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。
公司的解释、律师意见及原文页码定位：在 Matters 中查看We recorded inventories of RMB741.6 million as of December 31, 2024, higher than those as of December 31, 2023 and 2025, primarily due to our build-up of stock in preparation for the 2025 Chinese New Year, which had an earlier timing compared to 2024 and 2026.
Financial Information · 第 206 页
As a result, our revenue generally peaks in the first and fourth quarters of each year. Period-to-period comparisons of revenue and profitability may therefore not be indicative of full-year trends.
Business · 第 145 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看We experience seasonal fluctuations in revenue, primarily driven by major e-commerce promotional campaigns and traditional gift-giving occasions in China.
Financial Information · 第 201 页
Our inventories increased from RMB1,674.1 million as of December 31, 2024 to RMB2,490.6 million as of September 30, 2025, mainly due to increased stocking of goods in anticipation of higher sales during the Mid-Autumn Festival and National Day, as well as to support our increased sales demand attributable to our expanded business.
Financial Information · 第 297 页
Our trade receivables further increased substantially to RMB153.1 million as of December 31, 2024, mainly because of our business growth, which resulted in an increased total amount of credit granted to the franchisees for the Special Purchase Day for Spring Festival.
Financial Information · 第 298 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看As of December 31, 2022, 2023, 2024 and September 30, 2025, all of our trade receivables were aged less than six months.
Financial Information · 第 298 页
We generally record higher sales revenue from ceremonial and festival events such as Mid-Autumn Festival, Chinese New Year, PRC National Day holiday, Valentine’s Day and other national holidays, which are typically associated with Chinese tradition of gift-giving.
Business · 第 383 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 these fluctuations, comparison of sales and operating results from different periods in different financial years may not be relied on as indicators of our performance.
Business · 第 383 页
Consequently, during the Track Record Period, we typically recorded higher sales in the second and fourth quarters of the calendar year.
Business · 第 280 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, comparisons of our sales and results of operations across different periods within a financial year may not provide a reliable basis for assessing our performance.
Financial Information · 第 321 页
Our cloud-based communications services, namely our CPaaS and Contact Center SaaS services, are subject to seasonal fluctuations and generally experience an increase in customer demand during the second half of the year, particularly in the fourth quarter.
Business · 第 245 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看For instance, we generally see increases in service demands for promotional messages around online shopping festivals such as November 11, or “Double Eleven” (雙十一), and December 12, or “Double Twelve” (雙十二).
Business · 第 245 页
Our sales performance is influenced by ceremonial and festival events such as Mid-Autumn Festival, Chinese New Year, PRC National Day holiday, Valentine’s Day, Qixi Festival and other national holidays, which are typically associated with the Chinese tradition of gift-giving.
Financial Information · 第 367 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, the variability in our sales related to these ceremonial and festival events may cause our business, financial performance and results of operations to fluctuate from period to period, and the comparison of sales and operating results between different periods within a single financial year may not be meaningful and should not be relied upon as indicators of our overall performance.
Financial Information · 第 367 页
Our results of operations are subject to seasonal fluctuations.
Business · 第 229 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, as such periods tend to be brief and predictable, allowing us to re-allocate resources and improve efficiency ahead of time.
Business · 第 229 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看Our business is subject to seasonality, resulting from the seasonal fluctuations in customer purchases and the frequency of marketing and promotional activities. During the Track Record Period, we had generally recorded higher revenue for our solutions for the second half of the year.
Business · 第 332 页
We experience seasonality in our business, in particular for our new retail segment.
Business · 第 258 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看Overall, the impact of seasonality of our business has been relatively mild due to our diversified new retail product portfolio and IP offerings to compensate the seasonality effect, and our rapid growth.
Business · 第 258 页