The utilization rates across our existing manufacturing facilities grew steadily during the Track Record Period.
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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.
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Utilization rates also reflect structural constraints inherent to multi-product API manufacturing.
Currently, we have one drug manufacturing base in operation in China, which is located in Jinan, Shandong Province.
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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.
In 2024, we established new factories in Jiangmen for both Amos and Biobor products to address the constraints in production capacity and to meet the increasing market demands.
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Following the opening of our Jiangmen Biobor factory, we underwent a ramp-up period and equipment commissioning process for our new Biobor products, and commenced production at scale in September 2024.
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Certain production lines at our Shenzhen factory have experienced reduced hourly output due to equipment wear and deterioration.
During the Track Record Period, the utilization rate of the Jiangsu Taizhou ADC Manufacturing Facility was approximately 3% and 20%, in 2024 and 2025, respectively.
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During the Track Record Period, the utilization rate of the Jiangsu Taizhou Manufacturing Facility was approximately 40% and 19%, in 2024 and 2025, respectively.
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During the Track Record Period, the utilization rate of the Shanghai Jinshan Manufacturing Facility was approximately 15% and 10%, in 2024 and 2025, respectively.
Utilization decreased significantly from 42.6% in 2023 to 27.2% in 2024, primarily due to the transfer of infant formula production from our Tieli Facility to other facilities as part of our capacity optimization strategy.
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Utilization rate decreased to 41.5% in 2025, primarily because: (i) we allocated the production orders to our Ohsung plant that newly commenced operations in 2025; and (ii) we were gradually digesting the inventory accumulated in 2024.
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Utilization rate for whey powder plan remained relatively stable at 83.8% in 2023 and 83.6% in 2024 before declining to 59.1% in 2025.
Our effective annual production capacity increased from 0.57 GWh in 2023 to 0.60 GWh in 2024 and 2.50 GWh in 2025, while annual production volume decreased from 0.24 GWh in 2023 to 0.15 GWh in 2024 and increased to 1.33 GWh in 2025.
Business · 第 160 页
Our capacity utilization rate was 43%, 26% and 53% in 2023, 2024 and 2025, respectively.
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The relatively low utilization rates in 2023 and 2024 were largely attributable to production lines operating at reduced throughput during process and material optimization, equipment commissioning and line qualification, and pilot production.
The fluctuations in the utilization rates during the Track Record Period were primarily associated with the changes in customer demand, delivery schedule, and the inventory levels of the relevant products.
Business · 第 157 页
We routinely update our production plan based on six-month forecasts of market demand from our sales team, as well as our R&D manufacturing needs.
Business · 第 157 页
To support our innovative drug development and future commercialization, we are building a new manufacturing site in Zhijiang, Hubei.
上海璞泰来新能源科技集团股份有限公司Shanghai Putailai New Energy Technology Group Co., Ltd.
CAAS电极加工产能利用率仅0.0%至9.7%
We determine our production capacity plans and identify capacity shortfalls based on rolling demand forecasts derived from long-term orders placed by our downstream customers, taking into account our expectations for continued growth in the industry.
Our automation equipment are highly customized and designed according to the customers’ technical requirements, specifications, standards and production processes. Consequently, the materials and labor invested by us differ substantially across different products, and the number of units is therefore not a meaningful or appropriate measure of our production capacity.
At the same time, the average turnover trips per container recorded a slight decline in 2024 and the eight months ended August 31, 2025, primarily due to demand fluctuations and extended delivery cycles of certain downstream customers, especially new projects in the high-value automotive parts and new energy vehicle sectors.
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In response, we increased our container reserves and investments.
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The overall decline in the average turnover trips per container was partially offset by the increase in the average operating price per container per trip.
According to Frost & Sullivan, the average utilization rate of China’s large-scale slaughtering plants was around 30% during the Track Record Period, primarily due to the seasonal fluctuations in the supply of hogs, which may not consistently meet the designed production capacity of those slaughtering plants.
Summary · 第 12 页
Our slaughter volume increased substantially from 7,972 thousand heads in the nine months ended September 30, 2024 to 19,164 thousand heads in the same period of 2025, primarily due to our continuous effort to expand our sales channels for meat products and improve our operational efficiency, driving the increase in the utilization rate of our slaughtering plants in the same period.
Summary · 第 13 页
We plan to further increase the utilization of our slaughtering capacity to match the scale of our hog business and expect to generate further synergies between our business segments.
In 2023 and 2024, approximately 39% and 51% of the overall endoscopic robots manufacturing capacity was utilized, respectively, and approximately 10% and 25% of the manufacturing capacity for bronchoscope surgical robots was utilized, respectively.
