Overseas, we mainly utilize channel partners to expand into local markets, with our footprint covering more than 40 countries and regions in the Americas, Europe and Asia Pacific.
Business · 第 131 页
(i) an increase in revenue and gross profit, mainly driven by the commercialization of metal 3D printing equipment and increased sales in overseas markets, coupled with implementation of cost control measures which improved our overall margins
Summary · 第 8 页
The increase in new distributors in 2025 is in line with the growth of our revenue from outside of Chinese mainland as we expanded our overseas footprint.
In 2023, 2024, and 2025, our revenue generated from overseas markets amounted to RMB1,902.2 million, RMB2,645.0 million, and RMB2,733.3 million, respectively, representing 28.2%, 32.4%, and 29.1% of our total revenue, respectively.
Business · 第 155 页
We have established overseas production facilities, localized service networks, enabling us to better support international customers and respond to local market requirements.
During the Track Record Period, our revenue from overseas market accounted for 37.0%, 35.0% and 35.0%, respectively, of our total revenue for the years ended December 31, 2023, 2024 and 2025.
Financial Information · 第 177 页
However, although the U.S. Supreme Court has ruled that reciprocal tariffs are unconstitutional, the U.S. government may seek to introduce alternative trade measures, such as Section 301 tariffs, anti-dumping duties, or other tariff measures.
Business · 第 137 页
That said, this is a market-wide risk common to all upstream suppliers, and our operations have not experienced any material adverse impact from U.S. tariffs up to the Latest Practicable Date.
大秦数字能源技术股份有限公司Dyness Digital Energy Technology Co., Ltd.
95.1%收入来自中国内地以外逾100个国家
As of December 31, 2025, our products had been deployed across more than 100 countries and regions, and cumulative ESS battery shipments reached over 1,000,000 units.
Summary · 第 1 页
Over time, we built a distribution network spanning Europe, Asia Pacific, the Americas, Africa and the Middle East and have accumulated on-the-ground knowledge of grid conditions, energy consumption patterns and end user behavior across dozens of markets.
Summary · 第 1 页
These variations are driven by country-specific factors, including local demand conditions, competitive intensity, regulatory environments and differences in distribution channels and cost structures, such as logistics and shipping, local operating costs, tariffs and after-sales service requirements.
In addition, revenue generated from the United States market amounted to approximately 94.8%, 93.5% and 93.5% of our total revenue in 2023, 2024 and 2025, respectively.
Summary · 第 5 页
Based on such classification and the applicable tariff treatment during the Track Record Period, our products were not subject to additional tariffs under the Section 301 measures and were eligible for tariff exclusion or exemption commonly referred to as the “Gardening Exemption”.
Business · 第 171 页
Based on our 2025 financial results, and assuming that a tariff broadly comparable to the current tariff applicable to ceramic imports from China were imposed on our U.S.-derived revenue, if such tariff were borne entirely by our Group and no First Sale Rule were available, our gross profit would have decreased from HK$289.4 million to approximately HK$144.0 million.
维健国际控股集团有限公司WinHealth International Holding Group Company Limited
产品主要采购自日本及欧洲，面临地缘政治风险
As our products are primarily sourced from suppliers in Japan and Europe, we are exposed to potential geopolitical and cross-border supply chain risks.
Business · 第 184 页
Cost of sales attributable to products sourced from Japan accounted for 2.2%, 11.7% and 18.3% of our total cost of sales in 2023, 2024 and 2025, respectively.
Business · 第 184 页
We maintain regular supply and demand communications with our upstream suppliers and maintain a safety stock level of three to 12 months for our key products, providing an effective buffer against potential supply disruptions and minimizing the impact on the continuity of our production and sales operations.
In 2025, the total amount of tariffs incurred by our Group in respect of exports to the United States amounted to US$143.0 million and are accounted for as part of our cost of sales.
