In relation to our revenue from the sale of electricity, tariffs are based on fixed rates determined by government-published feed-in tariff schedules and renewable energy policies applicable to waste-to-energy projects.
Business · 第 157 页
However, tariff levels are subject to adjustment by pricing authorities, and we have no control over these changes.
Financial Information · 第 205 页
For waste incineration, rates are reviewed every three to five years, and adjustments take into account changes in operating costs, including fuel, chemicals, and labor, as well as compliance with updated environmental standards, tax policy changes, and inflation.
Following negotiations with the relevant government authorities, a retroactive adjustment was made for both the current year and prior years.
Business · 第 124 页
We will continue to recognize revenue based on the adjusted unit price going forward, and do not expect such adjustment to have any further material impact on our financial performance.
We generally adopt a market-based pricing approach.
Business · 第 137 页
During the Track Record Period, the average selling prices of our major product categories remained relatively stable.
Business · 第 137 页
We maintain an internal standard price list for each of our products, which sets out the applicable settlement prices and selling prices for different sales channels, as well as the minimum retail prices for our products.
This pricing model comprises electricity charges and swapping service fees.
Business · 第 136 页
In Beijing, the guide price range was set between RMB0.89 to RMB1.75/kWh; and in Shanghai, the guide price range was set between RMB0.69 to RMB1.85/kWh.
Business · 第 136 页
Take Guangzhou as an example, the average battery-swap service fee that was charged per swap decreased from approximately RMB34 in 2023 to RMB30 in 2024, and further to RMB25 in 2025, and it decreased from RMB27 for the four months in 2025 to RMB23 for the same period in 2026.
The majority of the Group’s revenue, approximately 58.3% in 2023, 59.5% in 2024 and 64.0% in 2025, is derived from freight and passenger transportation services that are subject to regulated tariffs in Kazakhstan.
Financial Information · 第 173 页
Regulated tariffs were historically subject to strict state regulation, which resulted in low tariff levels for transportation of core cargo categories such as coal, ferrous and non-ferrous ore and grain, at levels that did not permit full recovery of operating expenses.
Business · 第 145 页
In 2024, regulated tariffs increased by approximately 24% in aggregate. In 2025, regulated tariffs increased by approximately 28% in aggregate.
山东省环能设计院股份有限公司Shandong Huanneng Design Institute Company Limited
设计服务参考政府指导价定价
For our construction design and consultancy services, our pricing is generally determined with reference to the guided prices promulgated by government authorities or national power grid companies.
Business · 第 128 页
For our EPC projects, we adopt a cost-plus pricing strategy.
Business · 第 128 页
We maintain open communication with customers regarding changes in material prices, logistics costs and exchange rates and negotiate pricing adjustments as needed.
We understand that as part of the gold sales price controls, MEMR set metal mineral benchmark price (Harga Patokan Mineral Logam or “HPML”) as the floor price (i.e. company cannot sell the metal mineral below HPML).
Business · 第 200 页
As such, we believe that this floor price will not materially affect the model given the price assumption in the model representing expectations on the forecast gold price in LOM.
As of December 31, 2025, our 28 hospitals were Medical Insurance Designated Medical Institutions (醫保定點醫療機構).
Business · 第 157 页
For services covered by public medical insurance programs, we strictly adhere to the pricing guidelines established by the relevant local healthcare administrative authorities.
During the Track Record Period, Chinese social medical insurance pooling fund reimbursement accounted for less than 20% of our total revenue.
Business · 第 176 页
For such services, prices are required to conform to provincial Medical Service Price Catalogues and are further influenced by the reimbursement standards established by local medical insurance bureaus, including the Diagnosis-Related Groups (“DRG”) and Diagnosis-Intervention Packet (“DIP”) payment systems.
Business · 第 176 页
However, we view these policy measures as highly beneficial to our long-term development.
广东华成电力能源股份有限公司Guangdong Huacheng Electric Power Energy Co., Ltd.
勘察设计咨询定价受政府指导价约束
For our survey, design and consultancy services, our pricing is generally determined with reference to the guided prices (指導價) promulgated by government authorities or national power grid companies.
Business · 第 145 页
During the Track Record Period, the guided prices were applicable to our power grid projects undertaken by SOEs and CSOEs; but were not applicable to (1) new energy projects undertaken by private enterprises whose prices were benchmarked to market, and (2) projects where we acted as a technical support provider whose prices were also benchmarked to market.
Business · 第 145 页
For EPC services, we adopt a cost-plus pricing strategy.
江苏瘦西湖文化旅游股份有限公司Jiangsu Slender West Lake Culture and Tourism Co., Ltd.
垄断性水上交通服务实行政府指导价
Accordingly, the prices for our water sightseeing boat services offered in water areas with transportation functions such as boat ticket prices for the Qianlong Imperial Water Tour Route, the Northern Ancient City Moat Water Tour Route, the Songjiacheng Water Circular Island Tour Route, the Baozhang Lake Water Tour Route and the Ancient Canal Water Tour Routes for shared services, and our sightseeing tour bus services for shared services shall be subject to the highest price approved by the Development and Reform Bureau of Yangzhou Government and go through thorough cost analysis and collective reviews conducted by relevant pricing department of Yangzhou Government to ensure that the prices are transparent and reasonable, reflecting the operational costs and in the interests of the consumers.
Business · 第 130 页
During the Track Record Period, we have never adjusted our ticket price above the highest price set by the governmental authority.
