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.
Our headquarters establishes a consistent retail pricing guideline and promotional discount policies that apply across both online and offline channels.
Business · 第 234 页
We determine approved retail prices through a dynamic pricing mechanism rather than a fixed discount rate, which includes: (i) competition-based pricing, which references pricing of comparable products on e-commerce platforms; (ii) cost-plus pricing, which factors in production costs, channel expenses and reasonable margins; and (iii) activity-based tiered pricing, which sets differentiated price floors based on the level of promotional intensity, such as regular promotions, minor sales events or major campaigns.
Business · 第 235 页
For online channels, we collaborate with a third-party service provider to monitor and enforce retail pricing consistency.
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.
For our quadrivalent subunit influenza vaccine, we set a uniform bidding price of RMB319 per dose across different provinces in China.
Business · 第 313 页
We set the price for our quadrivalent subunit influenza vaccine primarily considering existing influenza vaccine prices both domestically and internationally, along with an evaluation of our manufacturing costs.
武汉大众口腔医疗股份有限公司Wuhan Dazhong Dental Medical Co., Ltd.02651.HK
种植牙集采致种植服务收费下调25%-40%
we made pricing adjustments, reducing the fees for implantology services by approximately 25% to 40% across all of our dental institutions in mid-2023.
Summary · 第 8 页
Our dental institutions that are qualified as Medical Insurance Designated Medical Institutions are required to charge medical fees in accordance with the pricing guidelines and price ceilings set by the relevant government authorities for dental services eligible to be paid through the public medical insurance programs.
Business · 第 232 页
Leveraging our comprehensive dental specialty deployment, improving resource utilization efficiency, as well as the centralized management and economies of scale of our service network, we expect to mitigate the negative impact of these policies on our overall profitability.
周六福珠宝股份有限公司Zhou Liu Fu Jewellery Co., Ltd.06168.HK
少数黄金产品按一口价定价并受管控
During the Track Record Period, the price of a small number of our gold jewelry products was set as a “fixed price” (一口價) rather than being associated with the weight of the gold and crafting fees.
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.
Specifically speaking, certain types of the pharmaceuticals and medical consumables sold by us were incorporated into the scope of the national centralized procurement, of which the gross profit margin for sales of such types of pharmaceuticals and medical consumables were generally lower than the overall gross profit margin of our sales of pharmaceuticals and medical consumables during the same years.
Business · 第 336 页
Our sales of medical equipment during the Track Record Period were not affected by the application of national centralized procurement under the public medical insurance program as the scope of the centralized procurement under the public medical insurance program did not cover medical equipment sold by us during the same years.
Business · 第 337 页
Besides, during the same years, Huangshan Bohong has also obtained the right to supply 50 categories pharmaceuticals under centralized procurement.
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.
These factors were offset in part by (i) a decline in sales revenue from certain generic products that experienced lower sales volume in certain regions and pricing pressure due to intense competition under the volume-based procurement ("VBP") scheme, and (ii) the inclusion of additional generic products in the VBP scheme, which adversely affected their selling prices and sales revenue.
Summary · 第 14 页
As of the end of 2022, 2023, and 2024, 33, 43, and 46 of our on-sale generic drugs had been included in the VBP schemes, respectively.
Business · 第 305 页
Based on the downward trend and the significant decrease from the contribution of less than 30% in 2022 to less than 12% in 2024, the materiality of the VBP schemes' pressure on our drug pricing during the Track Record Period gradually decreased and is expected to be decline in the foreseeable future.
Our price adjustment mechanism with customers is linked to the market prices of major metals or commodities such as lithium carbonate.
Business · 第 207 页
Our framework sales agreements or supplementary agreements include price adjustment mechanisms, providing us flexibility to adjust product pricing when supply-demand dynamics or commercial conditions change.
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.
南山铝业国际控股有限公司Nanshan Aluminium International Holdings Limited02610.HK
氧化铝售价随市价波动并设敏感性分析
Our operations and financial performance are directly affected by the fluctuations in alumina prices.
Financial Information · 第 316 页
We price our product for sales other than sales through spot trading by using a formula based approach, taking into the account market recognised price indices including the API published by independent third parties during a reference period before the actual shipment date.
Business · 第 194 页
As a matter of policy, we will only enter into a contract if the contract is profitable to us and no contract without gross profit and/or will result in a loss to our Company will be accepted so that our Company's interests are not compromised.