Other

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.

Business · p. 153

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.

Financial Information · p. 216

According to Frost & Sullivan, the semiconductor industry entered a downturn in 2022, which lasted through the first quarter of 2024.

Financial Information · p. 197

We experienced a delay in rolling out our high-density LPDDR4 memory ICs as we were not able to secure a suitable foundry.

Financial Information · p. 197

This diversity enables us to mitigate the impact of fluctuations in individual markets and capture growth opportunities across different sectors.

Financial Information · p. 197

During the Track Record Period, we faced seasonal fluctuation in our deployment of integrated ESS solutions and sales of ESS products.

Business · p. 177

For instance, particularly in 2025, due to regulatory deadlines introduced under new policies issued by the National Energy Administration in January and February 2025, which set April 30 and May 31, 2025 as cutoff dates for distinguishing between existing and new photovoltaic projects, leading to a concentrated project installation and grid-connection rush before June 1, 2025.

Business · p. 177

Due to our products being widely used in consumer electronics, smart-home appliances and fields with pronounced launch and shopping cycles, demand for and sales of our products generally follow the seasonality of the end-products in which they are embedded.

Business · p. 164

Our sales volumes are typically higher in the second and third quarters, driven by end-customers’ inventory build-up for new product launches and increased consumer spending during holiday seasons.

Business · p. 164

As a result, our revenue tends to be more concentrated in the middle of the year, reflecting the timing of key agricultural operations.

Business · p. 159

Such seasonality reflects the natural purchasing rhythm of agricultural operations and may cause temporary fluctuations in quarterly revenue recognition, capacity utilization, and inventory management.

Business · p. 159

To manage such seasonality, we have adopted production and inventory planning strategies designed to balance capacity utilization across quarters and maintain supply chain resilience, ensuring stable delivery during peak agricultural seasons.

Business · p. 159

The DRAM market is subject to strong cyclicality. Fluctuations within the DRAM industry have historically impacted our financial performance.

Financial Information · p. 225

Although the historical downturn in the niche DRAM market has exerted an adverse impact on our revenue, gross margins and operating cash flow, the recent recoveries, such as the supply-driven price increase in 2025, could potentially boost our revenue, profitability and improve our working capital flexibility.

Business · p. 196

We will adopt a dynamic, data-driven approach that aligns with the cyclical nature of the DRAM market.

Business · p. 198

For instance, domestic orders for wind power equipment are generally concentrated in the second and third quarters, largely influenced by seasonal construction conditions and the availability of labor resources, which can result in period-to-period fluctuations in our financial performance.

Business · p. 167

To mitigate the impact of this seasonality, we have implemented several strategic initiatives such as optimizing our production and inventory management processes, as well as expanding into overseas markets to reduce our reliance on weather-dependent resources in limited geographic areas.

Business · p. 167

During the Track Record Period, downstream demand experienced significant cyclical fluctuations.

Financial Information · p. 171

Looking forward, downstream demand remains sensitive to macroeconomic conditions, customer inventory adjustments and capital expenditure cycles, and any slowdown may adversely affect our financial performance.

Financial Information · p. 171

Our business is subject to seasonal patterns in business activity due to the procurement cycles of our customers.

Business · p. 149

As such, our interim operating and financial results may not accurately reflect our full-year performance.

Business · p. 149

Advertising and content cycles produce seasonality, with higher brand spending around Ramadan, Eid, and year-end.

Business · p. 146

Typically, since market demands and production cycles vary throughout the year, we sell more products under ODM model in the first and fourth quarters, and more branded products in the second and third quarters, of a given year.

Business · p. 158

If seasonal demand exceeds our expectation, we may not have sufficient stock or arrange for timely production and delivery. 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.

Financial Information · p. 218

For our intelligent city cluster multi-modal transit solutions, we generally experience effects of seasonality primarily driven by the extended project implementation times, and the timing of revenue recognition due to the project-based operations of this business.

Financial Information · p. 207

As a result, our operating and financial metrics for an interim period may not be representative of our overall performance.

Financial Information · p. 207

We have experienced, and expect to continue to experience, seasonality in our business.

Business · p. 174

We monitor seasonality effects closely and adjust our operational and promotional strategies to mitigate adverse impacts and to capture opportunities during peak seasons.

Business · p. 174

We have experienced, and expect to continue to experience, seasonality in our business.

Financial Information · p. 234

The memory product industry constantly evolves with technological innovations, while experiences clear cyclicality as the upstream market is highly concentrated and the downstream demand is susceptible to multiple factors.

Financial Information · p. 216

Our operational and financial performance are closely related to the cyclical nature of the industry, along with macroeconomic conditions, technological development, downstream demands, supply structure and capital expenditure trends.

Financial Information · p. 216

To capture the new growth opportunity, we are committed to upgrading and innovating our diverse product portfolio to serve a wider range of end markets, to enhance our resilience against market fluctuations.

Financial Information · p. 216

Due to the seasonality of agricultural production activities, our results of operations are subject to seasonality.

Financial Information · p. 226

For example, in Chinese Mainland, our sales revenue is more concentrated in the first half of the year, driven by a surge in customer orders ahead of the spring ploughing season at the beginning of the year.

Financial Information · p. 226

As a result, the industry has received extensive policy support and has developed rapidly, albeit with certain cyclical characteristics.

Business · p. 162

In 2023 and 2024, our integrated molten salt tower CSP plant solution business achieved significant revenue growth, primarily driven by increased project orders under the ‘‘renewable megabase’’ projects initiative.

Business · p. 162

The development of ‘‘renewable mega-base’’ projects and the introduction of CSP allocation policies in provinces such as Xinjiang, Gansu, and Qinghai have collectively driven our substantial revenue growth in 2023.

Business · p. 162

The demand for our products is significantly influenced by customers’ capital expenditure budgets, which are closely linked to macroeconomic conditions.

Business · p. 254

As a result, our operating results are closely correlated with prevailing macroeconomic conditions and may fluctuate with changes in the manufacturing investment cycle.

Business · p. 254

To diversify our revenue base and mitigate cyclicality, we intend to expand sales to customers in end markets with more favorable demand outlooks, particularly the automotive, lithium battery and electronics sectors, to support future growth.

Business · p. 258

Our Impression — Dahongpao Scenery Show is subject to seasonality of the tourism market, statutory holidays and festivals throughout the year.

Business · p. 196

Throughout the Track Record Period, peak seasons primarily coincided with major holidays and school vacations.

Financial Information · p. 312

Our Directors believe that the fluctuations of our sales activities in respect of our signature show objectively reflect the seasonality for the broader cultural tourism industry in Mount Wuyi, which impacts our Moonlight over Mount Wuyi, Impression Cultural Tourism Town business and Chatang hotel business as well.

Business · p. 197

We experience seasonal fluctuations in demand for our products.

Financial Information · p. 442

The peak seasons include the PRC National Day holiday, the period from Chinese New Year till Valentine's Day, and the period during our ''One RMB Exchange'' promotion which is typically in June to September.

Financial Information · p. 442

Accordingly, results of any interim period are not necessarily indicative of results that might be expected during a full year.

Business · p. 350