In 2023, 2024 and 2025, direct materials costs contributed to the majority of our cost of sales, accounting for 82.6%, 78.2% and 78.1%, respectively.
Financial Information · 第 187 页
In particular, we experienced a 58.0% increase in direct materials costs in 2025 compared to 2024, compared to a 12.0% increase in 2024 compared to 2023, primarily due to the fluctuations in the market prices of the relevant raw materials such as copper, silver and tin in 2025.
Financial Information · 第 187 页
In particular, in response to significant volatility in the market prices of raw materials in the second half of 2025, we further expanded the adoption of the dynamic pricing model to better align our product prices with fluctuating raw material costs.
During the Track Record Period, our cost of raw materials accounted for 36.0%, 41.4% and 39.9% of our total cost of sales for FY2023, FY2024 and FY2025, respectively.
Financial Information · 第 210 页
For illustration purpose, we set out below a sensitivity analysis of our profit before taxation with reference to the fluctuation on the total cost of raw materials during the Track Record Period.
Financial Information · 第 210 页
Prices of precious-metal raw materials such as gold salts and copper powders, fluctuate with market conditions, accordingly, our procurement team reviews ordering models and implements strategic stocking. We have not entered into contracts that lock in prices on a long-term basis.
In 2023, 2024, 2025 and for the three months ended March 31, 2025 and 2026, cost of raw materials represented approximately 55.8%, 56.5%, 60.7%, 63.8% and 62.3% of our cost of sales respectively.
Financial Information · 第 181 页
To manage and mitigate raw material price fluctuations, we have implemented the following measures: (i) monitoring market conditions and negotiating terms with suppliers; (ii) adopting a flexible pricing mechanism in sales agreements and conducting periodic price adjustments to align selling prices with market supply and demand; (iii) adopting a flexible strategy for adjusting procurement volume and inventory management strategies; (iv) consolidating a group-level procurement plan to leverage scale for price negotiations; and (v) entering into framework agreements with key suppliers to secure stable supplies.
Business · 第 153 页
During the Track Record Period and up to the Latest Practicable Date, we had not adopted any hedging policies for fluctuations in the prices of raw materials; we did not experience any significant shortage of raw material supplies, and the raw materials provided did not have any significant quality issues.
During the Track Record Period, our gross profit margins were adversely affected by increases in the prices of certain key raw materials, including plums, prunes and sugar.
Business · 第 122 页
However, we procure plums in eight major plum sourcing regions — Fujian, Guangdong, Guangxi, Yunnan, Sichuan, Zhejiang, Anhui and Jiangsu — in China, and thus remain resilient against price volatility or disruption in supply.
Business · 第 122 页
In addition, we are exposed to fluctuations in the prices of key raw materials, including green plums, imported prunes and sugar, which may have impact on our cost of sales.
Our direct material costs amounted to RMB99.5 million, RMB145.9 million and RMB232.3 million for 2023, 2024 and 2025, respectively, representing 84.5%, 83.5% and 84.9% of our total cost of sales for the same years, respectively.
Financial Information · 第 189 页
Our gross profit margin of different product lines fluctuated during the Track Record Period, due in part to our direct materials costs, which were subject to supply chain changes.
The prices of our raw materials may fluctuate with market conditions, attributed to various factors, such as supply and demand and our bargaining power.
Business · 第 140 页
To mitigate the risk of raw material price fluctuations, we have taken measures such as (i) maintaining reasonable safety stock for various raw materials; and (ii) establishing long-term cooperation with suppliers to ensure a stable and quality supply for key raw materials.
Business · 第 140 页
We had costs of raw materials and consumables used of RMB585.9 million, RMB534.6 million and RMB556.0 million in 2023, 2024 and 2025, respectively, representing 56.0%, 51.7% and 54.5% of our total revenue in the same respective years.
In 2023, 2024, and 2025, raw materials and other components recorded in cost of sales amounted to RMB68.9 million, RMB168.9 million, and RMB276.5 million, respectively, representing 70.6%, 77.7% and 75.8% of our total cost of sales in the respective years.
Financial Information · 第 197 页
Fluctuations in the market prices of raw materials and other components may have a significant impact on our business, results of operations, and financial condition.
Business · 第 158 页
Furthermore, to implement flexible pricing mechanisms, where there are material fluctuations in raw material prices, we adjust the selling prices of our products in a timely manner in accordance with changes in procurement costs.
In 2023, 2024 and 2025, raw material costs represented approximately 48.2%, 50.6% and 54.4% of our cost of sales, respectively.
Financial Information · 第 122 页
Certain of our service offerings, particularly gold bumping, involve the use of gold, and fluctuations in gold prices may therefore affect our cost structure and operating results.
Financial Information · 第 122 页
However, because there is an inherent time lag between our procurement of gold-related raw materials and the timing at which we quote or adjust prices to customers, changes in gold prices may not be passed on to customers fully, immediately or completely.
For the three years ended December 31, 2025, the average unit price of wafers was RMB5,486.2, RMB5,750.0 and RMB5,010.4 per wafer, respectively.
Summary · 第 10 页
During the Track Record Period, our raw material costs amounted to RMB386.8 million, RMB446.6 million and RMB788.5 million, respectively, representing 69.2%, 76.2% and 85.1% of our total costs of sale in the respective years.
Business · 第 195 页
In addition, we dynamically adjusted purchasing volumes based on market price forecasts.
