In 2023, 2024 and 2025, we generated approximately 76.2%, 75.8% and 70.6% of our total revenue from China (including Hong Kong and Taiwan), respectively; while generated approximately 23.8%, 24.2% and 29.4% of our total revenue from overseas jurisdictions (including North America, Europe, and other countries and regions in Asia) in the same years, respectively.
Summary · 第 7 页
As advised by our International Sanction Counsel, our Directors and Sponsors are of the view that the U.S. tariff regime has had a limited and manageable impact on our operations and is not expected to materially affect our business, financial performance, or suitability for [REDACTED].
Business · 第 162 页
Even for leaf springs, which are subject to an aggregate duty rate of 78.2%, all relevant transactions are structured under Free on Board (FOB) or Ex Works (EXW) Incoterms, which contractually allocate the obligation to pay all applicable import duties, including any potential future tariff increases, to our U.S.-based buyers.
As of the Latest Practicable Date, our overseas backlog consisted of 11 orders with a total contract value of RMB26.6 million.
Summary · 第 3 页
With respect to the current impact of U.S. tariff policies, the Group has not engaged in any export activities to the U.S. market during the Track Record Period and up to the Latest Practicable Date.
Business · 第 179 页
With respect to the future impact of U.S. tariff policies, our planned expansion into the U.S. market will be supported by a prudent commercial strategy, the associated tariff-related risks are considered manageable by our legal advisor on international sanctions laws and Sponsor.
For FY2024, our total revenue was RMB447.1 million, of which approximately RMB200.7 million (representing 44.9%) was generated from the PRC market and RMB246.4 million (representing 55.1%) was derived from overseas markets.
Summary · 第 1 页
Given that a large portion of our customers are based in these foreign regions, shifts in their economic or political landscapes can considerably impact our financial results.
Financial Information · 第 206 页
As advised by our legal advisors as to International Sanctions after performing the procedures they consider necessary, given (i) the sales revenue generated from our U.S. exports is minimal (less than 1%), and (ii) we do not plan to expand its U.S. exports and sales significantly, 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.
In 2025, we opened 28 overseas stores, which achieved high foot traffic and sales shortly after opening.
Financial Information · 第 233 页
Our overseas expansion also demonstrated strong growth, with the number of TOP TOY stores increasing from 4 as of December 31, 2024 to 30 as of December 31, 2025, and reaching 39 as of the Latest Practicable Date.
Business · 第 150 页
The number of our overseas stores increased by nine between December 31, 2025 and the Latest Practicable Date.
In addition, our overseas e-commerce brand operations may be affected by changes in tariff policies, import/export regulations, international trade tensions, and geopolitical developments. Although such risks are less central compared with domestic consumer sentiment, they may introduce volatility to our overseas business performance.
In 2023, 2024, and 2025, revenue generated from our business overseas was RMB379.6 million, RMB516.8 million and RMB629.0 million, respectively, representing 42.2%, 56.3% and 66.5%, respectively, of our total Aqarabranded revenue in the corresponding periods.
Business · 第 173 页
Overseas revenue from Aqara-branded spatial intelligence products and solutions achieved a CAGR of 28.7% from 2023 to 2025.
Summary · 第 2 页
The decrease was partially offset by our strategic stockpiling towards the end of 2024 to address the potential impact of anticipated additional tariffs in 2025.
Our revenue from overseas markets increased from RMB162.7 million in 2023 to RMB370.9 million in 2024, and further increased to RMB419.0 million in 2025.
Financial Information · 第 226 页
We intend to further expand our presence in overseas markets to capitalize on the higher margins and strengthen our global competitiveness.
Financial Information · 第 226 页
We have established both national and international sales and distribution networks, allowing us to provide products through our distributors in nearly 70 countries and regions worldwide as of the Latest Practicable Date.
杭州铜师傅文创（集团）股份有限公司HANGZHOU TONGSHIFU CULTURAL AND CREATIVE (GROUP) CO., LTD.00664.HK
通过台湾美国经销商及海外线上试用合作拓展海外
As of the Latest Practicable Date, we engaged one offline distributor in Taiwan, who operated one offline distributor store.
Business · 第 140 页
In overseas markets where cross-border logistics, after-sales servicing, and product localization are more challenging, we rely exclusively on offline distributors.
Business · 第 140 页
In 2025, we commenced trial cooperation with two overseas online distributors as part of our international market expansion.
As of the Latest Practicable Date, our products had been sold to over 1,000 customers across over 50 countries and regions, with overseas markets contributing 37.9% of our total revenue in the nine months ended September 30, 2025.
Business · 第 168 页
In 2022, 2023, 2024 and the nine months ended September 30, 2024 and 2025, our revenue generated from products that were directly exported to the U.S. was RMB1.3 million, RMB4.5 million, RMB16.8 million, RMB9.4 million and RMB8.3 million, respectively, accounting for approximately 1.2%, 2.6%, 5.4%, 4.6% and 3.0% of our total revenue for the respective year/period.
Summary · 第 19 页
All additional tariffs on our exports to the U.S. are contractually borne by our customers in accordance with the terms of our sales agreements.
We do not rely on any U.S.-originated technologies or raw materials for our operations.
Business · 第 181 页
Based on these factors, we conclude the U.S. export control have had no material or immediate direct or indirect impact on our operations and financial performance during the Track Record Period and up to the Latest Practicable Date.
