China

“Further escalation of specific trade tensions, including those between the U.S. and China, or more broadly in global trade conflict, could have a material adverse effect on the Company's business and operations around the world.”

Annual report 2025A · The company itself

“For example, changes in local economic condition or outlooks, such as lower economic growth rates in China, Europe, or other key markets, impact the demand or profitability of the Company's products.”

Annual report 2025A · The company itself

“■Because approximately 18 percent of our sales in 2025 were attributable to China, adverse economic conditions or changes in consumer behavior in China could impact our business Our third-party sales in China decreased twelve percent in local currency in 2025 compared to 2024. We derive a substantial portion of our sales in China from premium-tier products.”

Annual report 2025A · The company itself

“Changes in consumer preferences and purchasing behaviors including preferences for e-commerce and manufacturer emphasis on brand ecosystems and connectivity, weakening 8 Table of Contents consumer confidence and sentiment, as well as economic uncertainty, sociopolitical and demographic risks, availability of government incentives, and increased competition from Chinese-based companies may prompt Chinese consumers to postpone purchases, choose lower-priced products or different alternatives, or lengthen the cycle of replacement purchases.”

Annual report 2025A · The company itself

“At December 31, 2025, approximately $140 million of cash and marketable securities were held by our foreign subsidiaries, substantially all of which were located in China.”

Annual report 2025A · The company itself

“In our Rest of World segment, China third-party sales declined 12 percent in local currency in 2025 due to continued weak consumer demand and the cessation of the government appliance subsidy programs in the second half of the year.”

Annual report 2025A · The company itself

“Approximately 4,200 of our 11,500 employees as of December 31, 2025 were located in China.”

Annual report 2025A · The company itself

“In the third quarter of 2025, we initiated an assessment of strategic opportunities for our China business, including strategic partnerships and other alternatives.”

Annual report 2025A · The company itself

“Our trade name is important with respect to our products, particularly in China, India, and North America.”

Annual report 2025A · The company itself

“In 2025, we announced a strategic assessment of our China business. This may lead to uncertain outcomes, costs, and impacts that could negatively affect the company.”

Annual report 2025A · The company itself

“We manufacture and market residential water heater and water treatment products, primarily incorporating reverse osmosis technology, and commercial dispensing water treatment products. The Chinese water heater market is predominantly comprised of electric wall-hung, gas tankless, combi-boiler, heat pump and solar water heaters.”

Annual report 2025A · The company itself

“We sell our products in approximately 8,700 points of sale in China, of which approximately 3,800 are retail outlets in tier one through tier three cities and approximately 1,400 exclusively sell our products. We also sell our products through e-commerce channels.”

Annual report 2025A · The company itself

“We have operated in China for 30 years. In that time, we have established A. O. Smith brand recognition in the residential and commercial markets.”

Annual report 2025A · The company itself

“Business, Operational, and Strategic Risks ■We sell our products and operate outside the U.S., and to a lesser extent, rely on imports and exports, which may present additional risks to our business Approximately 31 percent of our sales in 2025 were attributable to products sold outside of the U.S., primarily in China and Canada, and to a lesser extent in India and Europe.”

Annual report 2025A · The company itself

“Net Sales $ 880.4 $ 918.6 Segment Earnings 76.4 64.5 Segment Margin 8.7 % 7.0 % Sales in our Rest of World segment were $880.4 million in 2025, or $38.2 million lower than sales of $918.6 million in 2024. Our net sales decrease in 2024 was due to lower volumes of our residential water treatment and water heater products in China that were partially offset by incremental sales of approximately $53 million related to our 2024 acquisition of Pureit.”

Annual report 2025A · The company itself

“■Our international operations are subject to risks related to foreign currencies We have a significant presence outside of the U.S., primarily in China and Canada and to a lesser extent India, Europe, and Mexico, and therefore, hold assets, including $83 million of cash and marketable securities denominated in Chinese renminbi, incur liabilities, earn revenues and pay expenses in a variety of currencies other than the U.S. dollar.”

Annual report 2025A · The company itself

“container export growth out of China remained the key driver of this dynamic”

Annual report 2025A · The company itself

“The Chinese share of global container exports rose from 32% in 2019 to 36% in 2024 and is estimated to have reached around 37% in 2025”

Annual report 2025A · The company itself

“APM Terminals has divested its stake in the Tianjin joint venture.”

Annual report 2025A · The company itself

“Container trade and logistics in 2025: Another year of robust demand Container trade The global container market saw solid growth in 2025 despite geopolitical turbulence and trade tensions, expanding at around 5% for the full year.”

Annual report 2025A · The company itself

“extremely fierce price competition across most markets, largely attributable to massive Chinese exports to Europe”

Annual report 2025A · The company itself

“GPV is headquartered in Vejle, Denmark, and operates manufacturing facilities in Denmark, Sweden, Finland, Estonia, Switzerland, Germany, Slovakia, Sri Lanka, Thailand, China, and Mexico”

Annual report 2025A · The company itself

“In Asia, the structural imbalance between supply and demand is expected to persist, and increased exports of baby diapers from China continue to challenge local hygiene product manufacturers across the region.”

Annual report 2025A · The company itself

“Although we believe these structures and activities comply with existing laws, they involve unique risks, and the PRC and India may from time to time consider and implement additional changes in their regulatory, licensing, or other requirements that could impact these structures and activities. There are substantial uncertainties regarding the interpretation of PRC and Indian laws and regulations, and it is possible that these governments will ultimately take a view contrary to ours.”

Annual report 2025A · The company itself

“In addition, because China-based sellers account for significant portions of our third-party seller services and advertising revenues, and China-based suppliers provide significant portions of our components and finished goods, regulatory and trade restrictions, tariff policy changes and trade disputes, data protection and cybersecurity laws, economic factors, geopolitical events, security issues, or other factors negatively impacting China-based sellers and suppliers could adversely affect our operating results.”

Annual report 2025A · The company itself

“The People’s Republic of China (“PRC”) and India regulate Amazon’s and its affiliates’ businesses and operations in country through regulations and license requirements that may restrict (i) foreign investment in and operation of the internet, IT infrastructure, data centers, retail, delivery, and other sectors, (ii) internet content, and (iii) the sale of media and other products and services. For example, in order to meet local ownership, regulatory licensing, and cybersecurity requirements, we provide 7 Table of Contents certain technology services in China through contractual relationships with third parties that hold PRC licenses to provide services.”

Annual report 2025A · The company itself

“The Department of Justice finalized a final rule implementing Executive Order 14117, effective April 8, 2025, which prohibits data transfer of personal identifiers, precise geolocation data, biometric identifiers, health data, and financial data over a certain bulk threshold to identified countries of concern (i.e., China, Hong Kong, Macau, Cuba, Iran, North Korea, Russia, and Venezuela).”

Annual report 2025A · The company itself

“For example, the Chinese government has retaliated, and may continue to retaliate, to recent changes in U.S. tariffs and export controls in ways that could indirectly impact our business.”

Annual report 2025A · The company itself

“Global automotive vehicle production increased 4% from 2024 to 2025 (1% on an Aptiv weighted market basis, which represents global vehicle production weighted to the geographic regions in which the Company generates its revenue), reflecting increased vehicle production of 10% in China and 1% in South America, our smallest region, partially offset by declines of 2% in North America and 1% in Europe.”

Annual report 2025A · The company itself

“Furthermore, the rapidly evolving nature of the markets in which we compete has attracted, and may continue to attract, new entrants, particularly in best cost countries such as China and in areas of evolving vehicle technologies such as intelligent systems software, automated driving and mobility solutions, which has attracted competitors from outside the traditional automotive industry.”

Annual report 2025A · The company itself

“Domestic Chinese OEMs have continued to expand their market share in China, and as a result, several non-Chinese OEMs have experienced declines in revenue and market share, resulting in certain traditional OEMs taking steps to reduce or restructure their operations in China. For example, in 2025, General Motors (“GM”) restructured their operations in China given challenges in the Chinese market. As GM, along with other traditional OEMs, are among our largest customers, our business and financial results may be adversely affected by decreases in their 17 Table of Contents businesses or market share in China.”

Annual report 2025A · The company itself

“Our business in China is sensitive to economic and market conditions that drive automotive sales volumes in China and may be impacted if there are reductions in vehicle demand in China. If we are unable to maintain our position in the Chinese market or if vehicle sales in China continue to experience minimal growth or decrease, our business and financial results could be materially adversely affected.”

Annual report 2025A · The company itself

“We expect to be continually challenged as demand for our principal raw materials and other supplies, including electronic components, is significantly impacted by demand in key growth markets, particularly in China.”

Annual report 2025A · The company itself

“As of December 31, 2025 our workforce is distributed as follows: •50% in North America, with our largest presence in Mexico; •30% in the Europe, Middle East and Africa region, with our largest presence in Morocco and Serbia; •15% in the Asia Pacific region, with our largest presence in China and India; and •5% in South America, with our largest presence in Brazil.”

Annual report 2025A · The company itself

“Our business in China is subject to aggressive competition and is sensitive to economic and market conditions. Maintaining a strong position in the Chinese market is a key component of our global growth strategy.”

Annual report 2025A · The company itself

“The majority of our manufacturing and distribution facilities are in Mexico, China and other countries in Asia Pacific, Eastern and Western Europe, South America and Northern Africa. We also purchase raw materials and other supplies from many different countries around the world.”

Annual report 2025A · The company itself

“Our market share with the fast-growing domestic OEMs increased significantly as our sales grew by 24% to this group.”

Annual report 2024A · The company itself

“Source: S&P Global, January 2025 The increase in LVP in China of 4.2% was significantly more than what was expected in the beginning of the year, driven mainly by a multitude of successful launches of new models by domestic Chinese OEMs, especially BYD.”

Annual report 2024A · The company itself

“Autoliv have therefore increasingly focused resources on developing new products and to strengthen our position with new automakers to capture the growth opportunities that comes with these changes. This includes long term development agreements with several new automakers in China in recent years as well as increased investments in capacity and capabilities in India.”

Annual report 2024A · The company itself

“In China, the Company estimates that around 60% of order intake in 2024 was with domestic Chinese OEMs, which supports our expectation that domestic OEMS in China will continue to increase its share of the Company's sales in China in 2025.”

Annual report 2024A · The company itself

“In China, domestic OEMs have gained significant market shares and as a group now has larger market share than global OEMs have in China. Autoliv's sales to domestic OEMs in China has grown rapidly. In 2022, this group accounted for 22% of Autoliv's sales in China, and in 2024 their share of Autoliv sales in China was 37%.”

Annual report 2024A · The company itself

“The fastest growing OEM in China in recent years is BYD. BYD has a uniquely high degree of vertical integration, with a large proportion of in-house sourcing of products and systems. This includes passive safety systems, which is supplied by its subsidiary FinDreams Technology. Autoliv supplies components, especially inflators, to FinDreams Technology.”

Annual report 2024A · The company itself

“Domestic OEM LVP in China grew by 18% while LVP declined by 9.5% for global OEMs in China in 2024. Autoliv's sales to domestic OEMs increased by 24% in 2024.”

Annual report 2024A · The company itself

“To support our growth we are investing in new facilities in China, Vietnam, and India.”

Annual report 2024A · The company itself

“Autoliv is the leading automotive safety supplier to both global and domestic OEMs in China, and our China division contributed 19% to Autoliv’s global sales in 2024. Chinese light vehicle manufacturers have become increasingly important contributors to Autoliv’s sales.”

Annual report 2024A · The company itself

“As a group, Asian OEMs now represent around 47% of our global sales, whereof Chinese OEMs accounted for 7 percentage points.”

Annual report 2024A · The company itself

“The Chinese OEMs as a group accounted for around 7% of the Company's consolidated net sales in 2024, with Geely representing more than 2% of the Company's consolidated net sales.”

Annual report 2024A · The company itself

“For example, in high-income markets, light vehicles have an average passive safety content values of around $340 per vehicle, whereas in growth markets such as China and India the average passive safety content per vehicle is approximately $200 and $120, respectively. Due to the concentration of the majority of the growth in global LVP over time in growth markets, our operating results may be impacted if the passive safety content per vehicle remains low and if the penetration of automotive safety systems does not increase in these regions.”

Annual report 2024A · The company itself

“Our business in Asia is subject to aggressive competition and is sensitive to economic, market, and political conditions We operate in the automotive supply market throughout Asia including the highly competitive markets in China, South Korea, and India. In each of these markets we face competition from both international and smaller domestic manufacturers.”

Annual report 2024A · The company itself

“The lowest major CPV region is India, which saw its share of LVP increase from 6.1% to 6.5%. CPV in China is below the global average, and China’s share of global LVP increased from 32.0% to 33.7%.”

Annual report 2024A · The company itself

“Our sales growth underperformed LVP growth by 7.4 percentage points in China. LVP growth in China was tilted to domestic OEMs with typically lower safety content.”

Annual report 2024A · The company itself

“NET SALES BY REGION (Dollars in millions) 2024 2023 2022 China $ 2,010 $ 2,105 $ 1,883 Asia, excl. China 2,010 1,968 1,638 Americas 3,424 3,526 2,967 Europe 2,946 2,877 2,355 Total $ 10,390 $ 10,475 $ 8,842 The Company has attributed net sales to the geographic area based on the location of the entity selling the final product.”

Annual report 2024A · The company itself

“For example, in the second quarter of 2025, certain customers in China paused accepting our deliveries in response to ongoing tariff negotiations between the U.S. and China. Although deliveries to those customers have since resumed, if we are unable to deliver aircraft to customers in China consistent with our assumptions and/or obtain additional orders from China in the future, we may experience reduced deliveries and/or lower market share.”

Annual report 2025A · The company itself

“China is a significant market for commercial aircraft and we have long-standing relationships with our Chinese customers. Overall, the U.S.-China trade relationship is challenged due to tariffs, sanctions, and export restrictions, as well as other economic and national security concerns.”

Annual report 2025A · The company itself

“Kinas ekonomi stod inför en inbromsning på grund av utmaningar på bostadsmarknaden och ett potentiellt deflationstryck.”

Annual report 2024A · The company itself

“Kina står för ungefär hälften av all global efterfrågan på basmetaller och en betydande del av världens metallförsörjning. Den ekonomiska utvecklingen i landet är därför av stor betydelse för Bolidens marknader.”

Annual report 2024A · The company itself

“China, once anticipated as a key growth engine, saw growth reduced to low single-digit by the end of the Strive25 period”

Annual report 2025A · The company itself

“Growth in Wound & Tissue Repair was negatively impacted by a preventative and voluntary product return of all Biatain® Adhesive dressings in China, while Interventional Urology was affected by a voluntary product recall in the Kidney & Bladder Health business.”

Annual report 2025A · The company itself

“China, once anticipated as a key growth engine, saw growth reduced to low single-digit by the end of the Strive25 period.”

Annual report 2025A · The company itself

“As we enter the Impact4 strategic period, China will no longer be a material contributor to our global Ostomy Care growth. Performance during Strive25 was muted, reflecting weaker consumer sentiment and competitive pressures, and we do not anticipate a Management’s Report | Business area | Chronic Care strategy HyperlinkHy perlinkHyper linkHyperlink Hyperlink recovery towards 2030.”

Annual report 2025A · The company itself

“in isolation delivered -1% organic growth in full year 2024/25 with negative growth in Emerging markets, driven by China, which detracted significantly from growth due to the product return initiated in Q3.”

Annual report 2025A · The company itself

“In the financial year 2024/25 we conducted audits in China, and have previously conducted similar audits in India, Mexico and North Macedonia.”

Annual report 2025A · The company itself

“The scope of the project is limited to our operations in Zhuhai, China, and Cartago, Costa Rica, and the final products distributed and sold across markets downstream.”

Annual report 2025A · The company itself

“Currently, a material portion of the company’s crop protection inputs are sourced directly or indirectly from China. While the company utilizes dual- or multi- source supply chains to minimize business disruptions, these strategies may not be adequate to address the scope of disruptions created by such a conflict.”

Annual report 2025A · The company itself

“Currently, a material portion of the company’s crop protection inputs are sourced directly or indirectly from China.”

Annual report 2025A · The company itself

“Den absolut största delen av våra leverantörer finns i Kina. För att säkerställa hållbar produktion och efterlevnad av vår uppförandekod lägger vi stort fokus och mycket resurser på bedömning och uppföljning.”

Annual report 2024A · The company itself

“Among our foreign suppliers, China is the source of the majority of our direct imports. In early 2025, the United States imposed a new tariff and trade policy, announcing significant additional tariffs on a wide variety of products originating from countries worldwide, including China, and other countries from which we import goods.”

Annual report 2026A · The company itself

“Merchandise imported directly typically accounts for approximately 40% of our total retail value purchases, with the remaining merchandise purchased domestically. Among our foreign suppliers, China is the source of a vast majority of our direct imports and we believe that a significant portion of our goods purchased from domestic vendors is imported.”

Annual report 2026A · The company itself

“Merchandise imported directly typically accounts for approximately 40% of total retail value purchases. In addition, we believe that a significant portion of our goods purchased from domestic vendors is imported. Imported goods are generally less expensive than domestic goods and result in higher profit margins.”

Annual report 2026A · The company itself

“There may be additional pressure on global demand and average selling prices in the future resulting from fluctuating demand in certain major solar markets, such as China. If our competitors maintain module pricing at levels near or below their manufacturing costs, or are able to operate at minimal or negative operating margins for sustained periods of time, or if global demand for PV modules decreases relative to installed production capacity, our business, financial condition, and results of operations could be adversely affected.”

Annual report 2025A · The company itself

“Even if demand for solar modules continues to grow, the rapid manufacturing capacity expansion undertaken by many module manufacturers in China and certain parts of Southeast Asia, particularly manufacturers of crystalline silicon wafers, cells, and modules, has created and may continue to cause periods of structural imbalances between supply and demand.”

Annual report 2025A · The company itself

“Throughout 2025 and into 2026, the U.S. administration imposed varying levels of tariffs on goods imported from China and other countries where we or our customers source materials and manufacture products. Further escalation of trade tensions, including through the imposition of new or increased tariffs (including retaliatory tariffs), expanded trade restrictions, or intensified decoupling between the U.S.”

Annual report 2026A · The company itself

“We have a very balanced global manufacturing footprint with 44% of net sales in North America, 16% in China, 20% in Europe, and 20% in other areas in our fiscal year ended March 31, 2026 (with net sales attributable to the country in which the product is manufactured, or service is provided).”

Annual report 2026A · The company itself

“We have significant operations in China, which have been, and could continue to be, affected by evolving laws, regulations, and geopolitical developments involving China.”

Annual report 2026A · The company itself

“Concurrent with closing the 2018 Transaction, the Indonesia government granted PTFI an IUPK to replace its former contract of work. Under the terms of the IUPK, PTFI has been granted an extension of mining rights through 2031, with rights to extend mining rights through 2041, subject to PTFI completing the construction of additional domestic smelting and refining capacity in Indonesia and fulfilling its defined fiscal obligations to the Indonesia government.”

Annual report 2025A · The company itself

“In addition to the factors discussed above, copper prices may be affected by demand from China, which is currently the largest consumer of refined copper in the world, including as a result of geopolitical uncertainty and tension between the U.S. and China as well as uncertainties about China’s economy.”

Annual report 2025A · The company itself

“Roads, power lines and aqueducts are controlled by easements. Cerro Verde We have a 55.08% ownership interest in Cerro Verde, with the remaining 44.92% ownership interest held by SMM Cerro Verde Netherlands B.V.”

Annual report 2025A · The company itself

“The El Abra operation consists of a SX/EW facility with a capacity of 500 million pounds of copper cathode per year from a 115,000-metric-ton-per-day crushed leach circuit and a ROM leaching operation.”

Annual report 2025A · The company itself

“Den viktiga tyska bil industrin upplever, precis som många europeiska konkurrenter, en ökad kinesisk konkurrens som förändrar industrilandskapet i Europa.”

Annual report 2024A · The company itself

“• Bra position i Europa • Stärkt position i Nordamerika • Svag men växande position i Asien • Ta större marknadsandel – nya och befintliga kunder • Nya kundlösningar • Geografisk expansion • Attraktiva förvärvsmöjligheter – få säljare HEXPOL Wheels Global marknad med strukturell tillväxt drivet av e-handel och materialhantering.”

Annual report 2024A · The company itself

“Kiinan syyskuussa asettamat lisätullit sianlihalle heikensivät sianlihan sivutuotteiden Kiinan-vientiä.”

Annual report 2025A · The company itself

“Kiina asetti syksyllä EU:lle väliaikaiset tullit sianlihalle. Joulukuussa Kiina antoi lopullisen päätöksen EU:n sianlihan polkumyyntitutkinnasta, minkä myötä useimpien toimijoiden, mukaan lukien HKFoodsin, lisätulli aleni.”

