During the Track Record Period, substantially all of our revenues were from our sales to distributors.
Business · 第 175 页
Considering that (i) during the Track Record Period, we did not make any direct sales to the U.S. and to the best of our knowledge and based on the information provided by the distributors about the intended locations of re-sale of our products, none of our customers, including both direct customers and distributors, sold their products to the U.S.; (ii) since the imposition of the tariffs, we had not received any requests from our customers to cancel orders or suspend delivery of our products because of the tariffs; (iii) we had not experienced any material changes in our order volume, product price, customer payment or logistics arrangements attributable to the U.S. tariff measures and (iv) we did not procure any raw materials or components from the U.S., the U.S.-China tariffs had not had, and we do not expect that it will have any material adverse impact on our business operations or financial performance.
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.
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.
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.
Since inception, we have adopted a strategy of global clinical development, with synchronized clinical programs across the U.S., China, and Europe.
Business · 第 146 页
For example, ABP-671’s clinical trials were across over 100 clinical sites in six countries and regions, with over 900 subjects enrolled, approximately 60% of whom are located in the U.S. and Australia.
Business · 第 146 页
To date, we have not observed any immediate adverse impact on our addressable markets from geopolitical developments but will continue to closely monitor policy and market changes, adjust technology sourcing, clinical deployment and collaboration strategies as appropriate, and further diversify our global network to mitigate potential risks.
江苏泽景汽车电子股份有限公司JIANGSU NEW VISION AUTOMOTIVE ELECTRONICS CO., LTD.02632.HK
拓展海外市场并面临美国关税间接影响
As of the Latest Practicable Date, the U.S. had imposed 62.5% tariffs in aggregate on our products if imported into the U.S.
Summary · 第 25 页
Given that we are expanding into the overseas markets and some of our automotive OEM customers may have sales to the U.S., the uncertainties of the U.S. tariff policies may affect their demand for our HUD solutions.
Summary · 第 25 页
On the other hand, we are expanding into overseas markets, including Japan and Europe. As of September 30, 2025, we had become a supplier of three globally leading automotive OEMs.
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.
In particular, our revenue attributable to U.S. originated goods only amounted to approximately RMB1.5 million, RMB1.2 million and RMB3.2 million in FY2023, FY2024 and FY2025, accounting for 1.9%, 1.5% and 4.0% of our total revenue from supply chain solutions in the same periods, respectively
Summary · 第 18 页
Based on our management’s assessment and most recent operating information available, our Directors are of the view that the current tariffs have not had any material adverse impact on our operations as a whole.
Summary · 第 18 页
(i) our cross-border supply chain solutions had primarily focused on the import of electronics into Chinese Mainland during the Track Record Period, with only approximately 2.4%, 3.5%, and 3.7% of total GMV, and approximately 2.1%, 2.9%, and 4.1% of revenue from cross-border supply chain solutions attributable to export solutions in FY2023, FY2024 and FY2025, respectively
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).
As a result, during the Track Record Period, the additional tariffs imposed by the U.S. on imports from China peaked at 145%, while the additional tariffs imposed by China on U.S. imports peaked at 140%.
Business · 第 160 页
In 2022, 2023, 2024 and the nine months ended September 30, 2024 and 2025, the revenue generated from our products directly exported to the U.S. was RMB29.0 million, RMB7.9 million, RMB4.6 million, RMB3.2 million and RMB4.4 million, respectively, representing approximately 1.2%, 0.3%, 0.1%, 0.1% and 0.1% of our revenue for the same periods, respectively.
Business · 第 160 页
Given the tariff arrangements and that the revenue contribution from products directly exported to the U.S. during the Track Record Period was limited, even if our PCBs are subject to higher U.S. tariffs due to regulatory changes in the future, we believe that it would not result in a material and adverse change in our business and result of operations as a whole.
During the Track Record Period, our revenue from overseas sales amounted to RMB274.3 million, RMB307.6 million and RMB478.8 million in 2023, 2024 and 2025, respectively, with a CAGR of 32.1%.
Financial Information · 第 209 页
In particular, we face more competition in the global market compared to the domestic market.
Financial Information · 第 209 页
Our products are customized for local power grid standards, reaching customers in over 120 countries and regions across the Americas, Europe, Asia, Oceania and Africa.
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.
In 2022, 2023, 2024 and the nine months ended September 30, 2025, revenue from customers located in the U.S. was RMB29.0 million, RMB44.5 million, RMB74.0 million and RMB12.1 million, respectively, representing 2.5%, 3.7%, 4.9% and 1.0% of our total revenue for the same periods, respectively.
Business · 第 178 页
we have selectively taken certain early measures to manage potential geopolitical risks, including (1) selectively expanding our global production capacity, such as in Thailand; (2) implementing risk management policies of our supply chain, including diversifying our supplier pool; and (3) seeking alliances with and acquisition of overseas companies to diversify our operations.
Business · 第 178 页
our Directors are of the view that the trade restrictions and tariff policies have not imposed and will not in the future impose a material adverse effect on our procurement and export activities.
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.
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.
In 2022, 2023, 2024 and the nine months ended September 30, 2025, revenue from the sales of our products to the U.S. accounted for 4.6%, 3.4%, 7.6% and 8.5% of our total revenue, respectively.
Business · 第 258 页
In 2022, 2023, 2024 and the nine months ended September 30, 2025, sales of our products produced and exported by our EMS providers in Vietnam into the U.S. were nil, nil, RMB40.2 million and RMB138.7 million, accounting for nil, nil, 18.1% and 57.7% of our sales into the U.S., respectively.
Business · 第 259 页
The Sponsor is of the view that the U.S. tariffs are not reasonably expected to have a material adverse impact on the Group’s operations or financial performance.