美国关税重大影响

美国收入占比升至55.0%并面临加征关税

Revenue contribution from the U.S. accounted for 37.7%, 34.1%, 55.0% for the year ended December 31, 2022, 2023 and 2024, respectively.

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Substantially all of these tariffs are borne by our customers.

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As of the Latest Practicable Date, we have not experienced any attempts by our U.S. customers to renegotiate pricing or cancel orders in response to the tariffs.

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高度依赖美国市场及关税贸易摩擦风险

During the Track Record Period, sales of our products with the U.S. as the shipping destination accounted for 68.8%, 80.6% and 76.5% of our total revenue, respectively.

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When we sell our products as an exporter, as our products are sold and delivered to the U.S. on a FOB Chinese ports arrangement, we are not responsible for customs clearance within the jurisdiction of the U.S. and we are not responsible for the payment of any such tariffs for products imported into the U.S.

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Furthermore, since the imposition of the New Tariff on China, we have been closely communicating with our customers, including major customers, and our customers had expressed interest in relocating production of some of their orders to our Indonesia Factory which is expected to commence operation in the second quarter of 2025.

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北美收入占比约25%，受美国加征关税影响

North America | 5,703,859 | 26.7 | 6,301,569 | 25.7 | 7,094,512 | 25.4

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Consequently, during the Track Record Period, our products exported from China to the U.S. were subject to tariffs ranging from 8.9% to 29.2%.

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Our products exported from China to the U.S. were subject to tariffs ranging from 38.9% to 99.2%; products exported from Mexico to the U.S. were subject to tariffs ranging from 0.0% to 53.0%; and products exported from Vietnam to the U.S. were subject to tariffs ranging from 11.4% to 14.0%.

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美国对华及海外加征关税之贸易政策风险

Subsequent to the Track Record Period and as at the Latest Practicable Date, the US government introduced (i) the US 2025 IEEPA Tariff on goods from various countries including the PRC, where all goods exported from the PRC to the US would be subject to an additional 20% tariff in total, with a few exceptions; and (ii) the US Reciprocal Tariff on goods from various countries including the PRC, Indonesia and Thailand, where all goods exported to the US from (a) the PRC would be subject to an additional 34% tariff (paused for 90 days and subject to a 10% tariff instead from 14 May 2025); (b) Indonesia would be subject to an additional 32% tariff (paused for 90 days and subject to a 10% tariff instead from 10 April 2025); and (c) Thailand would be subject to an additional 36% tariff (paused for 90 days and subject to a 10% tariff instead from 10 April 2025), with a few exceptions (including sucralose, which is not subject to any reciprocal tariff as it falls under the exemption under Annex II to the reciprocal tariff pursuant to President Trump’s Executive Order of 2 April 2025).

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In order to diversify the risk brought by extra tariff imposed by the United States, we produce food-grade glycine in our Indonesia Plant and export our food-grade glycine to our customers in the United States from Indonesia.

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during the Track Record Period and up to the Latest Practicable Date, we only exported our food-grade glycine that was produced at our Indonesia Plant to our customers in the US.

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对美销售及美国加征关税的影响

For FY2022, FY2023 and FY2024, our sales to the United States amounted to RMB48.4 million, RMB38.1 million and RMB36.5 million, accounting for 12.3%, 10.9% and 10.4% of our total revenue, respectively.

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As at the Latest Practicable Date, imports from China, including our printing equipment, scales, POS terminals and PDAs, to the United States were subject to a tariff rate of 30% on top of any other tariff and duties which had already been implemented before February 2025, and it remained uncertain how the Sino-U.S. and global trade tension will develop.

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It is expected that the new production centre in Malaysia will commence operation in the second quarter of 2025.

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美国关税及LDT监管变化影响

As of the Latest Practicable Date, the United States imposed a total tariff rate of up to 245% on goods imported from China, and China imposed a retaliatory 125% tariff on goods imported from the United States.

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Despite that we currently do not plan to launch GASTROClear™ nor any other product candidates as LDT services in the U.S., such enhanced regulations in the U.S. may potentially impact our provision of LDT services in other jurisdictions if such jurisdictions adopt similar regulations on LDT services.

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2024年海外收入占30.5%并面临美国关税

In 2024, 30.5% of our revenue was generated from overseas markets.

