Our results of operations historically have been seasonal because our end customers engaging in finance, government, telecommunications, energy, and manufacturing fields typically adhere to strict budget management systems.
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As a result, our revenue is usually concentrated in the final quarter of each year, while our expenses are incurred relatively evenly throughout the year, leading to quarterly variations in profitability.
Our revenue recognized in the fourth quarter of the fiscal year accounted for 41.5%, 35.9% and 31.9% of our revenue in the full year of FY2023, FY2024 and FY2025, respectively.
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Due to industry conditions and other factors, the degree of seasonality may vary each year, making it difficult for us to accurately project demand levels.
杭州糖吉医疗科技股份有限公司HANGZHOU TANGJI MEDICAL TECHNOLOGY CO., LTD.
销售集中于第四季的季节性波动
During the Track Record Period, our operation was subject to certain seasonal fluctuations, with typically increased sales during the fourth quarter.
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This trend is primarily attributable to (i) the fact that we initiated the commercialization of our Core Product following its NMPA approval in January 2024, and the lower sales volume in the first half of 2024 reflected a natural ramp-up period as we progressively expanded our hospital coverage and established our distributor network; and (ii) the purchasing patterns of our distributors, who tend to increase their inventory levels toward year-end in anticipation of public holidays and potential logistics disruptions, to ensure continuous supply for clinical procedures.
Consequently, our business exhibits notable seasonality, with a higher portion of revenue recognized in the fourth quarter of the year.
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The number of projects is generally lower in the first six months of a year than for the whole year, primarily due to the seasonality of our business, as we generally secure most of our projects in the second half of each year.
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The further increase to 240 days for the six months ended June 30, 2026 primarily reflected the seasonality of our business, as project delivery, customer acceptance and the corresponding revenue recognition are generally more concentrated in the second half of the year.
In 2023, 2024, and 2025, cash collections for our product and service provisions in the fourth quarter accounted for 35.9%, 38.9%, and 36.5% of our annual cash collections, respectively.
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Our Directors confirm that such seasonality did not result in any material adverse effect on our operations or financial performance during the Track Record Period and up to the Latest Practicable Date.
Typically, we record higher revenue during the fourth quarter, primarily because (i) many customers tend to concentrate their order placements and/or complete their inspection toward the end of the calendar year driven by their annual budget practices, and (ii) customers generally tend to schedule their procurement before the end of the year in China and in advance of the major holidays in overseas markets, many of which are in the fourth quarter, to avoid potential supply chain issues associated with the holidays.
Business · 第 172 页
The seasonal trends we have experienced in the past may not be indicative of our future operating results.
According to Frost & Sullivan, OEMs generally schedule new vehicle launches and deliveries toward the end of the year, which leads to progressively increased demand for our solutions in the last quarter of each year.
Business · 第 156 页
We closely monitor these seasonal trends and adjust our production schedule and marketing strategies to optimize our operational efficiency and better serve our customers throughout the year.
We typically generate higher revenues and collect more receivables near the end of first half year and year end, as we typically complete service delivery at year end, and demand for our products typically increases during the second and fourth calendar quarters when customers evaluate their financial performance against semi-annual or annual budgets.
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Our trade and bills receivables turnover days further increased to 155.5 days in the three months ended March 31, 2026, primarily due to the seasonal nature of our business, as acceptance and payment collection from large enterprise customers are typically concentrated in the second half of the year, resulting in a higher trade and bills receivables balance relative to revenue recognized in the first quarter.
Our business is subject to seasonal fluctuations, with revenue generated in the second half of a calendar year, particularly in the fourth quarter, typically accounting for a larger proportion of our annual revenue.
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According to Frost & Sullivan, this seasonality is consistent with industry norms among downstream industrial customers.
We generally recognize a significant portion of our revenue in the second half of a year, primarily because (1) our customers tend to complete their inspections in the third or fourth quarter to maintain better control over their annual capital expenditure and realize their annual budget, 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 fourth quarter, to avoid potential shipment disruptions and other logistic issues caused by holidays at the beginning of a new year.
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If seasonal demand is lower than our expectation, we could be left with excess inventory, higher working capital and liquidity requirements, as well as the risk of impairment losses on our inventory.
We typically record higher revenue during holidays and festive seasons for our passenger transportation services when the public have higher demand for intercity travel.
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As a result, we typically record relatively higher revenue from this business in the fourth quarter of the year and relatively lower revenue during the remaining of the year.
Historically, we typically experience higher sales in the first and fourth quarters of each year.
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Accordingly, we commence raw material procurement at the beginning of each year and place orders with contractual manufacturers starting from the first quarter, and build up inventory in preparation for the peak sales season.
Financial Information · 第 209 页
These stores typically operate for three to five months, during the peak season from September to March of the following year, and strategically capitalize on the heightened consumer demand for our professional outdoor apparel throughout the winter months.
北京融信数联科技股份有限公司Beijing Rongxin Datainfo Science and Technology Co., Ltd.
收入集中于第四季度确认的季节性
During the Track Record Period, we typically recorded higher revenue in the fourth quarter of each year, primarily because our customers generally conducted inspections upon project completion and confirmed their acceptance in the fourth quarter of the year.
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As a result, our results of operations and financial conditions could fluctuate significantly across different periods throughout the year.
北京中科闻歌科技股份有限公司Beijing Zhongke WengeAI Science and Technology Co., Ltd.01956.HK
收入及业绩呈季节性，下半年较高
Our revenue, operating results, and other key performance metrics are subject to seasonal fluctuations, typically increasing during the second half of the year, particularly in the fourth quarter.
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Consequently, our revenue in the second half of the year during the Track Record Period was higher than in the first half.
In particular, typically in the fourth quarter of a year, ahead of major promotional events and public holiday seasons, customers procure related services in advance to support concentrated promotional and marketing campaigns.
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As a result, our business performance may exhibit fluctuations across different quarters.
Seasonality impacts our financial performance, driven by our customers’ purchasing practices and the seasonality of the industries where they operate.
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Due to the impact of our customers’ budgeting and procurement cycles, we generally recognized a larger portion of our revenue in the second half of each fiscal year, in particular in the fourth quarter.
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According to Frost & Sullivan, such seasonality is consistent with industry practices in enterprise cognitive intelligence algorithm market.