Leveraging the sales and service networks of our business partners, our products have been deployed in Asia, Europe, South America and North America.
Business · 第 171 页
We adopt a partner-led, asset-light approach to expanding our exposure to overseas end markets.
Business · 第 195 页
As we primarily supply solutions to domestic system integrators and brand customers, which in turn export end products, we are generally not the exporter of record and do not directly bear tariff obligations, although changes in tariffs may indirectly affect market demand.
Our overseas sales amounted to nil, RMB1.1 million, RMB6.9 million and nil in 2023, 2024, 2025 and the three months ended March 31, 2026, respectively, representing nil, 0.2%, 1.1% and nil of our total revenue for the respective periods.
Business · 第 200 页
Nevertheless, certain of our customers sell robotic vacuums and other end products incorporating our spatial sensing products to overseas markets, including the United States.
Business · 第 200 页
During the Track Record Period and up to the Latest Practicable Date, we did not experience any material cancellation of orders or material reduction in procurement from our customers that was directly attributable to tariffs or other changes in international trade policies.
The Group’s products imported into the U.S. are subject to a 25% Section 301 tariff, which are borne by our customers.
Business · 第 145 页
As advised by our U.S. export control and sanctions counsel, considering that (i) in each year/period during the Track Record Period, we only had limited sales to U.S. customers, which accounted for approximately 3% of our total revenue; and (ii) since the imposition of the various U.S. tariffs, although some affected customers reduced orders, we have not experienced any material adverse changes in our order volume, product price, customer payment or logistics arrangements due to the U.S. tariffs issue, our Directors are of the view that the U.S. tariffs during the Track Record Period did not, and going forward will not, have any material adverse impact on our business operations or financial performance.
Business · 第 146 页
Diversified Customer and Market Base: Expanding sales across multiple regions to reduce exposure to any single market and mitigate the potential impact of countryspecific tariffs;
Our sales subject to U.S. tariffs represented nil, 2.8%, 3.2%, and 2.1% for 2023, 2024, 2025, and the four months ended April 30, 2026, respectively.
Business · 第 140 页
Accordingly, our Directors are of the view that our exposure to U.S. tariffs, whether direct or indirect, has not been, and is not expected to be, material to our business, financial condition and results of operations.
Business · 第 140 页
As of June 30, 2026, we were executing multiple overseas orders for our PV manufacturing solutions from customers primarily in India, with an aggregate contract value of approximately RMB100 million, all of which was expected to be recognized as revenue in 2026.
The applicable Product-specific Section 301 Tariff rate on our products imposed by the U.S. government is 25% (in addition to any of the applicable most favored nation rate and Section 301 Forced Labor Tariffs).
Business · 第 189 页
Our revenue attributable to export to the United States was approximately RMB96 thousand, nil, nil, and RMB461 thousand in 2023, 2024, 2025 and six months ended June 30, 2026, respectively, representing roughly 0.13%, nil, nil, and 0.27% of our total revenue in the same year/period.
The latest effective tariff rate for our products sold to the United States from Chinese Mainland is therefore 60%.
Summary · 第 17 页
Such sales accounted for less than 2% of our total revenue in each period comprising the Track Record Period.
Business · 第 189 页
We plan to mitigate these potential tariff impacts through diversified manufacturing and logistics footprints, selective price adjustments, and closer engagement with distributors to redesign bills of materials where needed to reduce tariff exposure.
We are subject to risks associated with changes in international trade policies, tariffs, trade restrictions, import controls, customs compliance requirements and product certification requirements.
Business · 第 206 页
Following the implementation of the ACFTA and the RCEP, a number of our product categories have become eligible for preferential tariff treatment, including reduced or nil tariff rates, compared with the corresponding MFN tariff rates that would otherwise have applied in the absence of such trade agreements.
Business · 第 207 页
Taking into account the foregoing, our Directors are of the view that international trade policies, including applicable tariffs, trade restrictions and import controls, did not have any material adverse effect on our business, financial condition or results of operations during the Track Record Period.
