In 2023, 2024, 2025 and the seven months ended July 31, 2026, the revenue from sales to customers outside the Chinese Mainland accounted for 65.9%, 66.5%, 63.8% and 60.8% of our total revenue, respectively.
Business · 第 158 页
In 2023, 2024, 2025 and the seven months ended July 31, 2026, our revenue from sales to customers in the U.S. accounted for 43.6%, 42.6%, 40.1% and 38.2% of our total revenue, respectively, and our revenue from sales to customers in Europe accounted for 14.4%, 13.9%, 14.2% and 14.1% of our total revenue, respectively.
Business · 第 158 页
As of the Latest Practicable Date, the applicable tariff rates for our exports to the U.S. and the European Union were 12.5% and 0%, respectively.
In 2023, 2024, 2025 and the five months ended May 31, 2025 and 2026, our revenue generated from sales outside the PRC accounted for approximately 18.6%, 15.3%, 13.5%, 14.9% and 13.7%, respectively.
Business · 第 187 页
Pursuant to our agreements with customers, import tariffs imposed by the United States are borne by our customers.
Business · 第 187 页
Further, our Directors are of the view, and the Sole Sponsor (based on independent due diligence works conducted) concurs, that the U.S. export control laws, the U.S. outbound investment policies, and the U.S. tariffs would not have any material adverse impact on our business operations or financial performance.
Our overseas sales increased by 12.5% from RMB185.2 million in 2023 to RMB208.3 million in 2024 and further increased by 16.6% to RMB242.9 million in 2025, representing 19.6%, 19.3% and 24.7% of our total revenue, respectively.
Business · 第 113 页
In the six months ended June 30, 2026, our overseas sales increased by 115.1% from RMB100.1 million in the corresponding period of 2025 to RMB215.3 million, and their contribution to our total revenue increased from 20.1% to 32.0%
Business · 第 113 页
Our overseas sales and profitability may be affected by international trade tensions, changes in trade policies, including tariffs and export tax refund policies, and fluctuations in foreign exchange rates.
During the Track Record Period, we sold our products and services to over 100 countries and regions worldwide.
Business · 第 126 页
During the Track Record Period, we provided products and services in over 100 countries and regions.
Financial Information · 第 209 页
Our large scale, decades of experience and successful track record in overseas markets bring us considerable competitive advantages that will continue to serve us well in new markets.
彤程新材料集团股份有限公司Red Avenue New Materials Group Co., Ltd.09607.HK
海外销售收入占比约18%-19%
In FY2023, FY2024, FY2025 and 6M2026, our overseas sale accounted for approximately 18.7%, 19.0%, 18.5% and 17.8% of our total revenue, respectively.
Business · 第 127 页
Any change in global trade policies, such as tightening of import and export restrictions, or any economic recession in the global market or our targeted geographic markets could materially affect our overseas sales and operations.
深圳四方精创资讯股份有限公司Shenzhen Forms Syntron Information Co., Ltd.06700.HK
海外收入占比逾六成并持续提升
The recent growth in our revenue and the improvement in our profit margins were primarily attributable to the execution of our overseas expansion strategy, pursuant to which we have actively broadened our footprint in overseas markets, particularly in Hong Kong.
Financial Information · 第 220 页
Revenue derived from overseas markets represented 60.9%, 60.3%, 80.6%, 87.1% and 81.5% of our total revenue for the years ended December 31, 2023, 2024, 2025 and the three months ended March 31, 2025 and 2026, respectively.
Financial Information · 第 220 页
Generally, our projects delivered in overseas markets command higher gross profit margins as compared to our Chinese Mainland projects, a trend that became increasingly pronounced during the Track Record Period.
Revenue contribution from non-domestic markets increased from 24.2% in 2023 to 50.2% for the six months ended June 30, 2026, reflecting our continued expansion in overseas markets and increasing penetration among global customers.
Business · 第 166 页
For the six months ended June 30, 2026, gross profit margin of non-domestic projects was 40.1%, as compared with an overall gross profit margin of 34.4%.
Although most of our customers are cross-border e-commerce retailers based in Chinese Mainland, our services are used locally across different countries and regions to satisfy local compliance requirements.
Summary · 第 9 页
As of the Latest Practicable Date, we had provided compliance services in 121 countries and regions worldwide.
Business · 第 133 页
These customers sell across a wide range of categories and operate on multiple platforms, which helps diversify our exposure to individual industries or platforms.
In addition, we generated 38.4%, 45.0%, 48.3% and 46.4% of our revenue from overseas sales in 2023, 2024, 2025 and the three months ended March 31, 2026, respectively.
Summary · 第 4 页
As of March 31, 2026, we had 497 active overseas distributors across EMEA, APAC and AMER regions, covering over 140 countries and regions worldwide.
Summary · 第 4 页
We serve over 6,000 hospitals in China and export to over 140 countries and regions. Our international footprint is supported by local representatives in key markets and a growing overseas distribution network.
伊戈尔电气股份有限公司Eaglerise Electric & Electronic (CHINA) Co., Ltd.
中国境外收入占比升至近半及美国关税影响
In 2023, 2024, 2025 and for the six months ended June 30, 2026, the revenue generated from countries and regions outside Chinese Mainland accounted for 27.1%, 29.5%, 36.6% and 48.6% of our total revenue, respectively.
Financial Information · 第 218 页
On the other hand, during the Track Record Period, revenue from U.S.-based customers only accounted for approximately 7% to 17% of the Group’s total consolidated revenue for each of the financial years of 2023, 2024 and 2025 and the six months ended June 30, 2026, compared to the proportion of sales to PRC-based customers.
Business · 第 184 页
We confirm that the customers would bear the relevant tariffs under the FOB shipping terms.
