We understand that as part of the gold sales price controls, MEMR set metal mineral benchmark price (Harga Patokan Mineral Logam or “HPML”) as the floor price (i.e. company cannot sell the metal mineral below HPML).
Business · p. 200
As such, we believe that this floor price will not materially affect the model given the price assumption in the model representing expectations on the forecast gold price in LOM.
The average selling price of PowerCombo decreased from RMB1.6 per Wh in 2023 to RMB1.2 per Wh in 2024, primarily due to (i) declining raw material costs, particularly lower battery cell prices, leading to lower pricing levels, and (ii) the transition from air-cooled microgrid systems to liquid-cooled systems, which improved performance and cost efficiency at scale.
Business · p. 122
We employ a differentiated pricing strategy, setting prices based on investment return expectations and competitive intensity in different national markets.
The average unit price of our robots and robotic controllers generally decreased during the Track Record Period, primarily due to reductions in upstream component and raw material costs, such as cameras and motors driven by increased supply volume in the market, together with the growing benefits of economies of scale, as increased procurement volume and production output enabled us to improve supply chain management and production efficiency and enhance our bargaining power with suppliers.
Summary · p. 5
According to CIC, the general decrease in the average unit price of our robotic controllers and robots during the Track Record Period is consistent with the industry trend.
Summary · p. 5
Our revenue generated from sales of robotic controllers decreased by 13.1% from RMB66.1 million in 2023 to RMB57.4 million in 2024, primarily due to customer preferences in the Chinese Mainland, where enterprises increasingly prioritize cost-effectiveness when selecting robotic controllers.
We mainly adopt a cost-plus pricing mechanism for our products.
Business · p. 142
we establish a multi-cycle flexible price adjustment system with our customers through mutual negotiation, under which we are able to adjust the unit price of our products on annual, semi-annual, quarterly or monthly basis in accordance with the respective terms as agreed with our customers.
Business · p. 142
For example, our NdFeB product average selling price decreased from RMB432 thousand per ton in 2023 to RMB353 thousand per ton in 2024 mainly due to the rare earth market price declines in the same periods.
In line with the decline in average selling prices, our gross profit margin decreased from 43.3% in 2023 to 28.1% in 2024, and further to 21.7% in 2025, also trended downwards during the Track Record Period.
Summary · p. 1
This decrease was mainly attributable to intensified market competition as a result of supply-demand imbalances in China.
Summary · p. 1
To maintain our pricing and profit margin, we focus on developing mid- to high-end products that deliver greater performance and better value and selling our products overseas where the profit margin is generally higher than the domestic market.
As of December 31, 2025, our 28 hospitals were Medical Insurance Designated Medical Institutions (醫保定點醫療機構).
Business · p. 157
For services covered by public medical insurance programs, we strictly adhere to the pricing guidelines established by the relevant local healthcare administrative authorities.
Our product pricing policy generally follows a copper price plus processing fee model.
Business · p. 143
While fluctuations in copper prices can impact both our revenue and cost of sales, our profitability is primarily influenced by the processing fee, which reflects the technological sophistication, production efficiency, product quality and value-added attributes of our electrolytic copper foil products.
Financial Information · p. 188
Our gross profit margin improved to 6.5% in 2025, primarily due to an improved product mix with a higher contribution from high value-added products, a recovery in downstream demand that supported the increase in pricing and processing fees, and cost dilution effects resulting from increased production scale.
Furthermore, to broaden patient access, we consider that the initial annual treatment cost may be set at no more than one-half of the price of ustekinumab (i.e. from RMB52,735 to RMB119,850).
Business · p. 171
We plan to participate in the 2026 NRDL price negotiation, targeting reimbursement implementation in 2027.
Business · p. 172
Should NRDL inclusion not be achieved as planned, we will adjust our pricing and commercialization approach to ensure patient access and market uptake during the self-pay period, while continuing to advance market education and support initiatives.
We generally adopt a cost-plus pricing policy for our products and solutions.
Business · p. 138
To address the time lag between raw material price fluctuations and price negotiations with customers, we generally adopt a dynamic pricing adjustment mechanism.
Given the tailored nature of each customer’s chip packaging and testing solution, pricing is determined through negotiation, taking into account factors such as order scale, our overall production capacity utilization and prevailing market supply and demand conditions.
