During the Track Record Period, our catalog prices for the same products and services did not undergo significant changes.
Business · 第 138 页
The pricing of standardized products is determined on the basis of official list prices, with final transaction prices adjusted comprehensively by reference to customer procurement scale, partnership relationship and market competition conditions.
Business · 第 138 页
During the Track Record Period, other than price discounts, we did not offer additional sales rebates or other discount policies to our customers.
From 2023 to 2024 and 2025, our revenue and sales volume for direct sales increased while our average selling price decreased. This was primarily attributable to our price-for-volume market strategy to gain more market share.
Business · 第 162 页
We apply a dynamic pricing policy across all customers, including Customer A, reflecting R&D complexity, market conditions, competitor pricing, order volume, and customer potential, as well as the complexity of hardware and software integrated.
The average selling price in Chinese Mainland generally decreased during the Track Record Period, primarily due to our strategic adjustments to and reductions in the selling prices of certain standardized and mature product models (particularly earlier-generation models with relatively stable specifications) to remain competitive in Chinese Mainland.
Business · 第 152 页
Going forward, we intend to adopt a more differentiated pricing strategy, maintaining competitive pricing for standardized products while preserving pricing power for higher-performance and newly launched products.
昆仑新能源材料技术（宜昌）股份有限公司Kunlun New Energy Materials Technology (Yichang) Co., Ltd.
电解液平均售价大幅波动且竞争加剧带来定价压力
Despite the growth in sales volume of our electrolyte products, which rose from 52,670 tons in 2023 to 60,676 tons in 2024, such increase could not fully mitigate the negative effect brought by the decrease in selling prices.
Business · 第 168 页
In addition, our average selling price of our electrolyte products slightly decreased from approximately RMB17,000 per ton in 2024 to approximately RMB16,000 per ton in 2025 and increased from approximately RMB15,000 per ton in the six months ended June 30, 2025 to approximately RMB25,000 per ton in the same period in 2026.
Business · 第 168 页
Our framework sales agreements and long-term procurement agreements incorporate price adjustment mechanisms that allow us to flexibly adjust product prices in response to changes in supply and demand dynamics or the commercial environment.
The slight decline in the average ticket size of our franchise stores was primarily attributable to a decreasing market price of pork.
Business · 第 133 页
For instance, the market prices of pork products are subject to fluctuations throughout the hog cycle.
Financial Information · 第 199 页
Through the implementation of the dynamic pricing strategy, we are able to better attract franchisees and consumers, manage inventory and maintain profitability.
This led to a substantial decline in average selling prices across multiple categories of IC products.
Financial Information · 第 197 页
Although our gross margin remained relatively stable at 35.5% and 35.0% in 2023 and 2024, respectively, and then declined to 32.8% in 2025, revenue fluctuated from RMB4,530.9 million to RMB4,212.6 million, then increased to RMB4,741.0 million over the same years and mix shifted toward lower-priced offerings during the down-cycle.
Financial Information · 第 203 页
For memory and analog IC, we have consistently implemented pricing strategies aimed at maintaining competitiveness in the market.
The average selling price of both our large-scale and C&I ESS solutions with self-procured battery cells decreased in 2023, 2024 and 2025, as applicable, primarily because (i) we reflected the price decline of lithium-ion battery cells, one of the key raw materials of our ESS, in our pricing, and
Summary · 第 5 页
As a result, the decrease in our average selling price outpaced the reduction in raw material costs, which had a corresponding impact on our gross profit margins.
Summary · 第 5 页
The average selling price of sales of ESS products with self-procured battery cells decreased from RMB0.66 per Wh in 2023 to RMB0.42 per Wh in 2024, primarily due to the decline in lithium-ion battery cell prices, which were subsequently reflected in our pricing.
浙江浙能迈领绿航科技股份有限公司ZHEJIANG ENERGY MARINE ENVIRONMENTAL TECHNOLOGY CO., LTD
EGCS平均售价持续下降
From 2023 to 2025, revenue and average selling price of vessel exhaust gas emission control and cleaning systems decreased, primarily because, in response to changes in market conditions, we undertook more newbuild vessel projects and smaller-scale EGCS projects, which generally had lower contract values than retrofit projects.
