In 2023, 2024 and 2025, apparel sold under our corporate apparel customization business amounted to 12.7 million units, 13.6 million units and 17.6 million units, respectively, with the average selling prices amounting to RMB203.7, RMB184.8 and RMB172.6, respectively.
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The decrease in average spending and average selling prices was primarily attributable to changes in product mix with a higher contribution from value-for-money items.
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The decrease in average selling prices was primarily attributable to the rapid scale-up of the business and the diversification of product offerings.
We generally set pricing on a cost-plus basis after considering various factors, among other things, production costs, technology specifications, customer demand, order volume, supply chain considerations, prevailing market conditions and target margins.
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To mitigate such exposure, we may incorporate price adjustment mechanisms in our sales arrangements to reflect changes in raw material costs such as copper, aluminium, silicon steel and other metals.
Business · 第 107 页
To mitigate such volatility, we may incorporate price adjustment mechanisms in our sales arrangements to reflect changes in the costs of such key inputs.
As of December 31, 2025, Anjiayin had been included in centralized procurement under provincial alliance procurement programs across more than 20 provincial-level regions in China.
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(i) changes in product pricing, including the implementation of centralized procurement programs, and (ii) changes in sales volume as a result of medical insurance control measures.
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We respond by adopting flexible bidding and market access strategies to secure tender wins, manage pricing expectations and support revenue growth across regions.
During the same periods, we derived revenue of RMB272.6 million, RMB316.9 million and RMB278.3 million in our self-owned medical institutions from public medical insurance programs, respectively, representing 64.6%, 63.3% and 59.0% of our total revenue for the same periods.
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In 2023, 2024 and 2025, based on the latest applicable catalogs of products subject to centralized procurement as of the end of each period, our revenue generated from sales of products subject to centralized procurement was RMB8.4 million, RMB13.0 million and RMB11.2 million, respectively, representing 2.0%, 2.6% and 2.4% of our total revenue for the same periods.
Business · 第 161 页
our medical institutions that are Medical Insurance Designated Medical Institutions are subject to the pricing guidelines set by the relevant local healthcare administrative authorities and the pharmaceutical zero mark-up policy (藥品零加成政策), which is a requirement to sell essential pharmaceuticals to patients at the procurement bidding price without any mark-up.
广东融泰药业股份有限公司Guangdong Rong Tai Pharmaceutical Co., Ltd.
成本加成定价及返利、优惠采购安排
We generally adopt a cost-plus pricing approach across our various sales channels to establish our baseline pricing and ensure profitability.
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We normally do not separately charge fees in relation to marketing and commercial services we provide to pharmaceutical companies.
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As advised by our PRC Legal Advisor, the preferential procurement arrangement entered into between the Company and its major suppliers complied with applicable laws and regulations, and such arrangements do not constitute any prohibited circumstances as set forth under the Anti-Unfair Competition Law of PRC (《反不正當競爭法》) or Provisional Regulations on the Prohibition of Commercial Bribery by the State Administration for Industry and Commerce (《國家工商行政管理局關於禁止商業賄賂行為的暫行規定》).
The pricing of our products is primarily determined by market competition, taking into account factors such as the maturity of regional markets, product penetration rates, the procurement capacity of OEM customers, industry competitive landscape and product costs.
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Once a product enters the mass production stage, we typically sign a price agreement with the OEM customer on an annual basis.
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In addition, industry-wide price competition in recent years has led to margin compression, with pressure passed from OEMs to suppliers, posing challenges for cost control and development cycle management.
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.
For certain of our PCB products, particularly those for consumer and automotive electronics customers, prices are agreed for a longer period and are subject to adjustment mechanisms.
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For our precision components with longer-term pricing arrangements, prices are typically reviewed annually or adjusted under the framework agreement's risk sharing mechanism, under which, if raw material costs move beyond an agreed baseline, we renegotiate the acceptance price for the next pricing period under the contract.
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While the selling prices of certain products have historically been agreed on a relatively long-term basis, these arrangements have not had a material impact on our gross profit margin.
During the Track Record Period, five of our marketed finished drug products were included in national VBP scheme.
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As of December 31, 2025, nine of our marketed finished drug products sold in China were included in the NRDL.
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For our major marketed finished drug products, apart from micafungin sodium and oseltamivir phosphate which are already included under the VBP schemes and whose pricing impact has been substantially reflected in our historical financial performance, the remaining products are not expected to enter the VBP schemes until at least the next anticipated national cycle in 2029; and
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.
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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.
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.
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For EPC services, we adopt a cost-plus pricing strategy.
In such volume-based procurement procedures, we, as the registrant or filing entity of the medical devices, submit bids to compete for selection through a bidding process.
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These procedures exert pricing pressure on us, as the winning bid prices are generally lower than historical market prices.
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For example, in recent years, the healthcare regulatory framework in China has undergone various changes, including the tendering process, centralized procurement regime and the two-invoice system.
The selling prices of our ODM products are determined on a cost-plus basis with reference to (i) cost of sales, mainly representing costs of raw materials and components and logistic fees, and (ii) a mark-up rate for different products.
Business · 第 162 页
For our branded business, we adopt a market-oriented pricing strategy, closely monitoring changes in the markets where we operate.
Business · 第 162 页
While we aim to continue offering products at competitive prices, our pricing strategies are flexible and based on market conditions, avoiding mere price reductions to stay competitive.
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.
In addition, the China Phosphate & Compound Fertilizer Industry Association issues guidance opinions from time to time, which among other things provides pricing frameworks for relevant products under its supervision.
Financial Information · 第 209 页
MAP and DAP are subject to the pricing guidance frameworks promulgated by the China Phosphate & Compound Fertilizer Industry Association from time to time.
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.
Additionally, our pricing may be influenced by healthcare policies such as centralized procurement and Diagnosis-Related Group (DRG) systems, which play a significant role in public health procurement and reimbursement structures.
Summary · 第 3 页
For our domestic business, we maintain a nationwide unified pricing system to ensure fairness, transparency and brand consistency.
Business · 第 201 页
We review and adjust our prices periodically based on material cost fluctuations, exchange rate movements, new product launches or changes in procurement policies.
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.