The average unit price of domain controllers decreased from RMB1,382 in 2022 to RMB990 in 2023, primarily because the prices for domain controllers equipped with low-end SoCs decreased under the intensified market competition and such domain controllers accounted for a considerable portion of our total domain controller shipment volume in 2023.
Summary · 第 6 页
During the Track Record Period, we took a moderate pricing approach and offered competitive prices for our smart cockpit products to attract new customers and retain existing customers, with an aim to develop our revenue scale.
Financial Information · 第 380 页
Additionally, new pricing agreement can be initiated by either party or only the OEM customers, in some rare cases, due to fluctuations in raw material costs and market prices of our products, as well as technological breakthroughs that necessitate a price adjustment.
In order to reflect the market price of gold in our selling prices, we adjust the selling prices of the traditional watches manufactured and sold by us in response to fluctuations in gold prices.
Business · 第 259 页
The decreasing trend in the average weight of gold in our traditional watches was mainly attributable to our strategy to maintain the average selling price of our traditional watches at a steady level to cater to the price expectations of end consumers, as keeping the original weight of gold in our traditional watches would lead to an increase in the selling price of such watches, which may in turn negatively affect consumer demand for our traditional watches.
Business · 第 260 页
While the average purchase price of gold increased by 79.06% from RMB389.13 per gram in FY2022 to RMB696.76 per gram in 5M2025, the average selling price of the traditional watches manufactured and sold by us rose by only 18.96% from RMB2,516 per unit in FY2022 to RMB2,993 per unit in 5M2025, demonstrating our ability to mitigate cost inflation through operational efficiencies.
Leveraging the efficiency achieved by our in-house manufacturing, our gross margin remained strong during the Track Record Period, despite a decrease in the average selling price of our products.
Business · 第 308 页
In addition, our new generations of LiDAR products and our newly introduced product lines may face more pricing pressure as the industry further develops.
Financial Information · 第 346 页
Our gross profit margin increased from 35.2% in 2023 to 42.6% in 2024, and from 38.8% in the three months ended March 31, 2024 to 41.7% in the same period of 2025, primarily attributable to effective cost optimization due to product iteration and economies of scale for both ADAS and Robotics LiDAR products.
We categorize our bicycles into distinct price tiers based on their recommended retail prices to cater to various market segments.
Business · 第 150 页
With respect to sales to distributors, our products are generally sold at discounts to retail prices, ranging from approximately 20% to 30%, with such discounts taking into account distributors’ operational costs and profit margin, procurement volumes, geographical locations and the overall prices of our products across the market.
In addition, we have set up a price adjustment mechanism in contracts with major customers that allows us to adjust the price of our batteries based on the price fluctuations of the main raw materials, such as LFP, lead ingots and graphite, during a specified period.
Business · 第 235 页
As we cannot pass all the increased cost in raw materials to our customers, the percentage of revenue adjusted based on our price adjustment mechanism accounted for 8.9%, 14.2%, 19.2% and 7.7%, respectively, and we recorded gross profit margins of 16.9%, 20.3%, 16.7% and 14.9%, in 2022, 2023 and 2024 and the five months ended May 31, 2025, respectively.
Business · 第 236 页
The average selling price of batteries sold to our top five customers decreased as a result of declined raw material prices and their reduced market demand for our energy storage batteries, resulting in the decreased revenue generated from our five largest customers.
The average spending per inpatient visit decreased by approximately 6.0% from approximately RMB12,341.9 for the year ended December 31, 2022 to approximately RMB11,604.3 for the year ended December 31, 2023, primarily due to the implementation of the price cap for the average spending per inpatient visit for inpatient services specified in the regional public medical insurance agreement in 2023, which resulted in a reduction in the average spending of inpatient services for patients covered by the public medical insurance plan.
Financial Information · 第 501 页
As the local medical insurance authorities of the aforesaid In-network Hospitals adjusted the aforesaid calculation factors in the year ended December 31, 2023, i.e., by lowering the monthly diseases score and the applicable score point value, the average spending of outpatient and inpatient services for patients covered by the public medical insurance plan reduced and subsequently resulted in a reduction of the average spending per outpatient visit and average spending per inpatient visit of such In-network Hospitals in the year ended December 31, 2023.
