Although our utilization rate for FICC improved during the Track Record Period, our production capacity utilization had not yet reached a level sufficient to fully dilute fixed manufacturing overhead, which contributed to higher unit production costs and our gross loss position.
Business · 第 157 页
Our production capacity utilization rates for FICC increased from 28.1% for the four months ended April 30, 2025 to 78.0% for the four months ended April 30, 2026, respectively, primarily reflecting higher customer orders and production volume for FICC.
In addition, the limited capacity of our milling plants contributed to higher ore stockpiles; following completion of the capacity expansion of the Ying Plant 2 in November 2024, we have been able to process more stockpiled ore since February 2025.
Financial Information · 第 240 页
As at December 31, 2025, we had processing plants with a total designed ore processing capacity of approximately 5,700 tonnes per day, to support our planned production growth in near future.
Financial Information · 第 216 页
For the fiscal year ended March 31, 2025, our annual ore processed reached approximately 1.3 million tons, representing an increase of 18.7% from the fiscal year ended March 31, 2024.
The following table sets forth the location, gross floor area, products, production capacity and capacity utilization rate relating to our existing manufacturing facilities, which produce fiber optic assemblies during the Track Record Period:
Business · 第 122 页
(1) We calculate production capacity by considering the theoretical capacity of the machine equipment in the bottleneck process, as well as the comprehensive efficiency considering factors such as management efficiency of other processes, employment recruitment efficiency and new employee training.
Business · 第 122 页
To capture industry opportunities and support our business growth, we plan to continuously expand our production capacity and upgrade our production systems.
In 2025, the overall utilization rate of our production facilities for the production of powertrains for NEV segment reached 71.6%.
Financial Information · 第 232 页
To prepare ourselves for the increased customer demands, we have established three production facilities and are in the process of constructing three additional production facilities in strategic locations of China.
Financial Information · 第 232 页
Going forward, we plan to further enhance production efficiency and expand our NEV production capacity in a disciplined and phased manner, including through capacity expansion funded by the [REDACTED] from the [REDACTED], in order to meet anticipated demand growth while maintaining cost efficiency.
The decreases in production capacity utilization rate of precision components for smart devices and electronic products throughout the Track Record Period and precision components for embodied intelligence from 2024 to 2025 were primarily due to the expansion in production capacity outpacing the growth in production volume of the respective business lines.
Business · 第 145 页
We plan to expand our production capacity to capture the widening application of precision components, the increasing growth of the sectors of new energy batteries, humanoid robots, AI data center infrastructure and commercial satellite communication, and to meet increasing customer demand for our products.
Nevertheless, our net loss is expected to continue, primarily due to the commencement of operation of our Yangzhou production base in July 2025.
Summary · 第 8 页
As the facility only began operations in the second half of the year, depreciation and amortization and other fixed costs increased, while production capacity has not yet been fully utilized, thereby exerting downward pressure on profitability.
During the Track Record Period, the construction and commencement of production in our new production bases in Zhuhai and Nantong significantly improved our production capacity, especially for our plating services business line, enabling us to undertake a greater volume of plating service business.
Financial Information · 第 206 页
As a result, the gross profit and gross profit margin of our plating services were relatively low in 2023 and experienced a ramp-up in 2024 and 2025.
Financial Information · 第 206 页
We expect that the upfront investments in our production bases will support the realization of economies of scale over time.
During the two years ended December 31, 2024, our production for innovative business was in its initial ramp-up phase.
Business · 第 160 页
The India manufacturing base commenced operation in September 2024. As of December 31, 2025, it remained in the initial ramp-up stage.
Business · 第 161 页
During the Track Record Period, fluctuations in utilization rates primarily resulted from adjustments and transfers of production capacity among different manufacturing centers to meet our business strategies.
上海易景信息科技股份有限公司Shanghai Innovatech Information Technology Co., Ltd.
