Notably, revenue from outside of Chinese mainland increased from RMB59.8 million in 2024 to RMB390.8 million in 2025, and from RMB32.2 million in the three months ended March 31, 2025 to RMB168.4 million in the same period in 2026, primarily attributable to the growth in demand from overseas customers.
Summary · 第 8 页
Consistent with this trend, starting from 2025, we have begun exporting to additional overseas markets, including Singapore and Malaysia, which has further diversified the geographical distribution of our revenue outside of the Chinese mainland.
The table below sets forth our revenue by the region of the place of registration of counter-parties to our sales contract during the Track Record Period:
Business · 第 163 页
Within our overseas markets, the majority of our revenue was generated from Hong Kong, as Hong Kong is a popular delivery hub for the semiconductor industry.
We generate a substantial majority of our revenue from destination management services across Europe, Asia and the Americas.
Financial Information · 第 180 页
Our business and financial performance depend significantly on travel conditions in our major destinations and source markets.
Financial Information · 第 180 页
In addition, our results of operations vary with the relative attractiveness of individual destinations, which is influenced by factors such as exchange rates, cost and availability of accommodation and transportation, the ease of obtaining visas, and the overall appeal of a destination to travelers.
Our revenue generated from North America amounted to RMB1,697.9 million, RMB1,989.8 million and RMB2,553.9 million in 2023, 2024 and 2025, respectively, representing 52.3%, 50.7% and 52.9% of our revenue from contracts with customers for the corresponding periods.
Financial Information · 第 157 页
For example, our sales to the United States amounted to RMB 1,399.8 million, RMB 1,709.5 million and RMB 2,291.6 million in 2023, 2024 and 2025, respectively, accounting for 43.1%, 43.5% and 47.4% of the our total sales revenue in the respective periods.
Business · 第 153 页
To effectively engage overseas consumers, we will continue to develop both direct sales and distributorship. For direct sales, we intend to collaborate with major global e-commerce platforms such as Amazon.
During the Track Record Period and up to the Latest Practicable Date, international trade frictions, including various tariff, international trade policies, sanctions and other export and import restrictions, did not have a material impact on our business operations and financial performance.
Business · 第 160 页
For the years ended December 31, 2023, 2024 and 2025, our overseas sales accounted for 5.4%, 3.4% and 10.3% of total revenue for the same respective year.
Business · 第 161 页
In 2025, revenue generated from Europe increased significantly, with its proportion of our total overseas revenue increasing from 5.5% and 5.9% in 2023 and 2024 to 42.0% in 2025.
During the Track Record Period, our overseas revenue increased significantly from RMB46.9 million in 2023 to RMB92.2 million in 2024, and further to RMB192.0 million in 2025, representing 3.6%, 5.9% and 9.2% of our total revenue for each year, respectively.
Financial Information · 第 212 页
Pursuant to our sales contracts for export sales to external customers, our customers are responsible for import customs clearance and bear the applicable import duties, tariffs and customs charges.
Business · 第 166 页
Since the U.S. tariff announcement in February 2025 and up to the Latest Practicable Date, we had not experienced any material cancellations of orders or material adverse impact on our revenue, gross profit margin or overall results of operations attributable to such U.S. tariff developments.
Revenue generated from sales to overseas markets accounted for 1.5% and 5.5% of our total revenue in 2024 and 2025, respectively.
Summary · 第 3 页
Overseas revenue increased from RMB222.5 million in 2024 to RMB1,397.8 million in 2025.
Business · 第 152 页
We expect the rapid growth in demand for new energy vehicles in overseas markets, together with their relatively higher margin profile, to contribute incremental sales volume and enhance the quality of our revenue while improving our gross margin.
As an export-oriented business, we derived a significant majority of our revenue from overseas markets, which amounted to RMB483.6 million, RMB793.7 million, and RMB1,120.3 million in 2023, 2024 and 2025, respectively, accounting for 79.8%, 89.2%, and 89.4% of our total revenue during the same periods.
Financial Information · 第 191 页
To meet the needs of our global customers, we operate dual-country production facilities in the PRC and Malaysia.
Summary · 第 1 页
In addition, our global manufacturing setup enables us to achieve flexible capacity allocation, enhance supply chain resilience and respond effectively to evolving global trade dynamics.
For the years ended December 31, 2023, 2024 and 2025, our revenue generated from Hong Kong and overseas accounted for 5.6%, 5.2% and 5.5% of our total revenue, respectively.
Business · 第 167 页
We also directly procure infant formula products from brand owners in Hong Kong, New Zealand and Australia under our general self-operated business, where the relevant import tariffs are paid by us and ultimately passed on to our downstream buyers.
Overseas, we mainly utilize channel partners to expand into local markets, with our footprint covering more than 40 countries and regions in the Americas, Europe and Asia Pacific.
Business · 第 131 页
(i) an increase in revenue and gross profit, mainly driven by the commercialization of metal 3D printing equipment and increased sales in overseas markets, coupled with implementation of cost control measures which improved our overall margins
Summary · 第 8 页
The increase in new distributors in 2025 is in line with the growth of our revenue from outside of Chinese mainland as we expanded our overseas footprint.
In 2023, 2024, and 2025, our revenue generated from overseas markets amounted to RMB1,902.2 million, RMB2,645.0 million, and RMB2,733.3 million, respectively, representing 28.2%, 32.4%, and 29.1% of our total revenue, respectively.
Business · 第 155 页
We have established overseas production facilities, localized service networks, enabling us to better support international customers and respond to local market requirements.