To mitigate the impact of fluctuation of the price of raw materials, we implemented a comprehensive risk management strategy.
Business · 第 166 页
For certain materials, we also secure annual pricing agreements to lock in component costs, thereby minimizing the effect of raw material price volatility on our purchased components.
江苏贝尔家居科技股份有限公司Jiangsu BBL Home Technology Company Limited
原材料成本占销售成本近七成且价格波动
We recorded costs for raw materials of RMB1,263.2 million, RMB1,248.1 million and RMB1,279.5 million in 2023, 2024 and 2025, respectively, representing 72.7%, 70.4% and 67.8% of our total cost of sales in the same periods, respectively.
Financial Information · 第 159 页
Although we may adjust our product pricing in response to changes in raw material costs, such adjustments may not fully or immediately offset increases in raw material prices.
During the Track Record Period and up to the Latest Practicable Date, we experienced material fluctuations of raw material prices, such as DDR/UFS storage and eMMC storage.
Business · 第 182 页
We have implemented a number of measures to manage the volatility of prices of raw materials and components, including (i) monitoring market conditions on a continuous basis to avoid materials subject to price increases during the design phase; (ii) substituting price-sensitive materials with domestically produced alternatives; and (iii) establishing a senior management communication mechanism with our key suppliers to enhance cooperation and reduce the extent of price increases.
江苏零一汽车科技股份有限公司Jiangsu Zeron Automobile Technology Company Limited
电池价格波动直接影响成本及毛利率
As batteries are the primary component of our vehicles, fluctuations in battery prices can directly affect our unit costs, average selling prices and gross profit margins.
Financial Information · 第 194 页
Volatility in raw-material prices or any disruption in the supply chain could also adversely affect our vehicle development and manufacturing schedules.
Financial Information · 第 194 页
To maintain supply chain stability, quality and cost-effectiveness, we formulate procurement plans with reference to production schedules, inventory levels, supplier lead times, delivery requirements and sales forecasts, and manage raw material and component price volatility through price-comparison procurement and strict procurement budget control.
During the Track Record Period, prices of certain raw materials such as copper and aluminum fluctuated, which impacted the costs of components including PCBs, wires and solenoid valves.
Business · 第 124 页
We do not engage in hedging using derivative instruments relating to the risk exposures in connection with our raw materials.
For instance, our material costs accounted for 86.5%, 86.1%, and 84.1% of our total cost of sales in 2023, 2024, and 2025, respectively.
Financial Information · 第 166 页
The procurement costs for materials may fluctuate due to a number of factors beyond our control, such as supply chain disruptions, inflation and bulk commodity price fluctuations, and we are susceptible to significant changes in the availability, price, and standard of key raw materials such as IGBT.
To mitigate fluctuations in raw material prices, we prioritize selecting suppliers that offer standard components with readily available alternative models, preferably including at least one domestic brand option, thereby reducing risks associated with shortages and price volatility.
Business · 第 235 页
We generally will not pass on raw material price increases to our customers because raw materials account for only a limited portion of our product price where we can maintain a reasonable level of margin.
Business · 第 235 页
Our raw materials are typically not subject to expiration, except that robotic arms may have an expiration period of one to two years.
We incurred significant procurement costs of raw materials and consumables under our cost of sales, which were RMB741.6 million, RMB1,083.9 million and RMB1,845.0 million in 2023, 2024 and 2025, respectively, representing 81.7%, 84.5% and 80.9% of our revenue, during the same years, respectively.
Business · 第 182 页
In response to the potential fluctuation on the prices of major raw materials and components, we leverage the annual price negotiation mechanism with our suppliers to manage such fluctuation.
Business · 第 174 页
Although we have access to sufficient alternative suppliers for all raw materials and components, certain materials may occasionally face industry-wide shortages, significant price fluctuations, or extended supply cycles.
Our costs of raw materials, most of which were attributed to the procurement of industrial off-gas, amounted to RMB178.5 million, RMB197.8 million and RMB225.8 million for the years ended December 31, 2023, 2024 and 2025, respectively, representing 31.1%, 30.1% and 34.8% of our cost of sales for the respective years.
Financial Information · 第 236 页
The average purchase price of industrial off-gas at Shoulang Jiyuan production facility increased gradually throughout the Track Record Period, driven by the overall rise in local coal and electricity prices, as the price of industrial off-gas is calculated based on coal and electricity prices.
Direct materials and consumables costs represent the largest portion of our cost of sales, accounting for approximately 82.8%, 83.4% and 84.6% of our cost of sales during the Track Record Period, respectively.
Financial Information · 第 175 页
For the Track Record Period, the average purchase cost per tonne of copper increased by approximately 4.4%, 8.8% and 24.3%, respectively.
Financial Information · 第 175 页
The table below presents a sensitivity analysis illustrating the impact of changes in the costs of two key raw materials, copper and aluminium on our profit before tax during the Track Record Period.
深圳市创想三维科技股份有限公司Shenzhen Creality 3D Technology Co., Ltd.03388.HK
原材料成本占销售成本比重逾七成
We usually work with multiple suppliers to reduce risks associated with product supply.
Business · 第 150 页
During the Track Record Period, raw materials cost represented the largest component of our cost of sales, which represented 76.7%, 76.4% and 75.0% of our total cost of sales for the years ended December 31, 2023, 2024 and 2025, respectively.