For the years ended December 31, 2023, 2024 and 2025, our sales to overseas markets amounted to RMB204.3 million, RMB425.7 million and RMB633.8 million, respectively, representing 13.6%, 26.2% and 34.1% of our total revenue for the relevant years.
Financial Information · 第 209 页
In addition, export of our ammonium phosphate products is subject to quotas, which need to be obtained in advance.
Financial Information · 第 209 页
In response to the evolving international geopolitical environment since the beginning of 2026, we have prioritized supplying our ammonium phosphate products to the Chinese domestic market to help support the secure supply of fertilizers.
In 2023, 2024 and 2025, our revenue from overseas markets amounted to RMB6,451.6 million, RMB8,309,9 million and RMB7,983.4 million, respectively, accounting for 47.0%, 49.1% and 42.4% of our total revenue for the same years.
Business · 第 148 页
As of December 31, 2025, we operated a network of 12 manufacturing bases around the world, which included nine in China and three in overseas markets including Vietnam, Mexico and Hungary.
As of December 31, 2025, we had established business relationships with customers in China Mainland, Taiwan, and other overseas countries including Vietnam, Malaysia and Thailand.
Financial Information · 第 148 页
As of December 31, 2025, we employed 1,723 employees in Taiwan and 123 employees in other overseas region to support our global operations, including sales and research and development.
Financial Information · 第 148 页
During the Track Record Period, we had served approximately 500 customers in Southeast Asia, accumulating extensive experience in international operations and product and services delivery.
In 2024 and 2025, our overseas revenue was RMB25.5 million and RMB38.0 million, accounting for approximately 9.5% and 9.8% of our revenue for the same periods, respectively.
Summary · 第 6 页
In 2023, 2024 and 2025, the sales in Southeast Asia, Europe and Latin America altogether featured relatively favorable gross profit margins, which were 59.7%, 51.5% and 36.7%, respectively, as compared to our overall gross profit margins of 18.3%, 26.5% and 24.8% in the respective periods.
Business · 第 188 页
Revenue generated from such activities during the Track Record Period and up to the Latest Practicable Date, direct and indirect, amounted to RMB78.4 million.
By December 2025, we have established sales channel networks in Singapore, Thailand, Malaysia, the United Arab Emirates, Oman, Australia, and New Zealand, forming a robust and efficient global sales infrastructure.
Business · 第 168 页
As of the Latest Practicable Date, we had accumulatively delivered nine new energy heavy-duty trucks and entered into sales agreements for 16 new energy heavy-duty trucks in overseas markets.
Financial Information · 第 222 页
Overseas models recorded a gross margin of approximately 25.5% in 2025.
During the Track Record Period, 23,795 used vehicles, representing 77.8% of our total wholesale volume, were sold in bulk to domestic auto dealers, and 6,786 used vehicles, representing 22.2%, were sold to international auto dealers.
Business · 第 137 页
Our overseas wholesale operations currently cover more than ten countries and regions in the Middle East and Africa, and we have established relationships with over 100 overseas dealers.
Business · 第 138 页
The ongoing armed conflict involving Iran and the resulting disruption to maritime traffic through the Strait of Hormuz have adversely affected, and may continue to adversely affect, our overseas operations and results of operations;
In 2023, 2024 and 2025, sales revenue from China accounted for 89.0%, 84.0% and 76.1% of our total revenue relating to pharmaceutical products, respectively.
Financial Information · 第 206 页
During the Track Record Period, our revenue relating to pharmaceutical products generated from overseas sales increased by 61.6% in 2024 as compared with 2023, and increased by 61.5% in 2025 as compared with 2024.
In 2023, 2024 and 2025, we recorded revenue in Europe of RMB36,000, RMB5.0 million and RMB86.1 million, respectively, and in United States of RMB0.4 million, RMB3.0 million and RMB23.2 million, respectively.
Business · 第 163 页
Our sales to the United States are subject to an aggregate of 17.5% tariff as of the Latest Practicable Date.
Business · 第 163 页
For example, we may consider transferring more production capacities of robot lawn mowers to Vietnam.
As of the Latest Practicable Date, our products had been sold to customers in over 60 countries and regions, covering major markets including China, North America and Europe.
Business · 第 149 页
We have also established four overseas offices and are gradually building a broad and rapid-response international marketing and service network, laying a solid foundation for our continued global expansion.
Our international expansion is currently at a relatively early stage. Although our overseas revenue accounted for only 5.9% of our total revenue in 2025, it recorded a CAGR of 23.4% from 2023 to 2025, suggesting substantial potential and momentum for further growth.
Financial Information · 第 175 页
We have established overseas R&D centers, production bases as well as sales and service networks, and plan to further expand our international footprint.
In connection with our sales to overseas customers, we have engaged third-party customs brokers to facilitate the execution of our sales (the “Customs Brokers”).