The following table sets forth a breakdown of Relevant Jurisdictions which imposed tariffs and trade restrictions on our products sold to during the Track Record Period:
Business · 第 175 页
Taking into account (i) the applicable tariff rates, the non-stacking application of Sections 301 forced labor tariffs and Section 323 tariffs, applicable exemptions, (ii) the fact that our direct exports to the United States accounted for approximately 5.8%, 5.4%, 4.8% and 3.6% of our total revenue in 2023, 2024, 2025 and the three months ended March 31, 2026, respectively, (iii) since the U.S. tariff announcement in February 2025 and up to the Latest Practicable Date, we have not experienced any material order cancellations attributable to the U.S. tariffs, nor has there been any material adverse change in our revenue, gross profit margin or overall results of operations attributable to the U.S. tariffs, our Directors are of the view that the U.S. tariffs have not had, and are not expected to have, any material adverse impact on our business operations or financial performance.
常州星宇车灯股份有限公司Changzhou Xingyu Automotive Lighting Systems Co., Ltd.
海外制造与销售及对美关税敞口
As of March 31, 2026, we operated three major manufacturing bases, comprising 12 manufacturing facilities, of which 11 were located in the PRC and one in Serbia, forming a robust manufacturing network that enables us to efficiently supply key automotive markets in Asia, Europe and the Americas.
Business · 第 132 页
Outside the PRC, our products are primarily sold to countries and regions including the Czech Republic, Japan, Germany, Spain and Brazil.
Business · 第 140 页
In addition, our exports to the U.S. accounted for only 0.3%, 0.2%, 0.3% and 0.1% of our total revenue in 2023, 2024, 2025, and the three months ended March 31, 2026, respectively.
As of the Latest Practicable Date, our products were subject to Section 301 Tariffs of 50% imposed in 2018 and Section 301 Tariffs of 0% imposed in December 2025 which would be raised in June 23, 2027.
Business · 第 177 页
Our revenue generated from direct exports to the U.S. were RMB4.7 million, RMB4.0 million, RMB5.9 million and RMB2.4 million, in 2023, 2024, 2025 and the three months ended March 31, 2026, representing 0.67%, 0.38%, 0.49% and 0.86% of our total revenue in respective year/period.
Business · 第 177 页
Our Directors, taking into accounts of the views of DLA Piper, are of the view that recent U.S. tariff measures have not had, and are not expected to have, a material impact on our business operations or financial position.
During the Track Record Period, we have exported inverters, energy storage batteries, dehumidifiers and solar air conditioners into the United States. Exports to the United States have accounted for 2.52%, 3.49%, 3.54%, and 1.74% of our total revenue in 2023, 2024, 2025 and the period before April 30, 2026, respectively.
Business · 第 179 页
However, the tariffs incurred on products exported to the U.S. were borne by the U.S. importers and eventually passed to the U.S. customers, and thus we did not primarily bear the tariff costs.
In contrast, power supply products originating from the PRC generally face a materially higher aggregate U.S. tariff rate at 35%.
Business · 第 163 页
In 2023, 2024, 2025 and the three months ended March 31, 2026, our revenue directly derived from U.S. customers amounted to RMB1.1 million, RMB8.7 million, RMB12.7 million and RMB0.2 million, which accounted for 0.4%, 1.6%, 1.2% and 0.1% of our total revenue in the respective periods.
Business · 第 163 页
The responsibility for paying any U.S. tariffs falls on our customers in the U.S. and none of our existing contracts with customers contain provisions that require us to adjust our prices in the event of increased tariff costs.
广州视源电子科技股份有限公司Guangzhou Shiyuan Electronic Technology Company Limited
美国关税及贸易政策风险敞口
In 2023, 2024, 2025 and the three months ended March 31, 2026, our revenue generated from the U.S. amounted to RMB1,117.4 million, RMB1,319.5 million, RMB979.9 million and RMB248.2 million, accounting for 5.5%, 5.9%, 4.0% and 4.0% of our total revenue for the respective years/periods.
Business · 第 165 页
Our products from Vietnam and China are exempted from such reciprocal tariff under the Clarification of Exceptions Under Executive Order 14257 of April 2, 2025 (as amended) and therefore the applicable tariff rate is 0%.
Business · 第 165 页
Given the global availability of these resources, we are well-positioned to dynamically shift production orders across multiple geographies based on evolving trade conditions and cost considerations.
To a lesser extent, we also sold products to customers in South Korea, Singapore, Thailand and Japan.
Business · 第 187 页
During the Track Record Period, we incurred tariff costs of RMB0.8 million, RMB0.8 million, RMB1.0 million and RMB0.3 million in 2023, 2024, 2025 and the four months ended April 30, 2026, respectively.
