中旅港澳文旅控股有限公司CTG Hongkong and Macao Culture and Tourism Holding Limited
业务受农历新年、黄金周等假期季节性波动影响
Our business is subject to seasonal fluctuations, with demand for travel, tourism and hospitality services typically peaking during major holidays and vacation periods, such as the Chinese New Year, summer holidays and Golden Week in the PRC, as well as public holidays in Hong Kong.
Business · 第 108 页
We manage the impact of seasonality through targeted marketing campaigns, dynamic pricing strategies and operational adjustments to align resources with anticipated demand.
As of March 31, 2026, we had 1,486 KA customers and 32,311 non-KA customers, compared to 1,689 and 35,084, respectively, as of December 31, 2025.
Summary · 第 13 页
We consider that the decreases were primarily attributable to the seasonal slowdown in our customers' business activities during the Chinese New Year holiday.
Summary · 第 13 页
This pattern is consistent with historical seasonal trends we have observed across our business, and we consider the decreases to be temporary in nature and not indicative of any underlying change in customer demand or the overall health of our business.
For products used in consumer electronics, we typically experience higher sales in the second half of the year due to the synchronized launch cycles of new devices and the heightened purchasing activity associated with the holiday season.
Business · 第 154 页
For products used in the automobile, data center and AI computing and telecommunications equipment, seasonality is less pronounced, often characterized by more stable, projectdriven demand patterns throughout the year.
In general, advertising demand tends to be stronger in the second half of the year, particularly during major promotional periods such as the “Double 11” and year-end campaigns, leading to relatively higher revenue contributions during the second half as compared to the first half.
Business · 第 190 页
For our intelligent data management business, revenue recognition is closely tied to project implementation schedules and customer-side demand.
Business · 第 190 页
Taken together, these factors contribute to an overall seasonal pattern in our financial performance, with revenue generally higher in the second half of each fiscal year.
Our business is subject to seasonality, which affects our financial performance, with revenue typically lower in the first half of the year compared to the second half.
Business · 第 146 页
Our projects generally span approximately one year, with the initial six months dedicated to R&D, manufacturing and FAT, followed by another six months for installation, commissioning and SAT, upon completion of which revenue is recognised.
Business · 第 146 页
Our customers' annual budget cycle and procurement planning also often result in the completion of equipment acceptance procedures near year-end, which further contribute to this seasonal revenue pattern.
Our sales of SSDs and memory modules for PC storage targeted at individual users exhibit seasonality, with volumes and revenue typically peaking in the second half of the year.
We observe seasonality in terms of revenue recognition because a larger proportion of products are delivered in the second half of a year in general.
Business · 第 190 页
Such seasonality and transaction-based nature of our current revenue model may cause fluctuation of our revenue, which is not uncommon in the industry according to Frost & Sullivan.
The demand for our products is typically relatively higher before public holidays, such as China’s Spring Festival, Mid-Autumn Festival and National Day.
Business · 第 161 页
The increase in finished goods as of December 31, 2025, mainly reflected (i) a higher ending balance of frozen products, as historical frozen inventories accumulated in prior periods were cleared and sold at normal prices during 2025; and (ii) additional production near year-end to support marketing and sales activities for the 2026 Chinese New Year.
Due to the impact of our customers' budgeting and procurement cycles, we generally recognized the majority of our revenue in the second half of the year, as a result of the following: (1) certain of our customers, in particular those that adopt our products or solutions in the consumer electronics sector, tend to complete their inspection in the second half of the year in accordance with their own business practices, which causes such revenue to be recognized in the second half of the year according to relevant revenue recognition policy; and (2) our customers tend to schedule their procurement in advance of the major holidays in China and overseas markets, many of which are in the second half of the year, to avoid potential supply chain issues associated with the holidays.
Financial Information · 第 215 页
The degree of seasonality may vary from year to year due to conditions in the industry and other factors, which makes it difficult for us to predict the level of demand with precision.
Used vehicle sales typically demonstrate seasonal patterns, with demand being generally higher in the fourth quarter and before the Chinese New Year period, and relatively lower during the second and third quarters.
Our business exhibits a moderate level of seasonality.
Business · 第 147 页
Specifically, revenue of the Clinics, which is directly co-related to our revenue performance, tends to increase significantly during the Mother’s Day period in May and anniversary sales in October, continuing through the Lunar New Year.
Business · 第 147 页
Specifically, from June 2024, revenue of the Clinics, which is directly co-related to our revenue performance, tends to increase significantly during the Mother’s Day period in May and from October, up to the Lunar New Year due to the festive sentiment of the market.
四川新荷花中药饮片股份有限公司Sichuan Neautus Traditional Chinese Medicine Co., Ltd.
销售呈下半年较高的季节性特征
We have historically experienced higher sales of our TCM products in the PRC in the second half of each year as compared to those in the first half of the year. This seasonality is the result of a combination of several factors, including Chinese New Year holidays in the first quarter.
We have historically experienced, and expect to continue to experience, accelerated revenue generation in the second half of a particular year as compared to the first half of that year.
Business · 第 179 页
The accelerated revenue generation in the second half of a year is primarily because our major customers, who primarily engage in smart mobile devices sector, typically launch new product models in the second half of a year.
We typically experience stronger order intake and sales activities in the fourth quarter, driven by seasonal demand in overseas markets and year-end procurement and production cycles in Chinese Mainland.
Business · 第 168 页
As a result, our revenue, margins and cash flows may vary between interim periods, and the first half of the year generally contributes less than the second half, which is generally consistent with normal industry practice.
Business · 第 168 页
Our results of operations are affected in part by seasonal factors.
北京天星医疗股份有限公司STAR SPORTS MEDICINE CO., LTD.01609.HK
销售集中于下半年存在季节性
Our sales volume is typically higher in the second half of the year.
Business · 第 150 页
According to CIC, this seasonality is common across the sports medicine device industry, with medical device manufacturers similarly experiencing stronger procurement demand and sales in the second half of the year.
Our sales exhibit a seasonal pattern, with a greater share of revenue generated in the second half of the year, because our major customers in the BIoT industry typically plan their budgets at the beginning or end of their fiscal year and bulk purchase orders are more likely to be placed following budget approvals.
Financial Information · 第 196 页
This seasonality is common across the industry and reflects customer purchasing behavior rather than company-specific operational factors.
Financial Information · 第 196 页
According to CIC, our business seasonality is consistent with that of the BIoT industry.
We experience significant seasonal fluctuations in our revenue and profitability.
Business · 第 140 页
We experience significant cyclical fluctuations in our revenue and profit derived from production line testing equipment, which is primarily applied in the production of consumer electronics.
Financial Information · 第 178 页
We expect our business operations and financial performance to continue to experience minor fluctuations based on seasonal factors.
In comparison, for PCBs 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 smartphones and increased shopping activities during the holiday season.