For the nine months ended September 30, 2025, our inventory turnover days increased to 369 days, primarily because the sales of our products are typically concentrated in the last quarter of the year, aligning with customer ordering patterns.
Financial Information · 第 297 页
Our inventories increased from RMB79.9 million as of December 31, 2022 to RMB135.3 million as of December 31, 2023, to RMB211.9 million as of December 31, 2024, and further increased to RMB362.4 million as of September 30, 2025, primarily in line with our expanded operations and growing demand for our products and to stock up to satisfy the higher demand in the last quarter of the year.
We typically experience peak sales in the fourth quarter of each year, where the holiday season and promotion activities occurs, and the off-season period in the second quarter of each year.
Financial Information · 第 353 页
Our trade receivables turnover days were 58.4 days, 96.2 days, 80.1 days and 97.6 days for the years ended December 31, 2022, 2023 and 2024 and the nine months ended September 30, 2025, respectively.
Revenue is typically more widely distributed among our customers in the first half of the year, while major customers tend to make larger purchases in the second half for year-end project completions and inventory build-up, leading to higher revenue concentration.
Business · 第 207 页
This seasonal pattern is not uncommon in the industry and affects the revenue concentration ratio when comparing a six-month period against a full year.
Business · 第 207 页
The turnover days for our trade and bill receivables and long-term trade receivables increased to 225.4 days for the six months ended June 30, 2025, primarily because customers typically settle their outstanding balances toward the end of the year, and a larger portion of receivables remained outstanding as of June 30.
北京五一视界数字孪生科技股份有限公司Beijing 51WORLD Digital Twin Technology Co., Ltd.06651.HK
收入集中于第四季度确认
During the Track Record Period, we generally recorded higher revenues for our products and solutions in the fourth quarter of the year, primarily because certain of our customers tend to finalize their annual procurement schedules and budgets during the first quarter of the year and complete their inspection and accept our products and solutions in the fourth quarter, which cause us to recognize revenue in the fourth quarter according to relevant revenue recognition policy.
Business · 第 225 页
According to Frost & Sullivan, this seasonal pattern is consistent with industry norms and reflects the procurement and budgeting cycles typical of medium to large enterprises and government entities in China.
Our sales generally peak during the fourth quarter, driven by major shopping events including Amazon Big Deal Day, Black Friday, and end-of-year holiday shopping seasons across our markets.
Business · 第 299 页
As a result, for the years ended December 31, 2022, 2023 and 2024, revenue generated in the fourth quarter accounted for 32.6%, 30.0% and 26.1% of our total annual revenue, respectively.
The occurrence of relatively low subsequent settlements in trade receivables as of October 31, 2025 is closely tied to the seasonal nature of our business operations.
Financial Information · 第 313 页
Historically, we have received a higher volume of orders from new and existing clients in the third and fourth fiscal quarters of each year due to the procurement and budgeting cycles of the clients, who tend to finalize their spending towards the end of the fiscal year to maximize their budget usage.
Financial Information · 第 313 页
Our R&D expenses decreased from RMB248.2 million in the six months ended June 30, 2024 to RMB168.1 million during the same period in 2025, primarily due to relatively lower demand for outsourced R&D in the six months ended June 30, 2025 as a result of seasonal business fluctuations, and the slowdown in technical service fee growth compared with the significant increase recorded in 2024, which was consistent with our R&D strategy to support our business growth in other diversified industries.
We experience seasonality in our business, primarily because of seasonal fluctuations in customer procurement demand.
Business · 第 175 页
Given seasonal concentration of industrial activities and Chinese industrial enterprises’ general procurement pattern, our customers’ demand in the procurement of industrial products is typically the highest in the fourth quarter of each calendar year and the lowest in the first quarter.
Generally, our business partners spend more on performance-based marketing in the fourth quarter of the year, as retail companies conduct most sales in the fourth quarter.
Business · 第 200 页
For instance, our revenue from Yangxiaomie was RMB45.4 million for the first three months ended March 31, 2023 and RMB60.1 million for the last three months ended December 31, 2023.
