Our sales of smart pool equipment are subject to seasonal fluctuations, driven primarily by outdoor swimming and pool usage habits in overseas markets.
Business · p. 124
Demand generally peaks in the fourth quarter of each year to support pre-season stocking by downstream customers, ahead of the peak summer pool season in the following year across major overseas regions.
We experience significant seasonal fluctuations in our revenue and profitability.
Business · p. 140
We experience significant cyclical fluctuations in our revenue and profit derived from production line testing equipment, which is primarily applied in the production of consumer electronics.
Financial Information · p. 178
We expect our business operations and financial performance to continue to experience minor fluctuations based on seasonal factors.
In comparison, for PCBs products used in smart devices, we typically experience higher sales in the second half of the year due to the new product launch cycles of smartphones and increased shopping activities during the holiday season.
Our results of operations are affected by seasonal fluctuations in demand for our solutions, reflecting traditional insurance seasonality patterns.
Financial Information · p. 206
For example, we generally experience less order volume during national holidays in China, particularly during the Chinese New Year holiday season in the first half of each year.
As a result, we typically experience higher sales in the third and fourth quarters of the year due to the stock preparation of customers in response to the new vehicle launch and increased promotion activities during the holiday seasons.
Our results of operations are subject to mild seasonal fluctuations.
Business · p. 163
During the Track Record Period, we usually observed an increase in revenue during winter, primarily due to the rise in the demand for pharmaceuticals and other healthcare products targeting respiratory and other seasonal diseases during winter.
Historically, we have observed a relatively lower volume of subscriptions from new and existing customers in the first quarter of each year. We believe that it results from reduced business activities during the Chinese New Year holiday. As this seasonal effect impacts the overall business activities in China, we expect it to persist in the future.
Accordingly, our product sales are influenced by seasonal trends and we generally record lower sales during the first quarter and higher sales in the fourth quarter.
Financial Information · p. 219
In particular, ESS sales increase towards year-end due to factors such as preparations for winter climate, higher energy usage for heating during cooler months, and to meet year-end deadlines for government incentives.
During the Track Record Period, our ESS battery business accounted for a significant proportion of our total sales and experienced period-to-period fluctuations in revenue primarily due to the schedule of certain ESS projects, which as a result showed a sales peak in fourth quarter.
Financial Information · p. 213
These major customers of our ESS battery business typically plan their projects early in the year and schedule deliveries and acceptances for the fourth quarter.
Due to the nature of our jewellery products, which are tied to celebratory and gifting cycles, generally, we record higher sales in certain festivals that celebrates love and affection such as Valentine’s Day, Chinese Valentine’s day and Christmas.
Business · p. 147
Our sales are subject to seasonal fluctuations, which are driven by consumer demand patterns around key holidays and shopping festivals.
In 2023, 2024 and 2025, revenue generated in the second half of the year accounted for 65.5%, 59.7% and 49.2% of our annual revenue, respectively.
Business · p. 165
The temporary decline in the second half of 2025 was primarily attributable to our strategic business realignment to enhance our overall financial performance.
We recorded inventories of RMB741.6 million as of December 31, 2024, higher than those as of December 31, 2023 and 2025, primarily due to our build-up of stock in preparation for the 2025 Chinese New Year, which had an earlier timing compared to 2024 and 2026.
As of February 28, 2026, RMB9.5 million, or 28.7% of our inventories as of December 31, 2025 had been subsequently sold or utilized, primarily due to the business off-season around the Chinese New Year, resulting in a slower inventory turnover.
We have experienced, and expect to continue to experience, seasonality in our business.
Business · p. 174
We monitor seasonality effects closely and adjust our operational and promotional strategies to mitigate adverse impacts and to capture opportunities during peak seasons.
Business · p. 174
We have experienced, and expect to continue to experience, seasonality in our business.
Revenue in the second half of each year is typically higher than the first half, largely reflecting increased demand from certain customers in connection with year-end holiday sales, in particular customers in the consumer electronics sector.
We are subject to seasonality with revenue typically peaking in the fourth quarter of each year.
Business · p. 146
We prepare for these seasonal fluctuations by adjusting inventory levels, strengthening customer support and logistics capacity, and increasing marketing activities ahead of peak demand.
Revenue typically trends lowest in the first quarter of the year, primarily due to OEMs’ production schedules and temporary slowdowns around the Chinese New Year holiday period.
Business · p. 144
This seasonality also affects working capital dynamics, as higher production levels in the second half of the year often lead to increased inventory, which may temporarily impact our cash flow and liquidity.
The memory product industry constantly evolves with technological innovations, while experiences clear cyclicality as the upstream market is highly concentrated and the downstream demand is susceptible to multiple factors.
Financial Information · p. 216
Our operational and financial performance are closely related to the cyclical nature of the industry, along with macroeconomic conditions, technological development, downstream demands, supply structure and capital expenditure trends.
Financial Information · p. 216
To capture the new growth opportunity, we are committed to upgrading and innovating our diverse product portfolio to serve a wider range of end markets, to enhance our resilience against market fluctuations.