Since February 2025, the U.S. administration has cumulatively imposed additional 145% tariffs on Chinese imports.
Business · 第 178 页
On the one hand, we generated revenue from markets of other countries and regions, including the United States, and those revenue from other countries and regions accounted for 7.6%, 6.1%, 12.0% and 13.0% of our total revenue for the years ended December 31, 2023, 2024, 2025 and for the five months ended May 31, 2026, respectively.
Business · 第 179 页
To address potential tariff risks, we plan to further diversify our procurement sources, optimize logistics and customs processes, and, where appropriate, negotiate with suppliers and customers to share tariff impacts.
Notably, our overseas operation has already demonstrated strong momentum, with revenue from overseas markets growing from RMB3.4 million in 2023 to RMB26.5 million in 2025, and from RMB2.3 million in the six months ended June 30, 2025 to RMB8.6 million in the six months ended June 30, 2026, providing a solid foundation for further expansion.
Business · 第 199 页
The policies and legal systems across these regions vary significantly, exposing us to potential risks such as trade barriers, tariff adjustments, foreign exchange controls and changes in industry regulatory policies.
In 2023, 2024, 2025 and the four months ended April 30, 2025 and 2026, our revenue from overseas markets accounted for 58.0%, 70.9%, 79.7%, 72.8% and 87.6%, respectively, of our total revenue in the corresponding years/periods.
Financial Information · 第 186 页
We have established a global sales and service network and will further maintain and expand our global network and enhance our resilience against regional market fluctuations.
During the Track Record Period, we derived less than 1% of revenue from products sold to the United States in 2024 and less than 3% in 2025 and for the four months ended April 30, and nil revenue from products sold to the United States in 2023.
Business · 第 195 页
We have not experienced any cancellation of orders since early 2025 as a result of the increase in U.S. tariffs.
Business · 第 195 页
We plan to monitor the potential secondary effects on our supply chain, including changes in sourcing costs, lead times, and supplier behaviour, which may arise from broader trade tensions and tariff-related adjustments.
Since commencing our international businesses in 2016 and up to the Latest Practicable Date, we have established six self-operated regional operational centers in the U.S., Belgium, Australia and Singapore.
Business · 第 149 页
Revenue contribution from these cross-border supply chain services amounted to RMB44.2 million, RMB56.6 million, RMB62.4 million and RMB26.0 million, respectively, in 2023, 2024, 2025 and for the four months ended April 30, 2026.
Business · 第 149 页
Revenue generated from overseas customers amounted to RMB20.1 million, RMB47.5 million, RMB52.8 million and RMB21.8 million, respectively, in 2023, 2024, 2025 and for the four months ended April 30, 2026.
Throughout the Track Record Period, our overseas revenue, which only includes revenue from direct transactions with overseas customers, increased by 14.8% from RMB11.4 million in 2023 to RMB13.0 million in 2024, and further increased to RMB102.7 million in 2025.
Business · 第 165 页
We have established cooperation or business development engagement with multiple international Tier-1 suppliers such as Schaeffler, with our products being deployed to support overseas programs of global OEMs such as Volkswagen.
Business · 第 164 页
During the Track Record Period, we did not derive any revenue from direct sales to the U.S.
During the Track Record Period, our overseas sales accounted for 74.1%, 68.1%, 58.0% and 51.5% of our revenue in 2023, 2024 and 2025, and for the four months ended April 30, 2026, respectively.
Summary · 第 7 页
While various tariffs have created uncertainty in export markets generally, we have not experienced any material adverse impact on our financial performance resulting from U.S., EU or other tariffs to date.
Business · 第 185 页
During the Track Record Period, we recorded sales to customers in the U.S. of RMB19.4 million in 2023, RMB0.3 million in 2024, RMB0.03 million in 2025, and nil for the four months ended April 30, 2026, representing 1.2%, 0.02%, 0.001% and 0.0% of our total sales, respectively.
During the Track Record Period, our revenue generated from overseas markets amounted to RMB502.7 million, RMB600.6 million, RMB659.8 million, RMB43.2 million and RMB142.9 million in 2023, 2024, 2025 and the three months ended March 31, 2025 and 2026, respectively, representing 11.0%, 20.9%, 26.3%, 11.9% and 26.6% of our total revenue for the respective periods.
Business · 第 153 页
In addition, we recorded higher gross profit margin for our core businesses in overseas markets, including our industrial robots and automation systems, injection molding equipment and CNC machining centers, which were 42.4%, 45.9%, 46.6%, and 32.4% during the Track Record Period, respectively, reflecting strong profitability.
Financial Information · 第 169 页
Due to enhanced export control-related procedures in certain jurisdictions, the average customs clearance time for certain of our cross-border shipments increased from approximately 3-4 days to up to 12-16 days, resulting in an extension of the overall order cycle by approximately 9-12 days.
As an initial pilot, we entered into contracts for the sale of two swapping stations to customers in the Philippines with contract values of approximately RMB2.6 million and RMB3.1 million, respectively.
Business · 第 144 页
We had sold and delivered 11 battery-swapping stations to a Thai customer, and had entered into a sales agreement with a Malaysian customer for the sales of 10 battery-swapping stations subsequent to the Track Record Period and up to the Latest Practicable Date.
We recorded overseas revenue of RMB204.4 million, RMB218.2 million, RMB303.9 million, RMB34.9 million and RMB76.0 million in 2023, 2024, 2025, and the three months ended March 31, 2025 and 2026, respectively, accounting for a relatively limited portion of our total revenue of 2.2%, 2.5%, 3.4%, 2.7% and 5.5% in the same periods, respectively.
Business · 第 152 页
To the extent that U.S. tariff regimes adversely affect our overseas customers’ operations, leading them to scale back or discontinue their use of our products, our overseas operations may be indirectly impacted.