港股IPO招股书披露先例 · 331 家公司，331 项
季节性及周期性波动指申请人销售、生产或现金流随天气、节假日、客户预算及采购周期、电商促销节奏等因素在不同期间出现的波动。招股书通常于概要、风险因素、业务及财务资料等章节披露波动的具体模式及成因，并说明丰富产品组合、加大销售及营销力度、采用弹性用工安排、持续监察及调整资源配置等应对措施，或引述行业来源指该等季节性属业内普遍现象。
Many of the mining sites where our solutions are deployed are located in remote regions, often at high latitudes, where harsh winter conditions can limit site access and slow mining activities.
Business · 第 179 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 typically see a slowdown in solution deployment and revenue recognition during the first quarter.
Business · 第 179 页
We typically record higher revenue in the second half of the year attributable to the promotional campaigns we held, such as the year-end grand promotion in December, which capitalizes on buyers’ year-end shopping demands.
Business · 第 163 页
We generally experience less user traffic and purchase orders during the Chinese New Year holiday season in the first quarter of each year, when lower-tier market experiences widespread closures as manufacturers halt production and offline retail stores cease operations.
Business · 第 163 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 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.
Financial Information · 第 218 页
In general, our revenue in the second half of the year is typically higher than that in the first half.
Business · 第 157 页
This seasonality is typically more evident in printing equipment, and is primarily related to the business arrangements, product launch schedules, and procurement and capacity planning cycles of our downstream customers.
Business · 第 157 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看Notwithstanding the above seasonal and market-cycle factors, our overall operating performance did not exhibit material abnormal fluctuations during the Track Record Period.
Business · 第 158 页
Certain of our product categories can be affected by weather due to the nature of our products, such as air conditioner components.
Business · 第 166 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看We expect the impact of seasonality on our business to remain in the future, although by leveraging our diverse product portfolio, we generally do not experience material seasonal fluctuations with respect to our results of operations and financial conditions for our Group as a whole.
Business · 第 166 页
Our business is subject to seasonal fluctuations, primarily driven by sales of our influenza vaccines.
Business · 第 173 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看Additionally, the effectiveness of our manufacturing plan, which takes months from execution commencement to completion, is impacted by the seasonality of certain products.
Financial Information · 第 179 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看The results of operations of our GNSS-related solutions business historically have been seasonal primarily because we typically provide GNSS-related solutions on a project-by-project basis, with delivery and acceptance of these projects typically occurring in the third and fourth quarters during the year.
Business · 第 193 页
ESS sales in our key markets are subject to seasonality due to a variety of factors, including seasonal demand fluctuations, policy influences, holidays and climate conditions.
Business · 第 156 页
In Europe, for example, customers generally prefer to install ESS products from spring to early fall due to more favorable weather conditions.
Business · 第 156 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看In South Africa, for example, demand for ESS products is elevated during the delivery window before the winter season.
Business · 第 156 页
In line with the industry norms, our in-network medical institutions typically witness fewer customer visits in the first quarter of a calendar year, mainly due to postponed healthcare demands in TCM healthcare services before and during the Chinese New Year holiday.
Financial Information · 第 248 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看Our financial performance for any period of less than a year may not reflect our annual financial results.
Financial Information · 第 248 页
The seasonality of the operations is primarily driven by the influenza season, during which demand for the anti-influenza product Tamiflu® tends to increase, typically peaking between November and March, while other products generally do not exhibit significant seasonal fluctuations.
Business · 第 194 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看For Tamiflu®, we employ a data-driven demand forecasting and inventory management system, including real-time influenza surveillance monitoring and predictive modeling updated weekly.
Business · 第 194 页
Our business exhibits a clear seasonal pattern, with the peak sales period occurring from October to April each year.
Business · 第 153 页
As a result, our revenue and profitability have generally been stronger in the second half of the financial year, and such fluctuations may also affect our sales volumes and the utilization rates of our manufacturing facilities.
Financial Information · 第 207 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看As this fluctuation reflects normal industry trends, we currently do not see the need to implement additional operational efficiency measures to address the off-season.
