深圳市星源材质科技股份有限公司Shenzhen Senior Technology Material Co., Ltd.06067.HK
海外收入占比约14%及美国欧盟关税影响
During the Track Record Period, our revenue from shipment destinations outside Chinese Mainland increased from RMB469.2 million in 2023 to RMB568.2 million in 2025.
Business · 第 155 页
With respect to tariffs, our battery separator products exported from the PRC to the U.S. and the EU during the Track Record Period were subject to tariffs.
Business · 第 160 页
Based on the above, the Sole Sponsor concurs that tariffs, trade restrictions and export controls have not had during the Track Record Period and up to the Latest Practicable Date, and are not expected to have, any material adverse effect on the Group's business, financial condition or results of operations.
深圳市创想三维科技股份有限公司Shenzhen Creality 3D Technology Co., Ltd.03388.HK
美国市场收入占比高且面临关税上调影响
During the Track Record Period, our revenue generated from the sales to the United States amounted to RMB492.7 million, RMB524.8 million and RMB887.6 million, respectively, in 2023, 2024 and 2025, accounting for 26.2%, 22.9% and 28.4% of the total revenue for the same periods.
Summary · 第 10 页
To address the impact of the additional U.S. tariffs, we have taken the following measures to enhance our sales in the U.S., consistent with the industry practice, as confirmed by CIC:
Summary · 第 10 页
We passed on the impacts of the tariff increases to customers through adjustments on the recommended retail prices.
In 2025, overseas revenue accounted for 53% of our total revenue, with our products sold in over 190 countries and regions, and adopted by 87 of Newsweek Top 100 Hospitals worldwide.
Business · 第 182 页
Recently, the United States announced broad tariffs on imports from all countries, comprising a 10% baseline tariff and varying reciprocal tariffs on certain trade partners, including a 125% tariff for most goods from the PRC.
Summary · 第 12 页
Local production also mitigates tariff and geopolitical risks, ensuring stability of global supply.
北京天星医疗股份有限公司STAR SPORTS MEDICINE CO., LTD.01609.HK
美国关税推高UHMWPE采购价格
China’s imposition of tariff across U.S. imported goods resulted in an increase of 9.5% in the purchase price of our UHMWPE.
Business · 第 136 页
During the Track Record Period, the purchase of UHMWPE that were subject to tariffs amounted to RMB10.4 million, RMB18.1 million and RMB10.7 million in 2023, 2024 and 2025, respectively, accounting for 23.0%, 24.5% and 14.8% of the total raw material costs in the respective periods.
Business · 第 136 页
In the event we face supply chain disruption, we are capable of sourcing UHMWPE from domestic suppliers at comparable quality and sufficient quantity.
Based on the HS codes that we declared in our customs filings, exports of our PRC-origin products to the United States were subject to (i) the baseline import tariffs applicable to the relevant product category, (ii) additional duties imposed under the United States' long-standing Section 301 trade measures and (iii) further surcharges introduced in early 2025 and subsequently adjusted in mid-2025.
Business · 第 159 页
Despite changes in the U.S. tariff environment, our gross profit margin remained stable throughout the Track Record Period.
Business · 第 159 页
Our products have been subject to an additional 30.0% tariff since May 2025 for all products being exported to the United States primarily due to the imposition of tariffs between the United States and China.
During the Track Record Period, the majority of our revenue derived from overseas market, which accounted for 67.7%, 78.0% and 74.9% of our total revenue in 2023, 2024 and 2025, respectively.
Summary · 第 1 页
In 2023, 2024 and 2025, our revenue from the U.S. amounted to RMB130.6 million, RMB345.6 million, RMB135.6 million respectively, represents 4.2%, 10.0% and 3.6% of total revenue during the same period.
Business · 第 166 页
To mitigate the impact of tariffs, we adopted a range of measures, including pre-shipment stocking of over 10,000 units in the U.S. prior to tariff increases, collaborating with suppliers to establish overseas production capacity (including in Southeast Asia) to reduce exposure through trans-shipment arrangements, and engaging with customers to negotiate tariff cost-sharing mechanisms.
The average tariff rate was approximately 25% before 2025, and was adjusted to various levels of 145%, 55% and 45% in 2025, before falling to the latest rate of approximately 35% in 2026.
Business · 第 139 页
For the years ended December 31, 2023, 2024 and 2025, revenue from the U.S. market amounted to RMB16.5 million, RMB49.1 million and RMB99.7 million, respectively, accounting for 3.3%, 6.4% and 9.8% of our total revenue for the corresponding period.