Business · 第 399 页
As such, we may face challenges in controlling costs while maintaining quality care, particularly for complex cases where standardized payment rates may not adequately reflect higher resource utilization.
The average first year commission rate for long-term life insurance products decreased from 31.7% in 2023 to 21.5% in 2024 primarily because of the adjustments made by insurance companies out of prudence in response to the changes in the policies in the insurance industry, in particular the “unified reporting and underwriting” policy in the bancassurance channels which is set out in the Notice on Matters Related to Regulating Bancassurance Channels of Life Insurance Companies published by the NFRA in January 2024.
Business · 第 279 页
The specific commission rates for a particular product are determined by the insurance company based on relevant regulatory requirements, business strategies, product types, actuarial assumption models, and other factors.
Business · 第 278 页
We strive to keep competitive commission rates in order to maintain the competitiveness of the insurance products we distribute.
海南钧达新能源科技股份有限公司Hainan Drinda New Energy Technology Co., Ltd.02865.HK
电池平均售价下行并采用浮动定价模式
When pricing our products, we consider various factors, such as prevailing market prices and conditions, costs of production, years of business relationship, government awards policy and expected margins.
Financial Information · 第 371 页
We mainly adopt a floating price model based on the market spot price of PV cells consistent with the industry practice, and also considering the competitiveness of our products, prevailing supply-demand situation in the market, competition landscape, and strategic relationship with respective customer.
Business · 第 282 页
In the fourth quarter of 2024 and the first quarter of 2025, we returned to and maintained a gross profit position due to the recovery in the average selling price of PV cells attributable to supply-demand adjustment in the industry, our improvement in production efficiency and factoring in government grant.
In 2023, we reduced the average selling price of our loaders from RMB623 thousand in 2022 to RMB581 thousand, contributing to a significant increase in the sales volume from 295 units in 2022 to 484 units in 2023.
Summary · 第 2 页
The sales volume of our loaders decreased from 484 units in 2023 to 401 units in 2024, and the average selling price of our loaders decreased from RMB581 thousand in 2023 to RMB559 thousand in 2024, primarily due to the intense market competition, especially from market players with established positions in traditional fuel-powered loader industry.
Summary · 第 5 页
To increase market penetration and capitalize on early-stage opportunities, we implemented a penetration pricing strategy with lower competitive price to boost sales and build a stronger market presence.
江苏正力新能电池技术股份有限公司Jiangsu Zenergy Battery Technologies Group Co., Ltd.03677.HK
动力电池平均售价持续下跌
Our pricing is relatively lower in 2023 compared to peers, primarily because (i) the price of major raw materials (in particular lithium carbonate) as well as the selling price of battery products continuously declined throughout 2023, and our sales in the second half of the year (when the average selling price was lower than the first half of the year) accounted for 78.1% of our total annual sales volume in 2023 in terms of GWh; and (ii) the percentage of our sales from battery cells was 75.0% in 2023 in terms of GWh which is typically higher than peers, and battery cells typically have lower selling price per Wh compared to battery packs, according to Frost & Sullivan.
Business · 第 314 页
According to Frost & Sullivan, such price adjustment mechanisms are in line with industry norms.
上海汇舸环保科技集团股份有限公司CONTIOCEAN ENVIRONMENT TECH GROUP CO., LTD.02613.HK
船舶废气清洗系统平均售价下滑
Although usually orders related to retrofit in-service ships have higher unit selling price due to the involvement of modification costs, the average selling price of our ship exhaust gas cleaning systems for retrofit in-service ships in 2023 and for the six months ended June 30, 2024 was lower than that for newbuildings mainly because the orders we completed for retrofit in-service ships involved the scrubbers with smaller diameters pursuant to customers’ request, which have lower costs and lower average selling prices compared to those for newbuildings.
Summary · 第 9 页
The decrease in the average selling price of our ship exhaust gas cleaning systems during the Track Record Period was primarily caused by the decrease in the average selling price of our ship exhaust gas cleaning systems for retrofit in-service ships during the same period.
