In 2023, 2024, 2025 and the four months ended April 30, 2026, our gross profit margin was 23.2%, 20.9%, 18.7% and 21.9%, respectively.
Financial Information · 第 209 页
By continuously refining our product mix and leveraging our experience at existing market and consumer insight, we are committed to sustaining robust financial performance and driving long-term growth.
Financial Information · 第 209 页
Our gross profit margin increased from 19.0% for the six months ended June 30, 2025 to 21.6% for the six months ended June 30, 2026, primarily attributable to (i) the increase in the selling prices of our smartphones in response to the rising memory chip prices and (ii) the cost of memory chips recognized during the period continued to reflect inventories procured at relatively lower prices in earlier periods, prior to the increase in market prices of memory chips.
The decrease in 2024 was primarily because we recorded negative gross margins for our newly launched dTOF LiDAR products and line laser sensor products, as these newly launched products were still in the ramp up phase and had not yet achieved optimal production efficiency.
Summary · 第 16 页
We expect our overall gross profit margin to continue to improve as our newly launched products further mature and achieve greater production efficiencies through economies of scale.
Our gross profit margin in non-domestic markets experienced a temporary decline from 45.7% in 2023 to 41.4% in 2024, followed by an improvement to 46.9% in 2025.
Summary · 第 11 页
Our gross profit margin in non-domestic markets was 40.1% for the six months ended June 30, 2026, primarily reflecting changes in the mix of projects in our non-domestic business and foreign exchange fluctuations.
This trend directly adversely impacted our sales volume, average selling prices and profitability, with our gross profit margin decreasing from 6.7% in 2023 to 3.1% in 2024.
Financial Information · 第 208 页
As market conditions improved in 2025, in particular the strong market demand from the ESS and power batteries sectors, our processing fees stabilized to an upward trend and our gross profit margin improved to 5.7%.
Financial Information · 第 208 页
As a result, the decreased processing fee/selling prices led to the decreases in our profitability and margin from 2023 to 2024.
The gross profit margin of sales to online retailers decreased from 27.9% in 2023 to 22.2% in 2024, and subsequently increased to 23.0% in 2025, primarily reflecting changes in the product mix at one of our major online retailers in the Chinese mainland market, where fluctuations in the proportion of sales contributed by high-volume products with relatively lower margins affected overall profitability.
Business · 第 154 页
The gross profit margin of our online direct sales was higher than that of sales to online retailers during the Track Record Period, primarily due to differences in geographic mix and sales arrangements.
Our overall gross profit margin increased from 8.9% for the year ended December 31, 2023 to 22.3% for the year ended December 31, 2024, before decreasing to 18.3% for the year ended December 31, 2025 and 7.8% for the six months ended June 30, 2026.
Business · 第 185 页
For the six months ended June 30, 2026, our gross profit margin decreased to 7.8% from 22.8% for the same period in 2025, mainly driven by more proactive pricing strategies to seize favorable market opportunities.
Financial Information · 第 215 页
Although our gross profit margin from sales of chips decreased to 10.7% for the year ended December 31, 2025 and further to 4.2% for the six months ended June 30, 2026, as our ASP reductions outpaced cost savings in that year/period, we maintained positive gross profit from sales of chips of RMB67.6 million and RMB17.0 million, respectively, amid material growth in chip shipment volumes.
Revenue from our in-vehicle communication solutions increased in 2024, primarily due to the ramp-up of mass production for 4G in-vehicle communication solutions, and decreased in 2025 mainly because the decrease in 4G in-vehicle communication solutions revenue more than offset the revenue contribution from the commercialization of 5G in-vehicle communication solutions.
Summary · 第 4 页
Gross profit of our in-vehicle communication solutions increased in 2024 in line with revenue growth, but decreased in 2025 mainly due to lower revenue from 4G products; its gross profit margin increased in 2024 due to improved operating leverage and decreased in 2025 primarily due to changes in product mix and cost structure.
Summary · 第 5 页
Gross profit of our sensing and domain control solutions decreased in 2025 despite revenue growth, and its gross profit margin declined as well, mainly because certain products remained at an earlier stage of commercialization and were affected by product mix, program timing and cost absorption.
In 2023, 2024, 2025 and the three months ended March 31, 2025 and 2026, our gross profit margin was 49.3%, 46.0%, 48.2%, 36.5% and 42.2%, respectively.
Business · 第 178 页
Our historical gross profit margin decline was primarily due to the delivery complexity of top-tier customers, particularly during the initial rollout of our advanced cloud-based services.
Business · 第 178 页
Our cost of sales as a percentage of our total revenue decreased in 2025 and in the three months ended March 31, 2026, as compared to the same period in 2025, primarily attributable to enhanced delivery efficiency and product maturity.
During the Track Record Period, the gross margin for electronic and ceramic materials continued to decrease while its average selling price continued to increase, due to a shift in product mix toward higher-priced but also higher-cost items and the timing of cost pass-throughs.
Financial Information · 第 198 页
In addition, increases in key raw material costs and consumables were not fully reflected in customer pricing within the same period due to qualification and contract cycles, resulting in temporary pressure on gross margin.
Financial Information · 第 198 页
Average selling price and gross margin for electronic components was relatively low in 2023 as a result of product mix changes and weak industry demand during the year.
大秦数字能源技术股份有限公司Dyness Digital Energy Technology Co., Ltd.
2024年因遗留库存产生毛损并授出价格折让
Partly as a response to our gross loss attributable to certain legacy inventory as detailed in “Financial Information — Our Gross Loss in 2024,” we began formalizing these arrangements by entering into standard distribution agreements with our distributors starting in 2025.
