The percentage of our revenue generated from overseas sales increased from 32.2% in 2023 to 36.6% in 2024, and further grew to 51.3% in 2025.
Summary · 第 2 页
In relation to our export activities to the U.S., during the Track Record Period, revenue generated from the U.S. accounted for 1.32%, 1.54% and 3.86% of our total revenue in 2023, 2024 and 2025, respectively.
Business · 第 170 页
Given (i) our limited export activities in connection with the U.S. during the Track Record Period and up to the Latest Practicable Date, (ii) tariff on these exports have already been addressed and paid by the U.S.-based customers, and (iii) we intend for all our future U.S. sales to be made from our Mexico manufacturing facility, 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.
During the Track Record Period, our revenue attributable to the United States based on delivery destination amounted to RMB2,069.9 million, RMB2,842.7 million and RMB3,348.9 million in 2023, 2024 and 2025, respectively, representing approximately 6.1%, 7.7% and 8.3% of our total revenue for the corresponding years respectively, and therefore constituted a relatively small portion of our total revenue.
Business · 第 181 页
Given that most large-scale manufacturing bases for leading consumer electronics brands are located outside the United States, our products are rarely exported directly to the United States.
Business · 第 181 页
In light of the foregoing, and given the limited revenue contribution from direct sales into the United States, we do not expect this to have a material adverse impact on our business and results of operations as a whole.
As of December 31, 2025, we operated in more than 80 countries and regions.
Business · 第 150 页
During the Track Record Period, our products were primarily sold in Europe, Asia and Americas, with significant increasing trend of revenue contributed by the United States.
Financial Information · 第 233 页
Due to Sino-U.S. tariff policies, Altice considered tax-related risks and communication efficiency, and opted to engage in direct transactions with us.
strategically expanded our customer base into selected non-domestic markets, including Hong Kong, the United Kingdom, the United States, and Singapore.
Business · 第 152 页
These non-domestic customers resumed their procurement from us in 2025.
Summary · 第 16 页
our gross profit margin of non-domestic customers was generally higher than that of Chinese Mainland customers, primarily because non-domestic customers demonstrated greater pricing acceptance, as their pricing expectations were benchmarked against those adopted by overseas service providers.
For the years ended December 31, 2023, 2024, and 2025, the percentages of sales revenue from the United States accounted for 82.7%, 85.2%, and 86.2%, respectively, from Chinese Mainland accounted for 6.9%, 4.7%, and 3.1%, respectively, and from other regions accounted for 10.4%, 10.1%, and 10.7%, respectively.
Business · 第 123 页
We have established a global production network centered in China and Vietnam to serve our global customers. Our manufacturing footprint enables us to respond quickly to customer orders across different regions and ensure timely delivery of our products.
We are also exploring overseas markets by strengthening market access and compliance capabilities, and (i) seven of our products, including infusion sets and PIVC had obtained U.S. FDA certificates; (ii) 29 products had obtained CE certificates under the EU Medical Device Regulation (EU 2017/745) (“MDR”).
Summary · 第 2 页
Further, in 2024, we achieved WHO-PQS prequalification and were included in the WHO global tender procurement directory, further supporting our overseas expansion.
We noted that the U.S. government imposed rounds of tariff increases on imports from the PRC in 2025.
Summary · 第 15 页
direct sales to customers within the United States, which are not exports from the PRC, only accounted for approximately RMB8.0 million, and 1.3% of our total revenue in 2025, derived from the provision of our RIIN Galaxy SaaS and T-shirts for printing, we consider that such tariff policies (including updates regarding latest order) implemented by the U.S. government would not have any material adverse impact on our business operations and financial conditions as of the Latest Practicable Date.
Summary · 第 15 页
Our Directors believe that the U.S. tariffs, including the corresponding tariff policies introduced by other countries (assuming they are enforced as proposed), will not have a material adverse impact on our business, results of operations or expansion plans, based on the following considerations: (i) we make no direct exports to the United States and therefore have insignificant direct exposure to the tariffs imposed by the United States; (ii) downstream customers, who import end products incorporating our products into the United States, are responsible for the tariffs; (iii) the majority of our revenue is derived domestically within the PRC and our operations are primarily focused on the domestic market, which is unaffected by the U.S. tariffs; (iv) our supply chain has not been materially impacted by the tariffs imposed by the United States.
As of the Latest Practicable Date, the U.S. government has imposed cumulative tariffs on imports from China of up to 245%, while China has imposed retaliatory tariffs of up to 125% on imports from the United States.
Business · 第 216 页
Our commercialization efforts in the United States remain at an early stage and are not yet significant. We expect to sell products originating from China to the U.S. market as part of our global distribution strategy.
Business · 第 216 页
As a result of these communications, the Department confirmed in May 2024 that we were not included in the published list.
Particularly, during the Track Record Period, revenue from sales to the U.S. amounted to RMB58.7 million, RMB46.9 million and RMB35.4 million, respectively, accounting for approximately 4.7%, 3.1% and 2.2%, respectively, of our total revenue for the same period.
Business · 第 147 页
During the Track Record Period and up to the Latest Practicable Date, the impact of U.S. tariffs on our operations is limited due to our strategically diversified revenue and supply chain.
Business · 第 148 页
Furthermore, our long-established, localized presence in Europe provides a sustainable competitive advantage that cannot be quickly replicated by new entrants.
In 2023, 2024 and 2025, our revenue from overseas sales amounted to RMB1,548.2 million, RMB3,325.7 million and RMB6,030.1 million, respectively, accounting for 43.1%, 49.7% and 53.4% of our total revenue during the same periods, respectively.