Annual report 2025A · The company itself

“Toisaalta siipikarjan vientimyynti kasvoi selvästi siipikarjan sivutuotteiden viennin käynnistyttyä Kiinaan vuoden 2025 alussa.”

Annual report 2025A · The company itself

“Disruptions in deliveries by the Company’s suppliers may increase operating costs, lead to delays to customers and adversely impact  supply chain is heavily concentrated in China, and a certain volume of single-source suppliers in combination with political risk may potentially affecting customs and tariff levels, and makes the supply chain vulnerable to disruption.  mitigating this risk through the rollout of third-party driven supplier audits as well as examination of alternative suppliers to ensure business continuity in case of disruption.  technology systems to conduct its business.”

Annual report 2024A · The company itself

“we have a manufacturing capacity of 500   through the second half of 2022, and 2023 was therefore the first year with full  2024 we gained a deeper understanding of our operations, assessed our environmental impact, and identified areas for improvement.”

Annual report 2024A · The company itself

“In November 2024, the employees in Shanghai  employees at year-end.”

Annual report 2024A · The company itself

“China China has its own regulatory agency, the National Medical Products Administration (“NMPA”). They require regulatory approvals and compliance with extensive safety and quality system regulations. Failure to obtain regulatory approval or failure to comply with any regulation may negatively impact our ability to generate revenue and harm our business.”

Annual report 2025A · The company itself

“In addition to product registration approvals, our system sales into China are also dependent on obtaining importation authorizations and provincial approvals, as well as hospitals completing a tender and hospital listing process under the authorization. In June 2023, the China National Health Commission published the 14th five-year plan quota for major medical equipment to be sold in China on its official website (the “2023 Quota”). Under the original 2023 Quota, the government will allow for the sale of 559 new surgical robots into China, which could include da Vinci surgical systems as well as surgical systems introduced by others. Sales of da Vinci surgical systems under the quota are uncertain, as they are dependent on hospitals completing a tender process and receiving associated approvals.”

Annual report 2025A · The company itself

“We are also subject to various foreign data privacy laws, including the European Union General Data Protection Regulation 2016/679 and applicable national supplementing laws and to the United Kingdom General Data Protection Regulation and Data Protection Act 2018, as well as applicable data privacy laws in China.”

Annual report 2025A · The company itself

“In China, since 2022, several provinces have implemented significant limits on what hospitals can charge patients for surgeries using robotic surgical technology, including soft tissue surgery. To date, these limits have impacted the number of procedures performed in those provinces as well as pricing of our instruments and accessories, which have impacted our instruments and accessories revenue.”

Annual report 2025A · The company itself

“Such arrangements may also expose us to numerous known and 43 Table of Contents unknown risks, including unique risks with respect to the economic, political, and regulatory environment of any foreign entities with whom we partner, including Fosun Pharma.”

Annual report 2025A · The company itself

“Manufacturing We manufacture our systems at our facilities in Sunnyvale, California, and Peachtree Corners, Georgia, as well as at our Joint Venture’s facility in Shanghai, China. Our instruments and accessories are produced at our facilities in Sunnyvale, California, and Mexicali, Mexico. Additionally, we have Ion-related manufacturing in Blacksburg, Virginia, and endoscope-related manufacturing in Parvomay, Bulgaria and at multiple sites in Germany.”

Annual report 2025A · The company itself

“Outside of the U.S., we own and/or lease properties in Mexicali, Mexico, Germany, and Bulgaria, primarily for manufacturing operations, and Aubonne, Switzerland, primarily for our international headquarters.”

Annual report 2025A · The company itself

“Markkinoihin kohdistuu riskejä, jotka johtuvat akkujen rajallisesta saatavuudesta ja mahdollisesta hinnannoususta sekä suuresta Kiinariippuvuudesta harvinaisten maametallien saamisessa.”

Annual report 2025A · The company itself

“There have been recent and ongoing changes to U.S. tariff policy, resulting in broad-based increases in tariff rates. Commencing in the second quarter of fiscal 2025, new U.S. tariffs applying to imports from all countries were announced, including significantly higher rates on imports from China. In response, several countries, including China, have imposed or threatened to impose retaliatory measures on imports from the U.S.”

Annual report 2025A · The company itself

“In China's Xinjiang region, which supplies approximately 20% of the world's cotton, the risk of state-imposed forced labor is high, leading to Kid ASA's ban on Xinjiang cotton.”

Annual report 2024A · The company itself

“It has banned cotton sourcing from the region, aligning with Better Cotton's decision to halt its credentialing system there, reinforcing Kid ASA's commitment to ethical sourcing and human rights protection.”

Annual report 2024A · The company itself

“Examples include cotton farming that depletes water, degrades soil, and promotes monocultures, as well as high greenhouse gas emissions. Around 80% of Kid ASA's production is based in China, India, Pakistan and Bangladesh.”

Annual report 2024A · The company itself

“Commerce may continue to add China-based entities to the U.S. Entity List and impose other end use or end user export restrictions, which could disrupt or prevent our product shipments to China-based entities, and further disrupt our revenue recognition, business operations and our ability to support our customers in China.”

Annual report 2026A · The company itself

“Our revenue from sales of products and provision of services to customers in China was 30%, 33% and 43% for fiscal years 2026, 2025 and 2024, respectively, and future revenue from China as a percentage of our overall revenue may decline as a result of the current and future Commerce rules and regulations.”

Annual report 2026A · The company itself

“Tämä kompensoi jatkunutta marginaalipainetta Kiinan uuslaitemarkkinalla ja kasvaneita investointeja sekä tutkimus- ja kehitystoimintaan että strategisiin kasvualueisiin.”

Annual report 2025A · The company itself

“Tämä pätee erityisesti Kiinaan, jossa markkina-aktiviteetti on edelleen vaimeaa. Vuonna 2025 KONEen uudisrakentamisen ratkaisujen myynti Kiinassa jatkoi laskuaan.”

Annual report 2025A · The company itself

“Valtaosa KONEen toimitusketjussa käytetyistä komponenteista alihankitaan ulkoisilta toimittajilta, joista suuri osa sijaitsee Kiinassa.”

Annual report 2025A · The company itself

“Kiinassa aktiviteetti laski huomattavasti kiinteistömarkkinoiden laskusuhdanteen vuoksi.”

Annual report 2025A · The company itself

“Kova kilpailu vaikutti hinnoitteluympäristöön uudisrakentamisen ratkaisujen markkinalla Kiinassa, kun taas muualla maailmassa hinnoittelu oli vakaampaa.”

Annual report 2025A · The company itself

“Kiinan alueella saadut tilaukset laskivat huomattavasti vertailukelpoisin valuuttakurssein tammi–joulukuuhun 2024 verrattuna.”

Annual report 2025A · The company itself

“Suurimmat maat liikevaihdolla mitattuna olivat Yhdysvallat (21 %), Kiina (18 %), Saksa (8 %) ja Ranska (6 %).”

Annual report 2025A · The company itself

“For example, China is the primary source of supply of certain rare earth elements critical to the manufacture of certain of our products. The Chinese government has imposed export controls and license requirements on certain rare earth elements and on certain products that contain Chinese-origin rare earth elements that are manufactured outside of China (which have been suspended in part until November 2026 (unless extended)) and could expand such controls or licensing requirements in the future. Such measures could delay or prevent our suppliers from sourcing the materials, or producing the components, required for us to manufacture our products, and increase the costs of such materials or components.”

Annual report 2026A · The company itself

“Our Sales to Customers in China, a Significant Region for Us, Have Been Impacted, and are Likely to Be Materially and Adversely Affected by Export License Requirements and Other Regulatory Changes, or Other Governmental Actions in the Course of the Trade Relationship Between the U.S. and China China represents a large and fast-developing market for the semiconductor equipment industry and therefore is important to our business. Revenue in China, which includes global customers and domestic Chinese customers with manufacturing facilities in China, represented approximately 34%, 34%, and 42% of our total revenue for fiscal years 2026, 2025, and 2024, respectively.”

Annual report 2026A · The company itself

“Table of Contents •We face the risk of fraud and cheating. •Our operations face significant competition, which may increase in the future. •Our attempts to expand our business into new markets and new ventures, including through acquisitions or strategic transactions, may not be successful.”

Annual report 2025A · The company itself

“•Our loan receivable is subject to certain risks, which could materially adversely affect our financial position, results of operations and cash flows. •There are significant risks associated with our current and planned construction projects Risks Associated with Our International Operations •Our Macao Concession and Singapore development agreements and casino license can be terminated or redeemed under certain circumstances without compensation to us. •The number of visitors to our Integrated Resorts, particularly visitors from mainland China, may decline or travel may be disrupted. •The Macao and Singapore governments could grant additional rights to conduct gaming in the future and increase competition we face. •Conducting business in Macao and Singapore has certain political and economic risks. •Our tax arrangements with the Macao government may not be extended on terms favorable to us or at all beyond their expiration dates.”

Annual report 2025A · The company itself

“•We are subject to limitations on the transfers of cash to and from our subsidiaries, limitations of the pataca and HKD exchange markets and restrictions on the export of the Renminbi.”

Annual report 2025A · The company itself

“Policies and measures adopted from time to time by the Chinese government include restrictions imposed on exit visas granted to residents of mainland China for travel. These polices and measures, if implemented, may have the effect of reducing the number of visitors from mainland China, which could adversely impact tourism and the gaming industry in Macao and Singapore.”

Annual report 2025A · The company itself

“There are also restrictions on the remittance of the Renminbi from mainland China and the amount of Renminbi that can be converted into foreign currencies, including the pataca and HKD. Restrictions on the remittance of the Renminbi from mainland China may impede the flow of gaming patrons from mainland China to Macao, inhibit the growth of gaming in Macao and negatively impact our gaming operations.”

Annual report 2025A · The company itself

“We operate the gaming areas within our Macao properties pursuant to a 10-year gaming concession that expires in December 2032.”

Annual report 2025A · The company itself

“Macao In accordance with the Concession (as defined below), VML has committed to invest, or cause to be invested, at least 35.84 billion patacas (approximately $4.47 billion at exchange rates in effect on December 31, 2025) in Macao (the “Investment Plan”). Of this total, 33.39 billion patacas (approximately $4.17 billion at exchange rates in effect on December 31, 2025) must be invested in non-gaming projects. These investments must be accomplished by December 2032.”

Annual report 2025A · The company itself

“Our VIP and mass market gaming players typically come from nearby destinations in Asia, including mainland China, Hong Kong, South Korea and Japan. A significant number of gaming patrons come to our casinos from mainland China.”

Annual report 2025A · The company itself

“Through our 74.80% ownership of Sands China Ltd. (“SCL”), we own and operate a collection of Integrated Resorts in the Macao Special Administrative Region (“Macao”) of the People’s Republic of China (“PRC” or “China”). These properties include The Venetian Macao Resort Hotel (“The Venetian Macao”); The Londoner Macao; The Parisian Macao; The Plaza Macao and Four Seasons Hotel Macao (the “Four Seasons Macao”); and the Sands Macao.”

Annual report 2025A · The company itself

“Our Integrated Resorts in Macao and Singapore have contributed 44% and 56% of our total adjusted property EBITDA, respectively, during 2025.”

Annual report 2025A · The company itself

“Our Markets Macao Macao is the largest gaming market in the world and the only market in China to offer legalized casino gaming. According to Macao government statistics issued publicly on a monthly basis by the Gaming Inspection and Coordination Bureau (commonly referred to as the “DICJ”), annual gross gaming revenues were 247.40 billion patacas in 2025 (approximately $30.87 billion at exchange rates in effect on December 31, 2025), an increase of 9.1% compared to 2024.”

Annual report 2025A · The company itself

“China utilizes a value-based procurement program process for products that have generic substitutes. As a general matter, products that we choose to tender through this process are similarly subject to price reductions.”

Annual report 2025A · The company itself

“Among other third-party providers, we, and the pharmaceutical industry generally, depend on China-based suppliers for portions of our supply chain. U.S. officials have enacted and continue to consider legislation or other actions that are intended to limit supply chain reliance on China, including the BIOSECURE Act.”

Annual report 2025A · The company itself

“In addition, historically, geopolitical tensions between the U.S. and China have led to the imposition of tariffs, sanctions, and certain 21 other business restrictions between the U.S. and China. In 2025, the U.S. government imposed new tariffs on Chinese goods, and China responded with tariffs on select U.S. goods. If new legislation or additional trade restrictions are adopted or geopolitical tensions were to increase and disrupt our operations in or related to China, such disruption could significantly impact our business and results of operations.”

Annual report 2025A · The company itself

“Moreover, tensions between the U.S. and China, which have already led to a series of tariffs and sanctions, as well as other business restrictions, could further escalate based on additional trade restrictions, retaliation thereto, or otherwise, which could significantly impact our business, including by increasing scrutiny of, or restrictions on, market access, operations, and business development transactions.”

Annual report 2025A · The company itself

“For example, we, and the pharmaceutical industry generally, depend on China-based suppliers for portions of our supply chain, including integral chemical synthesis, reagents, starting materials, and ingredients.”

Annual report 2025A · The company itself

“In some markets, including the EU, Japan, and China, governments have significant power as large single payors to regulate prices and access criteria or impose other means of cost control.”

Annual report 2025A · The company itself

“State-owned hospitals and the state insurance program account for the vast majority of drug purchases in China, impacting access-price negotiations that have intensified in recent years. China's healthcare policies aim to balance accelerating patient access to innovative medicines with cost containment objectives. To facilitate patient access in China, we seek and have secured inclusion of Mounjaro and other of our branded products on China's National Reimbursement Drug List, a list of drugs fully or partially reimbursed by China’s national basic health insurance. In exchange for broad access, these products are generally subject to negotiation of significant price concessions.”

Annual report 2025A · The company itself

“Further, certain of our suppliers are located in China, which exposes us to risks associated with Chinese laws and regulations and U.S. laws, regulations and policies with respect to China, such as those related to export controls, tariffs and retaliatory measures, and risks related to taxation and the treatment of intellectual property.”

Annual report 2026A · The company itself

“We manufacture some of our finished good products as well as some of the components that we provide to our contract manufacturers in our China, Japan, Thailand, United Kingdom, and San Jose, California manufacturing facilities.”

Annual report 2026A · The company itself

“We continue to look for opportunities to leverage the lower cost of non-U.S. manufacturing, including the United Kingdom, China, Thailand, and Japan. While these geographies are lower cost than the U.S. and such concentration will in general lower our total cost to manufacture, this increase in concentration in non-U.S. manufacturing will also increase the volatility of our results.”

Annual report 2026A · The company itself

“China The Company’s business in China experienced significant contraction in 2025 due to lower sales of Gardasil/Gardasil 9.”

Annual report 2025A · The company itself

“The Company expects that the VBP process will have a significant impact on mature products moving forward.”

Annual report 2025A · The company itself

“Due to above normal inventory levels at the Company’s commercialization partner in China, the Company made a decision to pause shipments to China beginning in February 2025 and has not resumed shipments to date. The Company will not resume shipments until inventory levels return to normal levels and it cannot predict when shipments to China will resume nor the levels of sales that the Company will achieve and as a result, the Company expects that sales of Gardasil/Gardasil 9 in China will not materially increase in 2026.”

Annual report 2025A · The company itself

“Furthermore, the government's anti-corruption campaign, particularly the increased number of inspections and audits, could substantially increase the administrative burden on health care institutions and health care professionals throughout the whole industry in China and potentially have a negative impact on the Company's sales.”

Annual report 2025A · The company itself

“A new NRDL was recently completed in which new entries averaged approximately 60% price reductions. While pricing pressure has always existed in China, health care reform has increased this pressure in part due to the acceleration of generic substitution through the government’s VBP program.”

Annual report 2025A · The company itself

“Recovery of the Company’s business in China is dependent upon ongoing development of a favorable environment for innovative pharmaceutical products and vaccines, sustained access for the Company’s currently marketed products, and the absence of trade impediments or adverse pricing controls.”

Annual report 2025A · The company itself

“The Company’s business in China experienced significantly lower sales of Gardasil/Gardasil 9 in 2025 and the Company expects that sales of Gardasil/Gardasil 9 in China will not materially increase in 2026. As a consequence of the reduced sales of Gardasil/Gardasil 9, the Company’s business in China declined significantly.”

Annual report 2025A · The company itself

“Principal U.S. research facilities are located in Rahway, New Jersey; West Point, Pennsylvania; Boston and Cambridge, Massachusetts; South San Francisco, California; and Elkhorn, Nebraska (Animal Health). Principal research facilities outside the U.S. are located in the United Kingdom, 42 Table of Contents Switzerland and China.”

Annual report 2025A · The company itself

“As previously disclosed, from time to time, the Company’s subsidiaries in China receive inquiries regarding their operations from various Chinese governmental agencies. Some of these inquiries may be related to matters involving other multinational pharmaceutical companies, as well as Chinese entities doing business with such companies.”

Annual report 2025A · The company itself

“Market dynamics were also shaped by the growing imports of paperboard from China, and increasing capacity in Europe.”

Annual report 2025A · The company itself

“Metsä Fibre’s comparable operating result was particularly affected by the decline in market pulp prices in China.”

Annual report 2025A · The company itself

“Impact of the Chinese economy China is a key market area especially for Metsä Fibre. The country’s economic growth is being slowed down by problems in the real estate market, strict regulations, and weak domestic demand, and economic stimulus has not reversed the trend. The prolonged weakness of China’s economic growth and developments in its own pulp production could affect demand for Metsä Fibre’s products, especially in China.”

Annual report 2025A · The company itself

“Demographic challenges and geopolitical tensions, particularly between China and the United States, are weakening the outlook. A deterioration in EU-China relations or a continued decline in demand could reduce demand for pulp and paperboard.”

Annual report 2025A · The company itself

“After benefiting from significant growth in 2022 and 2021, market demand in China declined significantly during the second half of 2023, which continued in 2024. Our business is significantly impacted by market demand in our core segments of pharma/biopharmaceutical, food manufacturing, and chemical.”

Annual report 2025A · The company itself

“Manufacturing We are a worldwide manufacturer, with facilities principally located in China, Switzerland, the United States, Germany, the United Kingdom, and Mexico.”

Annual report 2025A · The company itself

“We are subject to risks associated with our international operations, including our significant concentration of business in China. We conduct business in many countries, including emerging markets in Asia, Latin America, and Eastern Europe, and these operations represent a significant portion of our sales and earnings.”

Annual report 2025A · The company itself

“China represents a significant portion of our business and financial results and has an important role in our global supply chain. For example, our Chinese operations accounted for 16% of sales to external customers, 29% of total segment profit, and approximately 29% of our global production during 2025.”

Annual report 2025A · The company itself

“We have key manufacturing facilities located in China, Europe, and the United States.”

Annual report 2025A · The company itself

“In addition, since we expect a significant number of customers to come to MGM Macau and MGM Cotai (and, to a lesser extent, our domestic properties) from mainland China, general economic, regulatory, geopolitical and market conditions in China could impact our financial prospects. Any slowdown in economic growth or changes to China’s current restrictions on currency conversion or movements, including market impacts resulting from China’s anti-corruption campaign and related tightening of liquidity provided by non-bank lending entities and cross-border currency monitoring (including increased restrictions on Union Pay withdrawals and other ATM limits on the withdrawal of cash and facial recognition technology on ATM machines in Macau to strictly enforce the “know your customer” regulations for mainland Chinese bank cardholders), could disrupt the number of visitors from mainland China and/or the amounts they are willing 16 to spend at our properties.”

Annual report 2025A · The company itself

“Furthermore, currently MGM Grand Paradise holds one of only six gaming concessions authorized by the Macau government to operate casinos in Macau. If the Macau government were to allow additional competitors to operate in Macau through the grant of additional concessions or if current concessionaires open additional facilities, we would face increased competition.”

Annual report 2025A · The company itself

“Similarly, as a result of Macau’s Gaming Inspection and Co-ordination 15 Bureau increased scrutiny and restrictions imposed on gaming promoters, we along with certain other casino operators in Macau, suspended our primary gaming promoters in late 2021 and subsequently terminated our contractual arrangements with such promoters, which has led to substantial declines in revenues from gaming promoters. As a result, competition for the mass market segment amongst Macau operators has substantially increased and we expect it to continue to grow and if we are unable to maintain and further develop our mass market business, our business, financial condition, results of operations and cash flows could be adversely affected.”

Annual report 2025A · The company itself

“In particular, Aria, Bellagio, MGM Grand Las Vegas, and The Cosmopolitan may be affected by economic conditions in the Far East, and all of our Nevada resorts are affected by economic conditions in the United States, and California in particular.”

Annual report 2025A · The company itself

“MGM China MGM China Segment Adjusted EBITDAR increased 11% in 2025 compared to 2024.”

