Our sales of ESS Power Supply products usually peak in the third quarter, driven by customer inventory buildup ahead of the Thanksgiving, Black Friday and Christmas holiday season and year-end shopping events for outdoor activities, entertainment and gift-giving, resulting in increase in purchase of products such as portable energy storage.
Business · p. 159
As a result of such seasonality, for example, our revenue from ESS Power Supply products in the third quarter of 2025 made up over 30% of our revenue from ESS Power Supply products in 2025.
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.
Our sales are affected by seasonal fluctuations. Sales of our intelligent devices and solutions fluctuate primarily as a result of the purchasing cycles of the educational market and enterprise spending cycles.
Our results of operations are subject to seasonality, primarily reflecting smartphone launch cycles and major retail promotion periods, with imaging-related shipments generally higher in the second half of the year, although the extent of such seasonality may vary depending on product release schedules and market conditions.
Business · p. 169
During the Track Record Period, we generally recorded higher revenue in the second half of each financial year than in the first half.
Our business is subject to seasonal fluctuations due to the nature of the travel industry.
Business · p. 134
Our enterprise overseas services, including exhibition-related services are influenced by the schedule of international trade fairs, large-scale events and corporate activity cycles, with revenue from certain projects concentrated in specific quarters.
Business · p. 134
We manage the impact of seasonality by allocating personnel and resources based on peak demand, diversifying our offerings, and expanding our source markets and destination coverage.
Our business is subject to seasonal fluctuations, with revenue generated in the second half of a calendar year, particularly in the fourth quarter, typically accounting for a larger proportion of our annual revenue.
Business · p. 159
According to Frost & Sullivan, this seasonality is consistent with industry norms among downstream industrial customers.
The Group’s operations are generally characterised by moderate seasonality associated with cargo shipment patterns, agricultural export cycles, weather conditions and passenger transportation demand during holiday periods.
Business · p. 161
However, the Group benefits from diversification of its freight transportation categories and a stable underlying demand for railway transportation services throughout the year.
Our business is subject to seasonality, primarily driven by seasonal patterns in the logistics and supply chain industries in China.
Business · p. 155
We typically record lower revenue in the first quarter of each year, primarily due to a decrease in shipping and service orders as a result of the Chinese New Year holiday.
Financial Information · p. 219
The fourth quarter of each year is our peak business season, primarily driven by customers’ demand for winter stockpiling.
A significant portion of our revenue is derived from products used in AI and high-performance computing applications, which are generally less sensitive to seasonal trends.
Business · p. 185
As a result, demand from certain customers for our PCB drilling tools, auxiliary materials and related equipment may also be relatively higher in the second half of the year.
For example, revenue generated in July 2024 and December 2024 accounted for 4.4% and 15.3% of our total revenue generated from sales of products, with the production capacity of our production lines for hog plum paste in July 2024 being 56.5% and reaching 148.2% in December 2024.
Business · p. 143
The supply of our major raw material, hog plums, is highly seasonal in nature.
Business · p. 143
The elevated inventory levels of raw materials during collection seasons and finished products in preparation for sales peaks contribute to fluctuation in our interim results, which may not reflect our overall annual performance, highlighting the importance of our inventory and supply chain management strategies.
Our sales are affected by seasonal fluctuation due to customers’ purchasing practices.
Financial Information · p. 176
The seasonal ordering trends often result in a higher volume of orders in the second half of the year since major customers tend to concentrate their order placements toward the end of the fiscal year driven by their annual budget practices.
We typically experience higher sales in the second half of the year.
Business · p. 148
We implement measures to address seasonal fluctuations, such as focusing on technology research and customer certification during the off-peak season, establishing a flexible supply chain and increasing production capacity to ensure we meet customer demand during the peak seasons, implementing a strategic inventory management policy which ensures we maintain sufficient stock for critical materials.
We generally recognize a significant portion of our revenue in the second half of a year, primarily because (1) our customers tend to complete their inspections in the third or fourth quarter to maintain better control over their annual capital expenditure and realize their annual budget, and (2) our customers tend to schedule their procurement in advance of the major holidays in China and overseas markets, many of which are in the fourth quarter, to avoid potential shipment disruptions and other logistic issues caused by holidays at the beginning of a new year.
Financial Information · p. 222
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.
While our business does not experience material seasonal fluctuations, our revenue is typically lower in the first quarter of each year.
Business · p. 194
This is primarily attributable to the general slowdown in business and logistical activities across the PRC during and around the Chinese New Year holiday period.
Traditionally, sales are higher in the fourth quarter, which is a peak season in China for the auto industry, mainly due to nationwide auto shows and increasing vehicle purchases near year-end.
Business · p. 158
Due to our limited operating history, the seasonal trends that we have experienced in the past may not fully apply to, or be fully indicative of, our future operating results.
The Company's carried interest income is subject to intra-year fluctuations, with the second half of the year generally recording higher carried interest income than the first half of the year.
Business · p. 133
In particular, fund distributions are more frequent and substantial in the second half of the year than in the first half of the year, which, in turn, results in a higher quantum of carried interest income being recognised by the Company in the second half of each financial year.
We typically record higher revenue during holidays and festive seasons for our passenger transportation services when the public have higher demand for intercity travel.
Business · p. 164
As a result, we typically record relatively higher revenue from this business in the fourth quarter of the year and relatively lower revenue during the remaining of the year.
Since our composite trench cover products are primarily for municipal construction, engineering and infrastructure needs, our business experiences predictable seasonal fluctuations in demand, primarily driven by construction activity patterns across different regions.
Financial Information · p. 218
Therefore, our deliveries of composite trench cover products are usually concentrated in the second half of the year.
Financial Information · p. 218
However, we believe this seasonality factor is not significant and does not have a material impact on our business operations and financial position as our business continues to grow and our brand is being increasingly recognized in the PRC market.