For instance, we typically experience sales peaks during major festivals such as the New Year and Christmas, as well as during the summer period, which is largely attributable to the summer vacation.
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In anticipation of increased orders during these peak seasons, we strategically maintain higher inventory levels in the preceding weeks to ensure supply continuity.
北京数聚智连科技股份有限公司Beijing Data Intelink Technology Co., Ltd.
收入呈季节性波动，第四季较高
We expect our revenues to continue to fluctuate based on seasonal factors that commonly affect e-commerce of consumer goods. In addition, we generally experience higher sales volume on third-party e-commerce platforms, such as Tmall and JD.com, during the marketing activities and shopping seasons, for example, the Double 11 Shopping Festival and the 618 Shopping Festival. We also expect to be more exposed to overseas shopping events including Black Friday, given the expansion of our overseas e-commerce operations. Our revenue from these e-commerce platforms is generally significantly higher in the fourth quarter compared to the rest of the year due to shopping festivals.
Although summers are typically the low season for baby diaper products in our industry across the PRC, Southeast Asia, Central Asia and Africa due to some parents choosing cotton nappies or other alternative loose-fitting garments to prevent heat rash during hot months, our diverse product mix (such as feminine care product) has enabled us to maintain relatively consistent revenue levels throughout the year during the Track Record Period.
Our edible fungi business is also subject to seasonal fluctuations. From late autumn to early spring, due to cooler weather, more holidays and lower supply of green vegetables, the purchasing frequency of edible fungi often increases.
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For detailed discussion of risks associated with seasonality, see “Risk Factors — Risks Relating to Our Business and Industry — Our product sales and business operations are subject to seasonal fluctuations”.
江苏瘦西湖文化旅游股份有限公司Jiangsu Slender West Lake Culture and Tourism Co., Ltd.
船票及观光车收入季节性波动明显
Our water sightseeing boat service and sightseeing tour bus service are subject to the seasonal fluctuations throughout the year.
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Due to the seasonal fluctuations, a significant portion of our annual revenue is concentrated in a few key months, particularly during spring time, major holidays and long weekends. As a result, our financial results may vary significantly from quarter to quarter and are not necessarily indicative of long-term trends.
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diversifying our ‘‘Boat+’’ services: we have proactively diversified our service offering through value-added sightseeing boat services that are subject to weather and natural conditions, thereby broadening our revenue base during off-peak seasons and enhancing operational stability throughout the year.
上海锦江国际酒店股份有限公司Shanghai Jin Jiang International Hotels Co., Ltd.
酒店业务收入存在季节性波动
Due to the nature of our operations, the first quarter, in which both the New Year and Chinese Spring Festival holidays fall, accounts for a lower percentage of our annual revenue than other quarters of the year.
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The third quarter of each year is the traditional peak season for the hotel industry, and income performance is often the strongest during this time.
Our Directors are of the view that, and as confirmed by F&S, our mining operations are generally subject to seasonal fluctuations, where our mining operations may be affected during the winter months, resulting in periodic shut downs, primarily disrupting transportation systems due to snowfall and freezing conditions.
Due to the seasonality of agricultural production activities, our results of operations are subject to seasonality.
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For example, in Chinese Mainland, our sales revenue is more concentrated in the first half of the year, driven by a surge in customer orders ahead of the spring ploughing season at the beginning of the year.
Our product sales are affected by the inherent seasonal demand fluctuations in the automotive industry.
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We experienced highest sales volume in the fourth quarter as our OEM customers closed for the Chinese New Year holiday in the beginning of the year and closed for holidays and/or model year changeovers in the summer during the Track Record Period.
Our delivery of solution typically increases 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 Forst & Sullivan.
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According to Frost & Sullivan, the operating conditions in the smart cockpit software solution industry are influenced by seasonal fluctuations in the vehicle market, driven by factors including but not limited to (i) vehicle dealers usually hosting large-scale promotional events at the year-end to meet annual sales targets; (ii) increased traveling and consumer spending during major holidays such as the PRC National Day holidays and shopping festivals such as “Double 11”, which boost new vehicle sales; and (iii) the peak season for vehicle shows, which typically occurs in the fourth quarter.
