During the Track Record Period, while the majority of goods produced at our HAM plant were later sold in the PRC, a small portion goods were sold directly to customers in Korea and Hong Kong.
Business · 第 139 页
During the Track Record Period and up to the Latest Practicable Date, we sold imported FSMP products through cross-border e-commerce platforms under the bonded import model, with declaration supervision method code 1210.
Business · 第 144 页
(iii) infant-formula-grade base powder plant in Talavera de la Reina, Toledo, which is acquired in October 2024 and currently undergoing a technical upgrade.
苏州天孚光通信股份有限公司Suzhou TFC Optical Communication Co., Ltd.
中泰双引擎全球制造布局应对地缘政治
We adopt a direct sales model, providing products and services to customers in approximately 30 countries and regions worldwide, spanning Asia, North America, Europe, and other regions over the world.
Summary · 第 4 页
We have established a dual-engine global manufacturing system anchored in Gao'an, Jiangxi province, China and Chonburi, Thailand, ensuring efficient, stable and flexible delivery.
Business · 第 92 页
Our production facilities in China leverage our mature supply chain and established capacity to support stable and large-scale delivery, while our Thailand production facility enhances our supply chain resilience and adaptability to geopolitical uncertainties.
In 2023, 2024 and 2025, the revenue from markets outside Chinese mainland accounted for 6.0%, 7.6% and 9.0% of our total revenue, respectively.
Financial Information · 第 230 页
However, we do not expect a direct material impact because (i) our software exports, including those to the United States, were not subject to tariffs during the Track Record Period as they are services in nature; (ii) U.S. revenue contributed less than 1% of our total revenue in each year during the Track Record Period, limiting any potential effect even if future tariffs were expanded to software; (iii) our global expansion strategy is flexible and can be adjusted in response to geopolitical developments; (iv) the core components of our infrastructure, such as servers and chips, are not made in or sourced from the United States; and (v) we have not observed material procurement cost increases or received supplier warnings of such risks.
Summary · 第 14 页
subscription revenues generated from outside Chinese mainland continued to grow during the Track Record Period, reaching RMB37.1 million, RMB54.2 million and RMB68.4 million in 2023, 2024 and 2025, respectively.
In each year during the Track Record Period, our sales to the U.S. market accounted for approximately 3.2%, 2.5% and 2.7% of our total revenue.
Summary · 第 13 页
During the Track Record Period, the country of origin for our CMOS image sensor was mainly Japan, Korea and Israel, instead of China, and enjoy the most-favored-nation tariff rate of nil according to the U.S. tariff policies.
Summary · 第 13 页
In addition, during the Track Record Period, we did not bear any import tariff in terms of our overseas sales as export orders in the ordinary course of our business are mainly fulfilled on an EXW (Ex Works) and FCA (Free Carrier) term, under which the responsibility for tariffs lies with the purchaser.
During the Track Record Period, the majority of our revenue was derived from overseas markets.
Business · 第 182 页
We derive a small percentage of our revenue from the U.S. market, accounting for nil, 1.8% and 1.8% of our total revenue in 2023, 2024 and 2025, respectively.
Business · 第 182 页
In 2023, 2024 and 2025, revenue from overseas markets contributed 87.8%, 95.2% and 99.0% of our total revenue, respectively.
During the Track Record Period, we derived the majority of our revenue from overseas markets.
Business · 第 174 页
In 2023, 2024 and 2025, our revenue from overseas market was RMB908.3 million, RMB1,317.8 million and RMB1,526.9 million, representing 60.3%, 66.0% and 61.6% of our total revenue, respectively.
Financial Information · 第 206 页
During the Track Record Period, our solutions and products sold in overseas market generally had relatively high gross profit margin compared to those in domestic markets.
Further, in relation to our export activities to the U.S., during the Track Record Period, revenue generated from the U.S. accounted for 12.7%, 16.9% and 13.8% of our total revenue in 2023, 2024 and 2025, respectively.
Business · 第 179 页
our Directors believe, and the Sole Sponsor concurs, that the recent tariffs have had no material or immediate direct or indirect impact on our supply chain, production, operations and financial performance during the Track Record Period and up to the Latest Practicable Date
Business · 第 180 页
We will continue to monitor the regulatory landscape but consider our exposure to U.S. trade policy to be limited.
In 2023, 2024 and 2025, we generated approximately 76.2%, 75.8% and 70.6% of our total revenue from China (including Hong Kong and Taiwan), respectively; while generated approximately 23.8%, 24.2% and 29.4% of our total revenue from overseas jurisdictions (including North America, Europe, and other countries and regions in Asia) in the same years, respectively.
Summary · 第 7 页
As advised by our International Sanction Counsel, our Directors and Sponsors are of the view that the U.S. tariff regime has had a limited and manageable impact on our operations and is not expected to materially affect our business, financial performance, or suitability for [REDACTED].
Business · 第 162 页
Even for leaf springs, which are subject to an aggregate duty rate of 78.2%, all relevant transactions are structured under Free on Board (FOB) or Ex Works (EXW) Incoterms, which contractually allocate the obligation to pay all applicable import duties, including any potential future tariff increases, to our U.S.-based buyers.
During the Track Record Period, we had more than 20.0% of revenue generated from overseas markets, with products sold across major global automotive markets.
Summary · 第 3 页
We established production bases in Poland, Mexico, the United States, Brazil, Thailand and Malaysia, covering our key operating markets.