Annual report 2025A · The company itself

“As of December 31, 2025, we had cash and cash equivalents of $2.1 billion, of which MGM China held $565 million, and we had $6.3 billion in principal amount of indebtedness, including $2.5 billion related to MGM China.”

Annual report 2025A · The company itself

“Although our sales in 18 Table of Contents the Chinese market have been strong in the past, competition in China is intense. Throughout fiscal 2024, fiscal 2025 and fiscal 2026, changes in the Chinese market adversely impacted our sales volumes in China.”

Annual report 2026A · The company itself

“As discussed above, the trade relationship between the U.S. and China remains challenging and could worsen, economic conditions in China remain uncertain, and we are unable to predict whether such uncertainty will continue or worsen in future periods.”

Annual report 2026A · The company itself

“For example, on September 13, 2025, China's Ministry of Commerce initiated an antidumping investigation of imports into China of analog semiconductors originating in the United States. While we were not a subject of this investigation and the Chinese government is expected to suspend these investigations pursuant to the latest trade deal with the U.S., the Chinese government may resume this investigation at its election. If this takes place, additional tariffs are likely to be imposed as a result of this investigation and could have an adverse impact on our revenue.”

Annual report 2026A · The company itself

“Further, increasing investment in the semiconductor industry by the Chinese government and various state-owned or affiliated entities are intended to advance China's stated national policy objectives. The Chinese government may restrict us from participating in the China market, or may prevent us from competing effectively with Chinese companies.”

Annual report 2026A · The company itself

“In addition, some governments, such as China, may provide, or have provided and may continue to provide, significant assistance financial or otherwise, to some of our competitors, or to new entrants, and may intervene in support of national industries and/or competitors, including trying to disrupt the U.S. semiconductor industry.”

Annual report 2026A · The company itself

“However, in the future, we may be unable to maintain average selling prices due to an oversupply of product in the market or increased pricing pressure, including as a result of tariffs being applied to the products we sell or purchase, or actions taken by foreign governments such as China to favor companies located in their own country through tariffs or other actions, which could adversely impact our operating results.”

Annual report 2026A · The company itself

“The U.S. and other countries have levied tariffs and taxes on certain goods, implemented trade restrictions, and introduced national security protection policies. Trade tensions between the U.S. and China, have continued to escalate from 2018 to present, and include the U.S. increasing tariffs on Chinese origin goods and China increasing tariffs on U.S. origin goods. Additionally, the U.S. has imposed a baseline 10% tariff on almost all imported goods globally. We continue to take steps to mitigate the costs of these tariffs on our business by adjusting our operations and supply chain but may be unable to completely mitigate the costs of such tariffs, including those imposed in recent years or in the future.”

Annual report 2026A · The company itself

“For example, the Chinese government has announced restrictions relating to sales of certain raw materials and to sales of products containing certain products made by Micron, and they may direct companies within China to purchase Chinese-made products. The Chinese government may also re-initiate the suspended antidumping investigation into imports of analog chips originating in the United States and aggressively enforce the new regulation intended to combat the extraterritorial application of foreign trade controls, sanctions and other measures, which would likely have an adverse impact on our 35 Table of Contents revenue if additional tariffs are imposed by the Chinese government on products subject to the investigation.”

Annual report 2026A · The company itself

“Having a strong position in the Chinese market is a key component of our global growth strategy.”

Annual report 2026A · The company itself

“Sales to foreign customers account for a substantial portion of our net sales. During fiscal 2026, approximately 75% of our net sales were made to foreign customers, including 18% in China and 15% in Taiwan.”

Annual report 2026A · The company itself

“As a result, we face the threat of increasing competition and DRAM and NAND oversupply due to significant investment in the semiconductor industry, including by the Chinese government and various state-owned or affiliated entities, such as CXMT and YMTC. In addition, the May 2023 decision by China’s Cyberspace Administration (the “CAC”) that critical information infrastructure operators in China may not purchase Micron products had an adverse impact on our ability to compete effectively in China and elsewhere.”

Annual report 2025A · The company itself

“Although these rare earth and other materials are generally available from multiple suppliers, China is a predominant producer of these materials. China has in the past restricted export of certain of these materials and may in the future continue to restrict, expand restrictions, or stop exporting these or other materials, and as a result, our suppliers’ ability to obtain such supply may be constrained, and we may be unable to obtain sufficient quantities, or obtain supply in a timely manner or at a commercially reasonable cost.”

Annual report 2025A · The company itself

“For example, following the May 2023 decision of its cybersecurity review of our products sold in China, the CAC determined that critical information infrastructure operators in China may not purchase Micron products, impacting our revenue with companies headquartered in mainland China and Hong Kong, including direct sales as well as indirect sales through distributors.”

Annual report 2025A · The company itself

“Verksamhets- och hållbarhetsrelaterade risker Geopolitisk osäkerhet i leverantörskedjan En stor del av produktionskedjan för hjälmar, särskilt inom kategorin Sport, finns i Kina. En störning i den globala försörjningskedjan till följd geopolitisk osäkerhet kan drabba Mips negativt.”

Annual report 2024A · The company itself

“In particular, since we have significant operations in China, our business development plans, results of operations and financial condition may be materially and adversely affected by significant political, social and economic developments in China or in U.S./China relations.”

Annual report 2025A · The company itself

“The current stagnation in China’s economy has adversely impacted, and could further adversely impact, our customers, prospective customers, suppliers, distributors and partners in China, which could have a material adverse effect on our operating results and financial condition.”

Annual report 2025A · The company itself

“We and many of our manufacturing partners and suppliers are subject to extensive Chinese government regulations, and the benefit of various incentives from Chinese governments that we and many of our manufacturing partners and suppliers receive may be reduced or eliminated, which could increase our costs or limit our ability to sell products and conduct activities in China.”

Annual report 2025A · The company itself

“Any additional regulations or the amendment, or reinterpretation of previously implemented regulations could require us and our manufacturing partners and suppliers to change our business plans, increase our costs, or limit our ability to manufacture or sell products and conduct business activities in China, which could materially and adversely affect our business and operating results.”

Annual report 2025A · The company itself

“The Chinese provincial and local governments have also provided, and may continue to provide, various incentives to encourage the development of the semiconductor industry in China. Such incentives include cash awards, tax rebates, reduced tax rates, favorable lending policies and other measures, some or all of which may be available to our manufacturing partners, suppliers and us.”

Annual report 2025A · The company itself

“In addition, the Chinese government has promulgated various laws and regulations impacting economic and political stability within Hong Kong where many of our customers are located. Due to the sensitive political climate these laws and regulations created, there are risks that these laws and regulations, or future, more stringent laws or regulations, may trigger sanctions or other forms of restrictions by foreign governments including the U.S., which could affect companies, including us, conducting business in Hong Kong.”

Annual report 2025A · The company itself

“A significant portion of our manufacturing, testing, assembly and packaging capacity comes from key suppliers located in China. As a result, we are subject to significant political, regulatory, tax, economic, foreign exchange, and operational risks due to this geographic concentration in our business. Although we have made significant progress in diversifying capacity outside of China, there is no guarantee that our progress is sufficient or will be sufficient to mitigate these risks.”

Annual report 2025A · The company itself

“Såväl en hög som en låg beläggningsgrad hos tillverkarna kan innebära risker för oss, antingen i form av lägre kvalitet på produkterna eller att priserna ökar och leveranser blir försenade. Om en fabrik går i konkurs eller väljer annan inriktning kan våra framtida leveranser hotas.”

Annual report 2024A · The company itself

“Under 2024 har en stabilisering av bruttomarginalen skett i och med att fabrikerna i Kina sakta ökat sin beläggningsgrad som var extremt låg under 2023. Detta har lett till något högre inköpspriser och en stabilisering av bruttomarginal för NCAB.”

Annual report 2024A · The company itself

“Vi köper merparten, ca 74 procent av våra mönsterkort i Kina. Politisk oro, naturkatastrofer eller andra exporthinder från Kina kan påverka försäljningen negativt.”

Annual report 2024A · The company itself

“Mönsterkorten anskaffas från externa tillverkare, huvudsakligen i Kina.”

Annual report 2024A · The company itself

“Försäljningen i Asien sker till såväl kinesiska kunder som till europeiska och amerikanska kunder vilka etablerat sig i Kina. Tillväxten är dock starkast till lokala kinesiska bolag.”

Annual report 2024A · The company itself

“Many Chinese steel producers receive these kinds of support and China continues to be the largest steel producing country. In 2025, despite a continuing downturn in its property market and lower domestic demand, China still produced more than one billion net tons of steel, accounting for approximately 53% of all steel produced globally. To offset weak domestic consumption, China exported a record 131 million net tons in 2025, dampening steel prices in markets around the world.”

Annual report 2025A · The company itself

“China continues to be a significant contributor to excess steelmaking capacity, producing more than one billion net tons of steel in each of the past eight years, despite experiencing slower economic growth. Chinese steel producers are also investing in new steelmaking capacity in several countries in southeast Asia and Africa. As a result, the OECD projects that excess global steel capacity could increase nearly 20% to an estimated 795 million net tons by 2027.”

Annual report 2025A · The company itself

“Steel manufacturers in non-market economies, such as China, tend not to adjust their production levels in line with regional demand and instead export significant amounts of steel and steel products at prices that can be at or below their costs of production. In countries with non-market economies, the steel industry is often subsidized or owned in whole or in part by the government, which can provide these producers with cost advantages or cause their production decisions to be driven by political or social factors rather than price and demand signals. Surplus output from steel producers in these countries can flow into the U.S. market. These exports to the U.S. can result in downward pressure on realized steel prices for Nucor, adversely affecting our business, results of operations, financial condition and cash flows.”

Annual report 2025A · The company itself

“Additionally, restrictions imposed by the Chinese government on the duration of gaming activities and access to games may adversely affect our Gaming revenue, and even if we are able to participate in the China data center compute market, increased oversight of digital platform companies may adversely affect our Data Center revenue.”

Annual report 2026A · The company itself

“On September 15, 2025, China’s antitrust regulators published their preliminary finding that our compliance with applicable U.S. export controls, which required us to offer degraded products to the Chinese market, discriminated unfairly against customers in the China market and therefore violated the terms of China’s approval of our Mellanox acquisition. If regulators conclude that we have failed to fulfill the terms of our Mellanox acquisition or we have violated any applicable law in China, we could be subject to financial penalties, restrictions on our ability to conduct our business, restrictions or other orders regarding our networking business, products, and services, or otherwise impact our operations in China, any of which could have a material and adverse impact on our business, operating results and financial condition.”

Annual report 2026A · The company itself

“For example, following U.S. legislative proposals calling for mandatory features in our chips, China’s government publicly questioned whether our H20 products have built-in vulnerabilities, discouraging customers from purchasing our products.”

Annual report 2026A · The company itself

“The Chinese government has encouraged customers to purchase from our China-based competitors and discouraged customers from purchasing, importing, or using our data center products, including any China-specific product designed to comply with U.S. export controls.”

Annual report 2026A · The company itself

“As another example, an agency of the Chinese government announced an Action Plan that endorses new standards regarding the compute performance per watt and per memory bandwidth of accelerators used in new and renovated data centers in China. Although we are already effectively foreclosed from the China market by U.S. export controls, if those controls changed to allow us to return to the market, the Chinese government could modify or implement the Action Plan in a way that effectively prevents us from being able to design products to meet the new standard, which may restrict the ability of customers to use some of our data center products and may have a material and adverse impact on our business, operating results and financial condition.”

Annual report 2026A · The company itself

“We generated approximately $60 million in H20 revenue under those licenses.”

Annual report 2026A · The company itself

“As of the end of fiscal year 2026, we were effectively foreclosed from competing in China's data center computing/compute market, and our effective foreclosure from the China market helped our competitors build larger developer and customer ecosystems to challenge us worldwide.”

Annual report 2026A · The company itself

“The market in China, where our offerings are limited by export controls, is highly competitive and we expect it to remain competitive going forward.”

Annual report 2026A · The company itself

“The market in China, where our offerings are limited by export controls, is highly competitive and we expect it to remain competitive going forward.”

Annual report 2026A · The company itself

“Changes to market and economic conditions in China, including credit conditions for our customers, have recently impacted and may continue to impact our ability to maintain New Equipment net sales in China at rates consistent with prior years as well as future growth of our Service segment.”

Annual report 2025A · The company itself

“Certain of our businesses sell a significant amount of their products to distributors and agents, particularly in China, that have valuable relationships with customers.”

Annual report 2025A · The company itself

“China is currently the largest end market for sales of new equipment in our industry, with our New Equipment net sales in China representing approximately one fifth of our global New Equipment net sales and over half of our global New Equipment unit volume and a growing part of our Service segment.”

Annual report 2025A · The company itself

“In certain regions, we operate our business through joint venture relationships or non-wholly owned subsidiaries, including Otis Elevator (China) Investment Limited in China.”

Annual report 2025A · The company itself

“A centralized VBP program with a tendering process implemented at both the national level and the provincial level aims to contain healthcare costs by driving utilization of generics that have passed QCE. This has resulted in further lowering the price of medicines, especially off-patent medicines; this trend is expected to continue.”

Annual report 2025A · The company itself

“In China, we expect to continue to face intense competition by certain generic manufacturers, which has resulted, and may result in the future, in price cuts and volume loss of some of our products.”

Annual report 2025A · The company itself

“As a percentage of Total revenues, China was our largest market outside the U.S. in 2025 and 2024 (representing 5% and 4% of total revenues, respectively), and Japan was our largest market in 2023 (representing 6% of total revenues).”

Annual report 2025A · The company itself

“In China, pricing pressures have increased in recent years because of an overall focus on healthcare cost containment with the central government emphasizing improved health outcomes and decreased drug prices as key indicators of progress towards its healthcare reform. State owned hospitals and the state insurance program account for the vast majority of all drug purchases, despite recent government efforts to promote use of commercial insurance for some innovative products. For patented innovative products, drug prices have decreased dramatically as a result of adding innovative drugs (including oncology medicines, pediatric medicines, orphan drugs and medicines for chronic diseases) to the National Reimbursement Drug List via access-price negotiation.”

Annual report 2025A · The company itself

“In 2025, 41% of our total revenues were derived from international operations, including 21% from Europe and 12% from China, Japan and the rest of the Asia Pacific region.”

Annual report 2025A · The company itself

“Our investments, results of operations and financial condition may also be adversely affected by developments in the global economy, in the U.S. economy (including as a result of actions by the Federal Reserve with respect to interest rate and monetary policy, and adverse political developments), and in the Japanese economy (including due to the effects of inflation or deflation, interest rate volatility, changes in the Japan sovereign credit rating, and material changes in the value of the Japanese yen relative to the U.S. dollar).”

Annual report 2025A · The company itself

“Our significant business operations outside the U.S. subject us to foreign exchange risk, which is the risk of loss arising from assets that are invested in a different currency than the related liability, as well as the unhedged portion of the Company’s earnings from, and capital supporting, operations in a foreign currency. As a U.S.-based company with significant business operations outside of the U.S., particularly in Japan, we are exposed to foreign currency exchange rate risk related to these operations, as well as in our investment portfolio.”

Annual report 2025A · The company itself

“If revenues derived from these customers or licensees decrease or the timing of such revenues fluctuates, our business and results of operations could be negatively affected. •Our business, particularly our semiconductor business, may suffer as a result of our customers vertically integrating (i.e., developing their own integrated circuit products). •A significant portion of our business is concentrated in China, and the risks of such concentration are exacerbated by U.S./China trade and national security tensions.”

Annual report 2025A · The company itself

“In the event that one or more of our significant licensees fail to meet their reporting and payment obligations, or we are unable to renew or modify one or more of their license agreements under similar terms as their existing agreements, our revenues, results of operations and cash flows would be adversely impacted.”

Annual report 2025A · The company itself

“Similarly, we derive a significant portion of our revenues from Chinese OEMs. Certain of our customers in China have developed, and others may in the future develop, their own integrated circuit products and use such integrated circuit products in their devices rather than our products, including due to pressure from or policies of the Chinese government (which has prioritized semiconductor self-sufficiency), concerns over losing access to our products as a result of actual, threatened or potential U.S. or Chinese government actions or policies, including trade protection or national security policies, or other reasons.”

Annual report 2025A · The company itself

“Due to various factors, including pressure, encouragement or incentives from, or policies of, the Chinese government (which has prioritized semiconductor self-sufficiency), concerns over losing access to our products as a result of actual, threatened or potential U.S. or Chinese government actions or policies, including trade protection or national security policies, or other reasons, some of our customers in China have developed, and others may in the future develop, their own integrated circuit products and use such integrated circuit products in their devices, or use our competitors’ integrated circuit products in their devices, rather than our products, which could materially harm our business, results of operations, cash flows and financial condition.”

Annual report 2025A · The company itself

“Given our revenue concentration in China, if, due to actual, threatened or potential U.S. or Chinese government actions or policies: we were further limited in, or prohibited from, selling our integrated circuit products to Chinese or Chinese-affiliated customers; our non-Chinese OEM customers were limited in, or prohibited from, selling devices that incorporate our integrated circuit products into China; Chinese OEMs develop and use their own integrated circuit products or use our competitors’ integrated circuit products in some or all of their devices rather than our integrated circuit products; Chinese tariffs on our integrated 17 circuit products or on devices which incorporate our integrated circuit products made purchasing such products or devices more expensive to our Chinese customers or Chinese consumers; or our Chinese licensees delay or cease making payments of royalties they owe us, our business, results of operations, cash flows and financial condition could be materially harmed.”

Annual report 2025A · The company itself

“For example, in May 2024, the U.S. Department of Commerce revoked the export license under which we previously sold 4G and certain other integrated circuit products to Huawei, which is one of the largest smartphone OEMs in China. Accordingly, we do not expect to receive any further product revenues from Huawei, and to the extent that Huawei’s devices take share from OEMs that utilize our products (in China or elsewhere), our results of operations and cash flows could be further impacted.”

Annual report 2025A · The company itself

“Similarly, if, due to U.S. or Chinese government actions or policies, we were limited in or prohibited from obtaining critical integrated circuit products or manufacturing, assembly or test services from Chinese or Chinese-affiliated suppliers, or we or our customers were limited in or prohibited from selling in the United States products containing technologies with Chinese-origin content, our business, results of operations, cash flows and financial condition could be materially harmed.”

Annual report 2025A · The company itself

“Finally, government policies in China that regulate the amount and timing of funds that may flow out of the country have impacted and may continue to impact the timing of our receipt of, and/or ability to receive, payments from our customers and licensees in China, which may negatively impact our cash flows.”

Annual report 2025A · The company itself

“We have had and may in the future have difficulty in certain circumstances in protecting or enforcing our intellectual property and contracts, including collecting royalties for use of our patent portfolio due to, among others: refusal by certain licensees to report and pay all or a portion of the royalties they owe to us; policies or political actions of governments, including trade protection and national security policies; challenges to our licensing practices under competition laws; adoption of mandatory licensing provisions by foreign jurisdictions; failure of foreign courts to recognize and enforce judgments of contract breach and damages issued by courts in the United States; and challenges before competition agencies to our licensing business or the pricing and integration of additional features and functionality into our chipset products.”

Annual report 2025A · The company itself

“We also source certain critical integrated circuit products from Chinese suppliers.”

Annual report 2025A · The company itself

“Although we have many licensees, we derive a significant portion of our licensing revenues from a limited number of such licensees, which includes a number of Chinese OEMs.”

Annual report 2025A · The company itself

“Certain Chinese original equipment manufacturers (OEMs) have increased and may continue to increase their device share in China and in certain regions outside of China, and we derive a significant portion of our revenues from a small number of these OEMs as well.”

Annual report 2025A · The company itself

“We derive a significant portion of our revenues from Chinese OEMs, and from non-Chinese OEMs that utilize our products in devices they sell into China, which has the largest number of smartphone users in the world.”

Annual report 2025A · The company itself

“We derive a significant portion of our revenues from Chinese OEMs and from non-Chinese OEMs that utilize our products in devices they sell into China (which has the largest number of smartphone users in the world); our key suppliers and their manufacturing foundries and assembly, test and other facilities are primarily located in Taiwan and Korea; our manufacturing facilities for RFFE and RF products are located in China, Germany and Singapore; the primary warehouses where we store finished goods for fulfillment of customer orders are located in Singapore; and a significant portion of our workforce (including engineering and other technical personnel) is based in India.”

Annual report 2025A · The company itself

“We own and lease properties around the world for use as sales and administrative offices and research and development centers, primarily in the United States, India and China, and we also operate owned and leased manufacturing facilities in Singapore, Germany and China.”

Annual report 2025A · The company itself

“VD-kommentar RaySearch årsredovisning 2024 I mars 2025 fick RaySearch sin tredje största order någonsin, med ett totalt ordervärde på cirka 77 miljoner SEK, när Heyou Hospital i Kina beställde RayStation.”

