in 2023, 2024 and 2025, direct raw material costs represented approximately 56.4%, 56.0% and 56.0% of our revenue for PCBs, respectively; in contrast, for the same year, direct raw material costs represented approximately 84.0%, 81.5% and 82.2% of our revenue for touch panels and LCMs.
Financial Information · 第 184 页
Our selling prices do not always follow raw material costs or on the same timeline, which can also lead to fluctuations in margins and results.
Financial Information · 第 184 页
While we seek to mitigate these risks through multi-sourcing, longer term supply arrangements, inventory planning and commodity hedging, sustained volatility could negatively impact our production efficiency, profitability and overall financial performance.
广东金晟新能源股份有限公司Guangdong Jinsheng New Energy Co., Ltd.
业绩高度依赖锂镍钴金属价格波动
the average market prices of lithium carbonate decreased significantly from RMB230,000 per ton in 2023 to RMB81,000 per ton in 2024 and RMB68,000 per ton in 2025.
Financial Information · 第 196 页
Our production process involves multiple stages requiring approximately 30 days, resulting in a turnover period from raw material procurement to product sales of approximately two to three months.
Financial Information · 第 196 页
To mitigate this pricing mismatch risk, we have adopted a multi-pronged strategy: (a) price-locking arrangements with back-to-back customers (including recycled product traders and futures traders), under which both procurement costs and selling prices are locked simultaneously through back-to-back sales contracts
广东华成电力能源股份有限公司Guangdong Huacheng Electric Power Energy Co., Ltd.
材料组件成本波动影响销售成本及售价
For the FY2023, FY2024 and FY2025, our materials and components costs was approximately RMB154.1 million, RMB75.4 million and RMB174.7 million, respectively.
Financial Information · 第 199 页
We adjust our selling prices in response to, among other things, fluctuations in parts and equipment prices and sub-contracting costs, which thus affect our revenue.
Financial Information · 第 200 页
We maintain open communication with customers regarding changes in raw material prices, logistics costs and exchange rates and negotiate pricing adjustments as needed.
In 2023, 2024 and 2025, our cost of raw materials accounted for 71.7%, 69.9% and 71.1% of our total cost of sales, respectively.
Financial Information · 第 163 页
At the same time, we enhance our bargaining power through large-scale procurement and closely monitor the supply and demand dynamics of key raw materials to optimize procurement timing, thereby improving supply chain stability and cost control.
Historically, costs of raw materials, logistics fee and labor costs have collectively accounted for over 89% of our cost of sales.
Financial Information · 第 207 页
According to F&S, between 2023 and 2025, hot-rolled steel coil (HRC) and glass experienced decreasing trend in average price, while the average price of aluminium experienced an overall upward trend.
Financial Information · 第 208 页
Since the selling price of our products are generally determined on a cost-plus basis, fluctuations in the purchase price of these key raw materials will have a significant impact on our revenue level and profitability.
Changes in the availability and price of raw materials could have a significant impact on our operating costs, profit margin and results of operations.
Financial Information · 第 218 页
We have also established price-adjustment mechanisms with certain customers, under which we may raise product prices if raw material costs increase significantly.
According to Frost & Sullivan, the average market price of (i) copper increased from RMB60.1 thousand per ton in 2023 to RMB70.8 thousand per ton in 2025, and (ii) aluminum increased from RMB16.0 thousand per ton in 2023 to RMB18.8 thousand per ton in 2025.
Financial Information · 第 194 页
In 2023, 2024 and 2025, our costs in relation to raw materials consumed amounted to RMB5,103.8 million, RMB7,242.5 million and RMB7,808.3 million, accounting for 45.5%, 52.0% and 50.5% of our total cost of sales,
Financial Information · 第 194 页
(ii) conducting R&D on new materials and expanding our qualified supplier base to reduce single-supply reliance; and (iii) maintaining close communication with customers for cost-sharing arrangements with customers in the event of significant industry-wide cost increases.
Feed and feed ingredients costs represented 70.2%, 69.1% and 66.3% of our total cost of sales in 2023, 2024 and 2025, respectively.
Financial Information · 第 213 页
Furthermore, we enter into forward delivery contracts with suppliers for agreed quantities of feed ingredients at fixed prices, typically with delivery periods of up to 180 days.
