We consider a number of factors in determining the pricing of our products, including, among others, raw material price trends, level of competition for similar products, customers' industry positioning, nature of our relationship with customers and the relationship tier with customers, and impact on project decisions.
Business · 第 158 页
To acquire customers and secure participation in key vehicle programs, we adopted commercially competitive pricing strategies.
Business · 第 162 页
These decisions, intended to accelerate customer adoption, placed additional pressure on gross margins.
In particular, the average price of battery-grade lithium hydroxide in China decreased from RMB233 thousand per ton in 2023 to RMB72 thousand per ton in 2024 and further to RMB63 thousand per ton in 2025, while the average price of battery-grade lithium carbonate in China decreased from RMB230 thousand per ton in 2023 to RMB81 thousand per ton in 2024 and further to RMB68 thousand per ton in 2025.
Financial Information · 第 167 页
Accordingly, our revenue during the Track Record Period was materially affected by fluctuations in the selling prices of our lithium compound products.
Financial Information · 第 167 页
As downstream demand from sectors such as new energy vehicles and energy storage continues to grow, together with the gradual reduction in excess supply-side capacity, the average prices of lithium hydroxide and lithium carbonate have increased since the second half of 2025 and are expected to enter an upward cycle starting from 2026, according to Frost & Sullivan.
In 2024, we implemented various measures to adjust our product structure and pricing to build long-term brand value, including: (i) a retail pricing policy requiring all self-operated stores under Mao Yuan Chang and franchised stores to sell products at the same non-negotiable retail price established by us (i.e. our One-price Policy) eliminating the provision of discount.
Business · 第 122 页
Despite managing our cost, the drop in customer conversion rate, hence our business volume, as a result of our One-price Policy led to a decrease in the amount of our supplier rebates received or expected to receive.
Financial Information · 第 209 页
Aggregate supplier rebates received or receivable in respect of the corresponding year (a) (RMB’000) | 23,414 | 20,140 | 18,025
The average selling price of AI-enabled intelligent products increased significantly from RMB826,000 in 2024 to RMB1,771,000 in 2025.
Business · 第 141 页
The average selling price of our modular products increased significantly from RMB466,000 in 2023 to RMB2,553,000 in 2024.
Business · 第 141 页
The average selling price of our modular products decreased to RMB525,000 in 2025, primarily driven by the consolidation of Agilebot's product portfolio following its acquisition.
In 2023 and 2024, the semiconductor industry experienced an inventory destocking cycle as demand moderated, which led to declines in ASPs for most power device products, such as IGBT and MOSFET modules, according to CIC.
Summary · 第 11 页
Prices in the IGBT industry have declined by approximately 30%, while prices of MOSFET modules have decreased by approximately 10%.
Summary · 第 11 页
We are observing a broad-based increase in semiconductor prices since late 2025, especially for power device products, driven by sustained endmarket demand and tightening supply.
For the years ended December 31, 2023 and 2024, our revenue decreased mainly due to intensified competition in the lithium-ion battery materials industry which led to a decrease in the average selling price of lithium-ion battery materials.
Financial Information · 第 221 页
As a result, we have sustained the position as the world’s No. 1 electrolyte supplier in terms of shipment volumes during the Track Record Period, with a global market share of approximately 35.7% in 2024, according to CIC.
Our gross profit derived from telecommunications laser chips decreased from RMB35.6 million in 2023 to RMB29.0 million in 2024, primarily due to pricing pressure under prevailing market conditions, despite an increase in sales volume.
Summary · 第 11 页
We price our products based on a variety of factors, including: (i) customer demand, (ii) the competitive landscape, which takes into account our strengths and weaknesses relative to our competitors, their pricing strategies and our customers' cost sensitivity, (iii) the costs of relevant products, which encompass production, research and development expenses and operational costs, and may vary depending on the type of products, and (iv) customer's market position.
Despite such growth, the ASP of our millimeter-wave radar products experienced a continuous decrease from RMB204 in 2023 to RMB111 in 2025.
Business · 第 142 页
The decrease of ASP of our products during the Track Record Period was primarily due to adjustments in our pricing policies to secure more market share in the rapidly growing market as well as our plan to penetrate into mid-to low-end vehicle model markets.
