Expansion of production capacity requires significant capital investment and may temporarily increase depreciation and other fixed costs before utilization reaches optimal levels.
Financial Information · 第 190 页
Our manufacturing overhead increased in 2024 primarily due to the continued ramp-up of commercial production at our Zhejiang dairy production facility and our acquisition of a 60% controlling interest in Saishang Baifei in Ningxia.
Financial Information · 第 190 页
As production volume increased and capacity utilization improved, manufacturing overhead as a percentage of cost of sales subsequently declined, reflecting enhanced operating leverage and more efficient absorption of fixed costs.
During the Track Record Period, our utilization rates remained stable, reflecting our ongoing efforts to maintain a prudent capacity buffer to accommodate demand fluctuations and preserve operational flexibility.
Business · 第 176 页
The decrease in the utilization rate for automotive optoelectronics in 2025 was primarily attributable to adjustments made to our product development plan in response to our customers’ ongoing upgrades of their product offerings.
Business · 第 176 页
In 2025, as industry inventory levels gradually normalized and telecom operators’ procurement activities became more stable, together with the our continued efforts to optimize our product mix and production capacity allocation, the utilization rate for others has significantly improved compared to 2024.
During the Track Record Period, the decrease in the utilization rates of our production lines was primarily due to lower production output in response to decreased customer demand for battery-swapping stations and battery-swapping modules.
Business · 第 148 页
In response to such market conditions, we adopted a measured and disciplined production approach by calibrating production output with actual customer demand and delivery schedules, rather than building inventory or scaling production ahead of confirmed orders.
We have maintained utilization rates between 61% and 75% during the Track Record Period, which we believe would provide us with a reasonable buffer in production capacity to cater for further business growth.
Business · 第 123 页
For the year ended March 31, 2024, our utilization rate was relatively high at 75% as we increased our output due to relatively low inventory as of the beginning of the year ended March 31, 2024.
Business · 第 123 页
We have since completed the installation works, and have resumed full operations of the facility from May 2026.
During the Track Record Period, our utilization rate for our semi-solid formulations was relatively lower in 2024, primarily because we proactively commissioned additional production lines in anticipation of our advancing product pipeline, and these newly established lines were still in the early stages of capacity ramp-up.
Business · 第 143 页
The utilization rate for solid dosage forms was relatively lower in 2023 and 2024, as the relevant products were either pending approval or had recently received approval.
广州视源电子科技股份有限公司Guangzhou Shiyuan Electronic Technology Company Limited
智能制造基地产能利用率约57%至66%
We have established a smart manufacturing facility in Guangdong, China primarily dedicated to IFPDs, which became operational in 2024.
Business · 第 148 页
Accounting for the facility’s actual start of operations, its annual production capacity in 2024 was 431,500 units of IFPDs, with a utilization rate of 66.3% as we were in the process of ramping-up production.
Business · 第 148 页
Based on the same calculation method, its annual utilization rate in 2025 was 56.9% and 59.3% on a prorated production capacity of 127,867 units in the three months ended March 31, 2026.
Overall drug substance line utilization rate | 36.6% | 32.9% | 39.1%
Business · 第 195 页
The output of Chengdu facility shown in the table represents sample production for preclinical and clinical trials.
Business · 第 195 页
Following JZB30’s NDA approval in April 2025, we are preparing the Chengdu lines for dedicated-line commercial production of high-activity products to enable in-house commercial manufacturing of JZB30.
During the Track Record Period, we continued to ramp up the actual output of our FCBGA substrates and FCCSP, WBCSP and module substrates, and our actual output utilization rates increased from 3.5% for FCBGA substrates and 43.8% for FCCSP, WBCSP and module substrates in 2023, to 33.3% and 83.5%, respectively, in the three months ended March 31, 2026.
Financial Information · 第 211 页
As a result, our future revenue and gross profit margin will be affected by our future capital expenditures, depreciation, and production capacity utilization rates.
During the Track Record Period, we had production utilization rates of 72.5%, 94.0% and 100.8% in 2023, 2024 and 2025, respectively.
Financial Information · 第 184 页
We regularly review production utilization, optimize processes and upgrade equipment to unlock additional capacity and respond swiftly to evolving customer needs.
The Mexico Production Base is still in the ramp-up stage of production capacity.
Business · 第 122 页
Fluctuations of our utilization rate of production capacity during the Track Record Period were primarily due to the expansion, planning and optimization of our production capacity as well as the intelligent upgrading and transformation of our production bases.