Business · 第 169 页
As advised by the International Trade Legal Adviser, the Directors are of the view, and nothing has come to the Joint Sponsors’ attention that would cast doubt on this view, that recent trade tensions, in particular changes to U.S. tariff policies, have not had and is not expected to have a material adverse impact on our Group’s operations or financial performance during the Track Record Period and up to the Latest Practicable Date.
Business · 第 169 页
In 2023, 2024, and 2025, revenue derived from North America amounted to RMB8,370.5 million, RMB11,881.1 million, and RMB14,132.6 million, respectively, demonstrating the continued demand for our products notwithstanding the prevailing tariff environment.
无锡东恒新能源科技股份有限公司Wuxi Dongheng New Energy Technology Co., Ltd.
中国内地收入占比升至93.3%，海外销售下滑
As such, our revenue proportion from Chinese mainland increased from 57.5% in 2023 to 70.7% in 2024 and further increased to 93.3% in 2025.
Financial Information · 第 169 页
For example, we have experienced decreases in sales to our overseas customers, as a result of fluctuations in overseas market demand from 2023 to 2025.
Financial Information · 第 169 页
We primarily sell CNT powder in overseas market, and CNT slurry in domestic market.
Our business continues to experience growth in terms of sales performance, profitability and overseas market expansion after the Track Record Period, compared to the same period in 2025.
Summary · 第 12 页
Our pricing strategy was further supported by the optimization of our product mix and pricing structure, primarily attributable to overseas customers' preference for our mid-to-high-end Z series models and the broad range of N series models designed to align with regional market needs, together with the higher prevailing prices in overseas markets, which resulted in higher sales volumes of high-margin products in overseas markets that command a higher average selling price (“ASP”).
Financial Information · 第 202 页
To support our entry into and development of overseas markets, we initially engaged a substantial number of new distributors across various regions.
During the Track Record Period, sales in the overseas market accounted for a substantial portion of our revenue, amounting to RMB442.6 million, RMB536.0 million and RMB644.5 million in 2023, 2024 and 2025, respectively, representing 76.7%, 80.1% and 83.8% of our total revenue for the corresponding year.
Financial Information · 第 189 页
As of the Latest Practicable Date, entries of our caviar products into the U.S. are subject to most-favored-nation (MFN) tariffs of 15%, Section 301 tariffs of 25%, and Section 122 tariffs of 10% for a total of 50%, while entries of our sturgeon meat products are subject to MFN tariffs of 0%, Section 301 tariffs of 25%, and Section 122 tariffs of 10% for a total of 35%.
Business · 第 179 页
Our Directors are of the view that the recent U.S. tariff policies would not have any material adverse effect on our operations and financial performance.
江西生物制品研究所股份有限公司Jiangxi Institute of Biological Products Inc.06915.HK
出口销售占比高并受航运成本及贸易政策影响
During the Track Record Period, our Human TAT has been exported to more than 30 countries and regions in Asia and Africa, accounting for nearly 100% of China’s export volume.
Summary · 第 1 页
For our Export Sales, the sales volume decrease in 2024, mainly attributable to a significant increase in international shipping costs.
Summary · 第 10 页
At the end of 2024, international shipping costs increased significantly, primarily due to changes in trade policies and tariffs, geopolitical tensions, and energy price fluctuations.
However, although our exports to the U.S. might be subject to the tariffs of the U.S., these exports accounted for a very small proportion of our revenue during the Track Record Period, representing approximately 0.02%, 0.04% and 0.01% of our total revenue in 2023, 2024 and 2025, respectively, primarily involving down jackets.
Business · 第 169 页
Furthermore, any tariffs incurred on products exported to the U.S. were borne by the purchasers, and we do not bear the tariff costs.
In 2023, 2024 and 2025, the tariffs we incurred in relation to the relevant products sold to the U.S. under trade arrangements pursuant to which we were responsible for the relevant tariff payments amounted to nil, US$47.5 thousand and US$77.8 thousand, respectively, which were insignificant relative to our revenue during the respective years, representing 0%, 0.04% and 0.05% of our revenue, respectively.