Annual report 2024A · The company itself

“I Kina nåddes en viktig milstolpe under hösten när antalet strålbehandlingskliniker som använder RayStation för dosplanering passerade 100. Sett till antalet kliniker är Kina RaySearchs tredje största marknad efter USA och Japan.”

Annual report 2024A · The company itself

“Det kinesiska koljoncentret Heyou Hospital väljer RayStation Heyou Hospital, i Foshan City, Guangdong-provinsen i Kina, har lagt en order på dosplaneringssystemet RayStation®*. Det totala ordervärdet (inklusive serviceavtal) uppgår till 51 miljoner RMB (cirka 77 miljoner SEK), varav 18 miljoner RMB (cirka 26 miljoner SEK) kommer att redovisas i det första kvartalet 2025. Detta är den tredje största ordern någonsin för RaySearch och den största sedan december 2022.”

Annual report 2024A · The company itself

“India’s large public investment projects are expected to support robust construction growth in 2026, while continued weakness in China’s commercial and residential real estate sectors will keep new-build activity subdued.”

Annual report 2025A · The company itself

“ROCKWOOL’s passive ownership of four Russian factories, combined with the consequences of Russia’s war against Ukraine, entails elevated risks for the Group. The primary risk factors relate to potential loss of brand value, breach of applicable sanctions, and loss of assets.”

Annual report 2025A · The company itself

“Market conditions in China were still tough, and revenue decreased double-digit percent in local currencies.”

Annual report 2025A · The company itself

“Excluding revenue in Russia, Eastern Europe increased four percent in local currencies, with revenue growth in Hungary, Romania and Poland.”

Annual report 2025A · The company itself

“The U.S. government has indicated a willingness to significantly change existing trade policies, and has imposed increased tariffs on goods imported into the United States, in particular on goods produced in China. This exposes us to risks of disruption and significant cost increases in our established patterns for sourcing our merchandise, and creates increased uncertainties in planning our sourcing strategies and forecasting our margins. Changes in tariffs, quotas, trade relationships, or tax provisions that reduce the supply or increase the relative cost of goods produced in China and other countries could significantly increase our cost of goods and/or increase our effective tax rate.”

Annual report 2026A · The company itself

“A predominant portion of the apparel, home-related merchandise, shoes, and other goods we sell is originally manufactured in other countries, including China. While we directly import only a small portion of our merchandise, more than half of the goods we sell originate from China.”

Annual report 2026A · The company itself

“All of our stores are located in the United States and its territories, and while we directly import only a small portion of our merchandise, more than half of the goods we sell originate from China, so we are especially susceptible to changes in the U.S. economy and trade policy in the U.S.”

Annual report 2026A · The company itself

“Bakgrunden är det svaga resultatet som främst bottnar i höga råvarukostnader och en osäker massamarknad i Kina vilken tyngt CTMP-marknaden.”

Annual report 2024A · The company itself

“Marknaden för CTMP var dock relativt svag med sjunkande priser på grund av en minskad efterfrågan i Kina och inom förpackningskartong generellt.”

Annual report 2024A · The company itself

“Under det andra halvåret svängde dock marknadsbalansen till förmån för köparna och prisutvecklingen vände ned delvis påverkad av den svaga efterfrågan från Kina.”

Annual report 2024A · The company itself

“Kina har ökat sin kapacitet för integrerad massaproduktion med flera miljoner ton de senaste åren och svagheten inom byggindustrin har inneburit att flödet av skogsråvara har förflyttats i högre grad till massaproduktion, vilket påverkat råvarukostnaderna positivt.”

Annual report 2024A · The company itself

“Marknaden bromsade dock in under det tredje kvartalet främst tyngd av den svaga efterfrågan i Kina.”

Annual report 2024A · The company itself

“VERKSAMHET KONCERNENS RESULTATRÄKNING I SAMMANDRAG 2024 steg efterfrågan på marknadsmassa i Europa, Rottneros huvudmarknad, med cirka 10 procent. Samtidigt var efterfrågan svag i Kina.”

Annual report 2024A · The company itself

“Hållbarhetsarbetet i fokus Den enskilt största marknaden för marknadsmassa, Kina, var relativt svag under hela året, medan Europa och USA uppvisade en starkare trend.”

Annual report 2024A · The company itself

“Kina utgör världens största marknad för massa och har sedan 2010 ökat sin andel av världsmarknaden från drygt 20 till cirka 40 procent.”

Annual report 2024A · The company itself

“Ungefär hälften av marknadsmassan i världen, omkring 38 miljoner ton, används i Asien, varav 27 miljoner ton i Kina.”

Annual report 2024A · The company itself

“Bra marknad första halvåret som sedan vände nedåt, Kina svagt hela året Leveranserna till Kina ned betydligt under 2024 Fokus på nischer där Rottneros har konkurrensfördelar Leveranserna av massa till Kina minskade under 2024 med 11 procent.”

Annual report 2024A · The company itself

“Efterfrågan på marknadsmassa steg under inledningen av 2024 men vände sedan gradvis och uppvisade en nedgång om 2 procent för helåret.”

Annual report 2024A · The company itself

“Kiina on yhä minkinnahkojen markkinan isoin määrittäjä, kun taas aiemmin merkittävä Etelä-Korean markkina on viime vuosina ollut vaisuhko.”

Annual report 2025A · The company itself

“Kiinalaisten kulutuskäyttäytyminen on jatkunut varovaisena. Maan sisäisten rakenteellisten haasteiden, kuten kiinteistösektorin heikkouden ja ikääntyvän väestörakenteen odotetaan edelleen rajoittavan yksityisen kulutuksen kasvua ja siten myös turkistuotteiden kysyntää Kiinassa.”

Annual report 2025A · The company itself

“Saga Fursin tärkeimmän vientimaan Kiinan kansantalous kasvoi eri arvioiden mukaan noin 5 prosenttia vuonna 2025 pitkälti maan vahvan viennin ansiosta.”

Annual report 2025A · The company itself

“Muutokset yksittäisten maiden talous- tai poliittisessa tilanteessa tai markkina-alueen vähittäiskaupan rakenteen merkittävä muuttuminen saattavat vaikuttaa Saga Fursin liiketoimintaan, etenkin mikäli ne tapahtuisivat yhtiön tärkeimmällä markkinalla Kiinassa.”

Annual report 2025A · The company itself

“Toimintaympäristön muutoksista ja vallitsevasta epävarmuudesta huolimatta Saga Furs arvioi markkinoilla vallitsevan hyvän kysynnän jatkuvan etenkin minkinnahkojen osalta. Kiinassa turkispukineiden valmistajien odotukset turkisvaatteiden myynnille meneillään olevalla talvikaudella ovat optimistiset.”

Annual report 2025A · The company itself

“Aurora-projekti, jonka tavoitteena on lisätä erityisesti ketunnahkojen kysyntää, lanseerattiin loppuvuodesta 2024 Kiinassa. Muoti- ja tekstiilialan yrityksille esitellään uusia tekniikoita, joilla serfitioitua kettua voidaan yhdistää erilaisiin materiaaleihin ja pukineisiin.”

Annual report 2025A · The company itself

“Nahkojen kysynnästä suurin osa suuntautuu Aasian maihin. Yksittäisistä maista etenkin Kiinan kansantalouden ja kuluttajakysynnän kehittymisellä on suurin ja välittömin vaikutus Saga Fursin liiketoimintaan.”

Annual report 2025A · The company itself

“Välitetyistä nahoista ylivoimaisesti suurin osa ostettiin Kiinan markkinoille. Kiinan markkinoille myyty osuus välitetyistä minkinnahoista oli 75 prosenttia (87 % edellisellä tilikaudella) ja ketunnahoista 28 prosenttia (73 %).”

Annual report 2025A · The company itself

“Tillväxt i Asien Kinas marknad för tunga fordon är större än marknaden i Europa och Nordamerika tillsammans. Med ett växande miljöfokus anpassar Kina sin utsläppslagstiftning till de europeiska reglerna, vilket skapar tillväxtmöjligheter för CGI både inom och utanför Kina.”

Annual report 2024A · The company itself

“Den nyligen påbörjade serieproduktionen hos FAW kan vid full volym bidra med cirka 500 000 motorekvivalenter per år, vilket motsvarar en ökning på 15 % jämfört med nuvarande produktionstakt. Att framgångsrikt stödja den kinesiska marknaden förblir en högsta prioritet för SinterCast, samtidigt som vi utforskar nya möjligheter i andra snabbväxande ekonomier, såsom Indien.”

Annual report 2024A · The company itself

“Idag står Kina för mindre än 1 % av vår produktionsvolym. Vi ser potential att öka det kinesiska bidraget till 15 % före slutet av årtiondet.”

Annual report 2024A · The company itself

“Demand from customers in China may be adversely affected by China’s evolving laws and regulations, including those relating to taxation, import and export tariffs and restrictions, currency controls, environmental regulations, privacy and information security, indigenous innovation, and intellectual property rights and enforcement of those rights. Enforcement of existing laws or agreements may be inconsistent, and the potential issuance of new laws and regulations creates uncertainty.”

Annual report 2025A · The company itself

“The global steelmaking overcapacity is exacerbated by Chinese steel production capacity that far exceeds that country’s demand and has made China a major global exporter of steel, resulting in weakened global steel pricing than otherwise would be expected.”

Annual report 2025A · The company itself

“StrongPoint has identified the key risk of human rights breaches to be related to having third-party suppliers in China. StrongPoint has during 2024 reduced our exposure as importer of goods from China.”

Annual report 2024A · The company itself

“China has also restricted the export of certain rare earth minerals and permanent magnets that are used in our products, which has in the past delayed and could in the future limit our ability to sell products that require these components or result in lower margins products that incorporate these components.”

Annual report 2025A · The company itself

“China has also increased sanctions on certain specific U.S. companies, including two Teledyne legal entities, by adding them to its Unreliable Entity List or Export Control List, which has impacted the ability of some Teledyne subsidiaries (including those not so listed) to conduct business in China.”

Annual report 2025A · The company itself

“A military conflict between China and Taiwan would likely have a material adverse impact on our ability to sell products to customers in these areas and on our supply chain.”

Annual report 2025A · The company itself

“An economic slowdown in China may adversely affect us. Our net sales to China-based customers represented approximately 4% of total revenues in 2025 and 2024, respectively.”

Annual report 2025A · The company itself

“In-country manufacturing could result in lower demand for our products. Many countries, including China, India and Saudi Arabia, have bolstered laws or regulations requiring the use of local suppliers, personnel and in-country manufacturing, which has had a negative impact on Teledyne’s revenues of instrumentation, commercial aerospace, marine and digital imaging products, as we currently have limited manufacturing operations in these countries.”

Annual report 2025A · The company itself

“Many key suppliers to our businesses, whether direct or indirect, are based in China.”

Annual report 2025A · The company itself

“In both 2025 and 2024, we sold products to customers in over 100 foreign countries. Approximately 90% of our net sales to international customers during 2025 were made to customers in 30 foreign countries.”

Annual report 2025A · The company itself

“In both 2025 and 2024, sales to customers outside the United States accounted for approximately 48% of total net sales.”

Annual report 2025A · The company itself

“In 2025, the top five countries for sales to international customers, ranked by net sales, were the UK, Germany, Japan, China and France and represented approximately 20% of our total net sales.”

Annual report 2025A · The company itself

“Many of the products sold in our stores are sourced in locations (particularly in China, India and southeastern Asia) other than the location in which they will be sold.”

Annual report 2026A · The company itself

“These increases were partially offset by China-to-U.S. trade lane volume declines due to U.S. trade policy changes that took effect in the second quarter of 2025.”

Annual report 2025A · The company itself

“The decline was primarily driven by the impact of the 2024 Coyote divestiture, which contributed $1.6 billion of revenue in 2024. Revenue within our remaining Forwarding businesses declined $245 million, primarily from demand softness in air and ocean markets and from the effects of changing trade policies and tariff uncertainty, particularly on the China-to-U.S. trade lane, which also negatively impacted both volume and rates.”

Annual report 2025A · The company itself

“We own or lease approximately 800 facilities in our international package operations, with approximately 23 million square feet of floor space.”

Annual report 2025A · The company itself

“For example, demand for our services substantially declined in China during 2023 and 2024 as a result of various factors including Chinese regulatory mandates that made it more difficult to register a domain name or establish an online presence using a domain name.”

Annual report 2025A · The company itself

“In addition, since 2018, China's National Healthcare Security Administration, in conjunction with relevant departments, has been promoting a centralized VBP policy for drugs, which has become standard practice and subjects many drugs to a competitive bidding process. Molecules subject to the VBP bidding process have seen significant price cuts, with some bidders reducing the price of their products by as much as 96% as they attempt to secure volumes on the Chinese pharmaceutical market. We expect pricing pressures on our products included in the VBP bidding process to continue to increase as a result of this policy.”

Annual report 2025A · The company itself

“In China, the laws and regulations relating to cybersecurity, data privacy and personal information continue to evolve. In 2021 and 2022, China amended and, in some cases, adopted new laws and regulations governing the collection, transmission, processing and use of individual personal data, including the Data Security Law, the Cybersecurity Review Measures, the Personal Information Protection Law and the Data Export Security Review Measures. These laws and regulations restrict our ability to collect, transfer and use certain personal data, absent an application to and, in some cases, approval from relevant governmental authorities in China.”

Annual report 2025A · The company itself

“Government-imposed Market Participation Restrictions: Certain governments, including China, India, Indonesia, Thailand, Vietnam, and South Africa, have taken actions to promote domestic payments systems and/or certain issuers, payments networks or processors, by imposing regulations that favor domestic providers, impose local ownership requirements on processors, require data localization or mandate that domestic processing be done in that country.”

Annual report 2025A · The company itself

“Government-imposed obligations and/or restrictions on international payments systems may prevent us from competing against providers in certain countries, including significant markets such as China and India. Governments in a number of jurisdictions shield domestic payments providers, including card networks, brands, and processors, from international competition by imposing market access barriers and preferential domestic regulations.”

Annual report 2025A · The company itself

“In China, UnionPay remains the predominant processor of domestic payment card transactions and operates the predominant domestic acceptance market. Although we filed an application with the People’s Bank of China (PBOC) in May 2020 to operate a Bank Card Clearing Institution (BCCI) in China, the timing and the procedural steps for approval remain uncertain.”

Annual report 2025A · The company itself

“However, notwithstanding such efforts, these restrictions on dual-branded cards have decreased our payments volume and impacted the net revenue we generate in China.”

Annual report 2025A · The company itself

“UnionPay has grown rapidly in China and is actively pursuing international expansion plans, which could potentially lead to regulatory pressures on our international routing rule (which requires that international transactions on Visa cards be routed over VisaNet). Furthermore, although regulatory barriers shield UnionPay from competition in China, alternative payments providers such as Alipay and WeChat Pay have rapidly expanded into ecommerce, offline and cross-border payments, which could make it difficult for us to compete even if our license is approved in China.”

Annual report 2025A · The company itself

“Ongoing regulatory initiatives in India, including data localization requirements which continue to evolve, have cost implications for us and could affect our ability to effectively compete with domestic payments providers. Furthermore, any inability to meet the requirements of the data localization mandate could impact our ability to do business in India.”

Annual report 2025A · The company itself

“In addition, privacy laws in numerous jurisdictions, including but not limited to the U.S., China, India, Australia, New Zealand, Brazil, Kingdom of Saudi Arabia, Hong Kong and Japan, have established specific legal requirements for cross-border transfers of personal information and substantial compliance and audit obligations.”

Annual report 2025A · The company itself

“Approximately 19% of our products were produced in the U.S. in fiscal 2025. The remaining 81% of our merchandise purchases were sourced from foreign suppliers, with approximately 19% from China, 16% from Vietnam, 15% from India, and 31% from the rest of the world.”

Annual report 2026A · The company itself

“According to the Macau Statistics and Census Service Monthly Bulletin of Statistics, visitation to Macau in 2025 increased 14.7%, 42.0% and 602.9% compared to 2024, 2023 and 2022, respectively.”

Annual report 2025A · The company itself

“Because a significant number of our customers come from the PRC, Hong Kong and Taiwan, the economic condition of Macau and its surrounding region, in particular, affects the gaming industry in Macau and our Macau Operations.”

Annual report 2025A · The company itself

“Through our approximately 72% ownership of Wynn Macau, Limited ("WML"), we operate two integrated resorts in the Macau Special Administrative Region of the People's Republic of China ("Macau"), Wynn Palace and Wynn Macau (collectively, our "Macau Operations").”

Annual report 2025A · The company itself

“Initiatives to limit the growth of general healthcare expenses and hospital costs are ongoing in the markets in which we do business, and we have experienced downward pressure on product pricing and other effects of healthcare reform in our international markets. These initiatives are sponsored by government agencies, legislative bodies and the private sector and include price regulation and competitive pricing. For example, China has implemented volume-based procurement (“VBP”) processes designed to reduce medical spending, which have in the past resulted in, and could in the future result in, reduced margins on covered devices and products, required renegotiation of distributor arrangements, and incurrence of inventory-related charges.”

Annual report 2025A · The company itself

“We have approximately 25 manufacturing locations in the U.S. and internationally. Our most significant locations outside of the U.S. are in Switzerland, Ireland and China.”

Annual report 2025A · The company itself

“Growth disappointments were seen in Europe and China, and this triggered a policy response. Europe and other central banks have cut interest rates by 100-150bps as inflation has come under control and growth has weakened.”

Annual report 2024A · The company itself

“In regions or industries considered high-risk, such as China and Saudi Arabia, these policies are particularly relevant and applicable.”

Annual report 2024A · The company itself

“OWC has a strong breadth of services for offshore wind, including other parts of ABL Group, and the aim is to expand, especially in China, Independent Engineering and Technical Due Diligence services, fill gaps in the workforce, and increase market share as competitors reduce investment into renewables.”

Annual report 2024A · The company itself

“56 | 2025 Annual Report Further, the Chinese market has driven global materials demand and pricing for commodities, many of which are produced in our key electricity markets in South America. Volatility in economic growth in China could result in lower economic growth and lower demand for electricity in our key markets.”

Annual report 2025A · The company itself

“At the end of 2023, AES Colombia obtained the environmental license, issued by the ANLA, for the 500 kV line to connect the Guajira pipeline projects. Currently, AES Colombia has obtained environmental licenses for 406 MW of wind projects in Guajira.”

Annual report 2025A · The company itself

“AES Chile Business Description — AES Chile is engaged in the generation and supply of electricity (energy and capacity) in the SEN—see Energy Markets and Regulatory Environment below— through AES Andes, AES Pacifico Chile, and their subsidiaries. In total, AES operates 2,195 MW of renewable installed capacity in Chile, excluding energy storage, and has a market share of approximately 6% as of December 31, 2025.”

Annual report 2025A · The company itself

“AES Colombia Business Description — We operate in Colombia through AES Colombia, a subsidiary of AES Andes, which owns Chivor, a hydroelectric plant with an installed capacity of 1,000 MW and Tunjita, a 20 MW run-of-river hydroelectric plant, both located approximately 100 miles east of Bogota, as well as the Castilla, Brisas, and San Fernando solar facilities with capacity of 21 MW, 26 MW, and 61 MW, respectively.”

Annual report 2025A · The company itself

“AES Dominicana Business Description — AES has a strategic partnership with the Estrella and Linda Groups ("Estrella-Linda"), two leading Dominican industrial groups that manage a diversified business portfolio, and with AFI Popular, a subsidiary of Grupo Popular. AES' ownership interest in AES Dominicana is 65%.”

Annual report 2025A · The company itself

“In the Utilities segment, AES operates four utilities in El Salvador with installed operating capacity of 143 MW, as well as an integrated utility in Indiana, with installed operating capacity of 4,056 MW.”

Annual report 2025A · The company itself

“Key commercial milestones in 2024 included the formalization of a long-term distribution partnership with Barentz International in Europe, securing a third health claim approval from the South Korean Ministry of Food and Drug Safety for joint health, signing a important contract for PL+ with a leading European customer, and establishing a strategic partnership in China with Function, the region’s largest Superba customer, which includes the licensing of Kori krill oil.”

Annual report 2024A · The company itself

“Human Health Ingredients The Human Health Ingredients segment delivered strong growth with revenues of USD 98.0 million, up 17% year-over-year, driven by increasing demand across multiple regions, particularly China, Europe, and the United States.”

Annual report 2024A · The company itself

“Samtidigt började den kinesiska marknaden 2024 med en nedgång på grund av ihållande låga investeringsnivåer, men den växte sedan stadigt från andra kvartalet och framåt, med visst stöd av statliga åtgärder för att stimulera ekonomin.”

Annual report 2024A · The company itself

“Vi har också ägande i bland annat SDLG, Milence, Eicher, Dongfeng, cellcentric, Flexis och cespira.”