Business · 第 142 页
Nevertheless, driven by optimized capacity utilization and the successful execution of cost-management initiatives, our gross profit margin improved from the first quarter of 2025 to the fourth quarter of 2025.
杭州铜师傅文创（集团）股份有限公司HANGZHOU TONGSHIFU CULTURAL AND CREATIVE (GROUP) CO., LTD.00664.HK
线上及线下平均客单价于往绩期间下降
During the Track Record Period, our online average transaction value per customer was approximately RMB958, RMB822, RMB777 and RMB598 for the years ended December 31, 2022, 2023, 2024, and the nine months ended September 30, 2025, respectively.
Business · 第 121 页
The overall decline was primarily driven by a gradual shift in consumer preference towards lighter and more refined SKUs.
Business · 第 121 页
In other words, the lower offline average transaction value per customer during this stage was primarily the result of product mix and customer acquisition strategy, rather than a broad-based reduction in retail prices for identical products.
This temporary decline was primarily attributable to a strategic initiative to accelerate market share growth through a more competitive pricing strategy in response to intensifying competition in the power amplifier audio chip sector, successfully driving a notable increase in sales volume, particularly for our low-power audio chips.
Summary · 第 12 页
The average selling price of our low-power audio chips, including adaptive power control audio chips and portable power amplifier audio chips, decreased in 2023, primarily attributable to (1) the rapid increase in sales volume of adaptive power control audio chips, which generally have a lower average selling price compared to portable power amplifier audio chips, thereby pulling down the overall average selling price of low-power audio chips; and (2) the adoption of a relatively more competitive pricing strategy in response to heightened competition, which, while impacting average selling price in the short time, is expected to strengthen our long-term market presence and customer base.
The average selling price of 8-inch wafers decreased from RMB21,000 to RMB13,620 from 2023 to 2024 and further to RMB7,072 for the nine months ended September 30, 2025.
Summary · 第 7 页
Such decrease was primarily attributable to lower substrate costs.
Summary · 第 7 页
Additionally, during the initial introduction of 8-inch wafers, some products were provided as trial samples free of charge, which temporarily lowered the average selling price.
The ASP of E Series cobot products decreased from RMB63,194 in 2022 to RMB58,285 in 2023, and decreased from RMB65,483 in the nine months ended September 30, 2024 to RMB55,941 in the same period in 2025, whereas the gross profit margin for our E Series cobot products remained relatively stable at 25.8% in 2022 and 25.5% in 2023, and increased from 35.6% in the nine months ended September 30, 2024 to 37.3% in the same period in 2025.
Business · 第 167 页
This was primarily due to our (i) effective cost control measures, including negotiating lower procurement and processing costs with core suppliers, adopting validated alternative materials for key components, improving production processes to reduce wastage and labor input, and enhancing efficiency through automation and optimized staffing, which led to reduced costs and sales prices; and (ii) strategic sales price reductions to capture a larger market share.
Business · 第 167 页
The ASP of S Series cobot products decreased from RMB82,729 in the nine months ended September 30, 2024 to RMB56,388 in the same period in 2025, primarily because we increased the sales of S Series cobots to a domestic customer for their deployment in consumer scenarios, where performance and payload requirements are relatively low.
While these arrangements may have contributed lower margins in the near term, they have enabled us to broaden the adoption of our AOS and AI solutions across multiple OEMs and their vehicle models, significantly expanding our footprint and deepening long-term monetization potential.
Business · 第 154 页
Historically, because our OS solutions were primarily based on the L+L architecture while the market was predominantly Android-based, the limited addressable customer base resulted in pricing pressure.
Business · 第 156 页
With the introduction and growing adoption of our higher-margin L+A solutions, which expand our market ceiling and enable us to penetrate more OEM customers, the gross profit margin of our OS business recovered from 38.6% in 2024 to 44.6% in 2025.
江苏泽景汽车电子股份有限公司JIANGSU NEW VISION AUTOMOTIVE ELECTRONICS CO., LTD.02632.HK
HUD解决方案平均售价持续下降
The higher rate of decrease in average selling price was primarily due to a relatively greater downward price adjustment of the price of our OEM customers’ vehicle models equipped with our HUD solutions.