As a result, the industry has received extensive policy support and has developed rapidly, albeit with certain cyclical characteristics.
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In 2023 and 2024, our integrated molten salt tower CSP plant solution business achieved significant revenue growth, primarily driven by increased project orders under the ‘‘renewable megabase’’ projects initiative.
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The development of ‘‘renewable mega-base’’ projects and the introduction of CSP allocation policies in provinces such as Xinjiang, Gansu, and Qinghai have collectively driven our substantial revenue growth in 2023.
杭州铜师傅文创（集团）股份有限公司HANGZHOU TONGSHIFU CULTURAL AND CREATIVE (GROUP) CO., LTD.00664.HK
收入于第一季度及第四季度呈季节性高峰
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.
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We experience seasonal fluctuations in revenue, primarily driven by major e-commerce promotional campaigns and traditional gift-giving occasions in China.
In China, OEMs typically determine their annual technology roadmaps and begin to prepare supplier contracts around mid-year. This results in a concentrated period of development activity in the second half of the year, during which we complete development, deliver solutions for customer acceptance, and recognize revenue accordingly.
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Because of these seasonal and customer-specific dynamics, our quarterly or half-year results may not accurately reflect our full-year performance.
We typically recognize a substantial portion of our revenue in the second half of each fiscal year.
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Our sales pattern exhibits clear seasonality, with revenue typically peaking in the latter half of each year, and therefore our third and fourth quarter revenue generally exceeds that of other quarters.
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We prepare for these seasonal fluctuations by adjusting inventory levels and working capital.
浙江凯乐士科技集团股份有限公司Zhejiang Galaxis Technology Group Co., Ltd.02729.HK
客户下半年下单致业务存在季节性波动
Many of our customers — particularly those purchasing our multi-function comprehensive systems — tend to set annual budgets and place orders toward the second half of the calendar year.
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These seasonal ordering trends often result in a higher volume of orders in the fourth quarter, with corresponding revenue typically recognized in the second half of the following year, after project completion and customer acceptance.
江苏泽景汽车电子股份有限公司JIANGSU NEW VISION AUTOMOTIVE ELECTRONICS CO., LTD.02632.HK
HUD解决方案销售存在季节性波动
Our HUD solution sales generally experience seasonal fluctuations. Sales tend to be lower during the first quarter, particularly around the Chinese New Year holiday period when vehicle manufacturing activities slow down.
Our Group’s business is subject to seasonality, with higher sales and momentum typically in the second half of the year.
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According to the Frost & Sullivan, it is an industry norm that there is seasonality in the marketing services market, as (i) brands are willing to allocate more budget toward marketing services for products and services in the second half of the year and during periods of heightened demand such as the summer season; and (ii) although New Year’s Day and Chinese New Year occur in the first half of the year, brands may begin planning in advance and launching their holiday marketing campaigns in advance during the second half of the preceding year.
Our revenue from chip products generated from September to December contributed to approximately 40% of our annual chip products revenue during the Track Record Period, being 41.4% in 2023 and 37.7% in 2024, except for 2022 (23.9%) when the market price and market demand decline adversely impacted our revenue in the second half of the year.
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The results of operations of our lithium-ion battery anode material products business have been subject to certain seasonality as we typically generate over a majority of revenue from this business line in the third and fourth quarters of a calendar year, being 55.3%, 52.2% and 59.1% in 2022, 2023 and 2024, respectively, primarily because these are the peak sales seasons for new energy automobile and our revenue from downstream customers in power battery industry was typically higher.
We generally recognize a higher portion of our revenue in the fourth quarter of our fiscal year than other quarters, primarily because certain of our customers tend to schedule their procurement in advance of the major holidays in China, to avoid potential supply chain issues.
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For instance, revenue from the three months ended March 31, 2024 accounted for 20.5% of our revenue for the year ended December 31, 2024.