Following the inclusion in the NRDL, our pricing was adjusted to align with the medical insurance reimbursement standards and subject to a two-year dynamic adjustment mechanism.
Business · p. 175
While NRDL inclusion generally involves a reduction in drug prices, we expect the resulting increase in sales volume to substantially offset the impact of such price reductions and continue to support the sustainable growth of our revenue and profitability.
Business · p. 175
Following its inclusion in the NRDL in January 2022, the retail price was reduced from RMB8,266 to RMB2,592 per box, while its sales volume increased significantly from approximately 28.6 thousand boxes in the second half of 2021 (following its launch in June 2021) to approximately 173.4 thousand boxes in 2022.
The average selling price of both our large-scale and C&I ESS solutions with self-procured battery cells decreased in 2023, 2024 and 2025, as applicable, primarily because (i) we reflected the price decline of lithium-ion battery cells, one of the key raw materials of our ESS, in our pricing, and
Summary · p. 5
As a result, the decrease in our average selling price outpaced the reduction in raw material costs, which had a corresponding impact on our gross profit margins.
Summary · p. 5
The average selling price of sales of ESS products with self-procured battery cells decreased from RMB0.66 per Wh in 2023 to RMB0.42 per Wh in 2024, primarily due to the decline in lithium-ion battery cell prices, which were subsequently reflected in our pricing.
From 2023 to 2025, revenue and average selling price of vessel exhaust gas emission control and cleaning systems decreased, primarily because, in response to changes in market conditions, we undertook more newbuild vessel projects and smaller-scale EGCS projects, which generally had lower contract values than retrofit projects.
Business · p. 130
The decrease in revenue is primarily because the decrease in average selling price more than offset the increase in sales volume.
Shipment volume of our E-call solutions increased significantly during the Track Record Period as more export-oriented vehicle programs entered mass production, while ASP decreased as the relevant products moved into larger-scale commercialization and the product mix changed.
Summary · p. 5
As the PRC automotive sector continues to evolve toward electrification, vehicle intelligence, software-defined vehicles and more centralized electrical and electronic architectures, OEMs are increasing demand for in-vehicle communication, E-call and related control functions, while also placing continuing pressure on suppliers in relation to pricing, delivery and technology iteration.
Financial Information · p. 202
For projects involving a higher degree of customization, new-function development or more intensive development collaboration, we generally seek to reflect the additional development costs and resources committed by us through the pricing of the relevant products over the expected commercial lifecycle of the project, taking into account factors such as expected order volume, program duration, technical complexity, customer requirements and target profitability.
We primarily follow demand-driven pricing strategy for products in consumer electronics, automotive electronics and smart office applications, taking into consideration downstream demand, prices of competitive products, operational efficiency, and yield rate, among others.
Financial Information · p. 217
We may face pressure to increase prices in case of increases in raw material prices or production costs or changes in competitive landscape.
Financial Information · p. 217
Pricing of the products is generally specified in statements of work or purchase orders, and may be adjusted upon mutual agreement.
Pursuant to the applicable PRC laws and regulations, including the ‘‘Notices on Issues Concerning the Implementation of Market-based Pricing for Medical Services of Non-Public Medical Institutions’’（《關於非公立醫療機構醫療服務實行市場調節價有關問題的通知》）, private for-profit medical institutions and online healthcare platforms are entitled to autonomously determine the pricing for their healthcare services.
Business · p. 151
Our pricing strategy for each service or product follows a market-based model.
Business · p. 151
Our market-based pricing autonomy supports several strategic objectives: it (i) allows for localized pricing adjustments to align with regional economic conditions and patient demographics; (ii) facilitates the development of diversified service tiers and innovative treatment protocols; and (iii) enhances our ability to attract and retain skilled medical professionals through competitive compensation structures linked to service value.
We provide suggested selling prices to our distributors, but do not restrict their autonomy in determining the final selling price.
Business · p. 159
While lower average selling price through distributor channels may result in downward pressure on our pricing, the corresponding increase in sales volumes is expected to generate economies of scale in production and distribution, which may partially offset any adverse impact on gross margins.
During the Track Record Period, our sales volume (numbers of projects) increased from 132 to 206 and further to 323, and amounted to 246 for the five months ended May 31, 2026, while our average project value decreased from RMB1.7 million to RMB1.5 million and was RMB0.8 million for the five months ended May 31, 2026.
Business · p. 132
The decrease in average project value for the three years ended December 31, 2025 was primarily attributable to our customer base expansion, as newly onboarded customers typically commence collaboration with us on smaller projects.
The decrease in our average selling price from 2023 to 2025 was primarily driven by intensified competition in the NEV market, together with product-specific changes in configuration and sales mix across our major product lines.
Summary · p. 7
During the Track Record Period, our sales volume of single-motor controllers accounted for approximately 3.0%, 25.8%, 30.4% and 24.8% of the total motor controller sales volume in 2023, 2024, 2025 and the five months ended May 31, 2026, respectively.
Summary · p. 7
In 2024 and 2025, an increasing proportion of customers opted for PEBB solutions with relatively simpler structures and narrower functional scope for integration into their self-developed powertrain systems, resulting in a decline in our overall average selling price.
We generally adopt a market-based pricing approach.
Business · p. 137
During the Track Record Period, the average selling prices of our major product categories remained relatively stable.
Business · p. 137
We maintain an internal standard price list for each of our products, which sets out the applicable settlement prices and selling prices for different sales channels, as well as the minimum retail prices for our products.
This pricing model comprises electricity charges and swapping service fees.
Business · p. 136
In Beijing, the guide price range was set between RMB0.89 to RMB1.75/kWh; and in Shanghai, the guide price range was set between RMB0.69 to RMB1.85/kWh.