Business · 第 153 页
Although our music catalogue operation is generally not subject to seasonal fluctuations, the performance of our artist management and live entertainment business will be negatively affected by cold weather and the disruptive effect of long holidays, particularly the Chinese New Year.
Financial Information · 第 195 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看Therefore, the revenue from this business segment may be relatively lower in the first quarter.
Financial Information · 第 195 页
For example, we generally experience higher sales revenue from our harvesting machines two months before the harvesting season, typically in the second and third quarters of the year, with the minimum sales revenue experienced in the fourth quarter of each year.
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Therefore, we generally have relatively high volume of inventories, especially finished goods by the beginning and end of year. Accordingly, our results of operations fluctuate over the year, and our interim results may not be indicative of our annual results.
Financial Information · 第 214 页
Our financial condition and 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As a result, we generally record higher revenue in the fourth quarter of the year.
Business · 第 165 页
During the Track Record Period, our revenues generally peaked in the second and fourth quarters, while the first quarter was relatively subdued.
Business · 第 166 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看To reduce our exposure to seasonality, we have continued to diversify our customer base across multiple industry verticals and customer categories.
Business · 第 166 页
Our business operations are subject to seasonality.
Business · 第 180 页
Our sales performance tends to be stronger in the fourth quarter of each year, primarily because our customers typically conduct equipment and process testing during the second quarter and complete the majority of their annual capital expenditure in the third and fourth quarters, leading to our stronger sales in the second half of the year, especially the fourth quarter.
Business · 第 180 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看Our sales performance and production activities tend to be relatively weak in the first quarter of each year, primarily due to the Chinese New Year holidays, while gradually recover during the second quarter.
Business · 第 180 页
Historically, we typically experience higher sales in the first and fourth quarters of each year.
Financial Information · 第 209 页
Accordingly, we commence raw material procurement at the beginning of each year and place orders with contractual manufacturers starting from the first quarter, and build up inventory in preparation for the peak sales season.
Financial Information · 第 209 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看These stores typically operate for three to five months, during the peak season from September to March of the following year, and strategically capitalize on the heightened consumer demand for our professional outdoor apparel throughout the winter months.
Business · 第 127 页
During the Track Record Period, we generally recorded higher revenue in the second half of each year.
Business · 第 160 页
According to CIC, such seasonality driven by business cycles is common within the enterprise large model-driven business growth industry.
Business · 第 160 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看We therefore typically record lower revenue in the first quarter of each year, and revenue recognized in any single quarter may not be indicative of results for the full year.
Business · 第 160 页
Our business is subject to certain seasonality, primarily reflecting consumption patterns in the catering industry. Demand is generally higher prior to the Chinese New Year and National Day holidays, with relatively lower demand in traditional off-peak periods.
Business · 第 129 页
As a result, our diversified customer base and comprehensive product offering have enabled us to generate relatively stable revenue throughout the year, and seasonality has not had a material adverse effect on our overall operations during the Track Record Period.
Financial Information · 第 167 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看This decrease was primarily attributable to (i) a decrease in raw materials due to continued consumption of strategic stock-up conducted in 2024, and (ii) a decrease in finished goods as we stocked up at the end of 2024 in preparation for the Chinese New Year peak season in January 2025, but the stock-up for the Chinese New Year peak season did not occur until January 2026.
Financial Information · 第 185 页
During the Track Record Period, we typically experienced stronger revenue during holiday seasons, such as the Chinese New Year, summer break, National Day holiday, and year-end periods, primarily driven by increased customer traffic and dining activities during these times.
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Revenue generated in each season of a year can also fluctuate for other reasons, including the timing of new product launches, and the timing of advertising and promotional activities.
Financial Information · 第 207 页
Our business is subject to seasonal fluctuations, which are relatively pronounced in our smart parking systems business.
Financial Information · 第 222 页
Customers in our industry typically tend to formulate their annual budget and procurement plans in the first half of each year, while project contracting and execution are typically performed and completed in the second half, leading to higher revenue generated during such period.
Financial Information · 第 222 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看As of April 30, 2026, RMB87.4 million, or 35.1% of the current portion of our gross trade receivables as of December 31, 2025 had been settled.
Financial Information · 第 245 页