Business · 第 285 页
As a result, our gross profit increased from RMB48.4 million in 2022 to RMB140.4 million in 2023 and RMB157.9 million in 2024, and slightly decreased from RMB117.3 million in the nine months ended September 30, 2024 to RMB114.9 million in the nine months ended September 30, 2025.
Business · 第 285 页
Recently there had been a pricing war among automotive OEMs in China, with some selling their vehicles at prices that disrupted fair market competition and squeezed the profit margins of their upstream suppliers.
Our gross profit decreased from RMB426.0 million in 2022 to RMB18.0 million in 2023, while our gross profit margin decreased from 35.6% in 2022 to 1.7% in 2023, primarily due to the impact of the changes of global MCU market since 2022 and lithium-ion battery anode materials market, which experienced a decrease of product selling price since 2023 due to the temporary over-supply in the market, as a result of which we made a significant amount of write-down of inventories in 2023.
Summary · 第 10 页
As the price of MCU and that of lithium-ion battery anode materials were still decreasing in 2023 and 2024, despite the sales volume and revenue increased, our gross profit margin in 2024 remained lower than the level of 2022.
Business · 第 128 页
the price of MCU is expected to stabilize starting from 2025 and gradually go upwards in the foreseeable future
While this policy temporarily reduced our average selling prices and put pressure on gross margin, we drove volume growth through scale and executed cost-reduction initiatives, including supply chain optimization, increased localization of raw materials, and lean manufacturing.
Business · 第 241 页
While this increased near-term pricing pressure and compressed margins, higher sales volumes in 2024 indicate that the strategy supported market share gains, as reflected in our ranking in the first half of 2025, and is building momentum for long-term growth.
无锡先导智能装备股份有限公司WUXI LEAD INTELLIGENT EQUIPMENT CO., LTD.00470.HK
行业下行期低价订单致2025年前九个月毛利率下降
Our gross profit margin decreased from 35.1% in the nine months ended September 30, 2024 to 30.9% in the nine months ended September 30, 2025, primarily due to certain orders accepted during the period having been contracted during an industry downturn at relatively lower pricing, resulting in lower gross margins upon acceptance.
Summary · 第 13 页
The selling prices of our products are jointly determined by our cost center, finance department and the sales and marketing departments considering factors of labor cost, cost of raw components and price of comparable products and solutions in the market and are approved by the management team of the sales and marketing departments.
In 2022, 2023, 2024 and the nine months ended September 30, 2024 and 2025, the average selling prices of our hogs (excluding tax) were approximately RMB1,956.6 per head, RMB1,695.9 per head, RMB1,902.6 per head, RMB1,901.7 per head and RMB1,581.8 per head, respectively.
Summary · 第 8 页
The average selling price of our finished hogs (RMB per head) during the Track Record Period was closely correlated with (i) the average weight per hog; and (ii) market selling prices of hogs (RMB per kg), which declined in 2023 and 2025.
Summary · 第 10 页
The changes in the supply and demand of hogs materially affected the hog price cycle in China as well as our operating results during the Track Record Period, especially in 2023.
The average selling price of our specialized PCB equipment fell from RMB700.5 thousand in 2022 to RMB678.8 thousand in 2023, mainly due to shifts in product mix and competitive pricing, partially offset by higher prices for laser drilling and formation equipment.
Summary · 第 13 页
The pricing of our products is primarily determined by market competition and the prevailing market prices for our products, which are in turn affected by the overall market conditions as well as the market prices of comparable products offered by our peers.
The price of a particular semiconductor product we offer is determined directly by us with the customers and is generally determined by our actual costs associated with designing, developing and producing such product, plus reasonable profits.
Business · 第 227 页
The price of a particular semiconductor product we distribute is determined directly by us with the customers and is generally determined by our actual costs associated with procuring such product plus reasonable profits.
Business · 第 227 页
(iii) estimated spending budget of the customer. We from time to time review the prices charged and level of profits with reference to similar transactions we entered into with our customers of comparable profile.