In particular, sales of our components typically show a low season in the first half of the year and a peak in the second half, especially in the fourth quarter, which largely reflects end-consumers’ vehicle purchasing patterns.
Business · p. 119
To ensure efficient utilization of our production capacities, we plan ahead based on expected seasonal demand based on our extensive industry experience and arrange sales and production schedules accordingly.
Accordingly, we typically record higher revenue from our solutions in the second half of the fiscal year, which is in line with the industry norm, according to CIC.
Business · p. 168
The historical seasonality of our business has been relatively mild, but the seasonal trends that we have experienced in the past may not be indicative of our future operating results.
Business · p. 168
As we typically recognize revenue upon acceptance by the customer, we had higher revenue from our solutions in the second half of the fiscal year, which is in line with the industry norm, according to CIC.
Our business is subject to seasonal fluctuations, with demand for travel, tourism and hospitality services typically peaking during major holidays and vacation periods, such as the Chinese New Year, summer holidays and Golden Week in the PRC, as well as public holidays in Hong Kong.
Business · p. 108
We manage the impact of seasonality through targeted marketing campaigns, dynamic pricing strategies and operational adjustments to align resources with anticipated demand.
Our business is subject to seasonal fluctuations and generally experience higher revenue recognition and profitability in the fourth quarter of each year.
Business · p. 161
This increasing trend was primarily attributable to the seasonality of our business, as a significant portion of our product deliveries and customer acceptance are concentrated toward year end.
We typically generate a relatively higher proportion of our revenue during the fourth quarter of each year, as most projects that are typically approved in the beginning of the year are typically delivered to and accepted by our customers by the end of the year, which, according to Frost & Sullivan, is an industry norm.
Business · p. 144
Our customers' procurement patterns are also influenced by budget cycles, with a significant portion of annual sales typically recognized in the fourth quarter.
Our business and operating results are subject to seasonal fluctuations, particularly in the first quarter, due to factors such as winter weather and holidays.
Business · p. 164
According to Frost & Sullivan, the sales of mining equipment exhibit certain degree of seasonality.
As of March 31, 2026, we had 1,486 KA customers and 32,311 non-KA customers, compared to 1,689 and 35,084, respectively, as of December 31, 2025.
Summary · p. 13
We consider that the decreases were primarily attributable to the seasonal slowdown in our customers' business activities during the Chinese New Year holiday.
Summary · p. 13
This pattern is consistent with historical seasonal trends we have observed across our business, and we consider the decreases to be temporary in nature and not indicative of any underlying change in customer demand or the overall health of our business.
For products used in consumer electronics, we typically experience higher sales in the second half of the year due to the synchronized launch cycles of new devices and the heightened purchasing activity associated with the holiday season.
Business · p. 154
For products used in the automobile, data center and AI computing and telecommunications equipment, seasonality is less pronounced, often characterized by more stable, projectdriven demand patterns throughout the year.
In general, advertising demand tends to be stronger in the second half of the year, particularly during major promotional periods such as the “Double 11” and year-end campaigns, leading to relatively higher revenue contributions during the second half as compared to the first half.
Business · p. 190
For our intelligent data management business, revenue recognition is closely tied to project implementation schedules and customer-side demand.
Business · p. 190
Taken together, these factors contribute to an overall seasonal pattern in our financial performance, with revenue generally higher in the second half of each fiscal year.
Our business is subject to seasonality, which affects our financial performance, with revenue typically lower in the first half of the year compared to the second half.
Business · p. 146
Our projects generally span approximately one year, with the initial six months dedicated to R&D, manufacturing and FAT, followed by another six months for installation, commissioning and SAT, upon completion of which revenue is recognised.
Business · p. 146
Our customers' annual budget cycle and procurement planning also often result in the completion of equipment acceptance procedures near year-end, which further contribute to this seasonal revenue pattern.
During the Track Record Period, downstream demand experienced significant cyclical fluctuations.
Financial Information · p. 171
Looking forward, downstream demand remains sensitive to macroeconomic conditions, customer inventory adjustments and capital expenditure cycles, and any slowdown may adversely affect our financial performance.
Our Directors consider that the sales and production of our products is subject to the impact of major shopping events such as “Black Friday” promotions organized by our partner e-commerce marketplaces and holidays such as Thanksgiving in the fourth quarter of the year.
Business · p. 164
As such, we typically receive more sales orders in the fourth quarter of the year during the Track Record Period.
During the Track Record Period, we generally recognized more revenue in the fourth quarter of a year, primarily due to the timing of inspection and acceptance of our products and solutions by certain customers resulting from their fiscal arrangement subject to their internal policies and protocols.
Financial Information · p. 224
As we believe that this pattern is likely to continue in the foreseeable future, quarterly comparisons of our operating results may not be useful and our results of operations in any particular period will not necessarily be indicative of the results of operations to be expected for any future period.
Our sales of SSDs and memory modules for PC storage targeted at individual users exhibit seasonality, with volumes and revenue typically peaking in the second half of the year.
We observe seasonality in terms of revenue recognition because a larger proportion of products are delivered in the second half of a year in general.
Business · p. 190
Such seasonality and transaction-based nature of our current revenue model may cause fluctuation of our revenue, which is not uncommon in the industry according to Frost & Sullivan.
We typically recognize higher revenue in the second half of the year, especially in the fourth quarter, as our customers often seek to complete system deployment and acceptance before the end of the financial year and therefore, larger portion of the delivery and acceptance of our products and services take place in the second half of the year.
Financial Information · p. 149
According to Frost & Sullivan, such seasonality is generally consistent with industry practice.
Financial Information · p. 149
We have experienced, and expect to continue to experience, seasonal fluctuations in our business, financial position and results of operations depending on the relevant time of a year.
The demand for our products is typically relatively higher before public holidays, such as China’s Spring Festival, Mid-Autumn Festival and National Day.
Business · p. 161
The increase in finished goods as of December 31, 2025, mainly reflected (i) a higher ending balance of frozen products, as historical frozen inventories accumulated in prior periods were cleared and sold at normal prices during 2025; and (ii) additional production near year-end to support marketing and sales activities for the 2026 Chinese New Year.
Due to the impact of our customers' budgeting and procurement cycles, we generally recognized the majority of our revenue in the second half of the year, as a result of the following: (1) certain of our customers, in particular those that adopt our products or solutions in the consumer electronics sector, tend to complete their inspection in the second half of the year in accordance with their own business practices, which causes such revenue to be recognized in the second half of the year according to relevant revenue recognition policy; 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 second half of the year, to avoid potential supply chain issues associated with the holidays.
Financial Information · p. 215
The degree of seasonality may vary from year to year due to conditions in the industry and other factors, which makes it difficult for us to predict the level of demand with precision.
Used vehicle sales typically demonstrate seasonal patterns, with demand being generally higher in the fourth quarter and before the Chinese New Year period, and relatively lower during the second and third quarters.