During the Track Record Period, our online average transaction value per customer was approximately RMB958, RMB822, RMB777 and RMB598 for the years ended December 31, 2022, 2023, 2024, and the nine months ended September 30, 2025, respectively.
Business · p. 121
The overall decline was primarily driven by a gradual shift in consumer preference towards lighter and more refined SKUs.
Business · p. 121
In other words, the lower offline average transaction value per customer during this stage was primarily the result of product mix and customer acquisition strategy, rather than a broad-based reduction in retail prices for identical products.
This temporary decline was primarily attributable to a strategic initiative to accelerate market share growth through a more competitive pricing strategy in response to intensifying competition in the power amplifier audio chip sector, successfully driving a notable increase in sales volume, particularly for our low-power audio chips.
Summary · p. 12
The average selling price of our low-power audio chips, including adaptive power control audio chips and portable power amplifier audio chips, decreased in 2023, primarily attributable to (1) the rapid increase in sales volume of adaptive power control audio chips, which generally have a lower average selling price compared to portable power amplifier audio chips, thereby pulling down the overall average selling price of low-power audio chips; and (2) the adoption of a relatively more competitive pricing strategy in response to heightened competition, which, while impacting average selling price in the short time, is expected to strengthen our long-term market presence and customer base.
The average selling price of 8-inch wafers decreased from RMB21,000 to RMB13,620 from 2023 to 2024 and further to RMB7,072 for the nine months ended September 30, 2025.
Summary · p. 7
Such decrease was primarily attributable to lower substrate costs.
Summary · p. 7
Additionally, during the initial introduction of 8-inch wafers, some products were provided as trial samples free of charge, which temporarily lowered the average selling price.
The ASP of E Series cobot products decreased from RMB63,194 in 2022 to RMB58,285 in 2023, and decreased from RMB65,483 in the nine months ended September 30, 2024 to RMB55,941 in the same period in 2025, whereas the gross profit margin for our E Series cobot products remained relatively stable at 25.8% in 2022 and 25.5% in 2023, and increased from 35.6% in the nine months ended September 30, 2024 to 37.3% in the same period in 2025.
Business · p. 167
This was primarily due to our (i) effective cost control measures, including negotiating lower procurement and processing costs with core suppliers, adopting validated alternative materials for key components, improving production processes to reduce wastage and labor input, and enhancing efficiency through automation and optimized staffing, which led to reduced costs and sales prices; and (ii) strategic sales price reductions to capture a larger market share.
Business · p. 167
The ASP of S Series cobot products decreased from RMB82,729 in the nine months ended September 30, 2024 to RMB56,388 in the same period in 2025, primarily because we increased the sales of S Series cobots to a domestic customer for their deployment in consumer scenarios, where performance and payload requirements are relatively low.
While these arrangements may have contributed lower margins in the near term, they have enabled us to broaden the adoption of our AOS and AI solutions across multiple OEMs and their vehicle models, significantly expanding our footprint and deepening long-term monetization potential.
Business · p. 154
Historically, because our OS solutions were primarily based on the L+L architecture while the market was predominantly Android-based, the limited addressable customer base resulted in pricing pressure.
Business · p. 156
With the introduction and growing adoption of our higher-margin L+A solutions, which expand our market ceiling and enable us to penetrate more OEM customers, the gross profit margin of our OS business recovered from 38.6% in 2024 to 44.6% in 2025.
The higher rate of decrease in average selling price was primarily due to a relatively greater downward price adjustment of the price of our OEM customers’ vehicle models equipped with our HUD solutions.
Business · p. 285
As a result, our gross profit increased from RMB48.4 million in 2022 to RMB140.4 million in 2023 and RMB157.9 million in 2024, and slightly decreased from RMB117.3 million in the nine months ended September 30, 2024 to RMB114.9 million in the nine months ended September 30, 2025.
Business · p. 285
Recently there had been a pricing war among automotive OEMs in China, with some selling their vehicles at prices that disrupted fair market competition and squeezed the profit margins of their upstream suppliers.
Our gross profit decreased from RMB426.0 million in 2022 to RMB18.0 million in 2023, while our gross profit margin decreased from 35.6% in 2022 to 1.7% in 2023, primarily due to the impact of the changes of global MCU market since 2022 and lithium-ion battery anode materials market, which experienced a decrease of product selling price since 2023 due to the temporary over-supply in the market, as a result of which we made a significant amount of write-down of inventories in 2023.
Summary · p. 10
As the price of MCU and that of lithium-ion battery anode materials were still decreasing in 2023 and 2024, despite the sales volume and revenue increased, our gross profit margin in 2024 remained lower than the level of 2022.
Business · p. 128
the price of MCU is expected to stabilize starting from 2025 and gradually go upwards in the foreseeable future
Our commercialized product Sangbo'en has been included in the NRDL since 2020, and its pricing aligns with the medical insurance reimbursement standards and is subject to dynamic adjustment mechanism.
Business · p. 191
We will determine the prices of our products based on a number of factors, including our costs of production, technology advantages, differences in features between our drugs and competing drugs, affordability of patients and changes in the levels of supply and demand.
In 2023, 2024 and 2025, revenue generated from such product subject to the VBP scheme amounted to RMB7.4 million, RMB8.3 million and RMB5.9 million, respectively, which had an immaterial impact on our product price and overall performance.
