港股IPO招股书披露先例 · 30 家公司，30 项
此类事项指公司销售受年中及年末购物节、春节等假期前备货带动，通常于第二及第四季度出现季节性高峰。招股书一般在风险因素、业务、概要及财务资料章节披露，申请人多说明高峰所在期间及成因（如电商大促、节日送礼需求），并以产品组合多元化抵销季节性效应、单期业绩未必代表全年或符合行业惯例作为解释。
Our results fluctuate due to consumer electronics trends, typically peaking in the second and fourth quarters as downstream demand for consumer electronics is seasonal.
Financial Information · 第 245 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看These fluctuations are seasonal, and interim results should not be relied upon as indicators of full-year performance.
Financial Information · 第 245 页
While not traditionally seasonal, our revenue does exhibit predictable fluctuations throughout the year.
Business · 第 161 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看The third quarter is typically our slowest sales period, situated between the two major promotional peaks of the second and fourth quarters. The fourth quarter is consistently our strongest sales period, benefiting from a convergence of major global promotional events.
Business · 第 162 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 second and fourth quarters during the year.
Financial Information · 第 232 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看As we continue to enrich our product portfolio and expand into other high-value sectors and application scenarios, we expect to reduce the impact of seasonality with this increased diversity.
Financial Information · 第 232 页
We typically experience higher sales in the periods leading up to major online shopping festivals in China, such as the "618" Shopping Festival in June and "Double 11" Shopping Festival in November, as well as prior to the Chinese New Year Shopping Festival.
Financial Information · 第 206 页
As a result, comparisons of our sales and operating results between different periods within a single financial year may not be indicative of our full-year performance and should not be relied upon as such.
Financial Information · 第 206 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看The amount further increased to RMB106.5 million, which was primarily attributable to the seasonal ramp-up for the "618" Shopping Festival in June 2026.
Financial Information · 第 232 页
Our results of operations are subject to seasonal fluctuations as a result of the impact of a number of factors, including consumer spending patterns, product categories, promotional activities and extreme or unusual weather conditions.
Business · 第 203 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看As a result, we may maintain higher revenue and higher levels of inventory to satisfy market demand before and during promotional seasons and relevant shopping events compared to other times of the year.
Business · 第 203 页
Our inventories increased by 71.0% from RMB64.8 million as of December 31, 2023 to RMB110.8 million as of December 31, 2024, primarily driven by (i) an increase in raw materials to support our business expansion; (ii) an increase in finished goods, primarily attributable to year-end pre-festive season stocking in connection with the Chinese New Year holiday; and (iii) an increase in goods in transit, mainly driven by the growth in our online retail and DTC sales, for which revenue is recognized upon confirmation of receipt by customers.
Financial Information · 第 219 页
Our inventories decreased by 12.6% from RMB169.9 million as of December 31, 2025 to RMB148.4 million as of March 31, 2026, primarily due to the consumption of raw material inventories accumulated for the year-end festive season.
Financial Information · 第 219 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看The decrease from 47.6 days in 2023 to 37.6 days in 2024 was primarily attributable to a shorter holding period for raw materials and finished goods by the end of 2024, as the relatively early timing of the Chinese New Year holiday in 2025 led certain customers to advance purchases and take delivery of products before year-end.
Financial Information · 第 220 页
Our sales of ESS Power Supply products usually peak in the third quarter, driven by customer inventory buildup ahead of the Thanksgiving, Black Friday and Christmas holiday season and year-end shopping events for outdoor activities, entertainment and gift-giving, resulting in increase in purchase of products such as portable energy storage.
Business · 第 159 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看As a result of such seasonality, for example, our revenue from ESS Power Supply products in the third quarter of 2025 made up over 30% of our revenue from ESS Power Supply products in 2025.
Business · 第 159 页
We typically experience higher sales in the second half of the year.
Business · 第 148 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看We implement measures to address seasonal fluctuations, such as focusing on technology research and customer certification during the off-peak season, establishing a flexible supply chain and increasing production capacity to ensure we meet customer demand during the peak seasons, implementing a strategic inventory management policy which ensures we maintain sufficient stock for critical materials.