Summary · 第 2 页
We plan to further expand our manufacturing capacity and establish additional manufacturing facilities in the United States, Mexico and Thailand.
As of the Latest Practicable Date, our overseas backlog consisted of 11 orders with a total contract value of RMB26.6 million.
Summary · 第 3 页
With respect to the current impact of U.S. tariff policies, the Group has not engaged in any export activities to the U.S. market during the Track Record Period and up to the Latest Practicable Date.
Business · 第 179 页
With respect to the future impact of U.S. tariff policies, our planned expansion into the U.S. market will be supported by a prudent commercial strategy, the associated tariff-related risks are considered manageable by our legal advisor on international sanctions laws and Sponsor.
For FY2024, our total revenue was RMB447.1 million, of which approximately RMB200.7 million (representing 44.9%) was generated from the PRC market and RMB246.4 million (representing 55.1%) was derived from overseas markets.
Summary · 第 1 页
Given that a large portion of our customers are based in these foreign regions, shifts in their economic or political landscapes can considerably impact our financial results.
Financial Information · 第 206 页
As advised by our legal advisors as to International Sanctions after performing the procedures they consider necessary, given (i) the sales revenue generated from our U.S. exports is minimal (less than 1%), and (ii) we do not plan to expand its U.S. exports and sales significantly, 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.
In 2025, we opened 28 overseas stores, which achieved high foot traffic and sales shortly after opening.
Financial Information · 第 233 页
Our overseas expansion also demonstrated strong growth, with the number of TOP TOY stores increasing from 4 as of December 31, 2024 to 30 as of December 31, 2025, and reaching 39 as of the Latest Practicable Date.
Business · 第 150 页
The number of our overseas stores increased by nine between December 31, 2025 and the Latest Practicable Date.
Our sales outside Chinese mainland during the Track Record Period were limited, consisting primarily of sales to Germany, Japan, and Thailand, which accounted for 5.5%, 5.8%, and 6.3% of total revenue in 2023, 2024, and 2025, respectively.
Business · 第 212 页
Our overseas revenue has grown from RMB5.9 million in 2023 to RMB21.4 million in 2025, with customers in Japan, Thailand and Germany during the Track Record Period.
Business · 第 170 页
Our Directors are of the view that U.S. tariff policies did not have any material adverse impact on our business or financial performance during the Track Record Period and up to the Latest Practicable Date, having considered the following: (i) we had no procurement from, or direct or indirect sales to, the U.S.; (ii) the vast majority of our revenue was derived from domestic sales in mainland China; (iii) we received no feedback from customers indicating that U.S. tariff policies materially affected their demand for our products; and (iv) we did not experience any material adverse changes in order volume, or selling prices as a result of U.S. or other overseas tariff policies.
In addition, our overseas e-commerce brand operations may be affected by changes in tariff policies, import/export regulations, international trade tensions, and geopolitical developments. Although such risks are less central compared with domestic consumer sentiment, they may introduce volatility to our overseas business performance.
At the same time, we have undertaken preparatory work for the establishment of a production facility in Thailand as part of our longer-term capacity planning and overseas expansion strategy.
Financial Information · 第 185 页
While the Thailand facility did not contribute revenue during the Track Record Period, related preparatory activities influenced our operating expenses and reflected our efforts to build a more resilient and diversified manufacturing footprint.
In 2023, 2024, and 2025, revenue generated from our business overseas was RMB379.6 million, RMB516.8 million and RMB629.0 million, respectively, representing 42.2%, 56.3% and 66.5%, respectively, of our total Aqarabranded revenue in the corresponding periods.
Business · 第 173 页
Overseas revenue from Aqara-branded spatial intelligence products and solutions achieved a CAGR of 28.7% from 2023 to 2025.
Summary · 第 2 页
The decrease was partially offset by our strategic stockpiling towards the end of 2024 to address the potential impact of anticipated additional tariffs in 2025.
We conduct business in Namibia, and Namibia is a Non-IOSCO MMOU Country and have not signed any regulatory cooperation agreement or memorandum of understanding with the SFC or the Stock Exchange.
Summary · 第 16 页
Hence, as of December 31, 2025, the gold resources and reserves of our Group’s operations in non-IOSCO MMOU countries (i.e. Namibia only) represented 46.7% and 45.0% of the total consolidated gold resources and reserves of our Group, respectively.
Summary · 第 17 页
For such reasons, we believe that we are compliant with Rule 8.02A of the Listing Rules as the CSRC, as the statutory securities regulator of the Company’s jurisdiction of incorporation and of the place of central management and control, is a full signatory to the IOSCO MMOU.
During the years ended December 31, 2023, 2024 and 2025, revenue generated from the U.S., mainly through sales of electrolytes (including tariffs, but excluding local sales made in the U.S.) amounted to RMB44.3 million, RMB39.8 million and RMB22.0 million, respectively, accounting for 0.3%, 0.3% and 0.1%, respectively, of our total revenue during the respective year.
Business · 第 163 页
U.S. demands will be met locally with the engagement of contract manufacturing provide in the U.S, and we do not expect to increase exports to the U.S. in the foreseeable future.
Business · 第 163 页
However, we do not believe that these PRC export restrictions will have a material adverse impact on our operations, financial condition or results of operations based on: (i) our current LiFePO4 products are not affected by the export restrictions; (ii) next-generation LiFePO4 products that would fall under the export restrictions are still under development; and (iii) we do not have any plan to export next-generation LiFePO4 products overseas.