宜宾市商业银行股份有限公司YIBIN CITY COMMERCIAL BANK CO., LTD02596.HK
净利息收入占营业收入比重高且LPR持续下行
In 2021, 2022, 2023 and the six months ended June 30, 2023 and 2024, our net interest income accounted for 85.3%, 93.9%, 82.3%, 80.2% and 76.8% of our total operating income, respectively.
Financial Information · 第 456 页
Interest rates applicable to us are affected by many factors that are beyond our control, such as the benchmark interest rates set by the PBoC, capital cost, asset risk status and other indicators as the pricing benchmark, customer needs and business operations, the prices of similar products in the industry and competitors, and the business relationship with the customers to determine the product price.
Financial Information · 第 456 页
Five-year LPR decreased from 4.65% as of January 1, 2021 to 3.60% as of the Latest Practicable Date, while one-year LPR decreased from 3.85% as of January 1, 2021 to 3.10% as of the Latest Practicable Date.
During the Track Record Period, the average selling price of our hydrogen fuel cell systems has shown a general downward trend.
Financial Information · 第 414 页
This trend, confirmed by Frost & Sullivan, aligns with industry patterns and is primarily attributed to factors such as product commercialization, advancements in technological capabilities, and improvements in costefficiency.
Financial Information · 第 414 页
For 2021, 2022, 2023 and the five months ended May 31, 2024, the average costs of sales per kW of our fuel cell systems were approximately RMB3,070.1, RMB2,448.7, RMB1,893.8 and RMB23,142.3, respectively.
While we had sales growth, the average selling price of intelligent automotive lamps and high-end lighting products both decreased in the nine months ended September 30, 2024 which is expected to result in slower revenue growth compared to the increase in sales volume.
Summary · 第 26 页
In 2023, we adopted a competitive pricing strategy to gain greater market share in response to the intense market competition.
Financial Information · 第 363 页
The decrease in the gross profit margin of the advanced display business in the five months ended May 31, 2024 as compared to that of the same period in 2023 was primarily due to price adjustments on certain products.
The average price of LFP cathode materials dropped to around RMB72.2 thousand per ton in 2023 and RMB37.4 thousand per ton in the first half of 2024 primarily attributable to drop in raw material prices, especially lithium carbonate.
Business · 第 254 页
the pricing of our LFP cathode materials is primarily based on the prevailing market prices of lithium carbonate listed on the SMM.
Business · 第 254 页
We generally discuss pricing of our LFP cathode material products with customers and make adjustments on a monthly basis aligned with raw material price trends.
Such an increase was partially offset by a decrease in gross profit margin from product solutions as we incurred higher procurement costs of bill of materials for processing hardware from 2021 to 2023 and adopted a more competitive pricing strategy on our early generation of product solutions to boost market share.
Summary · 第 17 页
We believe more advanced driving automation technologies allow us to charge a higher price.
浙江太美医疗科技股份有限公司Zhejiang Taimei Medical Technology Co., Ltd.02576.HK
ONECEM定制版平均售价下降
ONECEM’s average selling price for its customized versions was approximately RMB416.1 thousand, RMB270.3 thousand, RMB255.0 thousand, RMB300.1 thousand and RMB239.8 thousand in 2021, 2022, 2023 and the three months ended March 31, 2023 and 2024, respectively.
Business · 第 235 页
The significant decrease from 2021 to 2022 was due to our proactive decrease in the number of complex projects undertaken given our ongoing efforts to advance SaaS transformation of ONECEM.
The decrease in the gross profit margin of our branded business from 2022 to 2023 was primarily due to our adjustment of our pricing strategy to place greater emphasis on high value for price to attract more customers and capture more market share.
Summary · 第 8 页
The decreases in the gross profit and gross profit margin of our ODM business from 2022 to 2023 were primarily because: (i) we lowered the prices of certain products, mainly our existing cookware products, in order to maintain competitiveness; and (ii) our bargaining power against customers decreased as we developed fewer new products due to our strategic diversion of resources away from our ODM business.
Summary · 第 8 页
When an increase or decrease in these costs or expenses is foreseen, we will adjust our sales strategy based on a target profit margin, working backwards to ensure that pricing and other sales tactics align with our profit goals.