The average spending per inpatient visits at both of our hospitals witnessed a decrease after their respective implementation of the DRG payment system.
Summary · p. 4
During the Track Record Period, the average spending per inpatient visit experienced a general decreasing trend as a result of the implementation of the DRG payment system and aperiodic adjustment of the DRG reimbursement standards.
Business · p. 172
With the Firesoon system, we are able to make cost control during the process of treating patients, and partially alleviate the business and financial challenges brought by the implementation of the DRG payment system.
As for the brokerage services, the average brokerage commission rate for our PRC futures brokerage was 0.275 bps, 0.334 bps, 0.225 bps, 0.265 bps and 0.158 bps, respectively, in 2022, 2023 and 2024 and the six months ended June 30, 2024 and 2025.
Financial Information · p. 337
Intensified price competition in the futures brokerage business with other futures brokerage firms may force us to charge lower rates to stay competitive going forward.
Financial Information · p. 337
While we expect that the competition in most of the markets in which we operate will likely remain intense, by balancing competitive pricing with high-quality services and innovation, we aim to sustain growth and solidity in our position in the industry.
Contract negotiations between the seller and the buyer eventually determine the final selling price, incorporating formulas that reflect market price fluctuations.
Business · p. 195
The decrease in average selling price of zinc concentrates in 2023 and the seven months ended 31 July 2025 followed the drop in the historical prevailing market average selling price of zinc ingots in China, which was due to the decreased global market price of zinc ingots during such period, which in turn was influenced by various world macro-economic factors.
Business · p. 206
Due to the much higher price of silver, the Group’s overall selling prices for lead and copper concentrates had therefore been elevated accordingly depending on the actual amount of silver component contained in the lead or copper concentrates sold to the relevant customers.
The average selling price of Residential ESS declined during the Track Record Period, primarily due to a decline in raw material prices and in response to market competition.
Business · p. 198
For the six months ended June 30, 2025, the average selling price dropped to RMB0.6/Wh, marking a decrease of 33.33% as compared to the price in 2024.
Business · p. 241
Overall, the price adjustment mechanism has proven effective in aligning selling prices with fluctuations in raw material costs, maintaining gross profit margins at approximately 26.0% to 27.8% in both 2022 and 2024 under varying cost environments.
We price our products considering a variety of factors, including costs, gross margin and market conditions.
Business · p. 211
The average selling price of our sensor products decreased from RMB2.63/unit in 2023 to RMB0.94/unit in 2024 and further to RMB0.66/unit in the first six months ended June 30, 2025 primarily due to the relatively lower prices and large sales volume of magnetic sensor products sold through MagnTek.
Business · p. 211
we experienced an overall decline in the average selling price of our signal chain chips and power management chips primarily due to the intensified market competition.
We recorded a decrease in same store sales in 2023 and 2024 primarily because of (i) the normalization of consumer spending pattern in the catering market in the Chinese Mainland following the rapid surge thereof during the first several months in 2023 following the gradual phasing-out of the COVID-19 pandemic, which was in line with the spending patterns in other consumer sectors according to Frost & Sullivan, and (ii) our initiative to reduce the prices of our menu items in order to attract more customers and increase our overall sales as mentioned above.
Business · p. 191
Our same store average daily orders per restaurant increased in 2022 and 2023, 2023 and 2024, as well as the six months ended June 30, 2024 and 2025 primarily because we took the initiative to reduce the prices of our menu items and provide customers with more affordable dining experience in order to attract more customers and increase our overall sales.
During the Track Record Period, the ASP of our SiC epitaxial wafers ranged from approximately RMB3,800 to RMB9,300.
Business · p. 248
As an effort to tackle the challenge of decreasing market price, we flexibly lowered the selling price of our products during the Track Record Period to maintain our industry position and gain market share.
Business · p. 248
As such, our margin was adversely affected led by the decreasing trend in the selling prices of both SiC epitaxial wafers and substrates over the Track Record Period.
The average selling price of our precision casting mullite products was relatively stable in 2022 and 2023 but fell from RMB1,522 per tonne in 2023, to RMB1,394 per tonne in 2024, primarily due to our flexible pricing strategy to expand our market presence.
Financial Information · p. 315
The average selling price of our raw coke and raw powder decreased from RMB458 per tonne for the five months ended May 31, 2024 to RMB246 per tonne for the five months ended May 31, 2025.
Financial Information · p. 315
This decline was primarily driven by a shift in our sales mix towards certain product sizes with lower selling prices, in response to identified customer demand.
From 2022 and up to the Latest Practicable Date, we adjusted downward our prices of metallized films sold to BYD to maintain our competitiveness in the bidding process, which was in line with industry trend, according to CIC.
Business · p. 212
In addition, the average price of our ultra-thin base films decreased from RMB53.4 thousand per ton in 2022 to RMB40.8 thousand per ton in 2023, further decreased to RMB38.9 thousand per ton in 2024.
Business · p. 212
We do not expect the price reduction trend in the capacitor film industry to have a material adverse impact on us, primarily because: (i) according to CIC, such trend was temporary, and the price of capacitor base film products have stabilized in 2025 and (ii) we plan to launch four additional production lines for capacitor base films to enhance our production capacity and to achieve economies of scale,
We mainly determine the price of our electrolytic aluminum products with reference to the average price of electrolytic aluminum quoted on the website of Shanghai Metals Market (上海有色金屬網), which, as confirmed by CRU, indicates the market-assessed price of electrolytic aluminum traded in China typically used by market players.