Business · 第 178 页
To ensure robust management of potential tariff and trade risks, we have implemented a set of measures covering tariff risk compliance and monitoring.
Business · 第 198 页
Diversification of the supplier base and adoption of flexible sourcing strategies to reduce reliance on any single jurisdiction exposed to elevated tariff risks;
During the Track Record Period, we generated a substantial portion of revenue from overseas markets such as North America, Europe, Oceania and other regions, in aggregate representing 52.8%, 68.0% and 77.1% of our total revenues in 2023, 2024 and 2025, respectively.
Financial Information · 第 170 页
Adjustments in tariffs, quotas, and trade agreements may either facilitate or hinder our access to overseas markets.
Financial Information · 第 170 页
As part of our global expansion strategy and to strengthen our manufacturing capacity, we are constructing a new factory in Vietnam.
Following the acquisition of Huazhou in 2025, we also commenced sales of medical care products, including wound dressings, to customers located in the United Kingdom and North America.
Business · 第 119 页
Under a series of tariff policies implemented by the U.S. government in 2025, the applicable additional tariff rates applicable to our products ranged from 0% to 54%.
We operate cross-border flagship stores through our Hong Kong subsidiaries on select cross-border e-commerce platforms, such as Tmall Global, which are used to sell products imported from overseas brand partners to consumers in mainland China.
Business · 第 136 页
Some of our raw materials are sourced overseas; for example, our Calanus oil is imported from Norway.
Business · 第 152 页
As advised by our PRC legal advisor, there is no specific licenses or permits required for relevant cross-border sales, marketing and data collection, and during the Track Record Period and up to the Latest Practicable Date, we have been compliant with all relevant regulations governing cross-border sales of products.
Our overseas revenue reached RMB54.0 billion in the year ended December 31, 2025, accounting for 60.7% of our total revenue for the same year.
Summary · 第 7 页
In 2023, 2024 and 2025, our revenue from other countries and regions (excluding Mainland China) accounted for 46.2%, 46.7% and 60.7% of our total revenue, respectively.
Financial Information · 第 250 页
We will further maintain and expand our global network to reduce reliance on a single market and enhance our resilience against regional market fluctuations.
In addition, we plan to set up a manufacturing base in Mexico targeting our sales to the U.S. market.
Business · 第 133 页
Our commitment to quality service is reinforced by an extensive integrated sales network, featuring PRC service centres and international service centres in locations such as Thailand, South Korea, Malaysia, the U.S., and Germany.
Our business footprint currently extends to over 90 countries and regions globally, with approximately over 10% of our revenue derived from overseas markets.
Business · 第 152 页
During the Track Record Period, revenue derived from overseas market increased from 10.7% in 2023 to 11.8% in 2024, and further increased to 14.0% in 2025.
Business · 第 152 页
Moreover, while our production of optical interconnect business, intelligent sensing business and intelligent manufacturing business is concentrated in China, but we have also established production lines overseas to strengthen supply chain resilience.
In 2023, 2024 and 2025, the revenue from markets outside Chinese mainland accounted for 6.0%, 7.6% and 9.0% of our total revenue, respectively.
Financial Information · 第 230 页
However, we do not expect a direct material impact because (i) our software exports, including those to the United States, were not subject to tariffs during the Track Record Period as they are services in nature; (ii) U.S. revenue contributed less than 1% of our total revenue in each year during the Track Record Period, limiting any potential effect even if future tariffs were expanded to software; (iii) our global expansion strategy is flexible and can be adjusted in response to geopolitical developments; (iv) the core components of our infrastructure, such as servers and chips, are not made in or sourced from the United States; and (v) we have not observed material procurement cost increases or received supplier warnings of such risks.
Summary · 第 14 页
subscription revenues generated from outside Chinese mainland continued to grow during the Track Record Period, reaching RMB37.1 million, RMB54.2 million and RMB68.4 million in 2023, 2024 and 2025, respectively.
During the Track Record Period, the majority of our revenue was derived from overseas markets.
Business · 第 182 页
We derive a small percentage of our revenue from the U.S. market, accounting for nil, 1.8% and 1.8% of our total revenue in 2023, 2024 and 2025, respectively.
Business · 第 182 页
In 2023, 2024 and 2025, revenue from overseas markets contributed 87.8%, 95.2% and 99.0% of our total revenue, respectively.
During the Track Record Period, we derived the majority of our revenue from overseas markets.
Business · 第 174 页
In 2023, 2024 and 2025, our revenue from overseas market was RMB908.3 million, RMB1,317.8 million and RMB1,526.9 million, representing 60.3%, 66.0% and 61.6% of our total revenue, respectively.
Financial Information · 第 206 页
During the Track Record Period, our solutions and products sold in overseas market generally had relatively high gross profit margin compared to those in domestic markets.