Annual report 2024A · The company itself

“Leveranserna av Volvomaskiner minskade med 27% medan leveranserna från SDLG-varumärket i Kina ökade med 30%.”

Annual report 2024A · The company itself

“Volvo CE:s valutajusterade nettoomsättning var 15% lägre än under 2023.”

Annual report 2024A · The company itself

“We could see increased competition from domestic equipment manufacturers in China resulting from local government incentives and funding as well as export controls established by the United States government to restrict the sale of certain technologies to customers in China.”

Annual report 2025A · The company itself

“In recent periods, geopolitical tensions, including between the U.S. and China, have escalated. Further escalation of such tensions and the related imposition of sanctions or other trade barriers may negatively impact the rate of global growth, particularly in China, where growth has slowed.”

Annual report 2025A · The company itself

“Our business operations have been and may continue to be adversely affected by the current and future political environment in China, both relating to in-country changes in laws and regulations or the interpretation thereof, as well as a result of its response to tariffs by the U.S. government on goods imported from China, tariffs by China on U.S. goods, the increasing use of economic sanctions and export control restrictions, and tensions related to Hong Kong and Taiwan.”

Annual report 2025A · The company itself

“Revenue from China constituted 50% of total APAC revenue and grew by 11.6% in local currencies”

Annual report 2026A · The company itself

“Like-for-like sell-out for China grew by 8% and doubledigit sell-out growth was reported for eTail and multibrand.”

Annual report 2026A · The company itself

“Globally, governments in China and other countries continue to use various mechanisms to control healthcare expenditures, including increased use of competitive bidding and tenders, price regulation (such as volume-based procurement programs (“VoBP”)), government imposed payback provisions, and changes in reimbursement practices and policies on average selling prices for our products, which have unfavorably impacted our revenues and may continue to impact our results of operations in certain countries.”

Annual report 2025A · The company itself

“2024 har varit utmanande för vår bransch och präglats av allmän osäkerhet på marknaden och svag efterfrågan, främst från segmenten Diagnostik och Akademi & Forskning på grund av begränsningar av kapitalutgifter, som har varat längre än väntat, samt dämpad efterfrågan från Kina.”

Annual report 2024A · The company itself

“One of our strategies is to expand geographically, particularly in China, India and in developing countries, both through distribution and through direct operations. This subjects us to a number of risks, including international economic, political, and labor conditions; currency fluctuations; tax laws (including U.S. taxes on foreign subsidiaries); increased financial accounting and reporting burdens and complexities; unexpected changes in, or impositions of, legislative or regulatory requirements; failure of laws to protect intellectual property rights adequately; inadequate local infrastructure and difficulties in managing and staffing international operations; delays resulting from difficulty in obtaining export licenses for certain technology; tariffs, quotas and other trade barriers and restrictions; transportation delays; operating in locations with a higher incidence of corruption and fraudulent business practices; and other factors beyond our control, including terrorism, war, natural disasters, climate change and diseases.”

Annual report unknown yearA · The company itself

“We sell our products directly to customers who are primarily located in North America, Europe and China, as well as through a distribution agreement with Thermo Fisher Scientific. We also sell through third party distributors in China, Japan, certain eastern European countries and the rest of the world.”

Annual report unknown yearA · The company itself

“We sell our products directly to those customers who are primarily located in North America, Europe, and China, and through distributors elsewhere.”

Annual report unknown yearA · The company itself

“Today, our product lines include hundreds of thousands of diverse products, most of which we manufacture ourselves in multiple locations in North America, as well as locations in the U.K., Canada, Switzerland and China.”

Annual report unknown yearA · The company itself

“BioInvent har sedan oktober 2020 ett licensavtal med CASI Pharmaceuticals för Kina, Hongkong, Macau och Taiwan. Avtalet innebär att BioInvent och CASI utvecklar BI-1206 för behandling av både hematologiska och solida tumörer, med CASI som ansvarigt för kommersialiseringen i Kina och närliggande marknader.”

Annual report 2024A · The company itself

“Som en del av utvecklingsprogrammet i Kina och närliggande marknader genomför CASI kliniska fas 1-studier, dels med BI-1206 som monoterapi för att utvärdera den farmakokinetiska (PK) profilen, dels med BI-1206 i kombination med rituximab i NHL (mantelcellslymfom, marginalzonlymfom och follikulärt lymfom) för att utvärdera säkerhet och tolerabilitet, utvald dos för fas 2 och tidiga signaler på effekt. I februari 2024 tecknades ett kliniskt samarbets- och leveransavtal med AstraZeneca för att utvärdera BI-1206 i kombination med rituximab och Calquence (acalabrutinib).”

Annual report 2024A · The company itself

“In some markets such as China, local requirements may restrict participation by foreign businesses, making entry into and expansion in those markets costly, difficult, or impossible.”

Annual report 2025A · The company itself

“Additionally, a slowdown in China's economy over a prolonged period, including as a result of tensions with the United States, or other western countries, population decline, the ongoing real estate crisis and other factors, could lead to reduced global demand for agricultural commodities.”

Annual report 2025A · The company itself

“Any problems that may impact China and its economy in general, the availability of components or materials needed, or the COSCO shipyard specifically, could lead to delays affecting one or both newbuild vessels.”

Annual report 2025A · The company itself

“Specifically, delays in the delivery of newbuilds may arise from issues at COSCO, a Chinese shipyard, or from geopolitical tensions involving China.”

Annual report 2025A · The company itself

“The Company has contracted with COSCO Shipping Heavy Industry Co., Ltd. (COSCO) for its newbuild A-class vessels, the first of which is expected to be delivered in H1 2026 and the second in Q2 2027.”

Annual report 2025A · The company itself

“A selection of our brands in Asia: Growth in our Chinese business was offset by soft volumes in other markets, partly driven by the soft consumer sentiment across the region.”

Annual report 2025A · The company itself

“Building a consumer-centric, diversified beverage portfolio strengthens our position as a world-class brewer with an attractive portfolio of international brands, including Carlsberg, Tuborg and 1664 Blanc, and local brands, such as Falcon in Sweden, Chongqing in China and Pirinsko in Bulgaria, and enables us to meet a wider range of consumer needs and occasions.”

Annual report 2025A · The company itself

“Sales investments increased organically by around 5%, mainly due to higher activity in China and, in Kazakhstan, preparations for taking over the Pepsi business.”

Annual report 2025A · The company itself

“In China, our volumes grew by almost 4% in Q4, leading to full-year volume growth of approximately 1%. The growth was driven by mid-single-digit growth of our premium portfolio, including Carlsberg, Tuborg and Wind Flower Snow Moon, and continued solid growth in the big cities.”

Annual report 2025A · The company itself

“While medical device regulations in the Asia Pacific are based on similar regulatory fundamentals (such as risk-based classification of devices) as other regions, navigating the regulatory landscape in Asia Pacific is extremely complex. Medical device regulation in Asia Pacific differs significantly country by country, requiring specific regulatory affairs expertise in each country, as well as country-based regulatory strategies.”

Annual report 2025A · The company itself

“For example, China has introduced programs designed to lower prices for medical products and reduce healthcare costs (including a volume-based procurement program) that have unfavorably impacted our revenues and may continue to adversely affect our business and financial statements.”

Annual report 2025A · The company itself

“For example, the Chinese government has issued a series of policies in the past several years to promote the development and use of local medical devices.”

Annual report 2025A · The company itself

“The Company defines high-growth markets as Eastern Europe, the Middle East, Africa, Latin America (including Mexico) and Asia (with the exception of Japan, Australia and New Zealand).”

Annual report 2025A · The company itself

“In 2025 we generated approximately 11% of our sales from continuing operations from China.”

Annual report 2025A · The company itself

“För att främja ökade inköp från lågkostnadsländer har inköpskontor etablerats i Mexiko och Ungern, som ett komplement till det redan befintliga i Kina.”

Annual report 2024A · The company itself

“Att balansera tillgängliga resur - ser i de kinesiska tillverkningsanläggningarna med den globala efterfrågan var avgörande under 2024.”

Annual report 2024A · The company itself

“In recent years, many companies have implemented dual sourcing strategies and moved part of their production out of China. While China remains a significant production hub, countries like Vietnam, South Korea and India have seen significant production sector growth.”

Annual report 2025A · The company itself

“The air pollution from the mines may impact the drinking water, the air quality etc. and impact the biodiversity in the area. The mines are shown to damage crops.”

Annual report 2024A · The company itself

“China has been the largest growth market for silicon in recent years, however the material is critical for the green transition in Europe and the United States.”

Annual report 2024A · The company itself

“The Silicones division saw a 7 per cent increase in operating income driven by higher sales volumes countered partially by weaker sales prices in particular in China.”

Annual report 2024A · The company itself

“Andel av installerad solcells effekt under 2023 i världen Kina, 40 % USA, 11 %Japan, 6 % Indien, 6 % Australien, 2 % Sydkorea, 1 % Tyskland, 5 % Brasilien, 2 % Spanien, 2 % Italien, 2 % Övriga världen, 23 % Källa: Solar Power Europe, Global Market Outlook for Solar Power 2024-2028 Våra marknader Vi utvecklar projekt för förnybar energi i Sverige, Finland, Baltikum, Polen, USA och Spanien.”

Annual report 2024A · The company itself

“In China, new standards for AECS (Accident Emergency Call System) related to electronic architecture and devices are expected to take effect in July 2027. Additionally, mandatory national standards for intelligent connected vehicles governing vehicle cybersecurity, software updates, and autonomous driving data recording systems are currently under development in China and will take effect in July 2026.”

Annual report 2025A · The company itself

“For example, our business and strategy are susceptible to tensions in U.S.-China relations and the rapid development of the Chinese electrified vehicle industry, with domestic Chinese producers exporting to some key markets in which we operate.”

Annual report 2025A · The company itself

“Ford Model e operates in North America, Europe, and China.”

Annual report 2025A · The company itself

“Wholesales in certain key markets during the past three years were as follows: Wholesales (a) (in thousands of units) 2023 2024 2025 United States 2,097 2,200 2,105 China (b) 467 442 379 Canada 260 269 292 United Kingdom 243 242 218 Germany 162 155 155 Türkiye 124 114 119 Italy 122 109 100 Australia 89 104 92 France 104 78 66 Other Markets 745 757 869 Total Company 4,413 4,470 4,395 __________ (a)Wholesale unit volumes include sales of medium and heavy trucks.”

Annual report 2025A · The company itself

“We have experienced a softer demand growth as Chinese imports decreased. In addition to an overall reduction in volumes, industry sources also point to the surprising growth in Iranian exports, further reducing transportation demand in the compliant market, and softening the balance of the entire global oil trade.”

Annual report 2024A · The company itself

“Koncernen har i en årrække, med Kina som væsentligste omdrejningspunkt, tilført ressourcer til udvikling af det asiatiske marked”

Annual report 2025A · The company itself

“Det er ledelsens erfaring at udøvelse af virksomhed i Kina adskiller og kan indebære risici, som normalt ikke forefindes på de europæiske og amerikanske markeder. Skattelovgivning m.v. er således karakteriseret af hyppige ændringer, der kan medføre risici som dog vurderes i tilstrækkelig grad at være afdækket i de gennemførte processer.”

Annual report 2025A · The company itself

“Koncernen har i en årrække, med Kina som væsentligste omdrejningspunkt, tilført ressourcer til udvikling af det asiatiske marked, og det er således tilfredsstillende, at der i 2024/25 er realiseret en markant omsætningsvækst.”

Annual report 2025A · The company itself

“Gabriel retter produkt- og konceptudvikling mod udvalgte globale topkunder med en stor eksportomsætning til følge. Eksporten afsættes hovedsageligt i Europa, men i stigende grad også til oversøiske lande som USA og Kina.”

Annual report 2025A · The company itself

“Koncernen udøver en stor del af sin virksomhed udenfor Danmark, hvor Kina, Litauen, Polen, Mexico og USA udgør de væsentligste regnskabsmæssige risici. Ledelsen søger løbende rådgivning fra eksperter i vilkår for at operere i disse centrale lande.”

Annual report 2025A · The company itself

“Our Automotive China JVs generated an equity loss of $0.3 billion in the year ended December 31, 2025, which includes charges of $0.6 billion related to the previously announced restructuring of SGM. We continue to focus on enhancing the competitiveness of our products in the Chinese market and executing restructuring plans.”

Annual report 2025A · The company itself

“Our Automotive China JVs’ ability to grow vehicle sales in China and generate sustainable equity income continues to be a challenge due to intense competition from our domestic competitors in the Chinese market.”

Annual report 2025A · The company itself

“Our New Energy Vehicles (NEVs) in China have contributed to the turnaround in sales and business performance in China.”

Annual report 2025A · The company itself

“GMI Industry sales in China were 26.4 million units in the year ended December 31, 2025, remaining flat compared to the corresponding period in 2024. Our total vehicle sales in China were 1.9 million units resulting in a market share of 7.1% in the year ended December 31, 2025, representing an increase of 0.1 percentage points compared to the corresponding period in 2024.”

Annual report 2025A · The company itself

“Supported by the transition to electric vehicles, the Chinese mobility production has developed favorably, which has driven demand for Glaston’s pre-processing technology.”

Annual report 2025A · The company itself

“However, there are signs of a market slowdown.”

Annual report 2025A · The company itself

“For example, in China, which is the largest market for the glass processing industry, purchasing behavior is more cost-conscious than in other market areas. Consequently, price competition is intense and local players have a certain competitive advantage in the market.”

Annual report 2025A · The company itself

“Of the physical risks, the worsening of extreme weather phenomena was assessed to have a low to moderate impact in China, where the factory building is exposed to heavy rainfall, and the risk of storms and floods increases. Heavy rainfall has become more common in northern China, which increases risks related to the supply chain and plant operations.”

Annual report 2025A · The company itself

“Given the uncertainties of the real estate market in China, special focus is put on the company’s strategy in China. Glaston is actively developing its offering in the higher-growth mobility market, thereby strengthening its competitiveness in the Chinese markets.”

Annual report 2025A · The company itself

“In China, demand for Glaston’s pre-processing machines continued but fell from an exceptionally high level in the previous year.”

Annual report 2025A · The company itself

“Glaston has operations in China, and the risk of human rights infringements may be greater there than in the company’s other countries of operation. The company has not identified material human rights risk with regard to its own workforce. The company operates in China on equal principles, and the risk is managed by means of Glaston's global People Policy and HR practices.”

Annual report 2025A · The company itself

“Cooperation between management and employee representatives is based on local laws and regulations and is organized at the country level. In China, Glaston has been a member of a local Chinese trade union since 2020.”

Annual report 2025A · The company itself

“En viktig milstolpe under 2024 var förvärvet av en stor produktions anläggning i Shandong i Kina. Förvärvet är ett mycket stort steg för Gränges Asia som tillför den storlek, konkurrenskraft och de partnerskap som krävs för att stärka vår position på en av världens viktigaste, mest innovativa och konkurrensutsatta marknader.”

Annual report 2024A · The company itself

“Ett bra exempel är vårt joint venture för hållbart aluminium i Yunnan, Kina, med produktionsstart 2025.”

Annual report 2024A · The company itself

“I det fjärde kvartalet 2024 slutförde vi ett stort förvärv i Kina som avsevärt ökar vår produktionskapacitet och förmåga att konkurrera och växa vår affär.”

Annual report 2024A · The company itself

“Förvärvet av en kostnadseffektiv gjutnings- och varmvalsningsanläggning i Shandongprovinsen, Kina, slutfördes 2024 och markerade en viktig utökning av närvaron i Asien. Förvärvet bygger vidare på Gränges partnerskap med Shandong Innova - tion Group (SIG) och ger även tillgång till skalbar kapacitet nedströms och tillgång till koldioxidsnålt aluminium.”

Annual report 2024A · The company itself

“Kina är huvudmarknad i Asien. Andra viktiga marknader är Indien, Thailand, Sydkorea och Japan.”

Annual report 2024A · The company itself

“Gränges Eurasia består av fyra produktions anläggningar med gjutning av valsgöt och varmvalsteknik i Finspång (Sverige), Konin (Polen), Shanghai och Shandong (Kina), och inkluderar även Gränges Powder Metallurgy i Saint-Avold (Frankrike).”

Annual report 2024A · The company itself

“I henhold til ILAB vil følgende produkter i ARKs sortiment produsert i Kina ha risiko for barne- og/eller tvangsarbeid: leker, bomull, tekstil og elektroniske produkter. I tillegg vil produkter til husdrift, som kaffe og kakao, samt profileringsartikler av bomull, inneha en risiko.”

Annual report 2024A · The company itself

“I kartlegging av disse leverandørenes underleverandører oppgir 48 % å ha leverandører knyttet til ARKs verdikjeder i Kina, 22 % i Hongkong og 7 % i Vietnam.”

Annual report 2024A · The company itself

“As part of the transformation, we continue to pursue a resilient sourcing strategy by diversifying our manufacturing footprint. The majority of our products are manufactured by third-party manufacturers located in China, Vietnam, India, Japan, Belgium, the United States, Mexico, and Indonesia.”

Annual report 2025A · The company itself

“Additionally, we utilize third-party manufacturers primarily located in the Far East, including China, Vietnam and India, to produce most of our products.”

Annual report 2025A · The company itself

“In addition, competitive international biotech sectors, including in China, supported by favorable regulatory conditions and costs there, may also divert research and development activity and investment away from the U.S., reducing long-term demand for domestic life science real estate.”

Annual report 2025A · The company itself

“Sources: JAMA; KAMA, CAAM China continued to cement its position as the largest vehicle exporting country by volume with 2024 total exports of 5.9 million units (incl. overland and shortsea volumes), compared to 4.2 million units exported from Japan.”

Annual report 2024A · The company itself

“Further, many of the purchasers of the decommissioned IT asset components are geographically concentrated, particularly in China. If governments enact trade policies or environmental regulations that restrict or increase the cost of exporting IT assets into China or the other markets in which we sell decommissioned IT asset components or recyclable materials, or increase the enforcement of such policies, then the revenue from the sale of these assets may be negatively impacted.”

Annual report 2025A · The company itself

“Additionally, uncertain macroeconomic conditions, particularly within China, may reduce our purchasers’ demand for the IT asset components that we sell, thereby reducing our revenues and earnings.”

Annual report 2025A · The company itself

“In 2025, 48% of our fabrics were produced by our top five fabric suppliers, with the largest manufacturer producing 20%. During 2025, 34% of our fabrics originated from Taiwan, 29% from China Mainland, 10% from South Korea, and 10% from Vietnam, and the remainder from other regions.”

Annual report 2026A · The company itself

“•Other raw materials - We also source other raw materials which are used in our products, including content labels, elastics, buttons, clasps, and drawcords from suppliers located predominantly in APAC and China Mainland.”

Annual report 2026A · The company itself

“China Mainland We have operated in China for over a decade, opening our first store in China Mainland in fiscal 2014. In 2025, the net revenue we generated in China Mainland represented 16% of our total net revenue.”

Annual report 2026A · The company itself

“In addition, we do not manufacture our products or raw materials and rely on suppliers and manufacturers located predominantly in APAC and China Mainland. We also source other materials used in our products, including items such as content labels, elastics, buttons, clasps, and drawcords, from suppliers located primarily in this region. Based on cost, during 2025: •Approximately 40% of our products were manufactured in Vietnam, 18% in Cambodia, 11% in Sri Lanka, 11% in Indonesia, and 7% in Bangladesh, and the remainder in other regions; and •Approximately 34% of the fabric used in our products originated from Taiwan, 29% from China Mainland, 10% from South Korea, 10% from Vietnam, and the remainder from other regions.”

Annual report 2026A · The company itself

“Candelaria (Chile) The Candelaria operations consist of an open pit and underground mines providing copper ore to two on-site processing plants located near Copiapó in the Atacama region of Chile, as well as a port facility and desalination plant located approximately 100km from the mine facilities in the town of Caldera.”

Annual report 2024A · The company itself

“Any broad-based downturn in these emerging markets, or in a key market such as China, could require us to reduce export volumes into these markets and could also require us to divert product sales to less profitable markets.”

Annual report 2025A · The company itself

“It is also possible that government authorities could take action that impairs our ability to sell or deliver advertising, including in countries where access to our consumer-facing products may be blocked or restricted. For example, we generate meaningful revenue from a small number of resellers serving advertisers based in China, and it is possible that the Chinese, United States, or other government could take action that reduces or eliminates our China-based advertising revenue, whether as a result of the trade dispute with the United States, including any tariffs implemented by the United States or China, in response to content issues or information requests in Hong Kong or elsewhere, or for other reasons, or take other action against us, such as imposing taxes or other penalties, which could adversely affect our financial results.”

Annual report 2025A · The company itself

“For example, several of our products are not generally available in China.”