Business · 第 139 页
Taking into account the foregoing and the further easing of U.S. tariff policies in 2026, we consider that U.S. tariff policies and Sino-U.S. trade tensions will not have a material adverse impact on our future business operations and financial performance.
Some of the Group’s products were imported into the United States during the Track Record Period and were subject to different levels of U.S. tariffs.
Business · 第 194 页
For each year or period during the Track Record Period, the total amount of tariff paid by us represented less than 0.03% of our revenue for the same period.
Business · 第 195 页
Based on best-effort statistics, revenue from products indirectly shipped to the United States, including PCs, tablets, smart wearables and AIoT products, accounts for approximately 10% of our total revenue during the Track Record Period.
Further, in relation to our export activities to the U.S., during the Track Record Period, revenue generated from the U.S. accounted for 12.7%, 16.9% and 13.8% of our total revenue in 2023, 2024 and 2025, respectively.
Business · 第 179 页
our Directors believe, and the Sole Sponsor concurs, that the recent tariffs have had no material or immediate direct or indirect impact on our supply chain, production, operations and financial performance during the Track Record Period and up to the Latest Practicable Date
Business · 第 180 页
We will continue to monitor the regulatory landscape but consider our exposure to U.S. trade policy to be limited.
In 2025, the U.S. government imposed a series of tariff on autos and auto parts from many countries, for example, the U.S. government implemented multiple trade policies including reciprocal tariffs (the “U.S. Reciprocal Tariffs”), leading to a tariff up to 145% on imports from China.
Summary · 第 12 页
Our Directors believe that the trade restrictions would not materially and adversely affect our business operations as we did not engage any sanctioned entities in our operations during the Track Record Period and up to the Latest Practicable Date.
Summary · 第 12 页
We have implemented a comprehensive strategy focused on optimizing tariff costs through measures such as product reclassification and increasing local production in Thailand to secure favorable origin status, while concurrently managing overall expenses via production automation and optimized logistics; additionally, a contingency plan is in place to swiftly initiate factory establishment in North America should Thai exports face elevated U.S. tariffs.
Our revenue from sales to overseas markets outside China (including Mainland China, Hong Kong, Macau Special Administrative Region and Taiwan, China) amounted to RMB1,959.8 million, RMB2,172.4 million, RMB2,564.7 million, RMB1,919.4 million and RMB2,129.5 million in 2022, 2023, 2024 and the nine months ended September 30, 2024 and 2025, respectively, representing 98.6%, 98.2%, 98.2%, 98.2% and 97.9% of our total revenue in the same respective periods.
Financial Information · 第 236 页
In 2022, 2023, 2024 and the nine months ended September 30, 2025, the amount of U.S. import tariffs borne by FS U.S. accounted for RMB44.0 million, RMB43.2 million, RMB58.6 million and RMB102.4 million, respectively.
Summary · 第 13 页
As part of our continuing efforts to diversify our supply chain, for our sales in the U.S., our procurement from supply chain in China accounted for 33.4% of total procurement for our U.S. sales in the nine months ended September 30, 2025 (as compared to 75.3% in the year ended December 31, 2024).
From February 4, 2025 to February 23, 2026, the additional tariff rate applied to our exports to the U.S. ranged from 10% to 154% as a reflection of the rapidly evolving U.S. tariff policies.
Summary · 第 19 页
Firstly, our revenue contribution from the U.S. market accounts for a relatively small proportion of our total revenue, representing less than 10% of our total revenue for each of the years during the Track Record Period.
Summary · 第 20 页
We are closely monitoring the relevant policy changes and will adjust our operations accordingly, including leveraging our future manufacturing in Indonesia to mitigate potential tariff-related risks.
For the years ended December 31, 2022, 2023, 2024 and the nine months ended September 30, 2024 and 2025, revenue from the U.S. accounted for approximately 9.2%, 10.1%, 10.4%, 10.1% and 11.7% of our total revenue, respectively.
Business · 第 159 页
Consequently, it complies with the Rules of Origin applicable to HS 8501, and the products exported from our Mexican manufacturing base to the U.S. are thus entitled to zero general tariff under the USMCA.
Business · 第 159 页
Therefore, as the value of products impacted by the Steel/Aluminum Tariffs constitutes a very small proportion of our total revenue, we believe such tariffs will not have a material adverse impact on our overall gross profit margin.