In general, our vehicle sales typically peak in the fourth quarter, which is a traditional peak season for the automotive industry, mainly due to nationwide auto shows and increasing vehicle purchases near year end.
Specifically, we generally experience an increased revenue during special promotional events on major e-commerce platforms in the fourth quarter of a year.
Business · 第 246 页
For example, our revenue and SaaS billings were RMB421.0 million and RMB599.0 million, respectively, in the first half of 2024, accounting for 46.3% and 46.0% of our total revenue and SaaS billings in the full year 2024.
Business · 第 246 页
In addition, we recorded operating cash inflow of RMB1.9 million in the first half of 2024, as compared to operating cash inflow of RMB279.2 million in the full year 2024.
Our delivery of solutions typically increase in the second half of the year, which is generally in line with the trend of sales volume of passenger vehicles in China according to CIC.
Business · 第 297 页
We recorded revenue of RMB466.4 million in the fourth quarter of 2022 and RMB755.4 million in the fourth quarter of 2023, representing 38.3% and 50.5% of the total revenue of 2022 and 2023, respectively.
Financial Information · 第 405 页
Our adjusted net loss margin (non-IFRS measure) was 21.8% for the five months ended May 31, 2025, which is higher than the adjusted net loss margin for the full year of 2024, primarily due to the seasonal fluctuations in demand for our solutions.
Many end customers, particularly in e-commerce, retail, and logistics, tend to concentrate their order placements toward the end of the calendar year.
Business · 第 309 页
As a result, we often experience a substantial increase in order intake in the fourth quarter, while recognizing the actual revenue in the second half of the following year after project completion and customer acceptance.
Demand for and sales of our products follow the same seasonality pattern as sales of the end products that feature our products, including consumer electronics and smart vehicles. Demand for end products is affected by the holiday season and people's consumption habits, with certain seasonality patterns. As a result, we typically experience higher sales in the fourth quarter of the year.
Our revenue recognised in the last quarter of each of FY2021, FY2022 and FY2023 amounted to approximately RMB64.9 million, RMB119.2 million and RMB147.5 million, respectively, accounting for approximately 60.7%, 82.1% and 84.0% of our total revenue, respectively.
Business · 第 329 页
certain types of our customers (mainly including government authorities, SOEs and automotive manufacturers) operate under the annual procurement budget cycle.
Business · 第 329 页
in particular, in 2024, we have changed our internal performance targets for our sales and marketing staff from an annual basis to a quarterly basis, so as to encourage them to urge our customers to timely finalise and execute contracts.
During the Track Record Period, our PHC Services and Regional Healthcare Solutions usually recorded higher revenue and cost of sales in the fourth quarter of a year.
Financial Information · 第 392 页
As a result, a higher portion of revenue and cost of sales is typically recognized in the fourth quarter of a year.
Our revenue from fourth quarter accounted for 31.8%, 44.4% and 40.8% of our total revenue in 2021, 2022 and 2023, respectively.
Financial Information · 第 295 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.
Our results of operations are exposed to seasonal fluctuations in demand for our products. We typically experience higher product sales during public holidays, such as the New Year, the Chinese New Year, Christmas and shopping festivals.
Financial Information · 第 328 页
As such, we typically experience sales peaks during the fourth quarter of each year. We believe this pattern is likely to continue in the foreseeable future.
As we are subject to the seasonality of the hydrogen industry, the majority of our production activities generally take place during the second half of each year.
Business · 第 346 页
In line with the seasonality of our products' demands, most of our revenue was recognized in the second half of the year, especially in the fourth quarter.
Business · 第 347 页
As a result, large-scale orders and deliveries of our fuel cell systems are usually concentrated in the second half of the year, particularly in the fourth quarter.
江苏国富氢能技术装备股份有限公司Jiangsu Guofu Hydrogen Energy Equipment Co., Ltd.02582.HK
销售存在季节性波动
We experience seasonal fluctuations in the demand primarily for our vehicle-mounted high-pressure hydrogen supply systems and related products.
Business · 第 352 页
We typically received more orders from our customers in the second half of each year.
Financial Information · 第 412 页
We expect that the customer demands for these products do not have material seasonality and the launch of new products will mitigate the impact of seasonality on our financial positions.