Business · 第 187 页
During the Track Record Period and up to the Latest Practicable Date, we had not experienced any material adverse change in our revenue or financial condition as a result of the relevant additional tariffs.
During the Track Record Period, revenue attributable to exports to the United States accounted for less than 1% of our total revenue.
Business · 第 147 页
However, there can be no assurance that our business will not be adversely affected by future changes in U.S. tariff policies or other geopolitical developments, including potential indirect impacts on our supply chain, customers, or broader market conditions.
since the imposition of the Tariffs, none of our customers had canceled their orders with us, nor had we experienced any material adverse changes in our order volume, product price, customer payment or logistics arrangements due to the U.S. Tariffs issue, no tariffs have been passed on to customers and our Directors do not expect the Tariffs to have any direct or indirect material adverse impact on our business operations or financial performance.
Business · 第 142 页
our raw materials and equipment were primarily sourced from suppliers in China and other countries other than the U.S., with only a small portion of procurements involving U.S.-origin products (including raw materials, equipment and software), collectively accounting for 21.7%, 16.7% and 11.8% of our total cost of sales in 2023, 2024 and 2025;
Business · 第 142 页
In the event that we are unable to continue sourcing particular U.S.-origin equipment or software due to changes in trade restrictions policies, we have identified alternative suppliers, including non-U.S. sources and domestic suppliers.
During the Track Record Period, the aggregate revenue from our exports to the United States represents only 6.35% of our total revenue.
Business · 第 178 页
During the Track Record Period and as of the Latest Practicable Date, U.S. Section 301 Tariffs targeted goods of Chinese origin and did not apply to our products manufactured by our production facility in Thailand.
Business · 第 178 页
Overall, the U.S. tariffs and trade restrictions during the Track Record Period did not cause any material adverse impact on us.
As we had not engaged in direct exports to the United States and have no plans to commence such exports in the future, changes in U.S. tariff policies have had minimal direct impact on our business operations and financial performance during the Track Record Period and up to the Latest Practicable Date.
Business · 第 142 页
Since 2025, the Group has not made any additional procurement of U.S.-origin equipment and therefore has not incurred additional tariff costs or experienced any material adverse impact as a result of the changes in U.S.-China tariff policies.
Business · 第 142 页
Therefore, our International Sanctions Counsel is of the view that the potential impact of future changes in U.S. tariff policies on our business operations, financial performance and long-term development outlook will remain limited.
In 2023, 2024 and 2025, our overseas revenue was RMB38.2 million, RMB29.2 million and RMB46.6 million, respectively, accounting for 14.3%, 9.0% and 8.9% of our revenue for the same years, respectively.
Business · 第 158 页
Our Directors are of the view that the tariff measures across the U.S., the European Union and China do not have a material adverse impact on our business operations and financial condition, primarily because (1) our business operates through localized manufacturing and production activities in China, which are insulated from tariff-related cost pressures; (2) we had limited revenue generated from overseas markets during the Track Record Period, accounting for 14.3%, 9.0% and 8.9% of our total revenue in 2023, 2024 and 2025, respectively, where our revenue generated from the United States was RMB0.3 million, RMB0.1 million and RMB1.2 million in the same years, respectively, accounting for 0.1%, 0.02% and 0.2% of our total revenue in the same years, respectively; and (3) our supply chain minimizes cross-border exposure as most of our suppliers are China-based suppliers such that we do not rely on overseas supply chains.
Business · 第 182 页
approximately 99% of our overseas revenue are conducted under trade terms where customers bear the responsibility for transportation, customs clearance and applicable tariffs and duties, including commonly used Incoterms such as EXW (Ex Works) or FOB (Free on Board) and other similar arrangements, with only approximately 1% of our export transactions conducted under DDP (Delivered Duty Paid) terms, under which we are responsible for tariffs and duties.
During the Track Record Period, the cost of US-origin Components accounted for only approximately 0.7%, 0.4% and 0.3% of our total cost of sales for 2023, 2024 and 2025, respectively.
Business · 第 185 页
In 2023, the Group sold multimodal authentication modules to Japan, and in 2024, entered the Singapore market with in-vehicle driving safety products.
Business · 第 148 页
Furthermore, as we do not export and have no plans to export any goods from China to the United States, our U.S. legal counsel has advised that the tariffs imposed by the U.S. government on goods imported from China have minimal to no practical impact on our business operations.