During the Track Record Period, we typically recorded higher revenue in the fourth quarter of each year, primarily because our customers generally conducted inspections upon project completion and confirmed their acceptance in the fourth quarter of the year.
Business · p. 141
As a result, our results of operations and financial conditions could fluctuate significantly across different periods throughout the year.
Our revenue, operating results, and other key performance metrics are subject to seasonal fluctuations, typically increasing during the second half of the year, particularly in the fourth quarter.
Business · p. 190
Consequently, our revenue in the second half of the year during the Track Record Period was higher than in the first half.
Our Directors and Commissioners considered that, and as confirmed by CRU, our operational and development activities may also be impacted to some extent by unusual or adverse weather conditions, particularly during the rainy season when heavy rainfall can create challenging working conditions.
Business · p. 218
To mitigate this risk, construction and production activities are scheduled with reference to weather forecasts, demand for goods, and inventory levels, with the objective of maintaining cost discipline and operational continuity during periods of heavy rainfall.
To address the impact of such slower months on our revenue, we have proactively adopted various marketing measures and continuously organised a variety of events to attract tourists.
Business · p. 155
Our financial performance is influenced by seasonality, as demand for visits to the Park typically peaks during major holidays, school vacations and certain seasonal tourism periods, including Chinese New Year, Labour Day holiday, summer vacation and the National Day holiday.
Financial Information · p. 200
As a result, our revenue and operating results may fluctuate within a year, and our quarterly results may not be indicative of our full-year results or future performance.
As a result of the foregoing, our production volume and sales volume in the first quarter of each financial year were lower than that in other quarters.
Therefore, a substantial portion of our sales of robots is recognized as our revenue in the second half of each year.
Financial Information · p. 217
According to CIC, such seasonality is common across the industrial robotics industry and is primarily attributable to the procurement and budget cycles of downstream industrial customers and integration lead times commonly observed in industrial automation procurement behavior.
In particular, typically in the fourth quarter of a year, ahead of major promotional events and public holiday seasons, customers procure related services in advance to support concentrated promotional and marketing campaigns.
Business · p. 122
As a result, our business performance may exhibit fluctuations across different quarters.
Seasonality impacts our financial performance, driven by our customers’ purchasing practices and the seasonality of the industries where they operate.
Business · p. 127
Due to the impact of our customers’ budgeting and procurement cycles, we generally recognized a larger portion of our revenue in the second half of each fiscal year, in particular in the fourth quarter.
Business · p. 127
According to Frost & Sullivan, such seasonality is consistent with industry practices in enterprise cognitive intelligence algorithm market.
During the Track Record Period, we generally record higher revenue in the second half of the year.
Financial Information · p. 224
Such changes in EV sales may impact customers' manufacturing and battery procurement plan, resulting in the concentration of customers' stocking demand for our lithium-ion battery separators in the second half of the year.
Our major customers (such as port operators, logistics parks and large logistics enterprises) generally follow annual budget approval processes and tend to conduct final acceptance and settlement of projects in the second half of the year, particularly in the fourth quarter.
Business · p. 146
As a result, our revenue recognition typically shows a pattern of being higher in the second half of the year and lower in the first half, and we normally have a higher level of inventory in the first half of the year before our products and solutions sold are accepted.
Business · p. 146
Due to this project-centric approach, the timing of revenue recognition can vary significantly across different reporting periods, as revenue is often recognized upon meeting specific project milestones or upon final acceptance by the client.
During the Track Record Period, we typically recorded higher revenue and cost of sales in the second half, primarily due to the impact of our customers’ annual budgeting and procurement cycles, as well as holidays in the first quarter.
Financial Information · p. 201
Such fluctuations are seasonal in nature and are not necessarily indicative of our results of operations for the full year.
During the Track Record Period, we generally recorded lower revenues for our products and solutions in the first quarter of the year, primarily because certain customers in the PRC and overseas markets may reduce production and operations, or defer procurement and project implementation, during Chinese New Year and Christmas holidays.
Our business and results of operations are subject to seasonal and cyclical fluctuations, which are primarily driven by varying consumer demands across different scenarios, weather conditions, and holiday effects.
Business · p. 141
We proactively adjust our product strategies and supply chain arrangements in response to such fluctuations, including planning in advance to increase brand diversity or introduce seasonal-appropriate categories to meet evolving consumer demand.
Typically, demand tends to decline over the first quarter of a calendar year, and gradually pick up over the second quarter of a calendar year.
Business · p. 182
Consequently, the entire process from delivery to acceptance of our electrical switchgear is highly concentrated in the second half of a calendar year, demonstrating strong seasonality.
Business · p. 182
During the Track Record Period, we generally recorded higher revenue in the third and fourth quarters than in the first and second quarters, and our highest revenue were generally recorded in the fourth quarter of the year.
Our sales are subject to seasonal fluctuations in the NEV markets, which are influenced by OEM procurement cycles.
Business · p. 158
As a result, our sales may be higher in the second half of the year, especially in the fourth quarter due to increased deliveries by OEMs at the end of the year.
During the Track Record Period, we experienced stronger sales during the second half of the financial year, particularly near the end of year, which we believe was due to a substantial portion of our customers who tend to heighten buying activities at certain times of the year, particularly near the end of year.
Financial Information · p. 195
For example, for the year ended December 31, 2025, the Group recorded approximately 36.3% and 63.7% of its total revenue in the first half and second half of the year, respectively.
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.
In addition to the seasonal procurement, we experience pronounced sales peaks during major holiday seasons and shopping events, such as Chinese New Year, the 618 Shopping Festival and Double Eleven.
Business · p. 127
We conduct significant procurement of plums during the spring harvest season to support our production and sales requirements for the subsequent year.
Financial Information · p. 172
These seasonal fluctuations may render our results of operations in certain given periods not indicative of our results of operations for the full year.
We are subject to slight seasonality that impacts our financial performance, driven by our customers' business practices.
Business · p. 174
many customers tend to concentrate their order placements and/or complete their inspection toward the end of the calendar year driven by their annual budget practices, and (ii) customers generally tend to schedule their procurement before or after the Spring Festival in China as well as the major holidays in overseas markets, many of which are in the fourth quarter, to avoid potential supply chain issues associated with the holidays.
Business · p. 174
According to Frost & Sullivan, such seasonality is generally prevalent in the industrial robotics market.