Annual report 2025A · The company itself

“Governments from time to time seek to censor or moderate content available on Facebook or our other products in their country, restrict access to our products from their country partially or entirely, or impose other restrictions that may affect the accessibility of our products in their country for an extended period of time or indefinitely. For example, user access to Facebook and certain of our other products has been or is currently restricted in whole or in part in China, Iran, and North Korea.”

Annual report 2025A · The company itself

“Inköps- och leverantörshantering Beroendet av en enda leverantör MilDef Crete kapacitet att leverera Dubbla inköpskanaler, avtal, designkrav Made in Sweden/EU, IP-rättigheter, gemensamma leverantörer Dubbla inköpskanaler i EU/USA Kinesiskt inflytande/kontroll över kritiska leverantörer Risker kopplade till människor och organisation är fokuserade på kompetens, employer branding, förmåga att behålla personal och vår kultur.”

Annual report 2024A · The company itself

“In addition, certain of our products sold to China may be subject to additional tariffs due to ongoing trade tensions between China and the U.S. The level of exports by Chinese producers of concentrated phosphate crop nutrients depends to a significant extent on Chinese government actions to curb exports through, among other measures, prohibitive export taxes at times when the government believes it desirable to assure ample domestic supplies of concentrated phosphate crop nutrients to stimulate grain and oilseed production.”

Annual report 2025A · The company itself

“Det är framför allt länder i Asien, såsom Kina och Indien, som är snabba på att få ut biosimilarer på marknaden och här bedöms en stark tillväxt ske.”

Annual report 2024A · The company itself

“Under 2024 tog Nanologica ett flertal ordrar på NLAB Saga® från en kund i Kina som använder silikan i sin produktion av flera GLP-1-analoger.”

Annual report 2024A · The company itself

“This performance is particularly encouraging given the ongoing pricing pressure across China and Singapore, which continues to challenge profitability across the region.”

Annual report 2025A · The company itself

“From a business perspective, the region experienced increased demand, especially within the business areas, Cloud Solutions and Manufacturing in China.”

Annual report 2025A · The company itself

“Myynti APAC-alueella laski Kiinan alueella, mitä osittain tasapainotti kasvu muualla APAC-alueella.”

Annual report 2025A · The company itself

“The US market demonstrated resilience despite increasing price sensitivity in some market segments, while demand in China continued its steady upward trajectory. With FarCargo, we have significantly strengthened our logistical capabilities to the US and China.”

Annual report 2024A · The company itself

“The Bakkafrost brand is particularly strong in the US and China, where demand for large salmon is strong.”

Annual report 2024A · The company itself

“The most important markets are the European, US, and Chinese markets.”

Annual report 2024A · The company itself

“In terms of the value of the trade to China/Hong Kong (exports), the progress has been even more remarkable, surpassing 1 billion U.S. dollars mark in 2023.”

Annual report 2024A · The company itself

“We do not consider any sales opportunities with the Chinese communist party, do not host our platforms in China, and impose limitations on access to our platforms in China in order to protect our intellectual property, to promote respect for and defend privacy and civil liberties protections, and to promote data security. Our decision to avoid this large potential market may limit our growth prospects and could adversely impact our business, results of operations, and financial condition, and we may not compete successfully against our current or potential competitors who choose to work in China.”

Annual report 2025A · The company itself

“Kina har inte fullt återhämtat sig och når bara 80 procent av sin tidigare kapacitet, medan USA nu är den största utgående resemarknaden, drivet av en stark dollar. • AI:s växande påverkan: AI är redan en viktig förändringskraft i alla branscher, inklusive hotellsektorn.”

Annual report 2024A · The company itself

“Other Commercialization and Risk Statement Authorization Frameworks: On March 22, 2023, a bill amending the Tobacco Hazards Prevention and Control Act in Taiwan went into effect. It regulates heated tobacco products and bans e-cigarettes.”

Annual report 2025A · The company itself

“As of December 31, 2025, our four geographical segments were as follows: •Europe Region is headquartered in Lausanne, Switzerland, and covers all the European Union countries, Switzerland, the United Kingdom, and also Ukraine, Moldova and Southeast Europe; it also includes our Wellness business; •South and Southeast Asia, Commonwealth of Independent States, Middle East and Africa Region ("SSEA, CIS & MEA") is headquartered in Dubai, United Arab Emirates.”

Annual report 2025A · The company itself

“In 2025, Russia accounted for around 9% of our total cigarette and heated tobacco unit shipment volume, and around 6% of our total net revenues.”

Annual report 2025A · The company itself

“We may not be successful in the expansion of our multi-channel distribution network or accelerating growth in certain product categories. Implementation of our growth strategy involves the continuation and expansion of our multi-channel distribution network, including within international markets such as China, which is subject to many factors, including, but not limited to, our ability to (i) identify new or underpenetrated markets where our products and brand will be accepted by consumers; (ii) attract customers, particularly in new markets; (iii) identify desirable freestanding and department store locations, the availability of which may be out of our control; (iv) negotiate acceptable lease terms, including desired tenant improvement allowances; (v) efficiently and cost effectively build-out stores and shop-within-shops; (vi) source sufficient inventory levels timely to meet the needs of the new stores and shop-within-shops; (vii) hire, train, and retain competent store personnel; and (viii) integrate new stores and shop-within-shops into our existing systems and operations.”

Annual report 2026A · The company itself

“For example, the governments of some countries, such as India and Pakistan, have passed laws and regulations restricting the distribution of content and products deemed to represent foreign or “immoral” influences.”

Annual report 2025A · The company itself

“Expansion på den snabbväxande lokala premiummarknaden i Kina genom förvärvet av verktygstillverkaren Suzhou Ahno.”

Annual report 2024A · The company itself

“Genom att förvärva en majoritetsandel i det ledande verktygsföretaget Suzhou Ahno etablerade Sandvik dessutom ett starkt fotfäste i det snabbväxande lokala premiumsegmentet i Kina.”

Annual report 2024A · The company itself

“S: Med förvärvet av Suzhou Ahno har vi etablerat en viktig position i det lokala premiumsegmentet i Kina. Företaget har en ledande position inom precisionsverktyg, med ett brett produkt- och tjänsteutbud samt omfattande försäljnings-, distributionsoch produktionsnätverk. Suzhou Ahno:s konkurrenskraftiga sortiment och närhet till kund är en utmärkt plattform för att driva tillväxt av vår verktygsverksamhet i regionen.”

Annual report 2024A · The company itself

“Under 2024 förvärvade Sandvik en majoritetsandel i Suzhou Ahno Precision Cutting Tool Technology. Suzhou Ahno har en ledande position inom det lokala premiumsegmentet, med ett brett produkt- och tjänsteutbud och en omfattande bas för försäljning, distribution och produktion. Med detta förvärv tog Sandvik ett stort steg mot att bli ledande inom runda verktyg och stärkte sin exponering i Kina.”

Annual report 2024A · The company itself

“En central del av vår strategi är att utöka närvaron i snabbväxande geografier utanför Europa och i tillväxtsegment där vi har varit underrepresenterade. Under 2024 förvärvade vi en majoritetsandel i Suzhou Ahno, ett ledande lokalt bolag inom premiumsegmentet i Kina.”

Annual report 2024A · The company itself

“I mars 2024 godkände den kinesiska läkemedelsmyndigheten, NMPA, Kineret för behandling av Stills sjukdom.”

Annual report 2024A · The company itself

“Further, the enforcement of regulations relating to mobile and other games with an online element in China remains uncertain, and further changes, either in the regulation or their enforcement could have a negative impact on our business in China. In order to operate in China, all games must have regulatory approval. A decision by the Chinese government to revoke its approval for any of our games or to decline to approve any products we desire to sell in China in the future could have a negative impact on our business.”

Annual report 2026A · The company itself

“In particular, we believe that there are meaningful opportunities to expand our presence in Asia, the Middle East, and Latin America. Within these regions, China is our most established market, where we offer NBA 2K Online through our partnership with Tencent.”

Annual report 2026A · The company itself

“Kaukoidän ostoista joudutaan osa maksamaan ennakkomaksuina, ja tähän liittyvää riskiä pyritään minimoimaan yhteistyöllä pitkäaikaisesti tunnettujen tavarantoimittajien kanssa. Kiinassa Shanghaissa toimii yhdessä norjalaisen halpakauppaketjun Europris AS:n kanssa omistettu hankintayhtiö, joka toimii Kiinasta ja Kauko-Idästä hankittavien tavaraostojen tukijalkana. Yhtiön toimintaan kuuluu osallistua paikallisten toimittajien löytämiseen ja valintaan, varmistaa oikea laatu ja seurata toimitusaikoja sekä varmistaa toimittajien vastuullista toimintaa.”

Annual report 2025A · The company itself

“Tokmanni -konserni laajentaa hankintapohjaansa Kiinan ulkopuolelle muihin Kaukoidän ja Lähi-idän maihin toimittajariskien vähentämiseksi ja toimittajakannan monipuolistamiseksi.”

Annual report 2025A · The company itself

“Kiinan muuttuva ympäristölainsäädäntö, poliittisten päätösten vaikutus maan talouden kehitykseen ja lainsäädäntöön sekä poliittinen epävakaus hankintamaissa, kuten Turkissa, Bangladeshissa, Myanmarissa ja Pakistanissa, voivat nostaa hankintahintoja tai aiheuttaa toimitusongelmia.”

Annual report 2025A · The company itself

“Tokmanni -konsernin tärkeimmät hankintamaat ovat Kiina (23 %) ja Suomi (21 %). Niiden jälkeen tulevat Ruotsi, Puola, Saksa ja Tanska.”

Annual report 2025A · The company itself

“Shanghain-hankintatoimisto vastaa kaikista hankinnoista Kiinassa, Vietnamissa ja Bangladeshissa. Intiassa, Pakistanissa ja Turkissa toimivia toimittajia hallinnoidaan paikallisten palveluntarjoajien kautta. Kaikki hankinnat eurooppalaisilta toimittajilta hankinnat hoitaa Tokmanni -konsernin oma hankintaja osto-organisaatio.”

Annual report 2025A · The company itself

“Valtaosa Tokman ni-konsernin riskimaissa toimivista toimittajista sijaitsee Kiinassa.”

Annual report 2025A · The company itself

“Tokmanni Oy omistaa Hong Kongissa toimivan yhteisyritys Tokmanni -Europris Sourcing Ltd:n osakkeista 50 %. Yhteisyritys omistaa Shanghaissa toimivan hankintayhtiön Tokmanni -Europris (Shanghai) Trading Co., Ltd:n, joka toimii Kiinasta ja Kaukoidästä hankittavien tavaraostojen tukijalkana. Yhtiön toimintaan kuuluu osallistua paikallisten toimittajien löytämiseen ja valintaan, varmistaa oikea laatu ja seurata toimitusaikoja sekä varmistaa toimittajien vastuullinen toiminta.”

Annual report 2025A · The company itself

“In China, we are regulated under China’s Personal Information Protection Law (“PIPL”), where we process data as an entrusted party on behalf of our customers who operate as data handlers.”

Annual report 2026A · The company itself

“In China, for example, we offer the China CRM Suite, a CRM solution that does not require data to be transferred outside of China.”

Annual report 2026A · The company itself

“Our ex-U.S. total revenues increased 3% in 2025, as compared to 2024, primarily due to solid CF performance across multiple geographies and increased CASGEVY product revenues, partially offset by a decline in product revenues in Russia, where we are continuing to experience a violation of our intellectual property rights.”

Annual report 2025A · The company itself

“Third-party contract manufacturers, including some based in China, perform different parts of our manufacturing process.”

Annual report 2025A · The company itself

“We rely on a global network of third parties, including some in China, and our internal capabilities to manufacture and distribute our products for commercial sale and post-approval clinical trials and to manufacture and distribute our product candidates for clinical trials. In addition to establishing supply chains for each newly approved product, we adapt our supply chain for existing products to include additional formulations or to increase scale of production for existing products as needed.”

Annual report 2025A · The company itself

“In 2025, we entered into agreements with Zai Lab Limited (“Zai”) and Ono Pharmaceuticals Co., Ltd (“Ono”) related to the development and commercialization of povetacicept in certain Asian markets. Zai licensed povetacicept for mainland China, Hong Kong SAR, Macau SAR, Taiwan region, and Singapore, while Ono licensed povetacicept for Japan and South Korea.”

Annual report 2025A · The company itself

“Den totala kinesiska personbilsmarknaden ökade med 8 procent medan det traditionella premiumsegmentet minskade med 6 procent. Konkurrenssituationen i Kina är fortsatt intensiv, med flera inhemska märken som ökar sin närvaro, speciellt inom BEV segmentet.”

Annual report 2024A · The company itself

“ES90 är en av två nya bilar som vi tror kommer lyckas inom premiumsegmentet för energieffektiva bilar (New Energy Vehicle) i Kina.”

Annual report 2024A · The company itself

“Ökningen drevs främst av en stark utveckling av våra helt eldrivna bilar i Europa, medan den kinesiska marknaden var mer utmanande.”

Annual report 2024A · The company itself

“I Asien, och framför allt i Kina, har vi lokala resurser, inom bland annat design, konstruktion och produktion. Redan idag är majoriteten av de bilar vi säljer i Kina tillverkade i Kina.”

Annual report 2024A · The company itself

“Fragmenterad tillväxt med skillnader mellan USA och Europa. Svag tillväxt i Kina och Tyskland som förväntas stödjas av ytterligare finansiella lättnader.”

Annual report 2024A · The company itself

“In 2024, Chinese exports totaled 5.86 million vehicles, growing by 19.3 percent YoY, driven by higher volumes to Southeast Asia, the Middle East, Africa, and South America.”

Annual report 2024A · The company itself

“Governments in China and other countries continue to use various mechanisms to control healthcare expenditures, including increased use of competitive bidding and tenders, price regulation (such as volume-based procurement programs), government imposed payback provisions, and changes in reimbursement practices and policies on average selling prices for the Company’s products, which unfavorably impact the Company’s revenues and may continue to impact the Company’s results of operations in certain countries.”

Annual report 2025A · The company itself

“In 2025, the Company’s total net sales from China increased 10% as compared to 2024 after decreasing by 10% in 2024 as compared to 2023. The 2024 sales decrease in China resulted from lower customer demand for our products across all customer classes, driven by various factors. Such factors include, among other things, a decline in the economic conditions in China, trade tensions and tariffs between the U.S. and China and their impact on our business and particularly customers’ purchasing decisions, increased competition from local and international competitors in China, the Chinese government’s ongoing tightening of restrictions on procurement by government-funded customers and other regulatory and compliance challenges and uncertainties in the Chinese market, all of which had, and may continue to have, an adverse effect on our business and operations in China.”

Annual report 2025A · The company itself

“Inom kontraktstillverkningen hämmades tillväxten framför allt av den avvaktande hållningen hos inarbetade kundsegment i Kina.”

Annual report 2024A · The company itself

“Inom kontraktstillverkningen dämpades tillväxten av avvaktande efterfrågan hos framför allt inarbetade kundsegment i Kina.”

Annual report 2024A · The company itself

“Inom kontraktstillverkningen har framför allt den avvaktande hållningen hos inarbetade kundsegment i Kina hämmat tillväxten.”

Annual report 2024A · The company itself

“Additionally, Chinese law regulates Yum China’s business conducted in mainland China, and as such our license fee from the Yum China business is subject to numerous uncertainties based on Chinese laws, regulations and policies, which may change from time to time. If Yum China’s business is harmed or development of our Concepts’ restaurants is slowed in mainland China due to any of these factors, it could negatively impact the license fee paid by Yum China to us, which would negatively impact our financial results.”

Annual report 2025A · The company itself

“Our relationship with Yum China is governed primarily by the MLA, as amended from time to time, which may be terminated upon the occurrence of certain events, such as the insolvency or bankruptcy of Yum China. In addition, if we are unable to enforce our intellectual property or contract rights in mainland China, if Yum China is unable or unwilling to satisfy its obligations under the MLA, or if the MLA is otherwise terminated, it could result in an interruption in the operation of our brands that have been exclusively licensed to Yum China for use in mainland China.”

Annual report 2025A · The company itself

“As our largest master franchisee, Yum China, pays the Company a continuing fee of 3% on system sales of our Concepts in mainland China.”

Annual report 2025A · The company itself

“A meaningful portion of our total business, particularly with respect to our KFC Concept, is conducted in mainland China through our largest franchisee, Yum China. We are contractually entitled to receive a 3% sales-based license fee on all Yum China system sales related to our KFC, Taco Bell and Pizza Hut Concepts.”

Annual report 2025A · The company itself

“Försäljningen av egna avancerade instrument hade en stark tillväxt i USA, Europa och Kina.”

Annual report 2023A · The company itself

“Bolaget har en bred geografisk spridning med verksamhet i 30 länder, där AddLifes dotterbolag har väletablerade säljorganisationer med hög, teknisk kompetens som i kombination med den differentierade produkt- och tjänsteportföljen skapar starka långsiktiga kundrelationer och förutsättningar för goda affärer.”

Annual report 2023A · The company itself

“AddLife är idag närvarande i 30 länder, huvudsakligen i Norden, Väst-, Central- och Östeuropa samt Kina och Australien.”

Annual report 2023A · The company itself

“Grund, Bytom, Polen 15,4 Der er indgået aftale om salg af grunden, betinget af bl.a. myndighedsforhold. Grund, Sosnowiec, Polen 5,7 Grund til boligformål.”

Annual report 2026A · The company itself

“Certain of our larger and more complex projects are located in markets outside the United States, such as China, India, the Middle East, and Uzbekistan, including in locations where there is the potential for significant economic and political disruptions. We are actively investing large amounts of capital and other resources, in some cases through joint ventures, in developing markets, which we believe to have high growth potential. Our operations in these markets may be subject to greater risks than those faced by our operations in mature economies, including political and economic instability, project delay or abandonment due to unanticipated government actions, inadequate investment in infrastructure, undeveloped property rights and legal systems, unfamiliar regulatory environments, relationships with local partners, language and cultural differences and increased difficulty recruiting, training and retaining qualified employees.”

Annual report 2025A · The company itself

“In 2025, net sales shipped to or within China represented 39% of our total net sales.”

Annual report 2025A · The company itself

“The reduced attractiveness of the U.S. as a destination for research and commercialization could lead to a substantial long-term decline in the size of our life science tenant base and of life science real estate.”

Annual report 2025A · The company itself

“Manufacturing and Suppliers We have regional fabrication facilities in our main markets for clear aligners, which are located in Juarez, Mexico; Ziyang, China; and Wroclaw, Poland.”

Annual report 2025A · The company itself

“In China, we partnered with the biopharmaceutical company GenSci to fast-track sales of ALK’s products in this important, yet complex market. GenSci was an obvious choice given their capacity of expanding product portfolios, their commitment to deploy significant resources to succeed with ALK’s products, and their understanding of the paediatric field. GenSci has already started selling our Alutard SCIT product and diagnostics, and we collaborate closely to bring the ACARIZAX ® tablet to market for both adults and children.”

Annual report 2025A · The company itself

“GenSci has taken over sales and marketing of ALK’s Alutard ® SCIT product and skin prick tests, and ACARIZAX ® will expectedly be added to the portfolio in 2028, subject to regulatory approval. To facilitate this approval, a phase 3 trial involving around 300 Chinese patients is ongoing with completion scheduled around year-end 2026.”

Annual report 2025A · The company itself

“SCIT revenue grew by 44%, driven by resumed product shipments to China, the region’s largest SCIT market, after the renewal of ALK’s import license in late 2024. Chinese in-market sales continued to grow by double digits, facilitated by the ongoing expansion of the prescriber base.”

Annual report 2025A · The company itself

“During 2025, non-U.S. markets constituted approximately 65% of the Company’s net sales, with China constituting approximately 16% of the Company’s net sales.”

Annual report 2025A · The company itself

“As of December 31, 2025, approximately 79% of the Company’s long-lived assets were located outside of the United States, with approximately 37% located in China. This compares to approximately 73% and 29%, respectively, in 2024.”

Annual report 2025A · The company itself

“Anoto har betydande valutaflöden i USD, EUR, GBP och KRW eftersom större delen av faktureringen sker i dessa valutor.”

Annual report 2024A · The company itself

“A significant majority of the Company’s manufacturing is performed in whole or in part by outsourcing partners located primarily in China mainland, India, Japan, South Korea, Taiwan and Vietnam, in addition to sourcing from partners and facilities located in the U.S.”

Annual report 2025A · The company itself

“Other important markets are Central Asia and China.”

Annual report 2025A · The company itself

“Liikevaihdon kasvu toisella vuosipuoliskolla sekä kananlihan viennin käynnistyminen Kiinaan viime vuoden lopulla olivat keskeisiä tekijöitä liikevoiton vahvistumisessa.”

Annual report 2025A · The company itself

“Huvudmarknaderna är Skandinavien, Tyskland, Storbritannien, Kina och Nordamerika.”

