For example, in the first quarter, which coincides with the Chinese New Year holiday, online and offline hospitals and pharmacies in China generally experience a lower volume of patient visits and other activities, and we typically expect a lower demand for our services and products during that period as a result.
Business · p. 281
However, given our significant growth during the Track Record Period, the effect of seasonality on our operating results was not particularly apparent, and seasonal factors had minimal impact on our overall business and financial performance.
We have experienced, and expect to continue to experience, seasonality in our business.
Business · p. 334
For example, during the Chinese New Year holiday in the first quarter of each year, fewer drivers are active, and there is typically less demand.
Business · p. 334
We usually experience spikes in order volume in summer and winter during which seasons individuals typically have stronger demands for ride-hailing services.
As such, during the Track Record Period, the Group would typically record a higher portion of revenue for its Telecommunications Infrastructure Services business segment and its Digitalisation Solution Services business segment during the second half of the year.
Business · p. 199
As further confirmed by the Directors, it was mainly due to the fact that the Group’s major customers generally tend to invest more in capital expenditure later in the year.
Both our API marketplace and data management solution business lines are subject to seasonal fluctuations and generally experience higher profitability in the fourth quarter of the year.
Business · p. 226
In 2021 and 2022, our fourth quarter recorded more than half of the revenue in the respective year.
Business · p. 226
In 2022 and 2023, our gross profit margin in the fourth quarter was higher than our annual gross profit margin in the same year, primarily because we received discounts from our data service suppliers in the fourth quarter.
Our results of operations are subject to seasonal fluctuations, reflecting a combination of seasonal fluctuations in internet usage and traditional retail seasonality patterns.
Business · p. 299
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.
As such, the demand for our products is generally higher before the Chinese New Year holidays and is generally lower during the Chinese New Year holidays.
Business · p. 204
Thus, we recorded the sales revenue of approximately HK$44.3 million and HK$52.5 million for the first quarter of 2021 and 2022, respectively, and approximately HK$58.0 million, HK$60.9 million for the last quarter of 2021 and 2022, respectively.
Sales volume of used vehicle in China are typically higher in the first quarter (particularly before the Chinese New Year) and fourth quarter of a year, traditionally the major selling seasons for used vehicles.
Business · p. 308
In line with industry practice, most of our auto shows and exhibitions take place in the second half of the year.
Business · p. 308
To mitigate the fluctuation during the low seasons, our auction sites have introduced, and plan to continue to introduce, a variety of promotional and marketing activities based on the transaction volume and level of buyers’ participation at the respective auction sites.
Due to a surge in consumer spending around holiday or sale seasons, such as the Singles’ Day, Black Friday, Christmas and New Year’s Eve, we normally have a larger volume of orders and generate more revenue in the fourth quarter of each year.
Business · p. 220
On the other hand, there is no material seasonality for our “first-mile” international freight services as our customers normally utilize our solutions to store its pre-sale stocks in our overseas warehouses.
Our business is subject to seasonality, resulting from the seasonal fluctuations in customer purchases and the frequency of marketing and promotional activities. During the Track Record Period, we had generally recorded higher revenue for our solutions for the second half of the year.
We recorded higher revenue from the sale of our potted vegetable produce in the third quarter of the year.
Business · p. 200
There was a significant increase in revenue generated in the second quarter of 2021 as compared to that of 2020, mainly due to the conversion of traditional regular greenhouses to enhanced large greenhouses during the third quarter of 2020 in our Laixi Facility which enabled us to cultivate more potted vegetable produce during the winter season in 2020 and, therefore, contributed to the increase in revenue in the second quarter of 2021.
Business · p. 201
During the Track Record Period, we experienced seasonality fluctuations in the cultivation of our potted vegetable produce due to weather conditions.
During the Track Record Period, our Group as a whole did not have significant seasonal fluctuation in our revenue.
Business · p. 248
As to the casino operation for the year ended 31 March 2023, our gross gaming revenue for the second half of the year ended 31 March 2023, which contributed 54.1% of the total gross gaming revenue for the year ended 31 March 2023, was slightly higher than that for the six months ended 30 September 2022, which contributed 45.9% of the same, primarily attributable to the tendency for people to participate in indoor activities during the winter time, such as visiting casinos, and the fact that the second half of the year is marked with numerous festivals and holidays, such as Christmas and New Year's Eve, which contribute to the increased activities in casinos, as advised by CIC.
Business · p. 248
As to the hotel operation for the year ended 31 March 2023, the average room revenue of all our hotels for the second half of the year ended 31 March 2023, which contributed 45.5% of the total average room revenue for the year ended 31 March 2023, was slightly lower than that for the six months ended 30 September 2022, which contributed 54.5% of the same, primarily attributable to the reason that families and tourists take advantage of the summer breaks and school holidays for vacations and leisure travel, which leads to the overall better performance for hotels, as advised by CIC.
The seasonality of crop nutrient demand results in our sales volume and sales revenue typically being the highest during the second half of our fiscal year and our working capital requirements typically being the highest just prior to the start of the fall season.
Financial Information · p. 364
In each of FY2021, FY2022 and FY2023, revenue generated from the first half of the financial year only accounted for approximately 33.6%, 41.6% and 35.7% of our total revenue, respectively.
Financial Information · p. 364
If seasonal demand is less than what we expect, we will be left with excess inventory, higher working capital and liquidity requirements, as well as the risk of impairment losses on our inventory.
We generally achieved higher revenue in the second half of the year than in the first half of the year as construction activities are generally comparatively latent during the Lunar New Year, and the winter weather conditions could adversely affect construction operations.
Business · p. 192
Our Directors are of the view that our average trade and bills receivables turnover days as of June 30, 2023 is not meaningful and not directly comparable with the turnover days in the previous years due to the seasonality of our business operation.
We normally record higher sales in the second half of a year than the first half of a year as construction and business activities are less active during long Chinese New Year holiday. For the six months ended 30 June 2021 and 2022, our revenue amounted to approximately RMB332.9 million and RMB371.9 million, respectively, representing approximately 24.7% and 27.0% of our revenue for the year ended 31 December 2021 and 2022, respectively.
Business · p. 165
We recorded higher turnover days for contract assets of approximately 372.0 days for the six months ended 30 June 2023, which was mainly attributable to a lower level of construction and business activities during the first half of the year due to seasonality factor, which led to a lower level of revenue recognised during the first half of the year and more contract assets being certified towards the end of a year in general.
Our results of operations are affected by seasonal fluctuations in demand for our products for ADAS applications, as impacted by market trends of the automotive industry.
Financial Information · p. 268
Sales of LiDAR products for ADAS applications tend to increase in the second half of the year, which is generally in line with the overall automotive industry in China.
Our total revenue is subject to seasonal fluctuations and our sales generally peaked in the fourth quarter, which is mainly attributable to most of our revenue being contributed by our customers of enterprise-level smart service robotic products and services (i.e. over 85% of our total revenue for FY2020, FY2021 and FY2022) that generally have a financial year ending on December 31 of the calendar year.
Summary · p. 7
On the other hand, our revenue is generally lower in the first quarter due to fewer working days in the first quarter every year as a result of the longer statutory holidays in China for the Spring Festival.
Our Directors believe that the cross-border e-commerce logistics industry is affected by seasonality. We usually experience a slight increase in freight volume in the fourth quarters of each year as such period are peak seasons for e-commerce platforms to carry out annual offline and online marketing activities such as “double eleven” (雙十一), “black Friday” and Christmas marketing sales.