Our business may be subject to seasonality, with higher revenue generally recorded in the second half of each year during the Track Record Period.
Financial Information · 第 236 页
(i) we typically accelerate the collection of trade and bills receivables towards the end of a year, and, therefore, the sales collections rate during the first four months of a year is typically lower than the full-year rate, leading to relatively higher turnover days in the first four months of a year;
Orders for pharmaceutical glass packaging may decrease in the third quarter due to maintenance shutdowns or holidays at certain pharmaceutical companies, and gradually recover after October. Customers of our household heat-resistant glass may build inventory in the fourth quarter in preparation for Christmas and the year-end consumption peak season.
Business · 第 161 页
Accordingly, our revenue and results of operations may fluctuate between periods due to the timing of customer orders, product mix, delivery arrangements and operating expenses, and our interim results may not be indicative of our results for the full year.
Given our customers in the automotive industry usually deliver more of their vehicle models towards the year end, this has an impact on the timing of our delivery of relevant solutions and products as we need to plan production and delivery schedule ahead.
Financial Information · 第 212 页
Such fluctuations are seasonal in nature and thus quarterly or half-year results are not indicative of our results of operations for the full year.
For PCB products used in smart devices, we typically experience higher sales in the second half of the year due to the new product launch cycles of downstream end markets and increased shopping activities during the holiday season.
Business · 第 158 页
Moreover, we typically record relatively lower sales and revenue in the first quarter due to the impact of the Spring Festival holiday.
We experience seasonality in certain product categories of our business, primarily due to differences in end-market demand and usage scenarios.
Business · 第 160 页
Demand for our LSEVs is generally stronger in the second and third quarters of each calendar year, primarily because warmer weather is more conducive to outdoor and community usage, while demand is typically lower in the first quarter.
Business · 第 160 页
Sales of our electric two-wheelers generally peak in the fourth quarter, mainly driven by holiday-season demand in the United States, including Thanksgiving and Christmas holidays.
Specifically, demand tends to be strong during peak promotional periods such as June, November, Christmas, and New Year, while production schedules may also be affected by the Chinese New Year holidays in the first quarter.
Business · 第 191 页
We recorded impairment losses on financial assets of RMB3.8 million in 2023, primarily due to the timing of collections from a major e-commerce platform customer in 2023, which was affected by the New Year holiday.
Our business is subject to seasonal fluctuations. In particular, our revenue in the second half of a calendar year typically accounted for over 50% of our total revenue, which is mainly attributable to the procurement and financial management practices of our customers.
Business · 第 203 页
A majority of our customers formulate their annual budgets and capital investment plans in the first half of a calendar year, and the subsequent approval, vendor selection and procurement processes typically lead to purchase orders, deliveries and installations being concentrated in the second half of the calendar year.
We have historically experienced, and expect to continue to experience, higher revenue generation, especially from our sales of consumer electronics products which accounted for a majority of our revenue, in the second half of a particular year as compared to the first half of that year.
Business · 第 160 页
The higher revenue generation in the second half of a year is mainly attributable to the more intensive close-to-year-end promotional activities for sales of products held in many consumer electronics sectors to which our products are applied, such as smartphones, tablets and laptops, which leads to a larger purchase volume in the second half of a year.
Business · 第 160 页
Our trade and bills receivables decreased from RMB7,506.1 million as of December 31, 2025 to RMB6,023.1 million as of May 31, 2026, primarily due to the seasonal nature of our sales, as a larger proportion of our sales is typically generated in the second half of the year, resulting in relatively higher year-end trade and bills receivables balances.
哈尔滨誉研堂中医门诊集团股份有限公司Harbin Yuyantang Traditional Chinese Medicine Outpatient Group Co., Ltd.
一季度收入受季节性因素影响略低
In line with the TCM healthcare service industry in China, our licensed medical institutions typically witness fewer patient visits in the first quarter of a calendar year, mainly due to the general public's postponed demands in healthcare services before and during the Chinese New Year holiday.
Business · 第 157 页
As a result of the foregoing, our revenue was slightly lower in the first quarter of each financial year during the Track Record Period.