This margin contraction was primarily driven by substantial costs incurred from leasing computing resources as we continued to improve our products and services, while utilization of such computing resources was gradually ramping up.
Business · 第 140 页
We plan to maximize the productivity of our computing infrastructure through a combination of technology-driven improvements and intelligent scheduling strategies:
Business · 第 143 页
This approach improves our around-the-clock cluster utilization rate and spreads our fixed computing resource costs across a larger volume of billable activity, directly compressing per-unit costs.
Our manufacturing center has an annual aggregate production capacity of approximately 8,000 tonnes, covering a wide range of product categories such as infant formula milk powder, general dairy products, nutritional supplements, specialty dietary foods and probiotics.
Business · 第 145 页
The actual production volume of our production facilities amounted to approximately 2,274, 4,081 and 4,155 tonnes in 2023, 2024 and 2025, respectively, with an utilization rate^(1)^ of 29.3%, 52.5% and 53.5% during the same years.
Business · 第 145 页
We employ a flexible manufacturing strategy that combines in-house production with third-party contract manufacturing as well as procurement of finished products to optimize capacity utilization, ensure product quality, and allow us to respond efficiently to market demand.
As we progress with the commercialization of our products and anticipate increasing customer demand, we expect the utilization rate of our production facilities to rise.
Financial Information · 第 231 页
As a result, our ability to achieve profitability depends in part on our ability to effectively manage production utilization as we expand our production activities.
Financial Information · 第 231 页
Our relatively high burn rate in 2023 and 2025 was primarily due to significant cash expenditure on purchasing property, plant and equipment for the construction of Guangming production base and upgrading of our existing production bases.
In 2023, 2024 and 2025, our utilization rate was 60%, 85% and 83%, respectively.
Financial Information · 第 179 页
To improve the utilization of our production capacity and reduce impairment, we have taken various measures, including formulating our manufacturing plans in reference to WHO guidance, historical and seasonal demand, regulatory communication and requirements.
大秦数字能源技术股份有限公司Dyness Digital Energy Technology Co., Ltd.
产能大幅扩张并拟以所得款项净额支持扩产
We have significantly increased our production capacity and output during the Track Record Period to meet growing customer demand.
Financial Information · 第 179 页
If actual demand or customer orders fall short of our expectations, capacity that has been added in advance, or that we are planning to add in the future, may remain underutilized for a prolonged period, driving up per-unit fixed costs and weighing on our gross margins and overall profitability.
Financial Information · 第 179 页
We also seek to continuously improve manufacturing efficiency, delivery capabilities and capacity utilization through strengthening demand planning and supply chain management, advancing digital operations and leveraging our platform-based product R&D and smart manufacturing capabilities.
The in-patient visits to Beijing TRT TCM Hospital increased throughout the Track Record Period, mainly attributable to our initiatives to develop its in-patient services.
Business · 第 153 页
Such medical institution ceased to provide in-patient healthcare services since 2023 to concentrate its medical resources on serving customers through out-patient healthcare services.
The following table sets forth our designed production capacity, actual production volume and utilization rate of our manufacturing facilities for the local manufacturing of Keppra by production lines for the years indicated.
Due to the sales of existing inventory prior to production and a transition in our manufacturing model into local manufacturing, utilization rates for the manufacturing of Keppra tablets in 2023 and Keppra oral solutions in 2025 were low.
During the Track Record Period, our average utilization rate for our production facilities was approximately 77.3%, 88.9% and 69.0%, respectively.
Financial Information · 第 207 页
Our utilization rate subsequently decreased to 69.0% in 2025, primarily because we substantially expanded our production capacity during the year.
Business · 第 155 页
As of the Latest Practicable Date, the Cambodia Facility remained in the ramp-up stage and accounted for less than 10% of our total production capacity.
广东真健康医疗科技开发股份有限公司Guangdong True Health Medical Technology Development Co., Ltd.02697.HK
产能利用率下降且一条产线未用于量产
Our manufacturing capacity utilization rate decreased in 2025 as compared to 2024, primarily as (i) we were still at an early stage of commercialization and market development, resulting in relatively limited demand, and (ii) we took a prudent approach to prioritize the digestion of surplus inventory of surgical robots manufactured in 2024.
Business · 第 191 页
During the Track Record Period and up to the Latest Practicable Date, the Zhuhai manufacturing base operated two production lines for robotic products, one of which was used for commercial mass production, while the other was used for product validation, process optimization, trial production of new products and support of quality control activities and did not participate in routine mass production.
Business · 第 191 页
We plan to expand our production capacity by temporarily deploying the second production line into mass production and adding additional production lines as needed.