Summary · p. 17
We mainly determine the price of our alumina products at an agreed date, with reference to the monthly average price of alumina in Shandong and Shanxi indicated by Aladdiny (阿拉丁), Baiinfo (百川盈孚) and Antaike (安泰科).
Business · p. 226
During the Track Record Period, the ASP of our products fluctuated in line with the fluctuations in relevant market prices.
Sales of generics and traditional Chinese medicines decreased over the Track Record Period as certain of our major marketed products are generic drugs that were adversely impacted by the VBP schemes, which resulted in (i) a significant reduction in selling prices for products included in the VBP schemes, despite an increase in sales volume under those VBP schemes; in some cases, a corresponding decrease in sales volumes to hospitals outside the VBP schemes, (ii) a decrease in sales volumes for products that belong to a drug class subject to the VBP schemes but did not participate in such schemes, and (iii) a decrease in sales volumes of certain product due to increased competition from its competing drug class which was included in the VBP schemes.
Summary · p. 2
The decrease in the average selling price was largely the result of (i) the significantly lower bid price under the VBP scheme, and (ii) the spillover effect of VBP pricing, which exerted downward pressure on selling prices in provinces not covered by the scheme.
Summary · p. 24
While the VBP scheme sometimes allows us to sell our products in larger volumes, it typically exerts downward pressure on the prices at which we sell our products to our distributors. To mitigate such impact, we continue to diversify our product portfolio by introducing new marketed drugs.
We primarily use the average LME/MB or SMM/SHFE prices over an agreed period as the metal pricing benchmark, applying negotiated discount rates to price our new energy battery materials.
Financial Information · p. 285
Typically, higher discount rates are applied when determining the selling prices for customers who maintain long-term business relationships with us and have substantial volume requirements.
The gross profit margin for our phosphorus-based materials decreased from 10.6% in 2022 to negative gross profit margin of 8.2% in 2023.
Summary · p. 15
This decrease in gross profit margin was primarily due to the decrease in selling prices of phosphorus-based materials as affected by intensified competition resulting from the over-supplies in the market, while the raw materials did not decrease to the same extent as compared to the selling prices.
Besides the initial quote, in line with industry norms, substantially all of our projects are subject to an annual price reduction clause, which allows OEMs to request lower prices for a specified period of time or over the product lifecycle.
Business · p. 278
In addition, when raw material prices fluctuate or OEM production volumes fall below expectations, these changes may be reflected through annual price adjustments or other forms of compensation.
For the products which are included or planned to include in the NRDL, such as rebamipide, our pricing will align with the medical insurance reimbursement standards and be subject to dynamic adjustment mechanism.
Business · p. 375
In Uzbekistan, our pricing may not exceed a specified allowable markup on the ex-factory price in accordance with relevant regulations.
If we are successful in winning bids in a centralized tender process, the relevant products will be sold to the public medical institutions at the bid prices, which is the primary determinant of prices at which we sell our products to our distributors.
Financial Information · p. 381
While the VBP policy allows us to sell our drug products in larger volumes, it also exerts downward pressure on the prices at which we sell our products to our distributors, thus impacting our gross profits and gross profit margins.
Financial Information · p. 381
As of the Latest Practicable Date, eight of our products have been included in national or provincial VBP Schemes.
By the end of 2023, we commercialized KBP-3571, which was approved in June 2023 and subsequently included in the 2024 NRDL in December 2023 with a negotiated price of RMB11/20mg.
Business · p. 345
While the end-market price of KBP-3571 was set by the price guidance after its inclusion in NRDL (ceiling price: RMB11/20mg), we sell KBP-3571 to our distributors at a mutually agreed upon price with a profit margin offered as an industry norm.
Business · p. 346
In light of this, we expect the end-market price of XZP-3287, which is anticipated to launch in 2025, to also be set by the price guidance as we will strive for its inclusion in the NRDL.
Our average selling prices for EV chargers sold to automakers were RMB711.6, RMB839.1, and RMB697.9 in 2022, 2023, and 2024, respectively.
Business · p. 253
In 2024, the average selling price of our EV chargers to automakers declined by 16.8%, while the average selling price for provision of services to automakers decreased by 29.4%.
Business · p. 253
Facing intense market competition, we are strategically reducing prices to expand our market share and maintain our leadership position.
The significant decrease in our gross profit margin for industrial properties for FY2024/25 was mainly attributable to Project No. #13, as we adopted a more conservative pricing strategy with a view to establish further business opportunity with Customer G, which is a company belonging to a group of companies providing electricity to more than 80% of the Hong Kong’s population.
Summary · p. 6
Despite submitting more price competitive tenders for larger projects may impact our gross profit margin, our Directors are of the view that this is beneficial to the growth of our Group’s business considering that: (a) those projects would nevertheless contribute a relatively higher amount of gross profit to our Group than our smaller projects; and (b) capturing those business opportunities to undertake larger projects will enable our Group to further build up our profile and credentials for obtaining further opportunities for large projects.
Given the lower unit price of CF017 under the 2025 VBP Scheme (i.e. RMB2.95 per dose) as compared to that under the 2021 VBP Scheme (i.e. RMB3.19 per dose), our sales of CF017 under the VBP channel decreased by 9.3% from RMB117.3 million for the three months ended March 31, 2024 to RMB106.4 million for the three months ended March 31, 2025.
Summary · p. 20
For example, since its inclusion in the NRDL, the sales volume of CF018 significantly increased from 4.3 thousand in 2023 to 341.1 thousand in 2024 and its average selling price decreased from RMB309.73 to RMB70.04.