In general, we experienced increased demand for our autonomous driving solutions and products during the second half of the calendar year, compared to the first half of the year, which is consistent with the practice of the automobile industry, according to Frost & Sullivan.
Business · p. 303
Our trade receivables, net of provisions for impairment, decreased significantly from RMB288.6 million as of December 31, 2022 to RMB119.1 million as of June 30, 2023, mainly because of (i) our customers’ settlement for sales accrued in the fourth quarter of 2022; and (ii) the decrease of sales in the first half of 2023 compared to the second half of 2022, which was attributable to the seasonal fluctuation of the market.
Specifically, from 2018 to 2022, the proportion of new energy vehicle sales in the first half of the year averaged less than 40% of the annual total, while the second half, especially the fourth quarter, is the peak season for EV sales, according to F&S Report.
Business · p. 314
As affected by seasonality, the sales volume of our EV battery products in the first half of the year were generally lower than that in the second half of the year.
We typically have increased sales before and during the holiday seasons, festivals and events, most of which happen during the second half of the year.
Business · p. 203
Our financial condition and results of operations are subject to seasonal fluctuations.
The majority of our production activities generally take place during the second half of each year also because we are subject to the seasonality of the hydrogen fuel cell vehicle industry, which is the downstream industry our primary group of customers was in during the Track Record Period.
Business · p. 304
In line with the seasonality of our products' demands, most of our revenue was recognized in the second half of the year, especially in the fourth quarter.
Business · p. 307
To cope with the seasonality and the high production demand in the third and fourth quarter, we generally have control procedures to strengthen the management of production orders.
We typically record higher revenues in the second half of the year than in the first half of the year.
Business · p. 333
For example, the hoisting of our wind power projects is affected by the windy weather, the construction in the northwest region is affected by the cold wave, and the construction in the southern region is affected by the monsoon season.
Financial Information · p. 460
The lower revenue recognized for the six months ended June 30, 2023 was mainly attributable to seasonality of our construction work, which during the Chinese New Year period, most of our projects and constructions are suspended.
Based on our past experience during the Track Record Period, our revenue is typically higher in the second half of the year as a large proportion of marketing activities is concentrated on product or services newly launched or promotional campaigns prior to the holiday seasons in the summer holidays, Mid-Autumn Festival, National Day, the Double 11 Online Shopping Festival and New Year's Eve.
We generally have a lower volume of business around the Chinese New Year holiday in the first quarter of each year as most of our customers enjoy Chinese New Year holiday and stop production and operation or substantially lower production and operation during such period.
Business · p. 246
As a result, our financial condition and results of operations for future periods may continue to fluctuate from time to time due to seasonality.
During the Track Record Period, we generally derived higher revenue generated from our automobile retail and finance business in December each year until before the Chinese New Year in the next calendar year.
Business · p. 221
We believe that this seasonal pattern is primarily correlated with typical customer behaviours in the PRC, where the sales of automobile are generally higher as a result of the increased demand for automobiles prior to the festive season in the PRC.
In general, we experience weaker performance in the first quarter of each year due to lower level of consumer foot traffic and consumption from vending machines, especially outdoor ones, during winter.
Business · p. 297
We are also subject to seasonal fluctuation in demand from particular scenarios.
In particular, we generate a substantial amount of our revenue from our hotpot products, which are generally more popular during cold seasons. Historically, our sales are generally higher from October to February the following year.
Business · p. 211
To offset the impacts of seasonality to a certain extent, we have enriched our product mix to include barbecue products, snacks, beverages and alcoholic drinks, and expect to meet the needs for more dining scenarios such as campsite dining casual snacking at home, fruits and light meals and solo dining.
Business · p. 211
Our business and operating results are subject to seasonal fluctuations because of several factors including weather, holidays and school vacations.
Our parcel volume was typically lower in the first quarter of each year as a result of regional holidays such as the Lunar New Year.
Business · p. 246
In China, we typically experience higher parcel volume in the fourth quarter of the year due to various holidays and promotional events offered by e-commerce platforms, such as around the November 11 and December 12 sales promotion periods.
Business · p. 246
As a result of such fluctuations, comparisons of revenue and results of operations between different periods within a single financial year or between different periods in different financial years cannot be relied on as indicators of our performance.
We typically experienced higher sales in March of each year, primarily in connection with distributors’ restocking demands after the Spring Festival holiday.
Business · p. 267
Sales are also relatively higher in July, August and September of each year which are months that straddle summer holidays and school opening seasons when students and parents typically have strong transportation mobility needs.
Business · p. 267
Due to seasonality, the procurement and sales frequency of offline distributors differs significantly in peak and off-peak seasons.
For the years ended 31 December 2020, 2021 and 2022, 57.0%, 58.0% and 56.3% of our total revenue was recognised during the fourth quarter of the year, respectively.
Business · p. 197
Our Directors are also of the view that the substantially larger trade receivables turnover days for the four months ended 30 April 2023 was largely affected by seasonality effect, as the amount of revenue recognised for the first four months is insignificant as compared with the full year.
Our results of operations are subject to seasonality, primarily due to the harvest season of our raw materials and sales peak resulted from holidays and shopping events.
Financial Information · p. 281
Accordingly, our results of operations fluctuate over the year, and our interim results may not be indicative of our annual results.
Financial Information · p. 281
Our inventories are subject to seasonality, primarily due to the harvest season of our raw materials and sales peak resulted from holidays and shopping events.
Demand for our cross-border logistics services has historically been affected by seasonality.
Financial Information · p. 343
According to Frost & Sullivan, customer demand for logistics services can be highly seasonal with the traditional peak season being the third quarter of each year for the China-Americas and the China-Europe shipping routes, as overseas sellers are to prepare for the Christmas and New Year holidays.
Business · p. 276
As a result of such fluctuations, comparisons of results of operations between different periods within a single financial year or between different periods in different financial years cannot be relied on as indicators of our performance.
Normally, the first quarter of each calendar year contributes to the smallest portion of our annual revenue, primarily due to a decrease in users’ willingness to exercise during the winter season and reduced sales of our self-branded fitness products during the Chinese New Year holiday period in the quarter.
Business · p. 192
Seasonal fluctuations have not thus far posed material operational and financial challenges to us.
During the three financial years ended 31 December 2020, 2021 and 2022, the revenue generated from the fourth quarter amounted to approximately 32.2%, 31.5% and 32.3% of the total advertising revenue of respective financial year.
Business · p. 154
We expect our revenue to continue to fluctuate based on the seasonal factor that affects the advertising industry as a whole.
We experience seasonality in our business, in particular for our new retail segment.
Business · p. 258
Overall, the impact of seasonality of our business has been relatively mild due to our diversified new retail product portfolio and IP offerings to compensate the seasonality effect, and our rapid growth.
As a result, our revenue generated from the provision of heat services was higher in the first and fourth quarter during each financial year.
Financial Information · p. 464
Our engineering construction services also experienced seasonality during the Track Record Period since most of our engineering construction services were conducted outside the heat service period in order to avoid interruption or suspension of heat services to our heat service customers.
Financial Information · p. 465
Our provision of heat services is therefore affected by seasonality.
Our testing volume generally declines in January and February due to lower patient flow and decreasing needs for health checks during the Chinese New Year holiday.
Business · p. 195
Declines in testing volume reduce revenues, operating margins and cash flows.