产能利用率由80.9%降至69.8%
(5) The decline in the utilization rate in 2025 was primarily due to the expansion of designed production capacity outpacing the growth in actual output.
Business · 第 128 页
We plan to gradually activate this reserved capacity between May and June 2026, primarily to support the anticipated growth in our AIoT-related product lines.
Business · 第 128 页
The phased commissioning of this base allows us to align capacity expansion with customer demand and product development progress while maintaining operational and capital utilization efficiency.
We plan to construct a production line for MEMS products used in high-end smartphone optical components, with a designed annual capacity of 240 million units and an expected start of commercial production in 2026.
Business · 第 154 页
As utilization rates improve alongside recovery in our key downstream markets, particularly the semiconductor and consumer electronics sectors, our expanded capacity will enable us to respond promptly to customer demand.
During the Track Record Period, our production utilization rate were 76.1%, 80.0%, and 86.1%, in 2023, 2024 and 2025, respectively.
Financial Information · 第 207 页
During the Track Record Period, we outsourced some standardized and labor intensive manufacturing process of power inductors under consumer electronics sector to outsourced service providers, primarily to (i) address our high production utilization rate, being 76.1%, 80.0% and 86.1% in 2023, 2024 and 2025, and (ii) optimize our cost efficiency.
Business · 第 149 页
As of the Latest Practicable Date, the planned production base in Thailand was in trial operation phase. We expect to commence commercial production in the second half of 2026.
To support this shift, the Dongtai facility played an increasingly important role in our production system, and capacity utilization at Dongtai had a more direct impact on our sales volume and revenue composition.
Financial Information · 第 185 页
These expansion activities involved capital expenditure, equipment installation and process ramp-up, which affected depreciation expenses and operating costs during the Track Record Period.
Financial Information · 第 185 页
In addition, we are in the process of finalizing an investment agreement to acquire additional land and construct new facilities dedicated to expanding our HDI PCB production capacity, which will further strengthen our ability to serve higher-end application segments, improve delivery stability under complex production mixes, and reinforce our long-term manufacturing competitiveness.
As of the Latest Practicable Date, our annual designed production capacity was approximately 15.0 million units.
Business · 第 172 页
Shenzhen Production Base commenced phased production during the first half of the year. In 2025, the facility achieved an actual production capacity of 9,354,240 units, with an actual capacity utilization rate of 73.20%.
Business · 第 172 页
There had been extra workers and operation hours had been extended to cater to the production needs as part of our strategic intention to maximize our in-house production efficiency.
江苏泽景汽车电子股份有限公司JIANGSU NEW VISION AUTOMOTIVE ELECTRONICS CO., LTD.02632.HK
仪征基地产能利用率提升及扩产计划
The production capacity of our Yizheng Base has steadily increased during the Track Record Period from 360,000 units in 2022 to 760,000 units in 2023 and 910,000 units in 2024, and increased from 670,000 units in the nine months ended September 30, 2024 to 720,000 units in the nine months ended September 30, 2025, with the utilization rate reaching 58.1%, 78.4%, 73.4%, 67.4% and 81.5% in the same respective periods.
Financial Information · 第 365 页
Our utilization rate for our Yizheng Base generally increased from 58.1% in 2022 to 81.5% in the nine months ended September 30, 2025 in line with our business growth.
Business · 第 287 页
Conversely, in the event that market demand plummets, we may also face the risks of surplus production capacity if we fail to recalibrate our output in a timely manner, and our initial investment may not bear fruit immediately, particularly taking into account the prospective depreciation and amortization over time.
We plan to progressively expand the production capacity of (i) Guangxi SZ-A API production line and (ii) Beijing SZ-A tablets production line, to (i) address capacity constraints for the production of SZ-A API and Sangbo'en as our Guangxi SZ-A API production line and Beijing SZ-A tablets production line have been operating at a high utilization rate, (ii) better meet growing demand for Sangbo'en, and (iii) lay the foundation for the commercialization of WH007 and WH006.
