Although our utilization rate for FICC improved during the Track Record Period, our production capacity utilization had not yet reached a level sufficient to fully dilute fixed manufacturing overhead, which contributed to higher unit production costs and our gross loss position.
Business · p. 157
Our production capacity utilization rates for FICC increased from 28.1% for the four months ended April 30, 2025 to 78.0% for the four months ended April 30, 2026, respectively, primarily reflecting higher customer orders and production volume for FICC.
Due to the highly customized nature of our products, our production capacity and utilization rate are largely determined by production line design and resource allocation following the receipt of customer orders.
Business · p. 153
Consequently, this re-prioritization led to a reduction in capacity allocation for our tower manufacturing operations, and the utilization rate fluctuated slightly during the Track Record Period.
Business · p. 153
In 2024 and 2025, the production of certain technically complex products required longer standard production hours when measured at comparable tonnage, which resulted in lower actual production capacity but higher capacity utilization rates.
Due to the limitation on our production space, we generally can produce one unit of RC120 in a week.
Business · p. 234
As of December 31, 2023 and 2024 and June 30, 2025, we had one, two and two manufacturing staff, respectively. In the year ended December 31, 2023 and 2024 and the six months ended June 30, 2025, we produced nil, 12 and 6 units of RC120, respectively.
Business · p. 234
This vertical integration increases our production efficiency, reduces our dependence on third-party suppliers, and enables us to flexibly adjust production in response to changes in market demand for our products.
For sensors, the utilization rate decreased from 76.2% in 2023 to 65.3% in 2024, primarily due to a capacity expansion for gas sensors that temporarily lowered their utilization rate.
Business · p. 114
For intelligent instrumentation, the utilization rate decreased from 94.5% in 2023 to 65.6% in 2024, primarily attributable to the ramp-up of a significant expansion in designed production capacity for our gas instruments.
Business · p. 114
In 2025, the utilization rate for intelligent instruments reached 103.1%, mainly because actual output surpassed designed capacity, with overtime production enabling us to meet heightened market demand.
The production capacity of our China production bases have steadily increased during the Track Record Period from 37.1 million m^2^ for the year ended December 31, 2023 to 49.8 million m^2^ for the year ended December 31, 2024, and further to 51.0 million m^2^ for the year ended December 31, 2025, with the utilization rate reaching 80.9%, 91.3% and 86.0% in the same respective years.
Financial Information · p. 208
In addition, our Thailand production base enhances our overall production capacity and provides additional flexibility to support our business expansion.
In addition, the limited capacity of our milling plants contributed to higher ore stockpiles; following completion of the capacity expansion of the Ying Plant 2 in November 2024, we have been able to process more stockpiled ore since February 2025.
Financial Information · p. 240
As at December 31, 2025, we had processing plants with a total designed ore processing capacity of approximately 5,700 tonnes per day, to support our planned production growth in near future.
Financial Information · p. 216
For the fiscal year ended March 31, 2025, our annual ore processed reached approximately 1.3 million tons, representing an increase of 18.7% from the fiscal year ended March 31, 2024.
We had capacity utilization rates (i) for ethanol of 48.1%, 42.1% and 42.1% and (ii) for microbial protein of 51.4%, 46.1% and 49.8% for the years ended December 31, 2023, 2024 and 2025, respectively.
Financial Information · p. 237
Second, with more stable industrial off-gas supply and higher production efficiency, the capacity utilization rates of our existing production facilities are expected to improve, which is expected to increase production volume and dilute maintenance and cultivation costs, thereby improving unit economics and gross profit margin.
As at 31 December 2025, our production facilities in Taizhou, Zhejiang has production lines with an aggregate designed production capacity of approximately 6.1 million kW per annum for our PMSM and 3-PH IM products.
Financial Information · p. 177
During the Track Record Period, the utilisation rate of our production facilities for our PMSM was approximately 76.4%, 86.3% and 96.0%, respectively; the utilisation rate of our production facilities for our 3-PH IM was approximately 88.8%, 98.7% and 87.7%, respectively, during the corresponding periods.
Financial Information · p. 177
To support growth, we aim to expand our production capacity by setting up more production lines through acquiring more machineries.
The relatively low utilization rate of aerial work platforms in 2024 and 2025 was primarily due to initial commencement of production at our manufacturing facility in Mexico, which was because (i) our operational efficiency is temporarily affected by the differences of local regulatory framework and commercial practices.