Business · 第 130 页
The decrease in revenue is primarily because the decrease in average selling price more than offset the increase in sales volume.
Shipment volume of our E-call solutions increased significantly during the Track Record Period as more export-oriented vehicle programs entered mass production, while ASP decreased as the relevant products moved into larger-scale commercialization and the product mix changed.
Summary · 第 5 页
As the PRC automotive sector continues to evolve toward electrification, vehicle intelligence, software-defined vehicles and more centralized electrical and electronic architectures, OEMs are increasing demand for in-vehicle communication, E-call and related control functions, while also placing continuing pressure on suppliers in relation to pricing, delivery and technology iteration.
Financial Information · 第 202 页
For projects involving a higher degree of customization, new-function development or more intensive development collaboration, we generally seek to reflect the additional development costs and resources committed by us through the pricing of the relevant products over the expected commercial lifecycle of the project, taking into account factors such as expected order volume, program duration, technical complexity, customer requirements and target profitability.
We provide suggested selling prices to our distributors, but do not restrict their autonomy in determining the final selling price.
Business · 第 159 页
While lower average selling price through distributor channels may result in downward pressure on our pricing, the corresponding increase in sales volumes is expected to generate economies of scale in production and distribution, which may partially offset any adverse impact on gross margins.
众安信科（深圳）股份有限公司Zhongan Information Technology (Shenzhen) Co., Ltd.
平均项目价值下降
During the Track Record Period, our sales volume (numbers of projects) increased from 132 to 206 and further to 323, and amounted to 246 for the five months ended May 31, 2026, while our average project value decreased from RMB1.7 million to RMB1.5 million and was RMB0.8 million for the five months ended May 31, 2026.
Business · 第 132 页
The decrease in average project value for the three years ended December 31, 2025 was primarily attributable to our customer base expansion, as newly onboarded customers typically commence collaboration with us on smaller projects.
The decrease in our average selling price from 2023 to 2025 was primarily driven by intensified competition in the NEV market, together with product-specific changes in configuration and sales mix across our major product lines.
Summary · 第 7 页
During the Track Record Period, our sales volume of single-motor controllers accounted for approximately 3.0%, 25.8%, 30.4% and 24.8% of the total motor controller sales volume in 2023, 2024, 2025 and the five months ended May 31, 2026, respectively.
Summary · 第 7 页
In 2024 and 2025, an increasing proportion of customers opted for PEBB solutions with relatively simpler structures and narrower functional scope for integration into their self-developed powertrain systems, resulting in a decline in our overall average selling price.
For the years ended 31 December 2023, 2024, and 2025 and the five months ended 31 May 2025 and 2026, our gross profit margin was 3.9%, 3.3%, 4.7%, 2.8%, and 2.0%, and our net profit margin was 2.2%, 2.0%, 3.3%, 1.4%, and 1.4%, respectively.
Business · 第 158 页
For instance, according to Frost & Sullivan, the intensified competition in China's PV silver powder industry led to a general decline in mark-ups in the market in 2024, following which we also reduced our mark-ups.
Financial Information · 第 204 页
As such, while our business operates on relatively thin profit margins, this is primarily attributable to the impact of the silver price, rather than any operational inefficiencies or inherent risks in our business model.
For the years ended December 31, 2023, 2024, 2025 and the five months ended May 31, 2025 and 2026, our gross profit margin was 15.2%, 17.4%, 23.6%, 22.4% and 17.9%, respectively.
Financial Information · 第 184 页
In particular, our gross profit margin decreased from 22.4% in the five months ended May 31, 2025 to 17.9% in the five months ended May 31, 2026, primarily due to market-driven pricing adjustments.
Financial Information · 第 184 页
Our gross profit margin improved in 2025, primarily because of the increase in both the proportion and the gross profit margin of our WLCSP products, as a result of economies of scale driven by the ramp-up of our Zhuhai factory and cost optimization measures including technical upgrade and more favorable terms from suppliers.
In general, when a business is in its nascent development stage, the average selling price of our products and its gross margin tend to experience significant fluctuations due to various reasons, including pricing strategy to gain market recognition, lower production utilization due to small-batch delivery, and the flexibility to provide customized products at small-batch and higher price.