Business · 第 148 页
In addition to the seasonal procurement, we experience pronounced sales peaks during major holiday seasons and shopping events, such as Chinese New Year, the 618 Shopping Festival and Double Eleven.
Business · 第 127 页
We conduct significant procurement of plums during the spring harvest season to support our production and sales requirements for the subsequent year.
Financial Information · 第 172 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看These seasonal fluctuations may render our results of operations in certain given periods not indicative of our results of operations for the full year.
Financial Information · 第 172 页
We typically experience surges in demand for EVs and related services in the second and fourth quarters each year, when major online retailers and e-commerce platforms launch special promotions (such as the annual June 18th and November 11th online shopping festivals).
Business · 第 141 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看The degree of seasonality may vary each year, and our operating and financial results for an interim period may not be representative of our overall performance for a year.
Financial Information · 第 185 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看For our digital marketing business, seasonality is largely influenced by key promotional events launched by advertisers, such as the e-commerce industry's Double 11 and 618 shopping festivals, and the 818 promotional event in the automotive sector.
Business · 第 191 页
Our results of operations are subject to seasonal fluctuations.
Business · 第 165 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看For example, our revenue is relatively higher during major promotion periods for e-commerce sales in China such as the 618 Mid Year campaign and Double 11 Day campaign, when consumers tend to do more shopping activities on digital retail platforms.
Business · 第 165 页
Our results of operations are subject to mild seasonal fluctuations.
Business · 第 169 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看Seasonal fluctuations have not thus far posed material operational and financial challenges to us.
Business · 第 169 页
Our Directors consider that the sales and production of our products is subject to the impact of major shopping events such as “Black Friday” promotions organized by our partner e-commerce marketplaces and holidays such as Thanksgiving in the fourth quarter of the year.
Business · 第 164 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看As such, we typically receive more sales orders in the fourth quarter of the year during the Track Record Period.
Business · 第 164 页
During the Track Record Period, although certain fluctuations associated with industry promotional cycles continued to exist, such fluctuations did not result in material seasonality that would have a significant impact on our results of operations.
Business · 第 147 页
Our business has historically been influenced by general promotional cycles in the e-commerce and content operation industries, particularly within the beauty and personal care industry, where marketing demand exhibit relatively higher levels in periods leading up to major online shopping festivals in China, in particular the ‘‘618’’ mid-year promotion and the ‘‘Double 11’’ shopping festival, which typically corresponded to increased marketing and promotional activities by enterprise customers.
Business · 第 147 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看This diversification into project-based marketing cycles has effectively moderated our seasonal fluctuations and reduced our reliance on specific shopping festivals.
Business · 第 147 页
We typically experience higher product sales during shopping festivals, such as 618, Double Eleven and Double Twelve shopping festivals, and public holidays, such as the New Year, the Spring Festival and Christmas.
Business · 第 143 页
As such, we typically experience sales peaks during the fourth quarter of each year.
Business · 第 143 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看We believe this pattern is likely to continue in the foreseeable future.
Business · 第 143 页
The sales performance of our products is generally subject to seasonal fluctuations.
Business · 第 175 页
Due to the concentration of global shopping events in the second half of the year, our shipment volume generally increases, resulting in higher revenue during this period.
Financial Information · 第 212 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看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.
Financial Information · 第 212 页
Our results of operations exhibit certain seasonal patterns.
Business · 第 164 页
Sales typically peak in the fourth quarter driven by the “Double 11” festival, with an additional uplift around the mid-year “618” promotion.
Business · 第 164 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看To manage demand surges, we take advantage of flexible staffing arrangements.
Business · 第 164 页
Due to the nature of our jewellery products, which are tied to celebratory and gifting cycles, generally, we record higher sales in certain festivals that celebrates love and affection such as Valentine’s Day, Chinese Valentine’s day and Christmas.
Business · 第 147 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看Our sales are subject to seasonal fluctuations, which are driven by consumer demand patterns around key holidays and shopping festivals.
Financial Information · 第 217 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看As such, we typically experience sales peaks during the fourth quarter of each year.
Business · 第 163 页