Our business is subject to seasonal fluctuations. In particular, our revenue in the second half of a calendar year typically accounted for over 50% of our total revenue, which is mainly attributable to the procurement and financial management practices of our customers.
Business · 第 203 页
A majority of our customers formulate their annual budgets and capital investment plans in the first half of a calendar year, and the subsequent approval, vendor selection and procurement processes typically lead to purchase orders, deliveries and installations being concentrated in the second half of the calendar year.
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
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.
During the Track Record Period, we faced seasonal fluctuation in our deployment of integrated ESS solutions and sales of ESS products.
Business · 第 177 页
For instance, particularly in 2025, due to regulatory deadlines introduced under new policies issued by the National Energy Administration in January and February 2025, which set April 30 and May 31, 2025 as cutoff dates for distinguishing between existing and new photovoltaic projects, leading to a concentrated project installation and grid-connection rush before June 1, 2025.
Our financial performance is subject to seasonal patterns in the PRC automotive market, as we primarily supply our products and solutions to PRC OEM customers.
Financial Information · 第 204 页
As a result, we may generally experience higher shipment volumes and sales activity in the second half of the year, especially in the third and fourth quarters.
Financial Information · 第 204 页
These effects may be further amplified by the seasonal pattern of the PRC automotive industry, as OEMs typically increase production and procurement in the second half of the year and around year-end sales campaigns and stocking periods, which may increase shipment volume and utilization in certain periods while delaying cash collection into subsequent periods.
We have historically experienced, and expect to continue to experience, higher revenue generation, especially from our sales of consumer electronics products which accounted for a majority of our revenue, in the second half of a particular year as compared to the first half of that year.
Business · 第 160 页
The higher revenue generation in the second half of a year is mainly attributable to the more intensive close-to-year-end promotional activities for sales of products held in many consumer electronics sectors to which our products are applied, such as smartphones, tablets and laptops, which leads to a larger purchase volume in the second half of a year.
Business · 第 160 页
Our trade and bills receivables decreased from RMB7,506.1 million as of December 31, 2025 to RMB6,023.1 million as of May 31, 2026, primarily due to the seasonal nature of our sales, as a larger proportion of our sales is typically generated in the second half of the year, resulting in relatively higher year-end trade and bills receivables balances.
哈尔滨誉研堂中医门诊集团股份有限公司Harbin Yuyantang Traditional Chinese Medicine Outpatient Group Co., Ltd.
一季度收入受季节性因素影响略低
In line with the TCM healthcare service industry in China, our licensed medical institutions typically witness fewer patient visits in the first quarter of a calendar year, mainly due to the general public's postponed demands in healthcare services before and during the Chinese New Year holiday.
Business · 第 157 页
As a result of the foregoing, our revenue was slightly lower in the first quarter of each financial year during the Track Record Period.
Business · 第 157 页
We experience seasonal fluctuations in our revenue and profitability.
Our business does not exhibit any material seasonal patterns, and our revenue and operating results are not subject to significant seasonal fluctuations, except that our revenue may be relatively higher in the second half of the year as certain customers tend to conduct final acceptance of projects during that period, which affects the timing of revenue recognition.
Business · 第 147 页
Our trade and bills receivables turnover days increased from 110 days in 2025 to 133 days in the three months ended March 31, 2026, primarily due to the relatively low revenue recorded during the first three months of the year, as certain customers tend to conduct final acceptance of projects in the second half of the year, thereby increasing the calculated turnover days.
Our business experiences seasonal fluctuations primarily due to the production and delivery cycles of downstream OEMs. The first and second quarters are typically off-peak seasons, while the third and fourth quarters are peak seasons, with particularly high volumes in the fourth quarter.
Business · 第 180 页
During the Track Record Period, we observed that order volumes in the second half of each year consistently exceeded those in the first half.
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.
Business · 第 166 页
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.
In general, demand for cold chain agricultural products tends to be higher in the third and fourth quarters of each year, which coincide with major holiday seasons and periods of increased dining and consumption activities.
Business · 第 168 页
During the winter months, demand for protein-based products, particularly beef, chicken, pork and other meat products, generally increases due to changes in dining preferences and consumption habits.
Business · 第 168 页
Although April to June generally represents a seasonal low period for our business, we achieved year-on-year revenue growth of over 45.0% during this period according to our unaudited management accounts.
Demand for and sales of new energy products are generally not affected by seasonal fluctuation.
Business · 第 160 页
We typically experience higher sales for our dehumidifier products in January to March in Southern China and June to August in Eastern China due to the higher demands in rainy seasons.
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.
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
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.
Our results of operations are subject to seasonal fluctuations, primarily driven by the product launch cycles of consumer electronics brands and production scheduling trends in the industrial and automotive sectors.
Business · 第 184 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 Summer and Winter throughout the year.
Financial Information · 第 220 页
These seasonal fluctuations may render our results of operations in certain given periods not indicative of our results of operations for the full 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.
Business · 第 153 页
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 results of operations are affected by seasonal fluctuations in demand for our products to be used in consumer electronics, as impacted by market trends of the consumer electronics industry.
Financial Information · 第 186 页
In particular, due to the stocking and sales cycles of customers before or around the public holidays such as the Spring Festival and promotional sales period, we typically experience higher sales in the second half of the year.