Financial Information · 第 167 页
For example, our ESS Power Conversion and AI Computing Server Power Supply are experiencing similar trajectory, though at different stages.
In 2025, the average selling price of our OIS motors decreased, which was primarily due to the change in product mix and a broader range of customers.
Business · 第 140 页
The average selling price of closed-loop motors decreased in the four months ended April 30, 2026 as compared with the four months ended April 30, 2025, which was primarily due to our pricing adjustments for certain closed-loop motor models, taking into account the higher sales-volume, long-term stable cooperation with key customers and prevailing market conditions.
Business · 第 141 页
In determining the pricing of our products, we adopt a market-oriented pricing principle and consider a range of factors, including production costs, target profit margins, prevailing market conditions and competitive dynamics, product complexity, target pricing from customers, among others.
We price our products based on real-time market quotations.
Business · 第 166 页
We typically do not enter into long-term agreements with fixed pricing with our customers.
Business · 第 166 页
During the Track Record Period, the average selling price of our memory products generally increased from 2023 to 2024, and excluding the impact of the Customer Supply Arrangement, such average selling price remained generally stable from 2024 to 2025 and increased significantly for the four months ended April 30, 2026 as compared with the corresponding period in 2025.
The ASP of our industrial robots decreased from RMB48.0 thousand per unit in 2023 to RMB41.0 thousand per unit in 2024 and further to RMB35.0 thousand per unit in 2025, while the ASP of our collaborative robots decreased from RMB47.0 thousand per unit in 2023 to RMB46.0 thousand per unit in 2024 and further to RMB38.0 thousand per unit in 2025, both primarily attributable to (1) intensified market competition in the robotics industry during the Track Record Period, according to CIC, which resulted in a general downward trend in pricing, (2) our continuous investment in research and development and the realization of economies of scale in our cost structure, which enabled us to steadily improve and maintain our gross profit margins, thereby allowing us to offer lower prices to enhance our market penetration and strengthen our position among key customers, and (3) changes in product mix across different models and specifications, as industrial robots inherently vary in pricing depending on technical parameters such as payload, reach and application requirements, and we recorded a higher proportion of sales of relatively lower-priced models during the Track Record Period.
Business · 第 130 页
This decrease was primarily driven by changes in product mix and commercialization stage.
山东宝盖新材料科技股份有限公司Shandong Baogai New Materials Technology Co., Ltd.08090.HK
成本加成定价且部分产品平均售价下行
We generally adopt a cost-plus pricing model, where profit margins are adjusted based on factors, including but not limited to, (i) order volume and delivery schedule, (ii) market demand and customer recognition of our products; (iii) prevailing market prices of comparable trench covers in the market, (iv) procurement and production costs for the products, (v) logistics costs and other miscellaneous costs and expenses, and (vi) payment conditions.
Business · 第 168 页
During the Track Record Period, the average selling price of our cable trench covers and drainage trench covers experienced a downward trend, see "– Principal components of our results of operations – Revenue by product" in this section.
Financial Information · 第 220 页
Our profit margins and results of operations may be directly and materially affected by the selling pricing of our composite trench cover products which varied during the Track Record Period in line with our pricing policy.
We price our products based on various factors, including the costs of the materials, production costs, order volumes, financial goals, competition and the size of display modules.
Business · 第 158 页
Our Directors are of the view that such strategies did not have a material adverse impact on our business operations or financial performance during the Track Record Period and up to the Latest Practicable Date, primarily because: (i) our customers generally prioritise product stability, consistency, reliability and delivery capability over price alone, as evidenced by our customer retention rate reaching 82.9%, 95.7% and 98.2% in 2023, 2024 and 2025, respectively; (ii) we generally maintained a considerably higher gross profit margin during the Track Record Period compared to industry peers which adopted low-price strategies, while the selling prices of our products were generally in line with market prices according to CIC; and (iii) our competitive strengths in technology, product quality, production scale and customer service have enabled us to compete on the basis of overall value, as reflected in our prominent position in the global e-paper display industry.