During the Track Record Period, our revenue from overseas market accounted for 37.0%, 35.0% and 35.0%, respectively, of our total revenue for the years ended December 31, 2023, 2024 and 2025.
Financial Information · 第 177 页
However, although the U.S. Supreme Court has ruled that reciprocal tariffs are unconstitutional, the U.S. government may seek to introduce alternative trade measures, such as Section 301 tariffs, anti-dumping duties, or other tariff measures.
Business · 第 137 页
That said, this is a market-wide risk common to all upstream suppliers, and our operations have not experienced any material adverse impact from U.S. tariffs up to the Latest Practicable Date.
大秦数字能源技术股份有限公司Dyness Digital Energy Technology Co., Ltd.
95.1%收入来自中国内地以外逾100个国家
As of December 31, 2025, our products had been deployed across more than 100 countries and regions, and cumulative ESS battery shipments reached over 1,000,000 units.
Summary · 第 1 页
Over time, we built a distribution network spanning Europe, Asia Pacific, the Americas, Africa and the Middle East and have accumulated on-the-ground knowledge of grid conditions, energy consumption patterns and end user behavior across dozens of markets.
Summary · 第 1 页
These variations are driven by country-specific factors, including local demand conditions, competitive intensity, regulatory environments and differences in distribution channels and cost structures, such as logistics and shipping, local operating costs, tariffs and after-sales service requirements.
无锡东恒新能源科技股份有限公司Wuxi Dongheng New Energy Technology Co., Ltd.
中国内地收入占比升至93.3%，海外销售下滑
As such, our revenue proportion from Chinese mainland increased from 57.5% in 2023 to 70.7% in 2024 and further increased to 93.3% in 2025.
Financial Information · 第 169 页
For example, we have experienced decreases in sales to our overseas customers, as a result of fluctuations in overseas market demand from 2023 to 2025.
Financial Information · 第 169 页
We primarily sell CNT powder in overseas market, and CNT slurry in domestic market.
Our business continues to experience growth in terms of sales performance, profitability and overseas market expansion after the Track Record Period, compared to the same period in 2025.
Summary · 第 12 页
Our pricing strategy was further supported by the optimization of our product mix and pricing structure, primarily attributable to overseas customers' preference for our mid-to-high-end Z series models and the broad range of N series models designed to align with regional market needs, together with the higher prevailing prices in overseas markets, which resulted in higher sales volumes of high-margin products in overseas markets that command a higher average selling price (“ASP”).
Financial Information · 第 202 页
To support our entry into and development of overseas markets, we initially engaged a substantial number of new distributors across various regions.
江西生物制品研究所股份有限公司Jiangxi Institute of Biological Products Inc.06915.HK
出口销售占比高并受航运成本及贸易政策影响
During the Track Record Period, our Human TAT has been exported to more than 30 countries and regions in Asia and Africa, accounting for nearly 100% of China’s export volume.
Summary · 第 1 页
For our Export Sales, the sales volume decrease in 2024, mainly attributable to a significant increase in international shipping costs.
Summary · 第 10 页
At the end of 2024, international shipping costs increased significantly, primarily due to changes in trade policies and tariffs, geopolitical tensions, and energy price fluctuations.
江苏博迁新材料股份有限公司Jiangsu Boqian New Materials Stock Co., Ltd.
逾五成收入来自境外，业绩受汇率波动影响
In 2023, 2024 and 2025, approximately 55.4%, 60.7% and 57.0% of our revenue was generated from outside Chinese Mainland, respectively.
Financial Information · 第 171 页
In 2023 and 2024, we recorded net foreign exchange gains of RMB7.0 million and RMB7.2 million, respectively, and in 2025, we recorded net foreign exchange losses of RMB2.6 million.
Financial Information · 第 171 页
Such net loss was mainly due to the appreciation of Renminbi against the U.S. dollar in 2025, as our overseas sales are primarily settled in U.S. dollars.
In 2023, 2024 and 2025, revenue generated from customers in the Chinese Mainland accounted for 70.4%, 62.1% and 53.5% of our total revenue, respectively, while revenue from customers outside the Chinese Mainland accounted for 29.6%, 37.9% and 46.5%, respectively.
Financial Information · 第 226 页
During each year of the Track Record Period, to the best of our knowledge, the revenue derived from our products exported to the U.S. accounted for only 0.16% in 2023, 0.76% in 2024, and 0.36% in 2025, respectively of our total revenue.
Business · 第 190 页
Given that U.S.-origin raw materials account for less than 0.5% of our total procurement value — a relatively minor proportion of our overall supply chain — we believe these tariff measures do not have a material impact on our procurement operations.
Our revenue derived from overseas markets reached RMB617.7 million in 2025, representing 87.9% of our total revenue, with Europe being a key driver. Our revenue derived from Europe was RMB609.1 million in 2025, representing 86.7% of total revenue.
Financial Information · 第 168 页
Our international presence is well-established, with overseas revenue accounting for a significant proportion of total revenue and strong competitiveness in core overseas markets.
Summary · 第 1 页
We also plan to establish overseas production bases with localized pack assembly and system integration capabilities to shorten delivery lead times and better serve key markets.
Revenue attributable to the overseas markets as a percentage of our total revenue remained stable at 76.2% in 2023 and 76.4% in 2024, and increased to 82.3% in 2025.
Financial Information · 第 192 页
Trade tensions between the United States and China, such as the increase in tariffs, may impair our ability to carry out our business.
Business · 第 139 页
In light of the foregoing, the Directors are of the view that the trade tensions between the United States and China would not have a material impact on the Company’s business operations.