and sectors to which our SiC epitaxial wafers are ultimately applied, which leads to a larger purchase volume in the second half of a year.
Historically, we have consistently recorded higher revenue in the second half of the year compared to the first half of the year.
Business · p. 323
We expect that the impact of seasonality on our business to remain in the future.
Business · p. 323
The increase in trade and bills receivable turnover days from 2024 to the six months ended June 30, 2025 was mainly due to seasonal effects, as revenue in the first half of the year is less than in the second half of the year, resulting in a shorter accounts receivable turnover period in the first half of the year than in the full year.
During the Track Record Period, we typically recorded higher revenue and cost of sales in the second half of each year.
Financial Information · p. 333
These customers generally initiate projects in the first three quarters of the year and complete contracts in the second half, based on their business plans and the progress of our solution development and deployment, which, according to Frost & Sullivan, aligns with industry practice.
Our financial condition and results of operations are subject to fluctuations during holiday and festival seasons.
Business · p. 313
We typically have increased sales before and during the holiday seasons, festivals and events. As a result, we generally record higher revenue during these periods.
Financial Information · p. 400
Our total current assets increased from RMB1,154.4 million as of June 30, 2025 to RMB1,189.5 million as of August 31, 2025, mainly due to (i) an increase of RMB210.5 million in financial assets measured at FVPL, primarily because we invested in structured deposits issued by banks in the PRC, which had no fixed or determinable returns; (ii) an increase of RMB73.3 million in inventories, mainly due to the procurement in preparation for the sales during the mid-autumn festival; and (iii) an increase of RMB70.9 million in trade and other receivables, primarily due to the increase of trade receivables from franchisees.
Sales in winter tend to be lower, mainly due to the impact of cold weather and the Spring Festival holidays, when construction activities decrease.
Business · p. 291
However, with the arrival of spring and the rise in temperature, construction activities gradually increased, and many projects were either restarted or accelerated, typically resulting in an increase in sales.
We typically record higher revenue in the second half of the year attributable to increased purchases from hotel customers in preparation for the National Day holiday, Christmas and New Year, which is in line with the peak period of the hotel industry.
Business · p. 336
If seasonal demand is lower than our expectation, we could be left with excess inventory, higher working capital and liquidity requirements, as well as the risk of impairment losses on our inventory.
Our passenger vehicles sales generally decline over January and February, particularly around the Chinese New Year, and gradually pick up over spring and summer. Passenger vehicles sales generally culminate in the last quarter of a calendar year, which is traditionally an important sales season for the automotive industry, mainly due to nationwide auto shows and increasing vehicle purchases near year end.
This difference was mainly attributable to the seasonality of our digital healthcare and wellness solutions, which typically generate lower revenue contribution in the first quarter, with a larger share of revenue recognized in the second half of the year as additional business customers are acquired.
Business · p. 328
This reflects seasonal fluctuations in the healthcare industry, particularly during the Spring Festival period, which Frost & Sullivan has confirmed as an industry norm.
Our financial performance and results of operations are subject to seasonal fluctuations. Sales are relatively lower during the first two months of each year primarily due to winter weather conditions that limit outdoor cycling activities, whether for general commuting or recreational purposes, and the Chinese New Year holiday period.
In line with the industry norm of the dental services market in China, we typically witness increase in customer visits in July and August each year, as it can be easier for potential customers, especially children and teenagers, to have time for dental diagnosis and treatment during their summer vacation.
Business · p. 250
We expect our business operations and financial performance to continue to experience minor fluctuations based on seasonal factors. Our financial performance for any period of less than a year may not reflect our annual financial results.
Financial Information · p. 311
Despite the impact brought by seasonality, particularly fewer customer visits shortly before and during the Chinese New Year holiday in late January 2025, the total number of our customer visits only recorded a slight decrease from 189,346 in the fourth quarter of 2024 to 175,141 in the first quarter of 2025, attributable to our continuous efforts to expand service network while enhancing service quality and experience.
We typically experience sales peaks during winter.
Financial Information · p. 279
To offset the impacts of seasonality to a certain extent, we have enriched our product mix to include roasted pork sausage, shumai, steamed buns and crayfish products, among others, and expect to meet the needs for more diverse dining scenarios.
Our business and results of operations are affected by seasonality, resulting from seasonal fluctuations in customer purchases.
Financial Information · p. 296
As we typically recognize revenue upon acceptance by the customer, we had higher revenue from our products and solutions in the second half of the fiscal year, which is in line with the industry norm, according to Frost & Sullivan.