Business · 第 188 页
We expect the gross floor area of the expanded Guangxi SZ-A API production line to be approximately 22,000 square meters, with a designed annual production capacity of approximately 44,000 kilograms, subject to adjustment based on our evolving business needs.
Business · 第 188 页
We expect to commence the expansion of our Guangxi SZ-A API production line and Beijing SZ-A tablets production line in 2026.
The number of daily transaction per massage equipment decreased from 2.95 in 2023 to 2.04 in 2024 as a result of the substantial increase in number of massage equipment as at 31 December 2024 by approximately 90% as compared to that as at 31 December 2023, which led to dilution of the number of transaction per massage equipment and the ramp-up period for newly installed equipment to reach normal utilisation level.
Summary · 第 7 页
The substantial increase in number of massage cushions led to more significant dilution of the number of transaction per massage equipment and ramp-up period required for newly installed massage cushions, while the revenue recorded from our massage equipment deployed in cinemas increased due to the increase in number of massage equipment.
Summary · 第 8 页
To enhance and improve the number of daily transaction per massage equipment during the course of our business expansion in the future, our Group intends to intensify online marketing activities based on the evolving market conditions, including expanded promotional activities on various social media including Wechat, Douyin, Weibo, Xiaohongshu, Meituan, Kuaishou, to reach a broader spectrum of potential consumers and expand our consumer base.
The overall utilization rate of our production capacity was 50.8%, 67.0%, 44.8% and 54.1% in 2022, 2023, 2024 and the three months ended March 31, 2025, respectively.
Business · 第 300 页
The decrease in our overall utilization rate from 2023 to 2024 was due to our capacity expansion in our Maxwell Center and the shut-down of our Jiading factory in 2024.
Business · 第 300 页
To further expand our manufacturing capacity to meet the growing market demand for our LiDAR products, we are currently expanding Hertz Center to accommodate more production lines.
The following table sets forth our designed production capacity, actual production volume and utilization rate for production lines that are used in the production of injectables and oral solids as of the dates and for the years indicated.
Business · 第 312 页
The designed production capacity for a production line is calculated based on 255 effective production days a year on a triple shift basis (i.e., 24 hours) for oral solids, and a double shift basis (i.e., 16 hours) for other products.
Business · 第 312 页
In particular, we believe the following factors indicate sufficient market demand to support the planned increase in our production capacity: historical growth rates of our sales of commercialized innovative drugs; our robust pipeline of late-stage innovative product candidates, including those with significant market potential; and our strategy to deepen our market penetration and expand our coverage of hospitals and other medical institutions through efficient sales and marketing efforts.
江苏正力新能电池技术股份有限公司Jiangsu Zenergy Battery Technologies Group Co., Ltd.03677.HK
产能持续扩张致爬坡期毛利率受压
In 2021, 2022, 2023 and 2024, our total manufacturing capacity (including battery cells, modules and packs) reached 6.4 GWh, 8.5 GWh, 17.3 GWh and 23.9 GWh, respectively.
Business · 第 324 页
Thus, our expanding manufacturing capacity negatively affects our gross margin, especially at the early ramp-up stage when the fixed depreciation and amortization is allocated to a relatively small amount of product output.
Business · 第 324 页
In the second half of 2023, our overall utilization rate for the relevant manufacturing lines has recovered to 82.3%.
The production utilization rate for 2021, 2022 and 2023 and the six months ended June 30, 2024 was 72.3%, 69.8%, 71.8% and 72.8%, receptively.
Financial Information · 第 375 页
We plan to increase our production capacity from 12,500 wafers per month as of June 30, 2024 to 70,000 wafers per month over the next five years.
Business · 第 287 页
Despite the rapid expansion of our production capacity during the Track Record Period, the utilization rate of our production bases continued to improve since we commenced mass production in 2022, reaching 72.8% in the six months ended June 30, 2024.