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Furthermore, we are actively preparing and advancing our JV factory with Stellantis N.V. in Spain, and our battery value chain projects in Indonesia.

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Currently, we cannot accurately assess the potential impact of such policies on our business, and we will closely monitor the relevant situation.

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海外收入占比升至23.9%及美国关税影响

Our revenue from sales outside China increased from RMB31.2 million in 2022 to RMB874.6 million in 2023, and further to RMB2,373.2 million in 2024. The proportion of our overseas revenue increased from 0.3% in 2022 to 4.7% in 2023, and further to 23.9% in 2024, marking the initial success of our global strategy.

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Firstly, for our domestic production capacity, apart from a single one-off export of samples to the U.S. in the amount of approximately RMB60 thousand in 2022, we did not, are not currently, and do not intend to export from China to the U.S., rendering the U.S. market immaterial to us.

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In addition, to our knowledge, none of our top five overseas customers during the Track Record Period was a U.S. company.

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自美国及新西兰采购涉关税及贸易摩擦

As advised by our PRC Legal Advisers, the tariffs imposed by the PRC government on finished algal oil DHA products imported from the U.S. and New Zealand was 27% and 20%, respectively, as at the Latest Practicable Date.

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As advised by our PRC Legal Advisers, the cross-border e-commerce model does not involve tariff. As such, our Directors are of the view the Sino-U.S. trade conflict did not have a material adverse impact on our Group.

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美国为最大市场且产品被加征关税

Our revenue generated from sale of goods to customers in the U.S. accounted for 58.3%, 69.6%, 68.8% and 69.2%, respectively, of our total revenue in 2021, 2022, 2023 and the four months ended April 30, 2024.

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In 2021, 2022, 2023 and the four months ended April 30, 2023 and 2024, the revenue contribution for our products subject to the additional tariffs of 25% was RMB1,833.3 million, RMB3,206.2 million, RMB4,413.5 million, RMB1,267.6 million and RMB1,534.6 million, respectively.

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During the Track Record Period, our business operations and financial condition, particularly our revenue, gross profit margin and net profit margin, were not adversely affected by the additional tariffs imposed, as the additional tariffs imposed had been passed on to our customers through the increase of selling prices of our products without any material adverse impact on our competitiveness as evidenced by our continuous growth.

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输美货物适用301关税及小额免税安排

Currently, goods of Chinese origin being exported into the U.S. are subject to a duty ranging from 7.5% to 25% under section 301 of the U.S. Trade Act of 1974 (the “Section 301 Duties”) and formal entry procedures, which apply to our “first-mile” international freight services and are primarily borne by or passed on to our customers.

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We do not utilize the Tariff Exemption other than for direct shipments to end-consumer involving one single customer, which accounted for 0% of Shenzhen EDA’s revenue during FY2021, and 0% and 12.5% of our revenue in each year during FY2022 and FY2023, respectively.

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Our Directors confirmed that during the Track Record Period, we had not been responsible for any of the duties incurred by our customers during our services provided.

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美国市场销售受加征关税影响

Most of our smart devices and hardware sold to the United States are subject to additional tariffs, with the majority of them subject to a tax rate of 7.5% while the remaining subject to a tax rate of 4.6%.

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Furthermore, we sought to mitigate the impact of the costs associated with U.S. tariffs primarily by (i) promoting new consumer smart devices with higher margins that partially cover the tariff costs, (ii) sharing tariff costs with customers or suppliers, and (iii) raising selling prices of our consumer smart devices subject to tariffs where appropriate, taking into consideration factors such as foreign exchange rates and raw material prices.

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美国De Minimis免税政策变化风险

For our end-to-end cross border delivery services, the number of parcels valued at US$800 or below delivered to the US by us during the Track Record Period amounted to over 90% of the total number of parcels delivered by our Group, in which parcels refer to a single or multiple parcels delivered to the same location under the same shipment order.

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RMB595.2 million, RMB275.4 million and RMB456.8 million in FY2020, FY2021, FY2022, 6M2022 and 6M2023 were generated from parcels shipped to the US, respectively, representing approximately 52.8%, 51.1%, 47.5%, 45.2% and 67.8% of total revenue in corresponding periods.

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In 2023, two legislative proposals to limit the De Minimis Exemption are pending before the US Congress, the Import Security and Fairness Act (ISFA) and the De Minimis Reciprocity Act of 2023 (DMRA).

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