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.
Accordingly, our manufacturing activities tend to peak between March and August and our sales of influenza vaccines tend to be more concentrated between July and September.
Business · p. 316
This seasonal pattern has resulted in, and is expected to continue to result in, fluctuations in our operating results.
Many end customers, particularly in e-commerce, retail, and logistics, tend to concentrate their order placements toward the end of the calendar year.
Business · p. 309
As a result, we often experience a substantial increase in order intake in the fourth quarter, while recognizing the actual revenue in the second half of the following year after project completion and customer acceptance.
Demand for and sales of our products follow the same seasonality pattern as sales of the end products that feature our products, including consumer electronics and smart vehicles. Demand for end products is affected by the holiday season and people's consumption habits, with certain seasonality patterns. As a result, we typically experience higher sales in the fourth quarter of the year.
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.
Our cloud-based communications services, namely our CPaaS and Contact Center SaaS services, are subject to seasonal fluctuations and generally experience an increase in customer demand during the second half of the year, particularly in the fourth quarter.
Business · p. 245
For instance, we generally see increases in service demands for promotional messages around online shopping festivals such as November 11, or “Double Eleven” (雙十一), and December 12, or “Double Twelve” (雙十二).
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.
Our sales performance is influenced by ceremonial and festival events such as Mid-Autumn Festival, Chinese New Year, PRC National Day holiday, Valentine’s Day, Qixi Festival and other national holidays, which are typically associated with the Chinese tradition of gift-giving.
Financial Information · p. 367
As a result, the variability in our sales related to these ceremonial and festival events may cause our business, financial performance and results of operations to fluctuate from period to period, and the comparison of sales and operating results between different periods within a single financial year may not be meaningful and should not be relied upon as indicators of our overall performance.
From our experience, we generally record relatively higher revenue in the second half of each year which coincides with higher sales of our customers resulted from festivities around the Black Friday, Thanksgiving and Christmas time and year-end promotion events in the second half of a year.
Business · p. 205
According to the F&S Report, this seasonality trend is consistent with the industry norm.
Our In-network Hospitals and radiotherapy centers, in line with the healthcare service industry in the PRC, typically have fewer patient visits shortly before and after the Chinese New Year, during which most people usually avoid visiting hospitals. As a result of the foregoing, our revenue was slightly lower in the first quarter of each financial year during the Track Record Period.
Our results of operations are subject to seasonal fluctuations.
Business · p. 229
Seasonal fluctuations have not thus far posed material operational and financial challenges to us, as such periods tend to be brief and predictable, allowing us to re-allocate resources and improve efficiency ahead of time.
Sales of our products and services are subject to seasonality.
Financial Information · p. 490
As a result of the seasonality effect and our relatively fixed costs and expenses structure, we may incur greater operation losses in the first half of our financial year than in the second half of our financial year.
In comparison, in the first quarter of 2025, as N-type TOPCon cells had become the industry mainstream and supply-demand was still in a process of adjustment, we deemed it financially prudent to not book overtime shifts, and as such the holiday season and cold weather's effects on production volume became more pronounced.
EV sales in China in the second half of the year tends to be higher compared to the first half.
Financial Information · p. 406
We also experience seasonality in the sales of ESS products, with the first and last quarter of each year recording less sales compared to the second and third quarters.
Our business is slightly affected by seasonality. We usually record higher sales revenue during holidays and festivals, such as Chinese New Year and anniversary of our Group. We also usually record a higher sales revenue during September to February of the next year, as there are more Chinese traditional festivals during this period.
Business · p. 287
In view of the seasonality factors, we usually review and adjust our inventory level in advance in order to accommodate the anticipated increase in demand and needs of our products to avoid supply shortage and our loss of profits.
During the rainy season, which generally occurs in the third quarter of the year, the continuous rainfall would block our heavy machinery and equipment from accessing our orebodies.
Business · p. 420
This was mainly because (i) the production volume of LXML for the third quarter of 2024 fell short of our expectations due to the impact of typhoons and floods, resulting in an inability to spread labor and depreciation costs; and (ii) labor costs and raw materials costs increased driven by global inflation.
Our business is subject to seasonal fluctuations. For example, during the Track Record Period, we typically had higher sales of cold drinks in summer each year due to hot weather and the increased demands for drinking and cooling.
Business · p. 259
This decline was primarily due to the seasonality of our operations and our efforts to optimize inventory levels for certain raw materials.