Business · p. 130
We plan to enhance and upgrade our production capabilities primarily for high-end mining equipment, forklifts and aerial work platforms, as our existing production lines cannot fully meet the market demand as described above.
Business · p. 131
The upgrade of production lines enable us to consolidate underutilized lines to enable flexible production of multiple product types.
The utilization rates across our existing manufacturing facilities grew steadily during the Track Record Period.
Business · p. 180
For our finished drug product facilities at Suzhou, the relatively low utilization rate at the beginning of the Track Record Period was primarily because total design capacity was calculated on the basis of all installed production lines, including those that had been fully constructed and equipped but had not yet commenced production as they were still undergoing process validation and regulatory registration.
Business · p. 181
Utilization rates also reflect structural constraints inherent to multi-product API manufacturing.
For the year ended December 31, 2025, the overall production capacity utilization rate for our primary products reached 80.5%.
Financial Information · p. 197
Our production capacity increased from 68,641 tons in 2023 to 76,575 tons in 2024 and decreased to 63,639 tons in 2025 (excluding the capacity attributable to production lines under technical improvement which had been completed in July 2025).
The following table sets forth the location, gross floor area, products, production capacity and capacity utilization rate relating to our existing manufacturing facilities, which produce fiber optic assemblies during the Track Record Period:
Business · p. 122
(1) We calculate production capacity by considering the theoretical capacity of the machine equipment in the bottleneck process, as well as the comprehensive efficiency considering factors such as management efficiency of other processes, employment recruitment efficiency and new employee training.
Business · p. 122
To capture industry opportunities and support our business growth, we plan to continuously expand our production capacity and upgrade our production systems.
In 2025, the overall utilization rate of our production facilities for the production of powertrains for NEV segment reached 71.6%.
Financial Information · p. 232
To prepare ourselves for the increased customer demands, we have established three production facilities and are in the process of constructing three additional production facilities in strategic locations of China.
Financial Information · p. 232
Going forward, we plan to further enhance production efficiency and expand our NEV production capacity in a disciplined and phased manner, including through capacity expansion funded by the [REDACTED] from the [REDACTED], in order to meet anticipated demand growth while maintaining cost efficiency.
Our utilisation rate was 93.1% in FY2023. Due to our project backlog and capacity utilisation, our Company established Jiaxing Top in 2023 to expand our production capacity.
Financial Information · p. 236
For instance, our utilisation rate decreased in FY2024 and FY2025 since a significant amount of our projects which were not yet completed during that period of time, particularly those with contracts signed in the second half of 2024 or early 2025, were in the component procurement and preparation stage, and had not commenced the component assembly stage.
Business · p. 178
Our production operations mainly involve assembly of parts and components and depends on the availability of working space in our production base.
The decreases in production capacity utilization rate of precision components for smart devices and electronic products throughout the Track Record Period and precision components for embodied intelligence from 2024 to 2025 were primarily due to the expansion in production capacity outpacing the growth in production volume of the respective business lines.
Business · p. 145
We plan to expand our production capacity to capture the widening application of precision components, the increasing growth of the sectors of new energy batteries, humanoid robots, AI data center infrastructure and commercial satellite communication, and to meet increasing customer demand for our products.
Nevertheless, our net loss is expected to continue, primarily due to the commencement of operation of our Yangzhou production base in July 2025.
Summary · p. 8
As the facility only began operations in the second half of the year, depreciation and amortization and other fixed costs increased, while production capacity has not yet been fully utilized, thereby exerting downward pressure on profitability.
Our Qingyuan Chicken and other native chickens had a production utilisation rate of 86.4%, 89.5% and 85.2% as of December 31, 2023, 2024 and 2025, our pigs had a production utilisation rate of 79.2%, 87.8% and 90.2%, while our fresh and other products had a production utilisation rate of 57.5%, 79.4% and 110.5%, respectively, as of the same dates.
Currently, we have one drug manufacturing base in operation in China, which is located in Jinan, Shandong Province.
Business · p. 175
In formulating our expansion and upgrade plans, we have considered a number of factors, including the timing of expansion and upgrade, market demand for products during the upgrade and transformation period, supporting infrastructure, compliance and risk control, introduction of automation or intelligent equipment, technical upgrades related to production processes as well as capital expenditures.
We believe part of the market demand that was previously met by in-pack type detectors has migrated to plug-in type detectors, resulting in a decrease in utilisation of the in-pack type detector production line, while the utilisation of the plug-in type detector production line has been increasing.