Business · 第 182 页
Our revenue generated outside Greater China was amounted to RMB273.0 million, RMB835.3 million, RMB766.7 million, RMB646.9 million and RMB195.0 million, respectively, in 2022, 2023 and 2024 and for the nine months ended September 30, 2024 and 2025, accounting for 61.9%, 73.1%, 78.7%, 80.0% and 36.5% of our total revenue for the respective periods.
上海璞泰来新能源科技集团股份有限公司Shanghai Putailai New Energy Technology Group Co., Ltd.
海外收入占比由14.9%降至6.0%
As at the Latest Practicable Date, we have established market presence across a number of countries and regions, including key global markets such as China, South Korea, Europe and the United States, and are actively exploring emerging markets in Southeast Asia.
浙江凯乐士科技集团股份有限公司Zhejiang Galaxis Technology Group Co., Ltd.02729.HK
业务遍及19个国家 海外收入占比6.6%至14.5%
Through years of dedicated effort, we have successfully cultivated a broad and geographically diversified customer base spanning across 19 countries and regions.
Business · 第 159 页
Our geographic expansion is a key growth driver, with operations now spanning 19 countries and regions and revenue from markets outside mainland China growing at a CAGR of 17% from 2022 to 2024.
Financial Information · 第 213 页
We plan to continue growing our international presence through local partnerships and collaborations and expanding our marketing reach.
We generated revenue of RMB109.3 million, RMB128.1 million and RMB128.8 million from overseas sales, which accounted for approximately 30.6%, 32.1% and 32.2% of our total revenue in 2023, 2024 and 2025, respectively.
Financial Information · 第 216 页
During the Track Record Period, approximately 32% of our revenue was derived from overseas markets.
Revenue contributed by overseas markets amounted to RMB1,312.2 million, RMB1,594.4 million, RMB1,369.6 million, RMB1,139.3 million and RMB1,117.7 million in 2022, 2023, 2024 and the first nine months of 2024 and 2025, respectively, accounting for 33.8%, 34.3%, 34.2%, 33.8% and 29.4% of our total revenue for the same periods.
Summary · 第 2 页
While our revenue from overseas markets declined in 2024, primarily due to a weaker performance in the construction machinery sector compared to 2023, expanding our global market share remains a cornerstone of our growth strategy and a critical driver of our financial performance.
无锡先导智能装备股份有限公司WUXI LEAD INTELLIGENT EQUIPMENT CO., LTD.00470.HK
海外收入占比升至24%并面临关税贸易政策影响
Our revenue from overseas sales increased by 87.5% from RMB1,195.4 million in 2022 to RMB2,241.6 million in 2023, and increased by 26.3% from RMB2,241.6 million in 2023 to RMB2,831.3 million in 2024, respectively, accounting for 8.6%, 13.6% and 24.0% of our revenue in the same years, respectively.
Financial Information · 第 278 页
With regard to the impact of the recent U.S. tariff and other trade restriction policies, all the products exported and sold to our customers are exported from China and executed under either Free On Board (“FOB”) or Delivered At Place (“DAP”), whereby the responsibility for customs filing and clearance in the respective destination countries resides with our customers.
Summary · 第 23 页
Accordingly, while our Directors are of the view that the impacts of the U.S. and EU tariffs on our operation were relatively insignificant during the Track Record Period, we cannot assure that such impacts will remain insignificant in the future.
In 2022, 2023, 2024 and the nine months ended September 30, 2024 and 2025, revenue from overseas markets amounted to RMB7,063.5 million, RMB3,792.3 million, RMB14,975.9 million, RMB11,879.1 million and RMB12,266.0 million, respectively, accounting for 24.1%, 13.9%, 32.3%, 34.0% and 39.1% of our total revenue in the respective year/period.
Business · 第 228 页
Our exports to the U.S., however, only accounted for 1.7% of our total revenue during the Track Record Period, and therefore our business has had limited direct exposure to U.S. tariff measures and cross-broader trade policies.
Business · 第 229 页
We have adopted a flexible and diversified global production and supply chain strategy, including establishing overseas manufacturing centers and working with local suppliers where appropriate, which enables us to manage logistics and cost efficiency and mitigate potential trade-related risks.
Revenue generated outside the Mainland China contributed approximately 73.1% of our total revenue in the nine months ended September 30, 2025.
Financial Information · 第 405 页
From day one, we have launched all our foundation models and products across international markets with one goal: to make next-generation AI technologies truly broadly accessible at compelling value proposition.
As of the Latest Practicable Date, we have obtained registration approvals for MP1000 in 14 overseas jurisdictions in Europe, Asia Pacific, Middle East, Africa and South America, including the CE Marking of MP1000 in the EU, and commercialized MP1000 in 25 overseas countries.
Summary · 第 35 页
In terms of contractual sales volume, we have entered into agreements for sales of 118 units of our Core Products globally as of the Latest Practicable Date, including 46 units in China and 72 units in overseas countries.
Summary · 第 35 页
Leveraging our existing global market entry capabilities, we plan to continue to strategically enter into other overseas markets that present significant market potential, taking into account various factors such as per capita GDP, recognition of CE Marking and NMPA registration, sales volume of da Vinci Surgical Systems and eligibility for one-belt-one-road initiatives.