Business · 第 179 页
Our ability to sell products into the U.S. market has not been materially and adversely affected by tariffs imposed by the U.S. government, export controls, other trade restrictions or other factors outside the ordinary course of business.
Business · 第 178 页
Overseas customers generally demonstrate higher pricing acceptance, which is expected to enhance our overall profitability and further strengthen our cost-efficiency advantages.
江苏博迁新材料股份有限公司Jiangsu Boqian New Materials Stock Co., Ltd.
逾五成收入来自境外，业绩受汇率波动影响
In 2023, 2024 and 2025, approximately 55.4%, 60.7% and 57.0% of our revenue was generated from outside Chinese Mainland, respectively.
Financial Information · 第 171 页
In 2023 and 2024, we recorded net foreign exchange gains of RMB7.0 million and RMB7.2 million, respectively, and in 2025, we recorded net foreign exchange losses of RMB2.6 million.
Financial Information · 第 171 页
Such net loss was mainly due to the appreciation of Renminbi against the U.S. dollar in 2025, as our overseas sales are primarily settled in U.S. dollars.
In 2023, 2024 and 2025, revenue generated from customers in the Chinese Mainland accounted for 70.4%, 62.1% and 53.5% of our total revenue, respectively, while revenue from customers outside the Chinese Mainland accounted for 29.6%, 37.9% and 46.5%, respectively.
Financial Information · 第 226 页
During each year of the Track Record Period, to the best of our knowledge, the revenue derived from our products exported to the U.S. accounted for only 0.16% in 2023, 0.76% in 2024, and 0.36% in 2025, respectively of our total revenue.
Business · 第 190 页
Given that U.S.-origin raw materials account for less than 0.5% of our total procurement value — a relatively minor proportion of our overall supply chain — we believe these tariff measures do not have a material impact on our procurement operations.
Our revenue derived from overseas markets reached RMB617.7 million in 2025, representing 87.9% of our total revenue, with Europe being a key driver. Our revenue derived from Europe was RMB609.1 million in 2025, representing 86.7% of total revenue.
Financial Information · 第 168 页
Our international presence is well-established, with overseas revenue accounting for a significant proportion of total revenue and strong competitiveness in core overseas markets.
Summary · 第 1 页
We also plan to establish overseas production bases with localized pack assembly and system integration capabilities to shorten delivery lead times and better serve key markets.
Revenue attributable to the overseas markets as a percentage of our total revenue remained stable at 76.2% in 2023 and 76.4% in 2024, and increased to 82.3% in 2025.
Financial Information · 第 192 页
Trade tensions between the United States and China, such as the increase in tariffs, may impair our ability to carry out our business.
Business · 第 139 页
In light of the foregoing, the Directors are of the view that the trade tensions between the United States and China would not have a material impact on the Company’s business operations.
For the years ended December 31, 2023 2024 and 2025, revenue generated from overseas customers accounted for 23.1%, 28.7% and 26.6% of our total revenue for the same period, respectively.
Business · 第 139 页
During the Track Record Period and up to the Latest Practicable Date, we had been in compliance with the relevant regulations on the export control of rare earth products.
Business · 第 139 页
As of the Latest Practicable Date, we had one subsidiary in the EU and one in North America to cover our sales and marketing activities in overseas markets.
In 2025, we generated 82.7% of our revenue in the Chinese Mainland, with the remaining portion derived from overseas markets.
Summary · 第 1 页
In addition, due to differences in market conditions, pricing strategies, and other factors across regions, our gross margin in overseas markets has generally been higher during the Track Record Period.
Financial Information · 第 216 页
In 2023, 2024 and 2025, our revenue generated from sales to the United States was RMB3.2 million, RMB11.2 million and RMB17.4 million, respectively, accounting for 1.3%, 3.3% and 3.9% of our total revenue, respectively.
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.