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。
公司的解释、律师意见及原文页码定位：在 Matters 中查看This pattern results in a concentration of recognized revenue in the latter part of the financial year, giving rise to uneven cash flows and period-to-period variability in our operating results.
Business · 第 162 页
Our financial performance is subject to seasonal fluctuations, primarily driven by the cyclicality of the delivery services.
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Consequently, the demand for our solutions is higher in the third quarter of the year and lower in the first quarter of the year.
Financial Information · 第 212 页
Based on our internal records, our shipment volume typically trends lowest in the first quarter and increases gradually thereafter, with the fourth quarter accounting for approximately 40.0% of our total annual shipment volume during the Track Record Period.
Business · 第 193 页
For example, based on our management account, our revenue for the fourth quarter of the year of 2023, 2024 and 2025 accounted for approximately 42.0%, 36.0% and 31.0% of our respective full-year revenue, which is broadly consistent with the fourth-quarter share of our sales volume in the same periods.
Business · 第 193 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看To mitigate the impact of seasonality on our operations and financial performance, we adopt a number of measures in line with industry practice, including (i) conducting rolling forecasts and production planning with our major OEM customers to align our production schedules with their latest demand and model launch timetables, (ii) managing our inventory and production capacity in a disciplined manner, such as setting appropriate safety stock levels for key products and flexibly arranging shifts and utilization of production lines to handle order fluctuations between the first and second half of the year, (iii) actively managing our working capital and liquidity, including negotiating payment terms with customers and suppliers and making prudent use of bank facilities during peak production periods, and (iv) continuing to broaden our customer and product portfolio so that our overall business is supported by projects with different SOP timetables and sales cycles.
Business · 第 194 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
We typically observe sales increase in the fourth quarter due to festivals such as the Thanksgiving, Christmas and shopping events like Black Friday.
Business · 第 124 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看We expect these trends to continue in the foreseeable future.
Business · 第 124 页
The DRAM market is subject to strong cyclicality. Fluctuations within the DRAM industry have historically impacted our financial performance.
Financial Information · 第 225 页
Although the historical downturn in the niche DRAM market has exerted an adverse impact on our revenue, gross margins and operating cash flow, the recent recoveries, such as the supply-driven price increase in 2025, could potentially boost our revenue, profitability and improve our working capital flexibility.
Business · 第 196 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看We will adopt a dynamic, data-driven approach that aligns with the cyclical nature of the DRAM market.
Business · 第 198 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 financial performance is subject to seasonal fluctuations that align with automotive production and sales cycles.
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This seasonality also affects working capital dynamics, as higher production levels in the second half of the year often lead to increased inventory and trade receivables balances, which may temporarily impact our cash flow and liquidity.
Financial Information · 第 200 页
Our lithium battery recycling and material recovery business has a stockpiling peak in the fourth quarter with rising demand for used batteries and production scraps prices as upstream suppliers release large volumes of waste materials and downstream enterprises stock up for raw material requirements for the production in the following year.
Business · 第 144 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 the foregoing, our production and sales volume in the first quarter of each financial year was lower than that in other quarters.
Business · 第 145 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
We observed that during the Track Record Period, we experienced peak seasons in terms of sales revenue during the Chinese New Year holiday period, Christmas festive period and Chinese ''Golden Week'' holiday periods in May and October.
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Our Directors believe that this seasonality pattern is consistent with the overall retail industry in Hong Kong.
Business · 第 159 页
Our results of operations are affected by seasonal fluctuations in demand for our L2-L2+ and L4 driving solutions, which are primarily driven by the seasonal nature of the automotive industry.
Financial Information · 第 197 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看As the proportion of revenue from such integrated solutions increases, the revenue concentration in the fourth quarter is expected to be further moderated.
Financial Information · 第 197 页
For instance, domestic orders for wind power equipment are generally concentrated in the second and third quarters, largely influenced by seasonal construction conditions and the availability of labor resources, which can result in period-to-period fluctuations in our financial performance.
Business · 第 167 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看To mitigate the impact of this seasonality, we have implemented several strategic initiatives such as optimizing our production and inventory management processes, as well as expanding into overseas markets to reduce our reliance on weather-dependent resources in limited geographic areas.
Business · 第 167 页
Our business is subject to mild seasonality. The first quarters generally account for lower proportion of our annual revenue.
Business · 第 108 页
In 2023, 2024, and 2025, our revenue for the first quarter accounted for 20.1%, 20.8%, and 24.7% of our total revenue, respectively.
Business · 第 108 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看We have standing measures to mitigate the impact of seasonality on our sales by timely adjusting inventories and shifting sales and marketing focuses during these periods to compensate for such impact.
Business · 第 108 页
Our sales are generally higher in the first and fourth quarters of each year, primarily due to season changes, traditional holiday shopping periods and new product launches that stimulate consumer demand.
Business · 第 144 页
Warmer autumns and milder winters in recent years have delayed the onset of cold weather, directly impacting demand for higher-priced autumn and winter apparel such as outerwear and down jackets, as customers may postpone purchases or opt for lighter garments when temperatures remain elevated.
Financial Information · 第 181 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看To address the uncertainties associated with seasonal shifts and climate variability, we have adopted a flexible sales forecasting system and developed a product portfolio that covers seasonally relevant items throughout the year.
Financial Information · 第 181 页
In general, demand for our driving assistance solutions intensifies during the latter half of the calendar year, surpassing the first half, which aligns with the broader automobile industry patterns, according to CIC.
Business · 第 192 页
Our results of operations are affected by seasonal fluctuations in demand for our solutions, which are primarily driven by the seasonal nature of the automotive industry.
Financial Information · 第 237 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看Our trade and notes receivables turnover days increased from 145 days in 2023 to 173 days in 2024, which was primarily due to our overall strong business growth and a stronger seasonality effect in 2024 compared to 2023.
Financial Information · 第 254 页
Typically, the period from October to January of the following year represents the global peak season for cross-border e-commerce, encompassing major shopping festivals such as "Black Friday" and "Cyber Monday" in the United States, the Christmas shopping season in Europe and pre-Chinese New Year stock replenishment by Chinese merchants.
Business · 第 149 页
The resulting supply-demand imbalance often drives up air freight rates and leads to a temporary rise in our fulfillment costs.
Business · 第 149 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看We proactively manage these seasonal and external impacts by securing transportation capacity in advance, flexibly reallocating network resources and optimizing operational scheduling to ensure service stability during peak periods and to mitigate potential disruptions.
Business · 第 150 页
The first quarter of a calendar year usually sees fewer inpatient and outpatient visits, mainly due to the Chinese New Year, during which most people usually avoid visiting medical institutions.
Financial Information · 第 224 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, our operating and financial results for an interim period may not be representative of our overall performance.
Financial Information · 第 224 页
For instance, our GTV in the first quarter of 2025 accounted for only about 19.1% of total GTV for the year.
Business · 第 138 页
公司的解释、律师意见及原文页码定位：在 Matters 中查看Historically, we have experienced a decline in both demand and driver availability during the first quarter of each year, particularly around the Chinese New Year holiday, as many people return to their hometowns and there is less overall mobility activities.
Financial Information · 第 223 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