Business · p. 136
Take Guangzhou as an example, the average battery-swap service fee that was charged per swap decreased from approximately RMB34 in 2023 to RMB30 in 2024, and further to RMB25 in 2025, and it decreased from RMB27 for the four months in 2025 to RMB23 for the same period in 2026.
For the years ended 31 December 2023, 2024, and 2025 and the five months ended 31 May 2025 and 2026, our gross profit margin was 3.9%, 3.3%, 4.7%, 2.8%, and 2.0%, and our net profit margin was 2.2%, 2.0%, 3.3%, 1.4%, and 1.4%, respectively.
Business · p. 158
For instance, according to Frost & Sullivan, the intensified competition in China's PV silver powder industry led to a general decline in mark-ups in the market in 2024, following which we also reduced our mark-ups.
Financial Information · p. 204
As such, while our business operates on relatively thin profit margins, this is primarily attributable to the impact of the silver price, rather than any operational inefficiencies or inherent risks in our business model.
For the years ended December 31, 2023, 2024, 2025 and the five months ended May 31, 2025 and 2026, our gross profit margin was 15.2%, 17.4%, 23.6%, 22.4% and 17.9%, respectively.
Financial Information · p. 184
In particular, our gross profit margin decreased from 22.4% in the five months ended May 31, 2025 to 17.9% in the five months ended May 31, 2026, primarily due to market-driven pricing adjustments.
Financial Information · p. 184
Our gross profit margin improved in 2025, primarily because of the increase in both the proportion and the gross profit margin of our WLCSP products, as a result of economies of scale driven by the ramp-up of our Zhuhai factory and cost optimization measures including technical upgrade and more favorable terms from suppliers.
In general, when a business is in its nascent development stage, the average selling price of our products and its gross margin tend to experience significant fluctuations due to various reasons, including pricing strategy to gain market recognition, lower production utilization due to small-batch delivery, and the flexibility to provide customized products at small-batch and higher price.
Financial Information · p. 167
For example, our ESS Power Conversion and AI Computing Server Power Supply are experiencing similar trajectory, though at different stages.
In 2025, the average selling price of our OIS motors decreased, which was primarily due to the change in product mix and a broader range of customers.
Business · p. 140
The average selling price of closed-loop motors decreased in the four months ended April 30, 2026 as compared with the four months ended April 30, 2025, which was primarily due to our pricing adjustments for certain closed-loop motor models, taking into account the higher sales-volume, long-term stable cooperation with key customers and prevailing market conditions.
Business · p. 141
In determining the pricing of our products, we adopt a market-oriented pricing principle and consider a range of factors, including production costs, target profit margins, prevailing market conditions and competitive dynamics, product complexity, target pricing from customers, among others.
We price our products based on real-time market quotations.
Business · p. 166
We typically do not enter into long-term agreements with fixed pricing with our customers.
Business · p. 166
During the Track Record Period, the average selling price of our memory products generally increased from 2023 to 2024, and excluding the impact of the Customer Supply Arrangement, such average selling price remained generally stable from 2024 to 2025 and increased significantly for the four months ended April 30, 2026 as compared with the corresponding period in 2025.
The majority of the Group’s revenue, approximately 58.3% in 2023, 59.5% in 2024 and 64.0% in 2025, is derived from freight and passenger transportation services that are subject to regulated tariffs in Kazakhstan.
Financial Information · p. 173
Regulated tariffs were historically subject to strict state regulation, which resulted in low tariff levels for transportation of core cargo categories such as coal, ferrous and non-ferrous ore and grain, at levels that did not permit full recovery of operating expenses.
Business · p. 145
In 2024, regulated tariffs increased by approximately 24% in aggregate. In 2025, regulated tariffs increased by approximately 28% in aggregate.
Under the Vaccine Administration Law, Class II vaccine companies are required to follow reasonable pricing principles.
Business · p. 186
As Class II vaccines are ultimately paid by vaccinees, our pricing for such vaccines is primarily market-driven.
Business · p. 186
As a result, we have faced substantial challenges in securing orders at the district- and county-level CDCs where final procurement decisions are made; and (iii) the overall market demand for pediatric vaccines has experienced a downward trend in recent years, primarily due to the declining young population in China.
We price our products and solutions primarily at a medium-to-high range in the market to reflect the capability of our products, though we may strategically adjust the pricing of some of our solutions in the early stages of market entrance in certain regions to establish our footprint, and we may have regional price variations to cater to our broad base of clients.
Business · p. 161
Pricing is tailored to the solution’s complexity, such as the number of medical specialties, disease areas, and workflows integrated into the solution.
The ASP of our industrial robots decreased from RMB48.0 thousand per unit in 2023 to RMB41.0 thousand per unit in 2024 and further to RMB35.0 thousand per unit in 2025, while the ASP of our collaborative robots decreased from RMB47.0 thousand per unit in 2023 to RMB46.0 thousand per unit in 2024 and further to RMB38.0 thousand per unit in 2025, both primarily attributable to (1) intensified market competition in the robotics industry during the Track Record Period, according to CIC, which resulted in a general downward trend in pricing, (2) our continuous investment in research and development and the realization of economies of scale in our cost structure, which enabled us to steadily improve and maintain our gross profit margins, thereby allowing us to offer lower prices to enhance our market penetration and strengthen our position among key customers, and (3) changes in product mix across different models and specifications, as industrial robots inherently vary in pricing depending on technical parameters such as payload, reach and application requirements, and we recorded a higher proportion of sales of relatively lower-priced models during the Track Record Period.
Business · p. 130
This decrease was primarily driven by changes in product mix and commercialization stage.