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We believe the production capacity of our existing manufacturing facilities can meet our manufacturing needs at the initial stage of commercialization. However, as our business grows, we plan to expand the production capacity by establishing a new manufacturing center in Shenzhen.
上海宝济药业股份有限公司Shanghai Bao Pharmaceuticals Co., Ltd.02659.HK
产能利用率偏低:17.3%至25.3%
During the Track Record Period, our overall utilization rate of existing manufacturing facilities was 17.3%, 22.4% and 25.3% in 2023, 2024 and the six months ended June 30, 2025, respectively, for the nine months ended September 30, 2025, our utilization rate was 22.0%.
Business · 第 359 页
The relatively low utilisation during the Track Record Period reflects that our commercially capable lines were primarily prepared for future commercialisation rather than solely for research and development purposes.
For the five months ended May 31, 2025, the utilization rate of our headquarters production base equaled 58.9%, showing a great improvement from the utilization rate in 2024, primarily attributable to increased purchase orders due to downstream demand.
Summary · 第 29 页
For the four months ended September 30, 2025, our utilization rate further improved to 77.1%.
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Based on the improvement in utilization rate, the growing downstream market demand and our ongoing progress in market expansion, we did not consider there had been any impairment indications for our property, plant and equipment, right of use assets or intangible assets as of May 31, 2025.
The utilization rate of wet wipes production lines remained at a relatively low level of 28.3%, 25.4%, 24.6% and 21.7% in 2022, 2023 and 2024 and the four months ended April 30, 2025, respectively, primarily because we had built one, two, one and two new wet wipes production line(s) in 2022, 2023, 2024 and the four months ended April 30, 2025, respectively, resulting in an increase in the overall designed production capacity of wet wipes production line(s).
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The utilization rate of baby pants production lines decreased from 56.3% in 2022 to 39.0% in 2023, primarily because a baby pants production line in Ghana was temporarily suspended for relocation to Uganda, resulting in a temporary decrease in actual production volume in 2023.
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However, after balancing other factors, such as ease of repair and maintenance, per-unit production cost, purchase cost of wet wipes production facilities and our long-term development goal, we are of the view that the purchase of such production facilities under the expansion plan is reasonable.
From 2022 to 2024, our capacity utilization rate of automotive safety solutions experienced a decrease, mainly because (i) the production volume of our automotive safety solutions slightly decreased due to decreased sales volume and certain earlier mass production projects for airbags and seatbelts reaching their end of production (EOP) in the Rest of Asia and the Americas; and (ii) to meet production requirements for new orders, we expanded our production capacity in select regions, particularly in China where demand has been growing rapidly.
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In addition, we plan to continuously streamlining and consolidating other production lines with relatively lower utilization rates to better control production costs.
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As a result, our automotive safety capacity utilization rates fluctuated based on regional order volumes during the Track Record Period, and may have occasional mismatches between planned capacity and actual customer demand.
Lianyungang Facility commenced operations in June 2024 with an annual designed manufacturing capacity of 100 million capsules, 600 million tablets (specifically, conventional tablets which are designed to be swallowed and dissolved in the gastrointestinal tract) and 3.36 million dry suspension sachets.
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The utilization rate of our product lines is relatively low since our products are at the early stage of commercialization. We expect such utilization rate will increase gradually as our currently commercialized products establish and expand their market presence and additional drug candidates enter the commercialization stage in future.
(4) The utilization rate of our Indonesia factory was relatively low during the Track Record Period mainly because it was built to support our future global expansion strategies. We expect the utilization rate will gradually ramp up in line with our global expansion efforts.
In 2024, the designed production capacity of our excavating machinery, concrete machinery and hoisting machinery reached 150,000, 49,000 and 29,400 units, respectively.
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The utilization rate was generally low during the Track Record Period primarily because (i) the construction machinery industry exhibits distinct cyclical characteristics and we maintain appropriate production capacity reserves to flexibly respond to fluctuations in infrastructure investment and major project demands, and (ii) we are advancing intelligent production line upgrades and optimizing our product mix, such as increasing the proportion of electrified equipment, to capitalize on industry transformation and upgrading opportunities, which have temporarily impacted the traditional utilization rate.
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As a result of the foregoing, our overall production capacity utilization rate declined from 2022 to 2023, remained relatively stable between 2023 and 2024, and subsequently increased in the four months ended April 30, 2025.
As of March 31, 2025, 61.4% of the total GFA has come into use, and we have a manufacturing team of 114 employees.
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Following these expansions, our manufacturing facilities will be able to support the manufacturing of 575 million vials of nebulizers in suspension or solution forms, 19 million canisters of nasal sprays, 14 million canisters of MDI products, 24 million doses of DPI products and 600 thousand liposome products per year.