山推工程机械股份有限公司Shantui Construction Machinery Co., Ltd.
海外收入占比过半且部分市场征收关税
We generated RMB5,878.2 million, RMB7,411.3 million and RMB8,741.3 million from our overseas markets, representing 51.7%, 52.1% and 59.8% of our total revenue of the same years, respectively.
Business · 第 139 页
In such jurisdictions, the applicable tariff rate for our major products sold to the region was 5.0% for sales to major overseas markets, including Russia, Ghana and Malaysia, during the Track Record Period.
In 2023, 2024 and 2025, we recorded revenue in Europe of RMB36,000, RMB5.0 million and RMB86.1 million, respectively, and in United States of RMB0.4 million, RMB3.0 million and RMB23.2 million, respectively.
Business · 第 163 页
Our sales to the United States are subject to an aggregate of 17.5% tariff as of the Latest Practicable Date.
Business · 第 163 页
For example, we may consider transferring more production capacities of robot lawn mowers to Vietnam.
As of the Latest Practicable Date, our products had been sold to customers in over 60 countries and regions, covering major markets including China, North America and Europe.
Business · 第 149 页
We have also established four overseas offices and are gradually building a broad and rapid-response international marketing and service network, laying a solid foundation for our continued global expansion.
Our international expansion is currently at a relatively early stage. Although our overseas revenue accounted for only 5.9% of our total revenue in 2025, it recorded a CAGR of 23.4% from 2023 to 2025, suggesting substantial potential and momentum for further growth.
Financial Information · 第 175 页
We have established overseas R&D centers, production bases as well as sales and service networks, and plan to further expand our international footprint.
In connection with our sales to overseas customers, we have engaged third-party customs brokers to facilitate the execution of our sales (the “Customs Brokers”).
Business · 第 178 页
To ensure robust management of potential tariff and trade risks, we have implemented a set of measures covering tariff risk compliance and monitoring.
Business · 第 198 页
Diversification of the supplier base and adoption of flexible sourcing strategies to reduce reliance on any single jurisdiction exposed to elevated tariff risks;
During the Track Record Period, we generated a substantial portion of revenue from overseas markets such as North America, Europe, Oceania and other regions, in aggregate representing 52.8%, 68.0% and 77.1% of our total revenues in 2023, 2024 and 2025, respectively.
Financial Information · 第 170 页
Adjustments in tariffs, quotas, and trade agreements may either facilitate or hinder our access to overseas markets.
Financial Information · 第 170 页
As part of our global expansion strategy and to strengthen our manufacturing capacity, we are constructing a new factory in Vietnam.
Following the acquisition of Huazhou in 2025, we also commenced sales of medical care products, including wound dressings, to customers located in the United Kingdom and North America.
Business · 第 119 页
Under a series of tariff policies implemented by the U.S. government in 2025, the applicable additional tariff rates applicable to our products ranged from 0% to 54%.
In 2023, 2024 and 2025, our procurement amount of cobalt-based raw materials from DRC amounted to 24.5 thousand metal tons, 44.7 thousand metal tons and 37.8 thousand metal tons, respectively.
Summary · 第 21 页
Given that (i) we have implemented effective inventory and procurement management measures, and (ii) we have entered into long term procurement agreements with certain suppliers for the procurement of cobalt-based raw materials originated from DRC, who has secured sufficient cobalt export quota from ARECOMS and the quota is expected to cover our procurement amount in the near future, we believe that the temporary cobalt export ban and the cobalt export quota system imposed by the DRC had not had or would not have any adverse impact on our Group’s financial and operational performance.
We operate cross-border flagship stores through our Hong Kong subsidiaries on select cross-border e-commerce platforms, such as Tmall Global, which are used to sell products imported from overseas brand partners to consumers in mainland China.
Business · 第 136 页
Some of our raw materials are sourced overseas; for example, our Calanus oil is imported from Norway.
Business · 第 152 页
As advised by our PRC legal advisor, there is no specific licenses or permits required for relevant cross-border sales, marketing and data collection, and during the Track Record Period and up to the Latest Practicable Date, we have been compliant with all relevant regulations governing cross-border sales of products.
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.
Our overseas revenue reached RMB54.0 billion in the year ended December 31, 2025, accounting for 60.7% of our total revenue for the same year.
Summary · 第 7 页
In 2023, 2024 and 2025, our revenue from other countries and regions (excluding Mainland China) accounted for 46.2%, 46.7% and 60.7% of our total revenue, respectively.
Financial Information · 第 250 页
We will further maintain and expand our global network to reduce reliance on a single market and enhance our resilience against regional market fluctuations.
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.
In addition, we plan to set up a manufacturing base in Mexico targeting our sales to the U.S. market.
Business · 第 133 页
Our commitment to quality service is reinforced by an extensive integrated sales network, featuring PRC service centres and international service centres in locations such as Thailand, South Korea, Malaysia, the U.S., and Germany.
江苏华盛锂电材料股份有限公司Jiangsu HSC New Energy Materials Co., Ltd.
美国加征关税与海外收入占比下降
Since early 2025, the U.S. administration has implemented a series of tariff increases on Chinese imports, with rates fluctuating significantly throughout the year.
Business · 第 147 页
Our revenue generated from overseas markets accounted for 15.9%, 11.8% and 4.5% in 2023, 2024 and 2025 of our total revenue, respectively.
Business · 第 147 页
Given our limited export activities in connection with the U.S. during the Track Record Period, our Directors believe that the recent tariffs have had no material or immediate direct impact on our supply chain, production, operations and financial performance during the Track Record Period and up to the Latest Practicable Date.
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.
Our business footprint currently extends to over 90 countries and regions globally, with approximately over 10% of our revenue derived from overseas markets.
Business · 第 152 页
During the Track Record Period, revenue derived from overseas market increased from 10.7% in 2023 to 11.8% in 2024, and further increased to 14.0% in 2025.
Business · 第 152 页
Moreover, while our production of optical interconnect business, intelligent sensing business and intelligent manufacturing business is concentrated in China, but we have also established production lines overseas to strengthen supply chain resilience.
In 2023, 2024 and 2025, revenue generated from the U.S. accounted for less than 5% of our revenue in the same periods, respectively.
Business · 第 154 页
In particular, in 2023, 2024 and 2025, 32.9%, 22.8% and 12.8% of our revenue was recorded from sales to special supervision territory.
Business · 第 154 页
Based on information currently available to us, during the Track Record Period and up to the Latest Practicable Date, we are not aware of any material cancellations of orders or significant reductions in procurement from us that are directly attributable to the additional U.S. tariffs or other recent trade restrictions, nor have we experienced any material adverse impact on our revenue, gross profit margin or overall results of operations that we can directly attribute to such measures.
As of the Latest Practicable Date, our products were not subject to any existing or proposed tariffs as we do not directly export our products to the U.S..
Business · 第 179 页
Our Directors are of the view, and the Joint Sponsors concur, that recent US tariff developments have not had, and are not expected to have, a material adverse effect on our Group considering that, during the Track Record Period and up the Latest Practicable Date: (i) we do not export finished products directly to the U.S. market; (ii) our procurement of services from the U.S. were not subject to the tariff, and (iii) we did not experience any material adverse changes in sales, order volume, selling prices or financial performance, nor did it receive any material customer requests for order cancellations or renegotiation of sales terms as a result of US or other overseas tariffs.
Business · 第 179 页
We believe any potential tariff impact on our business would be indirect and manageable.