Business · 第 157 页
We experience seasonal fluctuations in our revenue and profitability.
Our business does not exhibit any material seasonal patterns, and our revenue and operating results are not subject to significant seasonal fluctuations, except that our revenue may be relatively higher in the second half of the year as certain customers tend to conduct final acceptance of projects during that period, which affects the timing of revenue recognition.
Business · 第 147 页
Our trade and bills receivables turnover days increased from 110 days in 2025 to 133 days in the three months ended March 31, 2026, primarily due to the relatively low revenue recorded during the first three months of the year, as certain customers tend to conduct final acceptance of projects in the second half of the year, thereby increasing the calculated turnover days.
Our business experiences seasonal fluctuations primarily due to the production and delivery cycles of downstream OEMs. The first and second quarters are typically off-peak seasons, while the third and fourth quarters are peak seasons, with particularly high volumes in the fourth quarter.
Business · 第 180 页
During the Track Record Period, we observed that order volumes in the second half of each year consistently exceeded those in the first half.
In general, demand for cold chain agricultural products tends to be higher in the third and fourth quarters of each year, which coincide with major holiday seasons and periods of increased dining and consumption activities.
Business · 第 168 页
During the winter months, demand for protein-based products, particularly beef, chicken, pork and other meat products, generally increases due to changes in dining preferences and consumption habits.
Business · 第 168 页
Although April to June generally represents a seasonal low period for our business, we achieved year-on-year revenue growth of over 45.0% during this period according to our unaudited management accounts.
Our results of operations are subject to seasonal fluctuations, primarily driven by the product launch cycles of consumer electronics brands and production scheduling trends in the industrial and automotive sectors.
Business · 第 184 页
In particular, due to the impacts of the public holidays such as the Spring Festival and the stocking and sales cycles of customers before or around holidays, we typically experience higher sales in the Summer and Winter throughout the year.
Financial Information · 第 220 页
These seasonal fluctuations may render our results of operations in certain given periods not indicative of our results of operations for the full year.
Our results of operations are affected by seasonal fluctuations in demand for our products to be used in consumer electronics, as impacted by market trends of the consumer electronics industry.
Financial Information · 第 186 页
In particular, due to the stocking and sales cycles of customers before or around the public holidays such as the Spring Festival and promotional sales period, we typically experience higher sales in the second half of the year.
广州视源电子科技股份有限公司Guangzhou Shiyuan Electronic Technology Company Limited
销售存在季节性波动
Our sales are affected by seasonal fluctuations. Sales of our intelligent devices and solutions fluctuate primarily as a result of the purchasing cycles of the educational market and enterprise spending cycles.
Our results of operations are subject to seasonality, primarily reflecting smartphone launch cycles and major retail promotion periods, with imaging-related shipments generally higher in the second half of the year, although the extent of such seasonality may vary depending on product release schedules and market conditions.
Business · 第 169 页
During the Track Record Period, we generally recorded higher revenue in the second half of each financial year than in the first half.
Our business is subject to seasonal fluctuations due to the nature of the travel industry.
Business · 第 134 页
Our enterprise overseas services, including exhibition-related services are influenced by the schedule of international trade fairs, large-scale events and corporate activity cycles, with revenue from certain projects concentrated in specific quarters.
Business · 第 134 页
We manage the impact of seasonality by allocating personnel and resources based on peak demand, diversifying our offerings, and expanding our source markets and destination coverage.
Our business is subject to seasonality, primarily driven by seasonal patterns in the logistics and supply chain industries in China.
Business · 第 155 页
We typically record lower revenue in the first quarter of each year, primarily due to a decrease in shipping and service orders as a result of the Chinese New Year holiday.
Financial Information · 第 219 页
The fourth quarter of each year is our peak business season, primarily driven by customers’ demand for winter stockpiling.
A significant portion of our revenue is derived from products used in AI and high-performance computing applications, which are generally less sensitive to seasonal trends.
Business · 第 185 页
As a result, demand from certain customers for our PCB drilling tools, auxiliary materials and related equipment may also be relatively higher in the second half of the year.