Business · 第 149 页
This arrangement is similar to the price concession we granted in connection with certain Legacy Inventory in 2023 and 2024.
Business · 第 151 页
As of the Latest Practicable Date, we had entered into agreements containing price protection terms with 26 distributors.
上海悦普数智科技股份有限公司Shanghai Yuepu Digital Intelligence Technology Co., Ltd.
整体毛利率由12.0%逐年降至10.8%
Our overall gross margin was 12.0%, 11.4% and 10.8% in 2023, 2024 and 2025, respectively.
Financial Information · 第 203 页
we invested in proprietary technology, in particular our YP T-Engine, to enhance operational efficiency, embed structured controls into our workflows and strengthen our service delivery capabilities
Our gross profit margin was 57.2%, 52.2%, 42.1%, 51.3% and 39.9% in 2023, 2024, 2025 and for the three months ended March 31, 2025 and 2026, respectively.
Financial Information · 第 200 页
The decline in our gross profit margin during the Track Record Period was primarily driven by the increase in revenue from our solutions and their growing proportion in our revenue mix.
Financial Information · 第 200 页
Accordingly, changes in our revenue mix will affect our future gross profit margin.
Our gross profit margin decreased from 17.5% in 2023 to 16.2% in 2024, and further to 15.5% in 2025.
Business · 第 166 页
As a result, our cost of revenue remained high, which, together with the pressure on selling price, contributed to a stable but declining gross profit margin over the Track Record Period.
Our gross profit increased from RMB71.1 million in 2023 to RMB210.2 million in 2024, and decreased to RMB143.2 million in 2025, representing a gross profit margin of 14.0%, 38.0% and 20.4%, respectively.
Summary · 第 10 页
Despite an increase in our revenue throughout the Track Record Period, our adjusted net loss increased from 2024 to 2025, primarily attributable to (i) the decrease in gross profit margin for satellite-based solutions, which primarily reflected changes in the delivered solution mix, as approximately 50% of our gross profit from satellite-based solutions in that year was generated from certain projects involving standalone sales of standardized satellite data and application software, which typically carry relatively higher gross profit margins, and the contribution from such sales decreased in 2025, and (ii) the relatively higher net impairment loss on financial assets and contract assets recorded in 2025.
Summary · 第 9 页
During the same period, our operating efficiency continued to improve, as evidenced by a decline in the ratios of operating expenses to revenue from 61.5% in 2024 to 48.2% in 2025.
During the Track Record Period, the gross profit margin of our direct sales was lower than that of sales through distributors primarily due to (i) the relatively low gross profit margin of the promotion services for Reminton (类停^®^); and (ii) the relatively low gross profit margin of drug substances of EPOSINO (依普定^®^) and WHITE-C (白特喜^®^) sold to overseas markets.
Business · 第 163 页
Although the VBP schemes have resulted in lower average selling prices and narrower gross profit margins for the relevant products, our revenue relating to pharmaceutical products generated from domestic sales remained stable and our overall gross profit margin declined insignificantly, as we were able to increase sales volumes, enhance utilization of our manufacturing capacity and realize economies of scale, which helped offset the impact on our financial performance.
Our overall gross profit margin was 8.1%, 7.7% and 7.4% in 2023, 2024 and 2025, respectively.
Financial Information · 第 163 页
As these categories differ in pricing dynamics and procurement costs, changes in product mix affected both gross profit and gross profit margin.
Financial Information · 第 163 页
Leveraging our centralized product governance and supply chain management framework, we seek to optimize procurement costs, improve pricing and sourcing efficiency and support margin improvement over time.
While revenue increased, gross margin declined due to higher cost structures and pricing dynamics.
Financial Information · 第 198 页
As a result of the foregoing, profit for the year increased from RMB123.3 million in 2024 to RMB124.7 million in 2025, representing a 1.1% increase.
Financial Information · 第 198 页
Revenue growth was driven primarily by increased sales volume of multilayer PCBs, while gross profit and margin were affected by changes in pricing, raw material costs and product mix.
Although our gross profit decreased from RMB160.3 million in 2024 to RMB134.3 million in 2025 despite revenue growth from RMB347.6 million in 2024 to RMB484.2 million in 2025, this mismatch between revenue growth and gross profit growth was primarily due to (i) a decrease in gross profit of chip design from RMB94.4 million in 2024 to RMB32.5 million in 2025 and an increase in gross profit of chip delivery from RMB4.4 million in 2024 to RMB65.7 million in 2025, resulting in stable gross profit of chip design and chip delivery combined in 2024 and 2025, and (ii) a decrease in gross profit of IP license from RMB61.5 million in 2024 to RMB36.2 million in 2025.
Financial Information · 第 164 页
Our overall gross profit margin normalized from 46.1% in 2024 to 27.7% in 2025, primarily due to a decrease in gross profit margin of chip design from 40.8% in 2024 to 16.0% in 2025, partially offset by an increase in gross profit margin of chip delivery from 18.8% in 2024 to 27.6% in 2025.
Our overall gross profit and gross profit margin decreased in 2024, primarily due to (i) increased domestic to-C online literature business (online reading through mini programs) that had a relatively lower gross profit margin, due to intense competition in the domestic market and (ii) loss of gross profit from Crazy Maple Studio following its deconsolidation which had overseas online literature business with a higher profit margin.
Business · 第 171 页
However, both gross profit and gross profit margin rebounded in the nine months ended September 30, 2025, with gross profit increasing significantly by 42.1% and the margin expanding from 30.2% to 34.4%.
Business · 第 171 页
We subsequently strategically decided to scale down the domestic to-C online literature business through mini programs in 2025 given its relatively lower gross margin, and our online literature and related business’s gross margin improved to 31.5% in the nine months ended September 30, 2025.