Annual report 2024A · The company itself

“While we directly import approximately 1% to 3% of our overall assortment, our global supply chain for consumer electronics is heavily reliant on vendor imports from foreign countries (including products sourced from China, Mexico and Southeast Asia).”

Annual report 2026A · The company itself

“Most of our exclusive brand products are manufactured by contract manufacturers in China, Mexico and Southeast Asia, which may limit our ability to do the following: •seek recourse from manufacturers may be limited in foreign jurisdictions; •conform in a timely manner to new rules or interpretations of developing and often-changing labor and environmental laws for the manufacturing of products in foreign countries; and •source alternatives quickly enough to avoid interruptions in product supply due to disruptions, such as trade disputes or excessive tariffs.”

Annual report 2026A · The company itself

“Our international activities are subject to many of the same risks as described above, as well as to risks associated with the legislative, judicial, regulatory, political, economic and cultural factors specific to the countries or regions in which we operate. We have wholly-owned legal entities registered in various foreign countries, including Bermuda, Canada, China, India, Luxembourg, the Republic of Mauritius, the United Kingdom and Vietnam. Additionally, most of our exclusive brand products are manufactured by contract manufacturers based in China, Mexico and Southeast Asia.”

Annual report 2026A · The company itself

“Försäljningen av Leqembi genererade 230,4 MSEK i royalty för BioArctic under 2024. Under året var de främsta geografiska marknaderna USA, Japan och Kina.”

Annual report 2024A · The company itself

“På grund av verksamhetens karaktär kan det uppstå stora fluktuationer mellan intäkterna för olika perioder eftersom intäkter från milstolpsersättningar redovisas vid den tidpunkt då prestationsåtagandena är uppfyllda. Nettoomsättningen under verksamhetsåret 2024 uppgick till 257,4 MSEK (616,0), vilket inkluderade 230,4 MSEK (10,2) i royaltyintäkter från försäljning av Leqembi, huvudsakligen i USA och Japan, och 15,4 MSEK (8,3) i intäkter från forskningsavtal.”

Annual report 2024A · The company itself

“Eisai erhöll under 2023 ett fullt godkännande för lecanemab i USA och i Japan. Sedan dess har läkemedlet även blivit godkänt i Kina, Storbritannien, EU och i ett stort antal andra marknader.”

Annual report 2024A · The company itself

“Europe(1) Germany Asia Other Total Product revenue from external customers $ 3,141.4 $ 2,127.4 $ 868.0 $ 649.4 $ 460.5 $ 7,246.7 Revenue from anti-CD20 therapeutic programs 1,618.5 0.4 — — 70.7 1,689.6 Contract manufacturing, royalty and other revenue 673.6 11.7 — 214.0 — 899.3 Long-lived assets 1,443.0 2,248.0 17.5 8.3 12.9 3,729.7 (1) Represents amounts related to Europe less those attributable to Germany.”

Annual report 2025A · The company itself

“We are also required to comply with the regulations of every other country where we commercialize products before we can launch or maintain new products on the market, including NMPA regulations in China, Ministry of Health, Labour and Welfare (MHLW) and PMDA regulations in Japan, and regulations in many countries in the Middle East and Southeast Asia that previously did not have, or had minimal, medical device regulations.”

Annual report 2025A · The company itself

“Boule Diagnostics AB har två rörelsedrivande dotterbolag; det svenska Boule Medical AB och det amerikanska Clinical Diagnostic Solutions Inc. Boule Medical AB har ett dotterbolag i Mexiko, BM Mexico S.A. de C.V., och två dotterbolag i Ryssland, Boule Medical LLC, som är ett försäljningsbolag, och Boule Production LLC, som är ett tillverkande bolag.”

Annual report 2024A · The company itself

“Osäkerheter med anledning av kriget i Ukraina Under helåret 2024 uppgick Boules försäljning i Ryssland till 7-procent (7) av nettoomsättningen.”

Annual report 2024A · The company itself

“Outside of the United States we have retail operations based in Bermuda, Canada, Cayman Islands, India, the Netherlands, Republic of Ireland and the United Kingdom, and Specialty Distribution operations in Belgium, Canada, France, Germany, Hong Kong, Italy, Malaysia, the Netherlands, Singapore, United Arab Emirates and the United Kingdom.”

Annual report 2025A · The company itself

“We have substantial operations in the United Kingdom, as well as operations in Belgium, Bermuda, Canada, Cayman Islands, France, Germany, Hong Kong, India, Italy, Malaysia, the Netherlands, Republic of Ireland, Singapore and United Arab Emirates.”

Annual report 2025A · The company itself

“APAC har tagit fart och vi har under året vunnit ordrar i exempelvis Kina, Korea, Japan och Sydostasien.”

Annual report 2024A · The company itself

“Intäkterna i Americas uppgick till 72,7 (86,0) MSEK, en minskning med 15 procent och APAC uppvisade fortsatt en stark intäktsökning vilken uppgick till 77 procent och intäkterna uppgick därmed till 210,3 (118,6) MSEK. Ökningen i APAC avser främst Kina, där protonordrar leverera-des i andra och tredje kvartalet, samt Japan och Australien.”

Annual report 2024A · The company itself

“The components of the year-over-year change were as follows: Net sales Organic / Operational (5) % Foreign currency translation — % Total % change (5) % The organic decrease in Net sales of 5% was driven by volume reductions within certain end-markets compared with the prior year. Results in China decreased (down 12%) as residential end-markets experienced economic challenges impacting both demand and price.”

Annual report 2025A · The company itself

“No revenue from external customers is attributable to Denmark, which is the Group’s country of domicile. All non-current non-financial assets are located in Poland, and no such assets are attributable to Denmark.”

Annual report 2025A · The company itself

“Omsætningen på det kinesiske marked steg i 2024/25 med 27% til DKK 11,9 mio. Salget i Kina foregår i et nært samarbejde mellem en distributør og lokale salgsagenter, som støttes af sælgere og produktspecialister fra hovedkontoret i Allerød.”

Annual report 2025A · The company itself

“Overseas General Insurance (27 percent of 2025 Consolidated NPE) Overview The Overseas General Insurance segment comprises our retail division Chubb International, which includes Huatai Property & Casualty Insurance Co., Ltd.”

Annual report 2025A · The company itself

“Our Asia markets comprise South Korea, mainland China, Hong Kong, Taiwan, Thailand, Vietnam, New Zealand, and Indonesia.”

Annual report 2025A · The company itself

“Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) Chubb Limited and Subsidiaries Huatai Group's life insurance and asset management businesses are included in the Life Insurance segment, and Huatai Group's P&C business is included in the Overseas General Insurance segment.”

Annual report 2025A · The company itself

“Products and services are offered worldwide except as limited by applicable law and include ASO, GC and ER funding options. •Local Health Care offerings include medical, dental, pharmacy and vision as well as life coverage. Customers include employers and individuals located in specific geographies (China, Singapore, Hong Kong, Spain and India, along with various countries in the Middle East) where the products and services are purchased.”

Annual report 2025A · The company itself

“We operate on a global basis serving consumers in more than 200 countries and territories with approximately two-thirds of our Net sales originating in markets outside the United States.”

Annual report 2025A · The company itself

“ConocoPhillips 2025 10-K 44 Results of Operations Table of Contents Asia Pacific 2025 2024 2023 Select financial data by segment before-tax ($MM) Sales and other operating revenues ($MM) $ 1,770 1,847 1,913 Production and operating expenses ($MM) 367 384 391 Depreciation, depletion and amortization ($MM) 460 425 455 Taxes other than income taxes ($MM) 57 109 117 Net income (loss) ($MM) $ 1,167 1,724 1,961 Consolidated Operations Total Production (MBOED) Natural gas ($ per MCF) 3.59 3.74 3.95 The Asia Pacific segment consists of operations in China, Malaysia, and Australia, and commercial operations in China, Singapore and Japan.”

Annual report 2025A · The company itself

“ContextVision har en global närvaro med lokal representation i USA, Japan, Kina och Sydkorea, ett uttryck för vårt engagemang att erbjuda service i världsklass genom vårt kunniga team.”

Annual report 2024A · The company itself

“We have display glass manufacturing operations in China, South Korea and Taiwan, and service our glass customers in all regions, utilizing our manufacturing facilities throughout Asia.”

Annual report 2025A · The company itself

“SHANGHAI, CHINA”

Annual report 2025A · The company itself

“For example, Brazil enacted the General Data Protection Law, New Zealand enacted the New Zealand Privacy Act, Australia enacted the Australia Privacy Act, China enacted its Personal Information Protection Law, Canada has enacted the Personal Information Protection and Electronic Documents Act, and various related provincial laws and India enacted the Information Technology Act.”

Annual report 2025A · The company itself

“While we are working to diversify our sources of imported goods to include Southeast Asia, India, South America and Mexico, a substantial amount of our imported merchandise comes from China, and thus, a change in the Chinese leadership, the effects of pandemic outbreaks, economic and market conditions, internal economic stimulus actions, or currency or other policies, as well as trade and other relations between China and the United States and increases in costs of labor, could negatively impact our merchandise costs.”

Annual report 2026A · The company itself

“Revenue by Segment Years Ended December 31, 2025 2024 2023 Engineered Products Imaging & Identification Total percentage of revenue derived from customers outside of the United States 46 % 46 % 48 % Our international operations are subject to certain risks, such as price and exchange rate fluctuations and non-U.S. governmental restrictions, which are discussed further in Item 1A.”

Annual report 2025A · The company itself

“Such risks may be especially exacerbated as they relate to China and Hong Kong, a market that represented approximately 10 percent of the Company’s consolidated net sales for the year ended December 31, 2025.”

Annual report 2025A · The company itself

“Our international businesses, especially in the United Kingdom and Germany, and in cross-border sales from Greater China, have generated nearly half of our net revenues in recent years.”

Annual report 2025A · The company itself

“We sell our products in approximately 100 countries, including Germany, Japan, France, United Kingdom (“U.K.”), Italy, Canada, China, and Spain.”

Annual report 2025A · The company itself

“The most impoant markets are China, Germany, Singapore, Sweden, the UK and the USA.”

Annual report 2024A · The company itself

“At such date, approximately 99% of EOG's net proved reserves, on a crude oil equivalent basis, were located in the United States and 1% in Trinidad.”

Annual report 2025A · The company itself

“Högst tillväxt väntas Indien, Kina och Mexiko stå för.”

Annual report 2024A · The company itself

“De viktigaste marknaderna finns på norra halvklotet, där USA, Västeuropa, Kina och Indien är de största. Under 2024 slutförde Epiroc ett stort förvärv i USA, Stanley Infrastructure, vilket ökade exponeringen mot infrastrukturkunderna från 17% till 22%.”

Annual report 2024A · The company itself

“Kiinassa markkinatilanne oli Eurooppaa parempi, mutta kauppasota lisäsi epävarmuutta myös siellä.”

Annual report 2025A · The company itself

“Kiinan sisäisellä markkinalla teknologiapalveluiden kysyntä säilyi edelleen hyvällä tasolla, mihin vaikutti palveluiden ostamisen trendin vahvistuminen omien työntekijöiden palkkaamisen sijaan. Keskitymme jatkossa entistä voimakkaammin palvelemaan Kiinan sisäistä markkinaa.”

Annual report 2025A · The company itself

“Maantieteelliset markkinat: Etteplan toimii pääasiassa Euroopassa (Pohjoismaat, Keski-Eurooppa), kasvavassa määrin Aasiassa (Kiina) sekä jonkin verran Pohjois-Amerikassa .”

Annual report 2025A · The company itself

“The sourcing office in China also plays a key role in ensuring that these requirements are reflected in the products.”

Annual report 2024A · The company itself

“Expeditors' activity is particularly exposed to trade volume impacts from trade actions and tariff disputes between China and the United States, as we generated 19% and 22% of our revenues and 15% and 17% of our operating income in 2025 and 2024, respectively, on exports from China and Hong Kong.”

Annual report 2025A · The company itself

“For example, in China, there is an evolving regulatory environment and complex data security and data transfer regulations.”

Annual report 2025A · The company itself

“Table of Contents In the case of fasteners and our private label non-fastener products, we have a large number of suppliers but these suppliers are heavily concentrated in a single geographic area, Asia. Within Asia, suppliers in China and Taiwan represent a significant source of product. Further, in many cases where we source directly from a North American supplier, the original country of origin of the acquired parts is the supplier's Asian facilities.”

Annual report 2025A · The company itself

“We obtain certain of our products, and our suppliers obtain certain of their products, from China, Taiwan, South Korea, and other foreign countries.”

Annual report 2025A · The company itself

“We source a significant amount of the products we sell from outside of North America, primarily Asia. We have made significant structural investments over time to be able to source both directly from Asia through our wholly-owned, Asia-based subsidiary, FASTCO Trading Co., Ltd., and indirectly from suppliers that procure product from international sources.”

Annual report 2025A · The company itself

“We evaluate and manage exposure to these market risks as follows: Tariffs and import shipping costs – We import a significant quantity of our products from foreign suppliers, primarily from Asia. These imports are both direct, where we procure directly from a foreign producer, and indirect, where we purchase from a domestic supplier that produces or supplies the product we purchase from foreign locations.”

Annual report 2025A · The company itself

“Investerat kapital, Mkr Verkligt värde, Mkr Utvecklingsfas Webbsida Kommersiell nanologica.com 189,2 • Mottagit återkommande beställning av NLAB Saga från en kund i Kina.”

Annual report 2024A · The company itself

“We have 14 manufacturing facilities located in the United States and 30 located outside of the United States, including in China, Japan, Mexico, Norway, India, Israel, Germany, Brazil, Austria, Denmark, France, Ireland, the Netherlands, Sweden, Finland, and South Korea.”

Annual report 2025A · The company itself

“Suzhou and Shanghai, China • Early-stage R&D • CMC Operations”

Annual report 2025A · The company itself

“7 Cystatin C had a year of mixed results in 2024, with sales declining by 10% compared to 2023. Despite strong growth in the USA and good performance in Europe, the softness in China, due to a tendering process called Value-Based Pricing, drove overall results down. However, from the end of 2024, we have seen an encouraging recovery in demand from China.”

Annual report 2024A · The company itself

“Gentian Diagnostics is headquartered in Moss, Norway, serving the global human and veterinary diagnostics markets through sales and representative offices in Sweden, USA, and China.”

Annual report 2024A · The company itself

“The growth was supported by strong performance across markets like ANZ, India, and Global Distributor Sales, while the growth was negatively impacted by a difficult Chinese market.”

Annual report 2025A · The company itself

“Revenue 4,858 DKKm Share of group revenue 20%”

Annual report 2025B · From the report

“In addition, continued price and volume pressure from post–volume-based procurement (VBP) in China and continued generic erosion in Brazil added to the revenue decline.”

Annual report 2025A · The company itself

“Revenue in Central Western Europe amounted to DKK 987 million compared to DKK 1,030 million in 2024. The decrease amounts to an organic growth of negative 4%.”

Annual report 2025A · The company itself

“I dag omfattas segmentet Övriga marknader av HANZAs tillverkningskluster i Baltikum, Centraleuropa och Kina.”

Annual report 2024A · The company itself

“Furthermore, the relationship between China and the U.S., and any subsequent action that may be taken by either country, may significantly vary the results our operations and financial performance from that region. There could be additional 34 Table of Content uncertainty surrounding heightened trade restrictions or the enforceability of contract obligations, as well as the timing and form of payments from China.”

Annual report 2025A · The company itself

“Since a significant portion of our hardware revenues come from international sales, any changes to current environmental legal requirements may increase our cost of doing business internationally and impact our hardware revenues from the EU, U.S., China, India and/or other countries proposing or adopting similar environmental legal requirements.”

Annual report 2025A · The company itself

“Jurisdictions in which we have significant operations and assets, such as the U.S., China, India, and the E.U., each have exercised and continue to exercise significant influence over many aspects of their domestic economies including, but not limited to fair competition, tax practices, anti-corruption, anti-trust, responsible sourcing and human rights (including the use of conflict minerals), price controls and international trade, which have had and may continue to have an adverse effect on our business operations and financial condition.”

Annual report 2025A · The company itself

“Net Sales $ 174,652 $ 185,012 (5.6) $ 709,146 $ 701,529 1.1 Segment Profit (Loss) (138,611) 27,058 (612.3) (80,418) 92,084 (187.3) Adjusted Segment Profit 25,100 27,058 (7.2) 83,293 92,084 (9.5) For the International segment, volume and net sales growth for SPAM® luncheon meat and the refrigerated portfolio was more than offset by declines in fresh pork exports and competitive pressures in Brazil in the fourth quarter of fiscal 2025.”

Annual report 2025A · The company itself

“In addition to the United States, Canada, and Mexico in North America and France, United Kingdom, Hungary, and Germany in Europe, Howmet has operating activities in numerous other countries and regions, including Japan and China.”

Annual report 2025A · The company itself

“For example, we rely on manufacturers in Taiwan to produce notebook computers and other suppliers in Asia for product assembly and manufacture and have manufacturing operations in Israel which support our Industrial Graphics business.”

Annual report 2025A · The company itself

“For example, during fiscal year 2025 we observed continued market uncertainty, cautious commercial spending on information technology hardware, including in China, lower discretionary consumer spending, increasing commodity costs, inflationary pressures, the implementation of tariffs and other trade restrictions, and foreign currency fluctuations.”

Annual report 2025A · The company itself

“Products are either sourced complete, manufactured or assembled by subsidiaries in the United States, Canada, Puerto Rico, Mexico, China, the United Kingdom ("UK"), Brazil, Australia, Spain, Ireland, and the Republic of the Philippines. The Company also participates in joint ventures in Hong Kong and the Republic of the Philippines, and maintains offices in Singapore, Italy, China, India, Mexico, South Korea, Chile, and countries in the Middle East.”

Annual report 2025A · The company itself

“Företaget har för närvarande egna försäljningskontor i Sverige, Frankrike, Israel, Kina och USA.”

Annual report 2024A · The company itself

“We have manufacturing facilities in Germany, the United Kingdom, China, Italy, India and other countries.”

Annual report 2025A · The company itself

“We also rely on third-party suppliers located in other countries, a third-party contract manufacturer located in China, and our manufacturing facility in Malaysia.”

Annual report 2025A · The company itself

“Our products are manufactured in three locations: at our manufacturing facility in the United States, at our manufacturing facility in Malaysia, and on manufacturing lines owned by us at a facility located in China that is operated by a third-party contract manufacturer.”

Annual report 2025A · The company itself

“While we manufacture our products in the United States and in Malaysia, a third-party contract manufacturer in China manufactures and supplies a significant portion of our inventory.”

Annual report 2025A · The company itself

“Moreover, sales outside the U.S. accounted for 70% of our revenue for the fiscal year ended December 27, 2025, with revenue from billings to China contributing 24% of our total revenue.”

Annual report 2025A · The company itself

“In addition, Invesco Great Wall Fund Management Company Limited (IGW or Invesco Great Wall), our joint venture in China, is one of the largest asset managers in China, with total AUM of approximately $132.5 billion at December 31, 2025.”

Annual report 2025A · The company itself

“Additionally, the U.S. and China will continue to be the dominant global wealth markets, and global asset management leaders will need a considerable footprint in these markets, along with additional high opportunity markets in EMEA and across the globe.”

Annual report 2025A · The company itself

“Även Asien, Australien och mellanöstern är i fokus för expansion. – Medvetandet om vad tillgången till bra data kan göra ökar i alla delar av världen, och vi finns och växer i alla regioner.”

Annual report 2024A · The company itself

“Det har resulterat i en nästintill global närvaro. – Det är dessutom fascinerande att se hur en organisation av denna storlek kunnat bygga en global räckvidd ”Asien med Kina i spetsen är en viktig marknad för oss, där kunskapen om våra ledande lösningar ökar inom ett stort antal segment” Daniel Westberg om hur Nord-Lock Group fortsätter att stärka sin globala närvaro.”

Annual report 2024A · The company itself

“Den senare har öppnat dörrar till en växande marknad där säkerhet och prestanda får allt högre prioritet hos kunderna. – Asien med Kina i spetsen är en viktig marknad för oss, där kunskapen om våra ledande lösningar ökar inom ett stort antal segment.”

Annual report 2024A · The company itself

“ITAB hade under 2024 rörelsedrivande dotterbolag i Argentina, Chile, Danmark, Dubai, Estland, Finland, Frankrike, Hongkong, Indien, Italien, Kina, Lettland, Litauen, Malaysia, Nederländerna, Norge, Polen, Spanien, Storbritannien, Sverige, Tjeckien, Tyskland och USA.”

Annual report 2024A · The company itself

“Our strategy includes operations growth outside the U.S., especially in developing markets such as China, Eastern Europe, ASEAN and Latin America.”