乐欣户外国际有限公司Ridge Outdoor International Limited02720.HK
美国关税政策及北美收入占比下降
Based on our export records to the U.S. and the relevant HTSUS codes of our products exported to the U.S., the applicable tariff rates of our the major tent products exported to the U.S. range from approximately 34.5% to 36.3% as of the Latest Practicable Date.
Summary · 第 21 页
In 2022, 2023, 2024 and the eight months ended August 31, 2025, our revenue from North America was RMB154.1 million, RMB46.2 million, RMB50.0 million and RMB29.7 million, representing 18.8%, 10.0%, 8.7% and 6.5% of our total revenue in the same respective periods.
Summary · 第 21 页
our Directors are of the view and the Sole Sponsor concurs that the recent U.S. tariff policies do not have any significant direct or indirect impacts on our business operations and financial performance.
Since the implementation of the tariffs imposed by the united states in February 2025, the proportion of our raw material purchases with the U.S. as the shipping origin has remained low.
Business · 第 224 页
Therefore, our Directors believe that the potential pressure on the pricing of our products resulting from the Additional US Tariffs could be partially passed on to our customers.
Business · 第 224 页
Since January 1, 2025 and up to the Latest Practicable Date, we had not received any request from our customers which may cause significant pricing pressure as a result of the imposition of the Additional US Tariffs and none of our customers, including major customers, had cancelled their existing orders or request re-negotiation of prices for existing orders as a result of the Additional US Tariffs.
Based on the best knowledge, information and belief of the Directors as of the Latest Practicable Date, the maximum U.S. tariff rate applicable to our core products was approximately 63%, subject to product classification and any other applicable duties, exclusions and adjustments.
Summary · 第 21 页
As such, the U.S. market contributed only 5.5% of our total revenue growth during this period, while the remaining 94.5% of our revenue growth was contributed by other countries and regions.
Business · 第 304 页
As a result of our successful market diversification, for the years ended December 31, 2022, 2023 and 2024 and the six months ended June 30, 2024 and 2025, revenue generated from the sales in the U.S. amounted to RMB45.1 million, RMB78.5 million, RMB86.9 million, RMB38.7 million and RMB40.9 million, respectively, representing 16.4%, 17.2%, 14.2%, 14.1% and 10.3% of our revenue in the same periods, respectively.
Recent tariff changes and geopolitical tensions have a multi-dimensional impact on our business, affecting our PRC futures brokerage, PRC risk management services, and overseas financial services.
Summary · 第 24 页
We address rising demand for risk hedging and customized risk management solutions, such as OTC derivatives and basis trading, leading to growth in our notional principal in OTC derivatives business since the new US tariff policies in April 2025.
Summary · 第 24 页
In the short term, we do not anticipate tariffs or geopolitical tensions to have a material adverse impact on our performance.
As of the Latest Practicable Date, to our knowledge our products imported to the U.S. from China are subject to 20% tariffs under the IEEPA and 10% baseline tariffs of the US Reciprocal Tariffs, and, therefore, in aggregate 30% tariffs.
Summary · 第 29 页
As of Latest Practicable Date, certain of our customers had agreed to bear the additional tariff costs.
Summary · 第 30 页
Furthermore, we believe that there are alternatives to our U.S. suppliers, and we will be able to make switches if necessary.
In 2022, 2023, 2024 and the three months ended March 31, 2025, revenues generated from our sales to the United States amounted to RMB358.5 million, RMB748.1 million, RMB280.9 million and RMB67.4 million (US$9.3 million), respectively, accounting for 29.8%, 39.9%, 13.5% and 12.8% of our total revenue in the respective periods.
Summary · 第 26 页
As of the Latest Practicable Date, sales of our LiDAR products to the U.S. were subject to a tariff of 70%; see “Regulatory Overview — U.S. Laws and Regulations — Regulations on Tariffs”.
Summary · 第 25 页
Our Directors are of the view that, to the best of our knowledge and based on currently available information, the tariff escalation by the United States (including, in a worst-case scenario, a reinstatement of the historically high tariff rate reached in April 2025 imposed on our products) will not have a material adverse impact on our business or results of operations in the foreseeable future.
On June 10 and 11, 2025, the U.S. government reaffirmed that tariffs on Chinese imports would remain at a combined rate of 55%, comprising three existing components: a 25% Section 301 tariff imposed since 2018, a 20% tariff introduced in February 2025, and a 10% reciprocal tariff imposed on April 2, 2025.
Summary · 第 30 页
Although certain low-value shipments may qualify for the de minimis exemption under U.S. customs regulations, the exemption threshold does not cover most of our shipments, and thus has limited mitigating effect.