南京硅基智能科技集团股份有限公司Nanjing Silicon Intelligence Technology Group Co., Ltd.
主动降价及折扣致部分产品平均项目价值下滑
Our net loss increased in 2024, mainly due to (i) decreased gross profit arising from our proactive downward price adjustment for certain earlier version products as a result of our product iteration initiatives and more favorable discount terms we offered for our productized GJ AI workforce solutions to support our business expansion in the lower-tier market; and (ii) higher research and development expenses aligning with our increased R&D activities relating to GJ AI workforce solutions.
Summary · 第 7 页
Average project value of GJ AI Video Generation Agent and GJ AI Live Streaming Agent decreased throughout the Track Record Period, primarily as we spent efforts to attract customers through discounts with the maturity of such solutions.
Business · 第 147 页
Although there was a temporary decrease in gross profit margin in 2024 caused by our proactive downward price adjustment following the product iteration initiatives and discounts for productized solutions to expand business in the lower-tier market, we anticipate witnessing margin improvements along with the completion of key technological upgrades in GJ AI workforce solutions, as well as the increasing economies of scale and bargaining power.
广东金晟新能源股份有限公司Guangdong Jinsheng New Energy Co., Ltd.
产品平均售价随金属市价大幅下跌
During the Track Record Period, the pricing of our products fluctuated significantly due to the change in the price of raw materials.
Business · 第 169 页
The average selling price of our lithium carbonate products decreased from RMB196,443 per ton in 2023 to RMB72,594 per ton in 2024 and further to RMB64,511 per ton in 2025, representing a 63.0% decrease from 2023 to 2024 and a 11.1% decrease from 2024 to 2025.
Business · 第 177 页
Our Directors are of the view that the decline in average selling price of our products is primarily driven by such supply and demand dynamics in the battery recycling and reutilization provider market and was in line with the market trend.
The changes in ASP of our hardware products during the Track Record Period were primarily driven by product mix and regional sales composition.
Summary · 第 12 页
The relatively lower price of Video Product B in 2025 was due to the lowering of the price of Digital Video Product B sold to Smart Media in light of the competition of similar TV box products from a peer company based in China for orders from Altice.
To secure projects of strategic importance with key customers, including during tendering processes, we sometimes adjust our pricing to enhance competitiveness, which may involve a reduction in our expected gross profit margin.
Business · 第 124 页
In the past, we have strategically lowered our gross profit margins to secure solutions projects that we deemed to have strategic significance for our long-term growth and market positioning.
Financial Information · 第 200 页
We have approximately ten major competitors in the PRC smart intralogistics solutions market, and many projects now attract multiple qualified bidders.
NEV OEM procurement processes exert intense downward pressure on pricing. To be considered for a program, for a period of time, we had to submit bids at or near cost, anticipating future profitability through volume scaling and manufacturing efficiencies.
Financial Information · 第 231 页
To mitigate potential fluctuations in the prices of critical raw materials, we may incorporate price adjustment mechanisms in agreements with certain customers.
The average selling prices of our products were similarly affected by this industry-wide downward pricing pressure.
Financial Information · 第 180 页
However, since the second half of 2023, the global demand for memory products began to recover, propelled by the rapid development of AI applications and a broader resurgence in the global economy, which in turn led to the increases in memory product prices and corresponding improvements in our average selling prices in alignment with the prevailing industry trend.
Financial Information · 第 180 页
To mitigate the pricing volatility, we take several measures, including: (i) secure high-volume orders from key customers for demand predictability; (ii) align procurement with near-term shipment plans; and (iii) enhance product promotion.
the gross profit margin for key mechanical components and connectivity components for new energy decreased from 16.8% in 2023 to 15.3% in 2024 and further to 13.8% in 2025, primarily due to (i) the pricing adjustment due to intense market competition and (ii) an increase in raw material costs.
Financial Information · 第 193 页
To support sustainable profitability, we focus on timely planning, close collaboration across sales, procurement and manufacturing teams, as well as comprehensive quality control processes to improve manufacturability and strengthen cost controls.
In 2025, our gross profit declined, mainly due to a decrease in the average selling price of pigs, from RMB2,281.6 per head in 2024 to RMB1,897.8 per head in 2025, whereas Qingyuan Chicken and other native chickens remained a positive contributor to our gross profit.
Summary · 第 9 页
Furthermore, we enter into forward contracts with major customers to lock in selling prices up to one year in advance, which provides greater price certainty and mitigates the impact of short-term market price volatility.
Business · 第 165 页
During the Track Record Period and up to the Latest Practicable Date, our products were not subject to any price control regulations by the PRC governmental authorities.
Consistent with the industry-wide trend, our average selling price decreased during the Track Record Period.
Financial Information · 第 221 页
Such decrease was primarily due to reductions in battery-related costs, our continued optimization and self-development of core three-electric components, and intensified market competition.
Financial Information · 第 221 页
Despite the decline in average selling price, our cost structure improved in parallel as a result of lower battery costs and the enhanced self-development of core components, which helped mitigate the impact of price adjustments on our profitability.
In pricing our products, we adopt a cost-plus basis and take into account a range of factors, including the costs of raw materials, production costs, operating costs (including cost of procured components, manufacturing complexity, procurement strategies, and supply chain dynamics), technical specifications and performance requirements requested by customers, expected order volumes, order sizes, delivery requirements, length of our relationship with the customer, customer demand, and expected gross profit margins for each product, which may affect our unit costs.
