For the years ended December 31, 2023 2024 and 2025, revenue generated from overseas customers accounted for 23.1%, 28.7% and 26.6% of our total revenue for the same period, respectively.
Business · 第 139 页
During the Track Record Period and up to the Latest Practicable Date, we had been in compliance with the relevant regulations on the export control of rare earth products.
Business · 第 139 页
As of the Latest Practicable Date, we had one subsidiary in the EU and one in North America to cover our sales and marketing activities in overseas markets.
In 2025, we generated 82.7% of our revenue in the Chinese Mainland, with the remaining portion derived from overseas markets.
Summary · 第 1 页
In addition, due to differences in market conditions, pricing strategies, and other factors across regions, our gross margin in overseas markets has generally been higher during the Track Record Period.
Financial Information · 第 216 页
In 2023, 2024 and 2025, our revenue generated from sales to the United States was RMB3.2 million, RMB11.2 million and RMB17.4 million, respectively, accounting for 1.3%, 3.3% and 3.9% of our total revenue, respectively.
During the Track Record Period, revenue generated from overseas markets amounted to RMB1,960.6 million, RMB2,713.5 million and RMB2,780.8 million in 2023, 2024 and 2025, respectively, accounting for 17.1%, 18.6% and 19.4% of our total revenue for the same periods.
Financial Information · 第 198 页
We have established production bases and sales centers worldwide, including in Brazil, Indonesia, Poland, Germany, Mexico and Kenya, serving approximately 70 countries and regions as of December 31, 2025.
During the Track Record Period, revenue derived from mainland China amounted to RMB231.2 million, RMB330.6 million and RMB409.9 million, representing 49.5%, 53.6% and 60.0% of our total revenue, while revenue derived from overseas markets amounted to RMB235.9 million, RMB286.6 million and RMB273.4 million, representing 50.5%, 46.4% and 40.0% of our total revenue, respectively.
Summary · 第 1 页
We have strategically established four production plants in Guangzhou, Zhaoqing, and Jingdezhen, China, as well as in Selangor, Malaysia, to ensure our product delivery capacity and promptly meet the developing demands of key global customers.
江苏贝尔家居科技股份有限公司Jiangsu BBL Home Technology Company Limited
海外收入占比高达91.2%并面临关税影响
Our revenue from overseas markets was RMB1,799.8 million, RMB2,042.5 million and RMB2,306.7 million in 2023, 2024 and 2025, respectively, accounting for 78.3%, 86.7% and 91.2% of our total revenue in the same periods, respectively.
Financial Information · 第 158 页
Changes in trade policies or the imposition of additional tariffs may increase the cost of our products in certain markets and affect our competitiveness in those markets.
Financial Information · 第 158 页
We continuously monitor changes in international trade policies and adjust our production and sales strategies accordingly.
In 2023, 2024 and 2025, revenue from our solutions installed in overseas vehicles constitute 0.8%, 4.4% and 7.5% of our total revenue, respectively.
Business · 第 170 页
As of the Latest Practicable Date, our collaborations already spanned 14 OEMs across China, East Asia, Europe and the United States.
Business · 第 127 页
As of the Latest Practicable Date, our Directors do not anticipate material adverse impact to our overseas market expansion strategy as a result of the U.S. or EU tariff.
From 2023 to 2025, our overseas business expanded remarkably, with the proportion of revenue from products delivered to overseas markets increased significantly from 39.6% to 74.5%, underscoring the success of our strategic shift and strong customer recognition.
Business · 第 108 页
The European offshore wind market is characterized by high entry barriers and substantial commercial potential, and offshore wind power equipment in Europe serve as a primary driver of our profitability.
Business · 第 108 页
With offices in Europe, Japan, and South Korea, we have built a sales and marketing network covering key development regions for offshore wind sector, providing a foundation for our further expansion into emerging markets such as Australia and Southeast Asia.
In 2023, 2024 and 2025, our revenue from overseas sales was RMB0.3 million, RMB9.3 million and RMB119.3 million, accounting for 1.5%, 3.6% and 20.6% of our total revenue, during the same years, respectively.
Business · 第 143 页
Guided by an international expansion strategy, we develop overseas service networks to support the sustainable growth of our global business, ensuring proximity to key markets and timely delivery for global customers.
During the Track Record Period, our overseas business generated cumulative revenue of nearly RMB8.0 billion and has become an important growth driver for our Group.
Business · 第 159 页
As of December 31, 2025, we had operated 842 ophthalmic medical centers globally, including 663 in Chinese Mainland, 151 in Europe, 18 in Southeast Asia, nine in Hong Kong and one in the United States.
Financial Information · 第 221 页
Globally, our strategic acquisitions in Europe, the United States, and Southeast Asia are critical to diversifying our revenue streams and capturing international market share.
