The revenue and gross profit margin decline in the smart door lock segment was largely attributable to intensified market competition, particularly from smart lock suppliers offering lower-priced, similar, and undifferentiated products.
Business · 第 145 页
From 2023 to 2024, increased market competition, particularly from lower-priced products offered by competitors, led to a decline in both the sales volume and revenue of Smart Door Locks, which in turn further compressed gross profit margin during this period.
Business · 第 151 页
This strategic deprioritisation aimed to reallocate resources toward higher-margin and more scalable solutions within the intelligent commerce segment, such as intelligent business solution and intelligent park management solution, which offer higher technical complexity, stronger competitive advantages, and better long-term profitability, and are better aligned with the Company's long-term growth strategy.
We employ a dynamic, market-driven pricing strategy that balances competitiveness with sustainable profitability.
Business · 第 174 页
Specifically, for our automotive-grade SiC power module products, our pricing strategy is forward-looking.
Business · 第 174 页
For our power semiconductor gate driver products, we primarily adopt a cost-plus pricing model and dynamically adjust expected product gross margins within a certain range based on our customers’ industry standing, expected order quantities and the technical complexity of the product.
This was primarily attributable to our market penetration strategy, under which we reduced the average selling price of our GNSS chips, modules and related solutions to drive sales scaling and capture market share, even though we also intensified internal efforts to reduce costs and enhance operational efficiency.
Business · 第 161 页
Our gross profit margin increased from 9.8% in 2024 to 11.1% in 2025, primarily because the revenue from the GNSS chips, modules and related solutions with higher gross profit margin as a percentage of the total revenue increased to 32.8% in 2025.
Business · 第 161 页
Finally, we structure tiered pricing models that reward higher volume commitments with more favorable terms.
江西生物制品研究所股份有限公司Jiangxi Institute of Biological Products Inc.06915.HK
VAT税率上调致2026年内销平均售价下降
Pursuant to the Announcement for VAT, effective from January 1, 2026, Human TAT became subject to a value-added tax rate of 13%, as compared to 3% previously.
Summary · 第 15 页
The average selling price of Human TAT for Domestic Sales in the first five months of 2026 decreased by a high-single-digit percentage as compared to the corresponding period in 2025, which in turn adversely affected the gross profit of our Human TAT business and our net profit for the year.
Summary · 第 15 页
The winning of bids of our Human TAT in the VBP schemes led to increased average selling prices of our Human TAT to distributors in Domestic Sales.
As a result, the gross profit margin of our harmonic reducers and other precision components declined from 29.9% in 2023 to 24.6% in 2025.
Financial Information · 第 212 页
We adopted such pricing strategies to facilitate customer acquisition, accelerate order volume growth and enhance our competitive positioning as the market entered a phase of rapid expansion.
In 2023, 2024 and 2025, our average selling price of caffeine per kilogram was RMB93.0, RMB68.3 and RMB64.8, respectively.
Financial Information · 第 208 页
Our operating profit of caffeine products decreased by 42.2% from RMB622.3 million in 2023 to RMB359.7 million in 2024, and further decreased by 25.1% to RMB269.5 million in 2025.
Business · 第 184 页
During the Track Record Period, revenue generated from our caffeine products declined primarily due to a decrease in the average selling price of our caffeine products, due to industry-wide supply and demand imbalance.
The relatively low gross profit margin under our JDM model in 2025 was primarily attributable to our current customer mix, as we mainly serve large-scale domestic downstream customers under the JDM model, which generally involves lower pricing.
Business · 第 142 页
As we increasingly derived revenue under the JDM model during the Track Record Period, our gross profit margins were significantly influenced by the JDM model’s performance, which fluctuates depending on our collaboration dynamics with respective customers, including large domestic customers with strong bargaining power.
During the Track Record Period, the average selling price of the compound seasonings we sold was RMB21.6/kg in 2023, RMB21.2/kg in 2024 and RMB20.0/kg in 2025, and RMB20.4/kg in the three months ended March 31, 2025 and RMB19.4/kg in the three months ended March 31, 2026.
Financial Information · 第 164 页
The decline in average selling price in 2025 was mainly attributable to intensified market competition in the compound seasoning industry.
Financial Information · 第 164 页
Looking ahead, we expect sales volume to continue its growth trajectory, while average selling prices are expected to remain relatively stable, as we focus on maintaining customer relationships, supporting market expansion and optimizing gross profit performance.
Our average spending per customer decreased from 2023 to 2024 and further to 2025, primarily attributable to our strategic adjustment of product mix and pricing, which was implemented to attract a broader customer base and enhance our competitiveness amid evolving market trends.
The average selling price of PowerCombo decreased from RMB1.6 per Wh in 2023 to RMB1.2 per Wh in 2024, primarily due to (i) declining raw material costs, particularly lower battery cell prices, leading to lower pricing levels, and (ii) the transition from air-cooled microgrid systems to liquid-cooled systems, which improved performance and cost efficiency at scale.
Business · 第 122 页
We employ a differentiated pricing strategy, setting prices based on investment return expectations and competitive intensity in different national markets.