While this policy temporarily reduced our average selling prices and put pressure on gross margin, we drove volume growth through scale and executed cost-reduction initiatives, including supply chain optimization, increased localization of raw materials, and lean manufacturing.
Business · p. 241
While this increased near-term pricing pressure and compressed margins, higher sales volumes in 2024 indicate that the strategy supported market share gains, as reflected in our ranking in the first half of 2025, and is building momentum for long-term growth.
Our gross profit margin decreased from 35.1% in the nine months ended September 30, 2024 to 30.9% in the nine months ended September 30, 2025, primarily due to certain orders accepted during the period having been contracted during an industry downturn at relatively lower pricing, resulting in lower gross margins upon acceptance.
Summary · p. 13
The selling prices of our products are jointly determined by our cost center, finance department and the sales and marketing departments considering factors of labor cost, cost of raw components and price of comparable products and solutions in the market and are approved by the management team of the sales and marketing departments.
In 2022, 2023, 2024 and the nine months ended September 30, 2024 and 2025, the average selling prices of our hogs (excluding tax) were approximately RMB1,956.6 per head, RMB1,695.9 per head, RMB1,902.6 per head, RMB1,901.7 per head and RMB1,581.8 per head, respectively.
Summary · p. 8
The average selling price of our finished hogs (RMB per head) during the Track Record Period was closely correlated with (i) the average weight per hog; and (ii) market selling prices of hogs (RMB per kg), which declined in 2023 and 2025.
Summary · p. 10
The changes in the supply and demand of hogs materially affected the hog price cycle in China as well as our operating results during the Track Record Period, especially in 2023.
The average selling price of our specialized PCB equipment fell from RMB700.5 thousand in 2022 to RMB678.8 thousand in 2023, mainly due to shifts in product mix and competitive pricing, partially offset by higher prices for laser drilling and formation equipment.
Summary · p. 13
The pricing of our products is primarily determined by market competition and the prevailing market prices for our products, which are in turn affected by the overall market conditions as well as the market prices of comparable products offered by our peers.
The price of a particular semiconductor product we offer is determined directly by us with the customers and is generally determined by our actual costs associated with designing, developing and producing such product, plus reasonable profits.
Business · p. 227
The price of a particular semiconductor product we distribute is determined directly by us with the customers and is generally determined by our actual costs associated with procuring such product plus reasonable profits.
Business · p. 227
(iii) estimated spending budget of the customer. We from time to time review the prices charged and level of profits with reference to similar transactions we entered into with our customers of comparable profile.
Affected by such downturns and uneven recovery across different end markets during the Track Record Period, the selling prices of our products declined sharply from 2022 to 2023, followed by a slowdown in the downward trend and signs of stabilization in 2024.
Financial Information · p. 248
Our average selling prices of specialty memory chips decreased from RMB1.45 per unit in the ten months ended October 31, 2024 to RMB1.41 per unit in the ten months ended October 31, 2025, MCU decreased from RMB4.19 per unit in the ten months ended October 31, 2024 to RMB3.85 per unit in the ten months ended October 31, 2025, because we took a more competitive pricing strategy for those products throughout the ten months ended October 31, 2025 to further expand our market shares.
In general, the pricing power of endoscopic surgical robot manufacturers, including us, is subject to market demand from hospitals and competitive dynamics among major players.
Summary · p. 18
Given the innovative nature of surgical robots and the limited number of surgical robots approved by the NMPA so far, the likelihood for surgical robots to be included in the centralized procurement scheme is low.
Business · p. 392
For example, compared to the currently most widely used da Vinci Surgical Systems, our domestically manufactured endoscopic surgical robots enjoy various cost advantages, such as lower logistics costs and tariffs compared to international transportation costs and tariffs for imported products.
Our average transaction value decreased from RMB4.4 million in the six months ended June 30, 2024 to RMB1.8 million in the six months ended June 30, 2025, primarily because revenue in the six months ended June 30, 2024 was mainly contributed by a single large customer with fewer transactions but higher transaction value, whereas in the six months ended June 30, 2025, revenue was contributed by several large customers as our commercialization further progressed, who placed orders in multiple batches based on specific needs, thereby lowering the average transaction value.
Business · p. 225
The pricing of our solutions is determined based on various factors such as product models, competitive landscape, customer's strategic value and order volume, and costs of procurement and production.
During the Track Record Period, the range of discounts are offered to our distributors was approximately 16% to 56%, while the discount range for retailers was approximately 24% to 75%.
Business · p. 235
According to the Frost & Sullivan Report, offering a wide range of discounts to channel partners to address strategic objectives such as promotional campaigns, market penetration, and inventory management is a common and established practice within our industry.
Business · p. 236
We generally provide rebates through non-cash mechanisms, such as product-based rewards or making price adjustments in subsequent purchase orders, to align with our operational and financial policies.
During the Track Record Period, changes in our average transaction value per customer order were primarily attributable to changes to our promotional strategies, a higher sales proportion of smaller-sized products in line with market preference, and the launch of new products targeting younger consumers that generally feature relatively lower prices.
Taking these factors into account, we may adopt either cost-driving pricing or target-return pricing for different solutions or services.
Business · p. 224
In terms of average contract size, for 51Aes, average contract size was approximately RMB0.9 million, RMB1.1 million, RMB1.8 million and RMB1.0 million in 2022, 2023, and 2024, and for the six months ended June 30, 2025, respectively.
Business · p. 224
The relatively higher average contract size in 2024 was due to certain big projects including Smart Village projects.