In 2023, 2024, and 2025, our revenue from overseas countries and regions accounted for 40.2%, 35.5%, and 51.0% of our total revenue, respectively.
Financial Information · 第 166 页
We are actively enhancing diversified global presence, increasing investment in commercial and industrial and utility-scale energy storage business, AIDC, and other new businesses to hedge against industry and market volatility.
During the Track Record Period, our overseas business was at a relatively early stage with rapid development, increasing from RMB10.2 million in 2023 to RMB29.4 million in 2025, at a CAGR of 69.4% from 2023 to 2025.
Financial Information · 第 194 页
Outside China, we expand through a combination of direct sales arrangements and localized distributors in Southeast Asia, the Americas and Europe.
The reduction in average annualized GMV per store in our overseas directly-operated stores since 2023 was primarily attributable to the significant increase in the number of newly opened stores overseas.
Business · 第 112 页
We also expanded our footprint into overseas markets such as Malaysia, the Philippines, Vietnam, Singapore, Thailand, and Indonesia.
We also export products on an OEM basis to overseas motor component vendors in over 30 overseas countries and regions, primarily in European countries such as Germany, Italy and Turkey, as well as in Africa.
Summary · 第 1 页
Given our overseas sales exposure, we are subject to foreign exchange fluctuations between RMB and such foreign currencies, which may adversely affect our revenue, cost of sales and profitability.
Business · 第 123 页
We have professional staff within the finance department to manage risks arising from transactional effects of exchange rate fluctuations, utilizing the natural hedge for settling currencies and forward foreign exchange hedging contracts, while controlling the scale of foreign currency assets and liabilities.
The percentage of our revenue generated from overseas sales increased from 32.2% in 2023 to 36.6% in 2024, and further grew to 51.3% in 2025.
Summary · 第 2 页
In relation to our export activities to the U.S., during the Track Record Period, revenue generated from the U.S. accounted for 1.32%, 1.54% and 3.86% of our total revenue in 2023, 2024 and 2025, respectively.
Business · 第 170 页
Given (i) our limited export activities in connection with the U.S. during the Track Record Period and up to the Latest Practicable Date, (ii) tariff on these exports have already been addressed and paid by the U.S.-based customers, and (iii) we intend for all our future U.S. sales to be made from our Mexico manufacturing facility, our Directors believe that the recent changes of U.S. tariff policies have not had and will not have any material adverse impact, directly or indirectly, on our business operations and financial performance.
As of December 31, 2025, we operated in more than 80 countries and regions.
Business · 第 150 页
During the Track Record Period, our products were primarily sold in Europe, Asia and Americas, with significant increasing trend of revenue contributed by the United States.
Financial Information · 第 233 页
Due to Sino-U.S. tariff policies, Altice considered tax-related risks and communication efficiency, and opted to engage in direct transactions with us.
strategically expanded our customer base into selected non-domestic markets, including Hong Kong, the United Kingdom, the United States, and Singapore.
Business · 第 152 页
These non-domestic customers resumed their procurement from us in 2025.
Summary · 第 16 页
our gross profit margin of non-domestic customers was generally higher than that of Chinese Mainland customers, primarily because non-domestic customers demonstrated greater pricing acceptance, as their pricing expectations were benchmarked against those adopted by overseas service providers.
For the years ended December 31, 2023, 2024, and 2025, the percentages of sales revenue from the United States accounted for 82.7%, 85.2%, and 86.2%, respectively, from Chinese Mainland accounted for 6.9%, 4.7%, and 3.1%, respectively, and from other regions accounted for 10.4%, 10.1%, and 10.7%, respectively.
Business · 第 123 页
We have established a global production network centered in China and Vietnam to serve our global customers. Our manufacturing footprint enables us to respond quickly to customer orders across different regions and ensure timely delivery of our products.
We are also exploring overseas markets by strengthening market access and compliance capabilities, and (i) seven of our products, including infusion sets and PIVC had obtained U.S. FDA certificates; (ii) 29 products had obtained CE certificates under the EU Medical Device Regulation (EU 2017/745) (“MDR”).
Summary · 第 2 页
Further, in 2024, we achieved WHO-PQS prequalification and were included in the WHO global tender procurement directory, further supporting our overseas expansion.
In 2023, 2024 and 2025, our revenue from overseas sales amounted to RMB1,548.2 million, RMB3,325.7 million and RMB6,030.1 million, respectively, accounting for 43.1%, 49.7% and 53.4% of our total revenue during the same periods, respectively.
Business · 第 129 页
As of the Latest Practicable Date, our overseas sales were not subject to any specific licensing requirements or regulatory approvals, and the sales of our solutions did not violate any sanctions or export control measures.