The average unit price of our robots and robotic controllers generally decreased during the Track Record Period, primarily due to reductions in upstream component and raw material costs, such as cameras and motors driven by increased supply volume in the market, together with the growing benefits of economies of scale, as increased procurement volume and production output enabled us to improve supply chain management and production efficiency and enhance our bargaining power with suppliers.
Summary · 第 5 页
According to CIC, the general decrease in the average unit price of our robotic controllers and robots during the Track Record Period is consistent with the industry trend.
Summary · 第 5 页
Our revenue generated from sales of robotic controllers decreased by 13.1% from RMB66.1 million in 2023 to RMB57.4 million in 2024, primarily due to customer preferences in the Chinese Mainland, where enterprises increasingly prioritize cost-effectiveness when selecting robotic controllers.
We mainly adopt a cost-plus pricing mechanism for our products.
Business · 第 142 页
we establish a multi-cycle flexible price adjustment system with our customers through mutual negotiation, under which we are able to adjust the unit price of our products on annual, semi-annual, quarterly or monthly basis in accordance with the respective terms as agreed with our customers.
Business · 第 142 页
For example, our NdFeB product average selling price decreased from RMB432 thousand per ton in 2023 to RMB353 thousand per ton in 2024 mainly due to the rare earth market price declines in the same periods.
深圳市星源材质科技股份有限公司Shenzhen Senior Technology Material Co., Ltd.06067.HK
隔膜平均售价下跌致毛利率降至21.7%
In line with the decline in average selling prices, our gross profit margin decreased from 43.3% in 2023 to 28.1% in 2024, and further to 21.7% in 2025, also trended downwards during the Track Record Period.
Summary · 第 1 页
This decrease was mainly attributable to intensified market competition as a result of supply-demand imbalances in China.
Summary · 第 1 页
To maintain our pricing and profit margin, we focus on developing mid- to high-end products that deliver greater performance and better value and selling our products overseas where the profit margin is generally higher than the domestic market.
OEMs typically select integrated domain control solution providers through a competitive bidding process, and the quotation submitted by the winning bidder becomes the agreed price reflected in the contract.
Business · 第 154 页
According to Frost & Sullivan, price pressure from customers is a common feature of the automotive industry.
Business · 第 154 页
We form strategic partnerships to secure raw material prices and lock in more predictable supply terms, offsetting the impact of fluctuating average selling prices.
decreased from RMB42.5/kg in 2023 to RMB40.1/kg in 2024 and RMB39.5/kg in 2025, while the ASP of our ADCC products decreased from RMB20.9/sq.m. in 2023 to RMB16.3/sq.m. in 2024 and RMB8.9/sq.m. in 2025.
Business · 第 160 页
The majority of pricing pressure in the current competitive environment arises from FICC, as rapid adoption and increased production capacity among market participants have led to intensified price competition.
深圳杰成新能源科技股份有限公司Shenzhen Jiecheng New Energy Technology Co., Ltd.
产品平均售价显著下滑
During the Track Record Period, the pricing of our products fluctuated significantly mainly due to the change in the price of raw materials.
Business · 第 143 页
The pricing of hydrometallurgy products is mainly determined with reference to market prices of major metal salts such as lithium carbonate, nickel sulfate, and cobalt sulfate released by authoritative third-party platforms.
Business · 第 143 页
However, our pricing strategies mentioned above may not be able to fully cover the risks associated with the decrease in raw material prices.
Our pricing strategies are designed to balance competitiveness and financial sustainability.
Business · 第 167 页
We plan to implement a comprehensive cost optimization strategy across raw materials, manufacturing, and scale-driven procurement to reduce product costs at a pace that exceeds average selling price reductions, thereby supporting steady improvement in our gross profit margin.
The reason of the further deteriorated average selling price of ethanol in 2025 was because of the “involution-style” competition following the prohibition of the lower-priced coal-based ethanol from entering into the fuel ethanol market.
Business · 第 150 页
In response to the intensified competition, the relevant authorities introduced additional “anti-involution” measures in January 2026, together with supportive biofuel ethanol pricing policies, including the establishment of production cost-based benchmark prices, with a view to restoring orderly pricing in the fuel ethanol market.
In 2023, 2024 and 2025, apparel sold under our corporate apparel customization business amounted to 12.7 million units, 13.6 million units and 17.6 million units, respectively, with the average selling prices amounting to RMB203.7, RMB184.8 and RMB172.6, respectively.
Business · 第 114 页
The decrease in average spending and average selling prices was primarily attributable to changes in product mix with a higher contribution from value-for-money items.
Business · 第 114 页
The decrease in average selling prices was primarily attributable to the rapid scale-up of the business and the diversification of product offerings.
The pricing of our products is primarily determined by market competition, taking into account factors such as the maturity of regional markets, product penetration rates, the procurement capacity of OEM customers, industry competitive landscape and product costs.
Business · 第 118 页
Once a product enters the mass production stage, we typically sign a price agreement with the OEM customer on an annual basis.
Business · 第 115 页
In addition, industry-wide price competition in recent years has led to margin compression, with pressure passed from OEMs to suppliers, posing challenges for cost control and development cycle management.