Business · p. 105
For certain non-ferrous metals, we generally adopt the average spot price on the London Metal Exchange for the preceding quarter, which enables us to effectively reflect changes in raw material prices in our pricing to customers.
OEMs typically select integrated domain control solution providers through a competitive bidding process, and the quotation submitted by the winning bidder becomes the agreed price reflected in the contract.
Business · p. 154
According to Frost & Sullivan, price pressure from customers is a common feature of the automotive industry.
Business · p. 154
We form strategic partnerships to secure raw material prices and lock in more predictable supply terms, offsetting the impact of fluctuating average selling prices.
The price of azvudine was lowered from RMB270 per box to RMB174.65 per box after the inclusion to the NRDL.
Business · p. 200
During the 2024 NRDL negotiations, leveraging its superior product quality and proactive market strategies, azvudine successfully remained included in the NRDL with the coverage and price paid for our products unchanged.
Business · p. 200
Therefore, before the emergence of generic versions of azvudine in China market, the medical insurance reimbursement price of azvudine will remain very stable.
decreased from RMB42.5/kg in 2023 to RMB40.1/kg in 2024 and RMB39.5/kg in 2025, while the ASP of our ADCC products decreased from RMB20.9/sq.m. in 2023 to RMB16.3/sq.m. in 2024 and RMB8.9/sq.m. in 2025.
Business · p. 160
The majority of pricing pressure in the current competitive environment arises from FICC, as rapid adoption and increased production capacity among market participants have led to intensified price competition.
During the Track Record Period, the pricing of our products fluctuated significantly mainly due to the change in the price of raw materials.
Business · p. 143
The pricing of hydrometallurgy products is mainly determined with reference to market prices of major metal salts such as lithium carbonate, nickel sulfate, and cobalt sulfate released by authoritative third-party platforms.
Business · p. 143
However, our pricing strategies mentioned above may not be able to fully cover the risks associated with the decrease in raw material prices.
We generally adopt a cost-plus pricing policy for the majority of our products.
Business · p. 158
For popular items from well-recognised brands, we typically adopt a more aggressive pricing approach with a lower expected average gross profit margin.
Business · p. 158
For parallel-imported products that are also available through official dealer channels, we adopt a slightly lower pricing strategy as compared to those official dealer channels to project a high value-for-money perception among customers.
Our pricing strategies are affected by the regulatory framework governing pharmaceutical reimbursement in China, which operates through multiple interconnected mechanisms that collectively determine both market access opportunities and pricing parameters for pharmaceutical products in China’s public healthcare system.
Business · p. 182
As of the Latest Practicable Date, we have been making steady progress in advancing the inclusion of our Core Product in the NRDL.
Business · p. 182
However, we cannot guarantee that it will be included, as the final determination is subject to complex pricing negotiations and government policies that are ultimately beyond our control.
During the Track Record Period, Chinese social medical insurance pooling fund reimbursement accounted for less than 20% of our total revenue.
Business · p. 176
For such services, prices are required to conform to provincial Medical Service Price Catalogues and are further influenced by the reimbursement standards established by local medical insurance bureaus, including the Diagnosis-Related Groups (“DRG”) and Diagnosis-Intervention Packet (“DIP”) payment systems.
Business · p. 176
However, we view these policy measures as highly beneficial to our long-term development.
During the Track Record Period and up to the Latest Practicable Date, 22 of our medical devices were selected in the said centralized procurement regime in China.
Business · p. 152
The implementation of VBP led to a market-wide pricing reset and a reconfiguration of procurement volumes under a more standardized framework.
Financial Information · p. 192
These programs facilitated broader hospital access and patient coverage, while also affecting product mix and average selling prices.
Our pricing strategies are designed to balance competitiveness and financial sustainability.
Business · p. 167
We plan to implement a comprehensive cost optimization strategy across raw materials, manufacturing, and scale-driven procurement to reduce product costs at a pace that exceeds average selling price reductions, thereby supporting steady improvement in our gross profit margin.
The reason of the further deteriorated average selling price of ethanol in 2025 was because of the “involution-style” competition following the prohibition of the lower-priced coal-based ethanol from entering into the fuel ethanol market.
Business · p. 150
In response to the intensified competition, the relevant authorities introduced additional “anti-involution” measures in January 2026, together with supportive biofuel ethanol pricing policies, including the establishment of production cost-based benchmark prices, with a view to restoring orderly pricing in the fuel ethanol market.