Business · 第 131 页
Our Directors are of the view that the government-set highest price mechanism does not have material impact on the pricing of our services or products, on the basis that (i) underlined mechanism of government-set highest price is to provide an industry-wide pricing regulation guidance with the objectives to maintain an orderly market and safeguard consumer rights, rather than intervening the business operation of market players or pricing decisions, and (ii) our Company has been strictly adhered to a market-driven pricing approach, pursuant to which we have taken into account factors such as market demand, operation costs, operational efficiency and the competitive landscape of the industry in determining our boat ticket prices, so as to ensure our prices comply with regulatory requirements and remain competitive in the market.
During the Track Record Period and up to the Latest Practicable Date, all of the residential properties under our management were subject to price control under relevant laws and regulations.
Summary · 第 4 页
As such, the basic monthly residential property management service fees that we charged during the Track Record Period were subject to a price cap of RMB2.2 per sq.m.
Business · 第 209 页
During renewal negotiations for our service agreements, we may raise our fee rates as a condition precedent for continuing our services.
中赣通信(集团)控股有限公司Zhonggan Communication (Group) Holdings Limited02545.HK
成本加成定价且部分费率受行业标准约束
However, for its Infrastructure Construction Services projects, the Ministry of Industry and Information Technology of the PRC would issue various notices from time to time which set out standard rates for different types of works to be performed, and the Group’s customers would also set out benchmark prices for the relevant projects which the Group would use as reference when determining its bid/offer prices for projects under this business sub-segment.
Business · 第 198 页
However, when determining the offer price, the Group would generally consider various factors such as price trends to guard against material fluctuations in the costs of procurement.
Effective from February 1, 2023, we adjusted our commission rate upward and we typically charged a commission at approximately 3.5% of the used vehicle auction price, with the total commission charge for each transaction subjecting to both a floor of RMB500 and a cap of RMB3,000.
Summary · 第 11 页
We have managed to adjust our commission rate upward primarily because our industry leading market share and transaction efficiency, large and stable supply of used vehicles, as well as the broadest offline geographic coverage, have granted us stronger pricing power in setting used vehicle auction commission rates, and the adjusted commission rate is still in line with the industry standard.
泓盈城市运营服务集团股份有限公司HOLLWIN URBAN OPERATION SERVICE GROUP CO., LTD02529.HK
停车场及物业费受政府指导价约束
Our parking lot operation service charges are subject to government guidance price, regardless of our service models.
Business · 第 234 页
Within the range of government guidance prices, we are entitled to independently determine specific implementation charging standards, and we shall then go to the Development and Reform Department of the district (county or city) to which our parking lots belong to file the charging standards for parking services and submit corresponding materials in accordance with regulations.
Business · 第 234 页
Their pricing requires approval from Changsha City Financial Evaluation Center.
The prices of our hydrogenated benzene-based chemicals and LNG are subject to frequent negotiation and adjustment, in some cases several times a month or on a daily basis, in response to market price fluctuations.
Business · 第 227 页
Pursuant to the provisions of the concession agreement we entered into with the local government of Jiyuan city, the end-user price of our coal gas shall follow the benchmark rates approved by the pricing authorities in Jiyuan city.
Business · 第 228 页
As advised by the PRC Legal Advisers, the selling prices of our hydrogenated benzene-based chemicals and LNG are not subject to any government pricing guidelines.
众安智慧生活服务有限公司Zhong An Intelligent Living Service Limited02271.HK
约两成物业管理收入受政府指导价限制
As of December 31, 2020, 2021 and 2022, the number of projects that were subject to government guidance price was 17, 19 and 20, respectively, with an aggregate GFA under management of approximately 3.5 million sq.m., 4.3 million sq.m. and 4.4 million sq.m., respectively, contributing to an aggregate property management services revenue of approximately RMB39.3 million, RMB53.3 million and RMB52.2 million in 2020, 2021 and 2022, respectively, which accounted for approximately 21.5%, 26.0% and 23.3% of our total revenue from property management services during the same years, respectively.
Business · 第 233 页
During the Track Record Period, the property management fees charged by us complied with the relevant PRC laws and regulations in relation to such pricing control. We expect that pricing controls on residential properties will relax over time as relevant local authorities pass regulations to implement the Circular.
Where there is an increase in costs due to circumstances beyond our control, such as increases in our heat procurement costs, changes in laws, rules or government regulations or orders, or force majeure events, we may apply to the relevant pricing authority for an adjustment of our heat rates.
Business · 第 259 页
Such monthly heat rate adjustment was made following a cost review and price hearing by the same bureau in response to increases in the cost of heat procurement in recent years.
Business · 第 259 页
In 2018, we applied to adjust upwards the heat rates for our Hulunbuir Project and our application was approved by Hailar District People's Government* (海拉爾區人民政府) in August 2018 after a public consultation had been conducted.
It took effect from 1 March 2021 and provided that by 2025, among other things, (i) the right to charge for interface fees, centralised network construction fees, grid connection fees and other similar fees (including pipeline connection fees) by urban centralised heat service enterprises in northern heating areas from their users shall be cancelled if there is no legal and effective policy basis to charge these fees;
Business · 第 261 页
For the years ended 31 December 2020, 2021 and 2022, revenue from pipeline connection fee was approximately RMB65.4 million, RMB74.2 million and RMB83.7 million, representing approximately 4.8% and 5.7% and 5.8% of our total revenue for the same periods respectively.
Business · 第 260 页
We therefore do not expect the cancellation of such right pursuant to Guo Ban Han No. 129 will (taking a holistic view) have any material adverse impact on our overall financial position.
Pursuant to the Opinions on Promoting Further Reform of the Healthcare System (《中共中央、國務院關於深化醫藥衛生體制改革的意見》), the PRC government and its local counterparts set the benchmark for the price of certain of our testing services.
Business · 第 191 页
For such services with benchmark prices, our prices are tied to the price benchmark with adjustment made to competitors’ pricing, our production costs and service premiums.