Business · 第 129 页
As of the Latest Practicable Date, our overseas sales were not subject to any specific licensing requirements or regulatory approvals, and the sales of our solutions did not violate any sanctions or export control measures.
For the years ended December 31, 2023, 2024 and 2025, our sales to overseas markets amounted to RMB204.3 million, RMB425.7 million and RMB633.8 million, respectively, representing 13.6%, 26.2% and 34.1% of our total revenue for the relevant years.
Financial Information · 第 209 页
In addition, export of our ammonium phosphate products is subject to quotas, which need to be obtained in advance.
Financial Information · 第 209 页
In response to the evolving international geopolitical environment since the beginning of 2026, we have prioritized supplying our ammonium phosphate products to the Chinese domestic market to help support the secure supply of fertilizers.
As of the Latest Practicable Date, the maximum U.S. tariff rate applicable to any of our products was 60%, which applied solely to our memory chips and comprised a 0% Most Favored Nation (MFN) general rate, a 50% PRC-targeted tariff imposed under Section 301 of the U.S. Trade Act of 1974, and a 10% global tariff imposed under Section 122 of the U.S. Trade Act of 1974.
Business · 第 141 页
For sales to customers in the U.S., since any applicable U.S. import tariffs are contractually borne by the customers, we have not incurred any incremental tariff costs on these sales.
Business · 第 141 页
our Directors are of the view that the U.S. tariffs had not caused, and are not expected to cause, any material adverse impact on our business operations or financial performance during the Track Record Period and up to the Latest Practicable Date.
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.
In 2023, 2024 and 2025, our revenue from overseas markets amounted to RMB6,451.6 million, RMB8,309,9 million and RMB7,983.4 million, respectively, accounting for 47.0%, 49.1% and 42.4% of our total revenue for the same years.
Business · 第 148 页
As of December 31, 2025, we operated a network of 12 manufacturing bases around the world, which included nine in China and three in overseas markets including Vietnam, Mexico and Hungary.
As of December 31, 2025, we had established business relationships with customers in China Mainland, Taiwan, and other overseas countries including Vietnam, Malaysia and Thailand.
Financial Information · 第 148 页
As of December 31, 2025, we employed 1,723 employees in Taiwan and 123 employees in other overseas region to support our global operations, including sales and research and development.
Financial Information · 第 148 页
During the Track Record Period, we had served approximately 500 customers in Southeast Asia, accumulating extensive experience in international operations and product and services delivery.
In 2024 and 2025, our overseas revenue was RMB25.5 million and RMB38.0 million, accounting for approximately 9.5% and 9.8% of our revenue for the same periods, respectively.
Summary · 第 6 页
In 2023, 2024 and 2025, the sales in Southeast Asia, Europe and Latin America altogether featured relatively favorable gross profit margins, which were 59.7%, 51.5% and 36.7%, respectively, as compared to our overall gross profit margins of 18.3%, 26.5% and 24.8% in the respective periods.
Business · 第 188 页
Revenue generated from such activities during the Track Record Period and up to the Latest Practicable Date, direct and indirect, amounted to RMB78.4 million.
By December 2025, we have established sales channel networks in Singapore, Thailand, Malaysia, the United Arab Emirates, Oman, Australia, and New Zealand, forming a robust and efficient global sales infrastructure.
Business · 第 168 页
As of the Latest Practicable Date, we had accumulatively delivered nine new energy heavy-duty trucks and entered into sales agreements for 16 new energy heavy-duty trucks in overseas markets.
Financial Information · 第 222 页
Overseas models recorded a gross margin of approximately 25.5% in 2025.
During the Track Record Period, 23,795 used vehicles, representing 77.8% of our total wholesale volume, were sold in bulk to domestic auto dealers, and 6,786 used vehicles, representing 22.2%, were sold to international auto dealers.
Business · 第 137 页
Our overseas wholesale operations currently cover more than ten countries and regions in the Middle East and Africa, and we have established relationships with over 100 overseas dealers.
Business · 第 138 页
The ongoing armed conflict involving Iran and the resulting disruption to maritime traffic through the Strait of Hormuz have adversely affected, and may continue to adversely affect, our overseas operations and results of operations;
In 2023, 2024 and 2025, sales revenue from China accounted for 89.0%, 84.0% and 76.1% of our total revenue relating to pharmaceutical products, respectively.
Financial Information · 第 206 页
During the Track Record Period, our revenue relating to pharmaceutical products generated from overseas sales increased by 61.6% in 2024 as compared with 2023, and increased by 61.5% in 2025 as compared with 2024.
In 2025, the United States government announced a number of executive actions under the International Emergency Economic Powers Act (IEEPA) that significantly increased tariffs on Chinese-origin goods, including tariff rates that at one point reached up to 145% on certain imports.
Business · 第 206 页
In 2023, we made a one-time purchase of U.S.-designed chips totaling RMB1.1 million.
Business · 第 206 页
Considering that (i) the President lacks authority under IEEPA to impose tariffs as determined by the United States Supreme Court’s decision on February 20, 2026, (ii) we did not generate any meaningful revenue from any customers in the U.S., (iii) we had limited imports from the suppliers in the U.S., throughout the Track Record Period, and (iv) our computing requirements can be fully met using domestically designed and manufactured chips and semiconductors, our Directors believe that the tariff escalation or export restrictions on certain categories of chips did not have a material adverse impact on our operations, financial performance and supply chain during this period.