Annual report 2025A · The company itself

“We invest a significant portion of our AUM in the equity, debt, loans or other securities of issuers and in other assets that are based outside of the United States. Investing in companies or assets that are based or have significant operations in countries outside of the United States and, in particular, in emerging markets such as China and India, Eastern Europe, South and Southeast Asia, Latin America and Africa, involves risks and considerations that are not typically associated with investments in companies or assets established in the United States.”

Annual report 2025A · The company itself

“Kehittyvillä markkinoilla joulukuun valmistavan teollisuuden PMI osoitti toimintaolosuhteiden parantuneen Intiassa ja Kiinassa mutta heikentyneen Brasiliassa.”

Annual report 2025A · The company itself

“Although we do not have operations in Ukraine, and our business in Russia generated approximately 1% of our consolidated net sales for the year ended December 27, 2025, the military conflict between Russia and Ukraine has caused, and could continue to cause, negative impacts on our business and the global economy.”

Annual report 2025A · The company itself

“Dessa tillverkas i Lifcos tandtekniska laboratorium i Sverige, Filippinerna, Kina och Tyskland samt hos en underleverantör i Turkiet.”

Annual report 2024A · The company itself

“International – Linde is a global enterprise with approximately 64% of its 2025 sales outside of the United States. The company also has majority or wholly owned subsidiaries that operate in approximately 50 European, Middle Eastern and African countries (including Germany, the United Kingdom (U.K.), France, Sweden, and the Republic of South Africa); approximately 15 Asian and South Pacific countries (including China, Australia, India and South Korea); and approximately 20 countries in North and South America (including the U.S., Canada, Mexico and Brazil).”

Annual report 2025A · The company itself

“South Africa Since 2021 Wind, solar, batteries 100% ownership England Since 2022 Solar, batteries 50% ownership Sweden (Kustvind) Since 2020 Offshore wind (bottom-fixed) 48% ownership Sweden & Finland earn-out payment from Helios and Evolar Solar, batteries Scotland Since 2021 Offshore wind (float) 80% ownership Norway Since 2022 Solar, batteries 40% ownership Main office Italy Since 2024 Batteries, solar 100% ownership Germany Since 2024 Batteries, solar 100% ownership Geographically diversified and expanding Activities and deliveries Magnora develops projects mainly within four renewable technology segments: • Onshore solar photovoltaic (PV) energy • Onshore wind energy • Battery energy storage systems (BESS) • Offshore wind energy The projects are normally in early phases, until the construction phase, but Magnora can also deliver subsequent project management and support.”

Annual report 2024A · The company itself

“The majority of our faucet, bathing and showering products are sold primarily in North America, Europe and China under the brand names DELTA®, BRIZO®, PEERLESS®, HANSGROHE®, AXOR®, KRAUS®, NEWPORT BRASS® and WALTEC®.”

Annual report 2025A · The company itself

“While developmental license and affiliate arrangements are largely the same, affiliate arrangements are used in a limited number of foreign markets (primarily China and Japan) within the International Developmental Licensed Markets, as well as a limited number of individual restaurants within the International Operated Markets, where the Company also has an equity investment and records its share of net results in equity in earnings of unconsolidated affiliates.”

Annual report 2025A · The company itself

“In China, the number of CABG procedures increases with 5 to 10 % per year and is a strategic market for Medistim. Medistim covers about 70 % of the 79 000 procedures performed in China.”

Annual report 2024A · The company itself

“Medistim’s equipment is today installed in all the nation’s top 10 cardiac surgical centers.”

Annual report 2024A · The company itself

“In addition, a large market within Vascular and Transplant surgery provides opportunities for further growth.”

Annual report 2024A · The company itself

“Government‑driven pricing and procurement mechanisms, including national and provincial tender pricing programs such as volume‑based procurement initiatives in China, may require significant price concessions and constrain our ability to compete on factors other than price.”

Annual report 2026A · The company itself

“We also are subject to various other country-specific requirements around the world, such as the General Data Protection Regulation (GDPR) in the European Economic Area, the United Kingdom’s privacy laws, and China's Personal Information Protection Law (PIPL).”

Annual report 2026A · The company itself

“For example, business in China comprises approximately six percent of our total revenues.”

Annual report 2026A · The company itself

“China, which comprises approximately six percent of our total revenue, and the U.S., could impose other types of restrictions such as limitations on government procurement or technology export restrictions, which could affect Medtronic’s access to significant markets.”

Annual report 2026A · The company itself

“The Company’s largest manufacturing facilities are located in the U.S., Mexico, Puerto Rico, China, Ireland, Dominican Republic, Switzerland, Italy, and France.”

Annual report 2026A · The company itself

“In other regions, such as China and South America, activity remained broadly in line with the previous year.”

Annual report 2025A · The company itself

“Personnel by area Share, % Europe Asia Pacific and Greater China Total 100 Other main events in 2025 Acquisition of screening business in China On February 10, Metso announced the acquisition of the screening business, operations and key assets of the privately owned Selm (Beijing) Technology Co., Ltd. By combining the new offering with its existing expertise, Metso will strengthen its services for mining and aggregates customers in China.”

Annual report 2025A · The company itself

“Metso’s most significant planned investments in decarbonizing its own operations focus on electrifying foundries and metal casting processes within its facilities in China and India.”

Annual report 2025A · The company itself

“De viktigaste marknaderna för MOB-015 förväntas vara USA, EU, Japan, Kanada och Kina.”

Annual report 2024A · The company itself

“Our foreign currency revenue exposure in 2025 was primarily associated with the Canadian dollar, Euro, Korean won, and Mexican peso markets.”

Annual report 2025A · The company itself

“I nuläget sker försäljning till hela regionen från flertal försäljningskontor som täcker alla centrala marknader. Kina, Indien och Japan är de största marknaderna.”

Annual report 2024A · The company itself

“Byggandet av fabriker i Amesbury, USA och Jiangyin, Kina har framskridit väl och förväntas färdigställas under 2025. Expansion av kapacitet har gjorts i fabriken i Tobo, Sverige, Baton Rouge, Louisiana och Malour, Indien. Samtidigt planeras investeringar bland annat i utökad kapacitet i Tobo, Sverige och Monterrey, Mexiko.”

Annual report 2024A · The company itself

“Kundförlusterna har minskat mot föregående år och avser främst kunder i Kina.”

Annual report 2024A · The company itself

“I Kina har vi avslutat vår omstrukturering, vilket stärker vår förmåga i en konkurrensutsatt marknad.”

Annual report 2024A · The company itself

“I Kina togs en stor order för ett globalt transportbolag, men förutsättningarna i landet var fortsatt utmanande. Samtidigt innebär en tydlig trend i landet mot att förbättra luftkvaliteten i städerna en ökad efterfrågan på divisionens lösningar.”

Annual report 2024A · The company itself

“India and China were our largest geographical markets in 2024.”

Annual report 2024A · The company itself

“FöretagenRegencyochPacificEnergyiKanadaharmotsvarande kompletta produktionsanläggningar, för produktion av sina varumärken. Dotterbolaget Miles Industries, som säljer sina produkter under varumärket Valor, har en mindre produktionsanläggning avseddendastförmonteringavgaseldadeprodukter.”

Annual report 2024A · The company itself

“GREATER CHINA -30 bps •Greater China revenues decreased 13% on a currency-neutral basis.”

Annual report 2026A · The company itself

“Ett exempel på detta är koncernens beslut att koncentrera den kinesiska verksamheten till Dongguan, vilket möjliggör närmare kundrelationer och en mer effektiv leveranskedja.”

Annual report 2024A · The company itself

“Tillväxt: Växa snabbare än marknaden i Sverige och Norge, och fokusera på småföretag och starkare relationer.”

Annual report 2025A · The company itself

“Tillväxten ökade i euroområdet, var stabil i Kina och minskade i USA.”

Annual report 2025A · The company itself

“During fiscal year 2024, the percentage of Nordic's revenue associated with end customers in China was around 10%.”

Annual report 2024A · The company itself

“Our principal manufacturing facilities are located in the United States, the People’s Republic of China, Bulgaria, Germany, Ireland, Israel, Italy, Mexico, the Netherlands and the United Kingdom.”

Annual report 2025A · The company itself

“Sales in International Operations increased by 10% measured in Danish kroner and by 14% at CER”

Annual report 2025A · The company itself

“Region China (Mainland China, Hong Kong and Taiwan) 6,188”

Annual report 2025A · The company itself

“Sales in Region China increased by 1% measured in Danish kroner and by 5% at CER.”

Annual report 2025A · The company itself

“Production The following table sets forth the production volumes of oil, NGL and natural gas per day for each of the three years in the period ended December 31, 2025, and includes a year-over-year change calculation: Production per Day (Mboe/d) 2025 Year over Year Change 2024 Year over Year Change 2023 United States Permian Total 1,202 9 % 1,099 10 % 1,000 International Algeria & Other International — % 39 Oman 72 9 % 66 — % 66 Total 232 2 % 228 2 % 223 Total Production (Mboe/d) (a) 1,434 8 % 1,327 9 % 1,223 (a)Natural gas volumes have been converted to Boe based on energy content of six Mcf of gas to one barrel of oil.”

Annual report 2025A · The company itself

“More specifically, our assembly and test operations facility located in Leshan, China, which is owned by Leshan-Phoenix Semiconductor Company Limited, a joint venture company in which we own 80% of the outstanding equity interests, may be subjected to increased costs or additional trade restrictions stemming from the geopolitical tension between the United States and China.”

Annual report 2025A · The company itself

“After the IPO of Bemobi and the -$2,075 thousand (2023: -$3,310 thousand). Cash flow sale of AdColony in 2021, Otello's remaining main asset is from investing activities amounted to $2,826 thousand its 38.2% ownership in Bemobi Mobile Tech S.A (“Bemo- in 2024, vs $2,191 thousand in 2023, comprising a divbi”), a public company listed on the Bovespa exchange idend received from Bemobi.”

Annual report 2024A · The company itself

“The Company and its subsidiaries own and operate manufacturing plants in four U.S. states, three countries in Europe, and in Australia, Brasil, Canada and Mexico.”

Annual report 2025A · The company itself

“Asia Pacific Foods Either independently or in conjunction with third parties, Asia Pacific Foods makes, markets, distributes and sells a number of convenient food brands including BaiCaoWei, Cheetos, Doritos, Kurkure, Lay’s, Quaker and Smith’s, through consolidated businesses, as well as through noncontrolled affiliates.”

Annual report 2025A · The company itself

“I likhet med många konkurrenter och leverantörer på den marknad där bolaget verkar, är Pierce starkt beroende (både direkt och indirekt) av leverantörer i Kina. Beroende på hur det geopolitiska läget utvecklas kan det bli svårare och/eller kostsamt att få ett konsekvent utbud av produkter från den marknaden.”

Annual report 2024A · The company itself

“China. We offer mutual funds and asset management services to individuals and institutions through a joint venture, CCB Principal Asset Management Co., Ltd.”

Annual report 2025A · The company itself

“Table of Contents Asia China. We offer entrust, account services and investment management for individual and group retirement security products through a joint venture, CCB Pension Management Co., Ltd.”

Annual report 2025A · The company itself

“Dessa är stora internationella aktörer med produktion i Taiwan och Kina.”

Annual report 2024A · The company itself

“Such risks may be especially exacerbated as they relate to China, a market that is important to our business, representing approximately 33% of our net sales for the year ended December 31, 2025.”

Annual report 2025A · The company itself

“Export av maskinerna sker till länder där Railcare ej utför egna entreprenader.”

Annual report 2024A · The company itself

“We have large-scale manufacturing operations in Limerick, Ireland and have also established offices in the United Kingdom, Germany, Japan, and other countries outside the United States.”

Annual report 2025A · The company itself

“Other Regulatory Bodies Our devices are sold in multiple countries and often need to be registered with local regulatory bodies such as the Therapeutic Goods Administration in Australia, Health Canada in Canada and CFDA in China.”

Annual report 2026A · The company itself

“RTX use production partners in mainly EU, The Philippines and China.”

Annual report 2025A · The company itself

“The Unis Venture is 48% owned by the Company and 52% owned by Unis. The Unis Venture markets and sells the Company’s products in China.”

Annual report 2026A · The company itself

“In January, we announced a significant investment in our Chinese operations, where we have seen increased demand and have a positive outlook.”

Annual report 2025A · The company itself

“Geographical break down of consolidated revenues and PPE Consolidated revenues by country NOK million 2024 2023 South Africa 1,829 1,073 Egypt 653 657 Ukraine 539 440 Honduras 398 232 Malaysia 374 364 Jordan 181 171 Czech Republic 129 150 Vietnam 81 95 Pakistan 74 - Property, plant and equipment by country NOK million 2024 2023 South Africa 10,110 9,554 Egypt 3,998 3,453 Malaysia 2,825 2,570 Ukraine 2,108 2,063 Honduras 1,291 1,293 Pakistan 1,227 961 Jordan 894 866 Botswana 543 11 Norway 373 475 Czech Republic 290 314 Tunisia 205 - Other 203 53 Vietnam - 422 Total 24,068 22,035 Major customers In South Africa, revenues from the Linde, Kalkbult and Dreunberg plants which commenced operations in 2013 and 2014 are earned under 20-year Power Purchase Agreements (PPAs) with Eskom Holdings (South African incumbent utility), which was awarded under the Renewable Independent Power Producer Procurement Programme (REIPPPP) administrated by the Department of Energy.”

Annual report 2024A · The company itself

“Component manufacturing, subassembly and final test and assembly operations are performed at facilities in China, Malaysia, Northern Ireland, Singapore, Thailand and the United States.”

Annual report 2026A · The company itself

“Our principal manufacturing facilities are located in China, Malaysia, Northern Ireland, Singapore, Thailand and the United States.”

Annual report 2026A · The company itself

“We also have an interest in operating joint ventures that own full-price malls located in the People’s Republic of China and in South Korea. Our ownership in these properties ranges from 17% to 49%.”

Annual report unknown yearA · The company itself

“The Company sources many products from China and other low-cost countries for resale in other regions. The Company may experience cost increases on such purchases and increases to its costs of goods sold to the extent the RMB or other currencies appreciate, or other foreign currency changes occur.”

Annual report 2026A · The company itself

“Utvecklingen av programsystemet sker huvudsakligen i USA och försäljningen bedrivs från kontor i Europa, USA, Japan och Kina.”

Annual report 2024A · The company itself

“Outside the United States, we maintain sales, support or service offices in Canada, multiple countries in Europe, Israel and throughout Asia, including Japan, China, Korea, India and Taiwan.”

Annual report 2025A · The company itself

“We currently lease approximately 4 million square feet of space in 35 countries other than the United States, and own buildings in Wuhan, China and Hsinchu, Taiwan as well as office space in Xiamen, China, Pune, India, and Yongin-si, South Korea.”

Annual report 2025A · The company itself

“Viktiga marknader och hur vi stödjer nationell säkerhet Saab spelar en viktig roll när det gäller att stödja den nationella säkerheten på sina viktigaste marknader, däribland Sverige, USA, Storbritannien, Tyskland och Australien.”

Annual report 2024A · The company itself

“OUR STRATEGY In the first quarter of fiscal 2026, the Company introduced its 2028 growth strategy (“Amplify”), which focuses on four key pillars: •Build Emotional Connections with Consumers: The Company aims to drive new customer acquisition, with a focus on Gen Z consumers entering the market to build brand love and lifetime value. •Fueling Fashion Innovation & Product Excellence: The Company aims to lead with handbags and leathergoods with targeted lifestyle expansion in footwear. •Delivering Compelling Experiences to Drive Global Growth: The Company aims to sustain growth in North America and accelerate momentum in international markets, prioritizing Greater China and Europe. •Ignite the Power of Our People: The Company aims to future-proof growth by continuing to develop a consumer-obsessed culture that is agile and always looking forward.”

Annual report 2026A · The company itself

“We have sizeable operations in China, including 19 principal manufacturing sites. In addition, approximately 25% of our net sales in fiscal 2025 were made to customers in China.”

Annual report unknown yearA · The company itself

“Ericsson har cirka 94 (100) tusen anställda i omkring 110 länder, varav 38 (39) tusen i Europa och Centralasien, 23 (23) tusen i Sydasien, 14 (16) tusen i Ostasien och Stillahavsområdet, 10 (11) tusen i Nordamerika, 6 (7) tusen i Latinamerika och Karibien, 2 (3) tusen i Mellanöstern och Nordafrika samt 1 (1) tusen i Afrika söder om Sahara.”

Annual report 2024A · The company itself

“About 60% of our revenue comes from customers with headquarter locations outside the United States. Revenue from end customers headquartered in China represented about 20% of our revenue in 2025, while revenue from products shipped into China represented about 50% of our revenue in 2025.”

Annual report 2025A · The company itself

“During 2025, sales grew in North America, Europe and Asia-Pacific, but declined in China.”

Annual report 2025A · The company itself

“Tillväxten var starkast i Polen och Kina.”

Annual report 2023A · The company itself

“Asia Pacific Net revenues for the year ended December 31, 2025 decreased by 2.0% or $27.3 million, compared with the same period of 2024.”

Annual report 2025A · The company itself

“I Kina, koncernens viktigaste marknad i Asien, ökade försäljningen med 11 procent organiskt.”

Annual report 2024A · The company itself

“Koncernens huvudkontor ligger i Hillerstorp, Sverige, och har produktionsanläggningar i Hillerstorp, Värnamo, Birmingham ( Storbritannien), Changshu ( Kina), Bulciago ( Italien), Chicago ( USA ) samt i Sroda ( Polen).”

Annual report 2024A · The company itself

“International/Other primarily includes our foreign operations in China, Malaysia, Mexico, South Korea, Thailand and the Kingdom of Saudi Arabia, third-party merger and integration costs and corporate overhead related to Tyson New Ventures, LLC.”

Annual report 2025A · The company itself

“Tilikauden päättymisen jälkeen United Bankers tiedotti hankkivansa rahastoyhtiö Fourtonin koko osakekannan ja laajentavansa näin rahastovalikoimaansa Aasian markkinoille sekä Keski- ja Etelä-Euroopan pieniin ja keskisuuriin yrityksiin sijoittaviin rahastoihin.”

Annual report 2025A · The company itself

“At the end of the year, the company had 594 employees (615) of which 578 were in Finland (597), 14 in China (15), and 2 in Hong Kong (3).”

Annual report 2025A · The company itself

“Dessutom ökade vi vårt fokus på de största IVF-marknaderna i världen, USA och Kina.”

Annual report 2024A · The company itself

“Vi fokuserar även på att stärka vår närvaro på de viktigaste marknaderna, speciellt USA och Kina, och utnyttja digitalise - ringen för att stärka både interna strukturer och kundernas lösningar.”

Annual report 2024A · The company itself

“Från kromosomer till helgenomsekvensering Från invasiv till icke-invasiv genetisk testning Holistisk syn på patient och embryo Innehåll Företagsstrategi Accelerera tillväxt på nyckelmarknader Snabbare tillväxt på viktiga marknader, i synnerhet USA och Kina, är en grundbult i vår företagsstrategi.”

Annual report 2024A · The company itself

“In addition to Grainger’s U.S. operations, which in 2025 generated approximately 81% of its consolidated net sales, Grainger operates its business principally through wholly owned subsidiaries in Canada and Mexico, and its majority-owned subsidiary in Japan.”

Annual report 2025A · The company itself

“In addition to our U.S. operations, we operate retail and eCommerce businesses in Africa, Canada, Central America, Chile, China, India and Mexico.”

Annual report 2026A · The company itself

“In 2025, Wulff Entre designed meeting spaces for nearly 150 clients across different countries from Shanghai, China to Texas, USA.”

Annual report 2025A · The company itself

“We rely on a large and complex network of suppliers (and their suppliers) and contract manufacturers globally, including in China and Mexico.”

Annual report 2025A · The company itself

“Operational Risks The Company has substantial operations and sells a significant portion of our offerings outside of the U.S. and purchases important components, including final offerings, from suppliers located outside the U.S., many of whom with operations concentrated in China.”

Annual report 2025A · The company itself

“As a global animal health company, we conduct business in multiple jurisdictions throughout the world. This includes supplying medicines and medical products for use in, and the shipment of goods to, Iran and Russia, and conducting related activities, in accordance with a general license and specific licenses issued by OFAC and EU Member States and in line with our corporate policies.”

Annual report 2025A · The company itself

“China. The Ministry of Agriculture and Rural Affairs (MARA), a ministerial-level component of the State Council, drafts and implements policies related to agriculture, rural areas and rural residents, and regulates crop farming, animal husbandry, fisheries, agriculture mechanization and the quality of agriculture products. MARA is also the regulatory body responsible for the regulation and supervision of pharmaceuticals and biologicals for animal use. Regulatory requirements in China have become increasingly stringent, with MARA issuing new regulations and changes to the regulatory review process.”

Annual report 2025A · The company itself