Business · 第 156 页
From 2023 to 2025, average market unit prices for L1 thermal safety systems for new energy commercial vehicles in China decreased from approximately RMB9,900 per unit in 2023 to approximately RMB9,800 per unit in 2024 and RMB8,300 per unit in 2025, while average market unit prices for BESS L2-L4 thermal safety solutions decreased from approximately RMB45,800 per unit in 2023 to approximately RMB32,800 per unit in 2024 and RMB31,100 per unit in 2025.
Summary · 第 2 页
Our Directors believe that our ability to maintain AUPs for our EV and BESS products and solutions above overall market levels while achieving higher-than-market CAGRs and first-ranked revenue market shares in both the EV and BESS segments, despite overall industry price pressure, reflects customers' recognition of the value and performance of our Li-ion battery thermal safety solutions and the competitiveness of our products and solutions among similar providers in China.
Our freight platform services monetization rate in Mainland China decreased from 10.3% in 2023 to 9.1% in 2025.
Business · 第 173 页
Rather than a one-size-fits-all approach, in order to cater to diverse user needs and local market conditions across different regions, we have strategically adopted such hybrid monetization model with different discount program and commission fee options available to carriers, based on our evaluation of the local market conditions.
Business · 第 173 页
During the Track Record Period, there were certain circumstances where incentives provided to carriers exceeded the revenue earned from the carriers within a given period in certain markets, and the resulting negative revenue was reclassified as selling and marketing expenses for that period.
While ensuring a reasonable profit margin, we proactively reduce prices to enhance our price competitiveness and capture market share by increasing entry barriers for small and medium-sized competitors.
The decreases in the ASPs of our products in 2024 were primarily attributable to the change in our product mix and our promotional activities.
Business · 第 134 页
We price our products based on various factors, primarily including the price of raw materials, production costs, purchase volume, market demand and competition.
This led to a substantial decline in ASP across multiple categories of IC products, even as end-market demand remained fundamentally robust.
Financial Information · 第 176 页
For instance, our smart video product line experienced a revenue decline in 2023, primarily due to weakening economic conditions and saturation in China security camera market, which led to a significant reduction in orders from our largest customer, coupled with a decline in the ASP of our products.
Financial Information · 第 177 页
For standard and widely used products, we employ a market-driven pricing strategy designed to ensure competitiveness while sustaining reasonable profitability.
During 2023, 2024 and 2025, our AI inference chips and related products (primarily our DeepEdge series) recorded relatively high gross profit margins of 53.3%, 70.3% and 43.4%, respectively.
Business · 第 186 页
We generally determine the prices of each AI inference chip and related product by reference to then-prevailing market conditions and customer demand, while targeting a benchmark gross profit margin after taking into account the relevant production and procurement costs.
According to CIC, the average selling price of NEVs in China, declined from RMB184 thousand in 2023 to RMB180 thousand in 2024, and further decreased to RMB161 thousand in 2025.
Business · 第 150 页
Specifically, intense competition in the PRC automobile market, particularly in the NEV segment, which has exerted significant pressure on vehicle pricing;
Business · 第 150 页
We have already achieved significant progress in implementing these measures, as evidenced by the improving gross profit margin of our automobile business from (5.3)% in 2023 to 1.2% in 2024 and further to 2.8% in 2025.
During the Track Record Period, our platform monetization rate experienced modest compression despite rapid growth in TPV and revenue, primarily due to volume-based pricing adjustments for certain pay-out and withdrawal services implemented to remain competitive amid an evolving industry landscape and as part of our efforts to attract and retain premium customers.
Financial Information · 第 185 页
Our future results of operations will continue to be affected by our ability to balance pricing competitiveness, customer acquisition and retention, service monetization and TPV growth.
江苏华盛锂电材料股份有限公司Jiangsu HSC New Energy Materials Co., Ltd.
产品售价因产能过剩大跌后于2025年回升
Market competition intensified significantly in 2024 with substantial industry-wide over-capacity, resulting in a further sharp decrease in the selling prices of our products.
Business · 第 134 页
The average market price of lithium-ion battery electrolyte additives declined significantly from RMB200 thousand–RMB500 thousand per tonne in 2022 to RMB55 thousand per tonne in 2024 and early 2025, according to CIC.
Financial Information · 第 171 页
It is estimated that the average price for VC and FEC will increase to RMB106.4 thousand per tonne in 2026, according to the same source.
During the Track Record Period, the average selling price for our NIPT kits was RMB31.1 thousand, RMB28.6 thousand and RMB26.5 thousand in 2023, 2024 and 2025, respectively.
Business · 第 150 页
During the same period, the average selling price of our NIPT kits in Jiangsu Province declined from RMB34.2 thousand to RMB25.5 thousand.
Business · 第 149 页
The average selling price of our NextSeq 550AR sequencer decreased from RMB1.3 million in 2024 to RMB0.9 million in 2025, primarily due to a strategic adjustment in our sales approach designed to accelerate market penetration of our IVD test kits.
Depending on the customer and project, taking into account factors such as changes in incremental unit costs as production volumes increase and fluctuations in raw material prices, we may negotiate with the customers from time to time to adjust the price.
Financial Information · 第 145 页
Such pricing mechanism may exert pressure on our overall averse selling prices and the gross profit margin.
Financial Information · 第 146 页
Our ability to effectively manage price reductions and efficiency improvements, while maintaining product quality and technological competitiveness, is critical to sustaining our profitability and business growth.