Business · 第 165 页
Based on the above, the Directors consider that the internal control measures are effective and are adequate to address risks arising from market price fluctuations.
The total purchase amount for raw materials were approximately RMB349.2 million, RMB432.9 million and RMB540.3 million for the years ended December 31, 2023, 2024 and 2025.
Business · 第 145 页
To effectively manage our risks associated with the price fluctuations of our raw materials, we analyze the consumption and other data of major raw materials, carry out research on market trends and prepare periodic procurement budgets.
Business · 第 145 页
In the event that there is an increase in the price of raw materials, we should be able to adjust the selling price of our packaging products to reflect such increase in the price of raw materials.
Our results are significantly affected by fluctuations in the costs of raw materials and key components, particularly batteries and electric drive axles.
Financial Information · 第 211 页
According to CIC, the three-electric components cost of the new energy heavy-duty truck generally represent approximately 60% to 70% of the total cost.
Financial Information · 第 223 页
We manage the volatility of prices of raw materials and components by signing long-term cooperation agreements with suppliers, under which (i) pricing and supply terms are agreed for a one-year period and (ii) for the subsequent year, revised pricing can be negotiated based on expected procurement volume, prevailing market conditions and annual price reduction mechanisms based on cost changes.
During the Track Record Period, media resources cost accounted for approximately 96.9%, 96.7% and 97.0% of our total cost of sales, respectively.
Financial Information · 第 198 页
These costs are closely linked to the scale of marketing campaigns conducted for our customers, the pricing of advertising inventory and user traffic on social media platforms, and the fees charged by content creators and media partners.
Financial Information · 第 198 页
Our ability to manage such costs through efficient campaign planning, long-term cooperation with content creators and media partners, and the use of AI-powered solutions to optimize marketing performance has been an important factor affecting our gross margins and overall profitability during the Track Record Period.
四川新荷花中药饮片股份有限公司Sichuan Neautus Traditional Chinese Medicine Co., Ltd.
中药材价格波动影响采购成本
For the years ended December 31, 2023, 2024 and 2025, our total procurement costs of TCM raw materials were approximately RMB881.3 million, RMB974.2 million and RMB996.2 million, respectively, representing approximately 76.9%, 78.0% and 74.6% of our total revenue, respectively.
Business · 第 170 页
In 2023, raw material procurement prices increased significantly due to market fluctuations; however, starting from 2024, the prices of TCM raw materials have steadily decreased.
Business · 第 151 页
We build up a strategic inventory of raw TCM materials on a need basis, and particularly if we anticipate price increases based on our industry knowledge.
During the Track Record Period, due to industry-related factors, the prices of our major raw materials were subject to cyclical fluctuations.
Business · 第 156 页
In general, where fluctuations in major raw material costs exceed a commercially acceptable range that would materially affect the expected profit margin of the relevant product, we would initiate price adjustment discussions with customers.
The financial performance of our new energy materials, critical metal resources, and lithium-ion battery and end-of-life vehicle recycling is subject to fluctuations in the market prices of critical metals, in particular nickel, cobalt, tungsten and lithium.
Financial Information · 第 191 页
In particular, for our new energy materials business, in respect of procurement, we primarily take reference to metal price of global indices over an agreed period as the metal pricing benchmark, applying negotiated discount rates when sourcing raw materials.
In 2023, 2024 and 2025, our purchases of goods and materials were RMB499.0 million, RMB575.1 million and RMB544.1 million, respectively, representing 67.8%, 66.1% and 62.2% of our total revenues in the same years.
Financial Information · 第 113 页
We mitigate supply shortages by maintaining dual sourcing for critical inputs such as forgings and machined castings, and by enforcing supplier qualification and periodic audits to ensure capacity and quality readiness.
Business · 第 97 页
This pass-through mechanism helps protect our margins against raw material price volatility, although we may not always be able to pass on cost increases in full or on a timely basis.
湖南明珠矿用化工科技股份有限公司Hunan Mingzhu Mining Chemical Technology Co., Ltd.
原材料成本占销售成本约九成且价格波动影响毛利
Purchase and changes in inventories accounted for 90.7%, 90.5% and 91.6% of total cost of sales in 2023, 2024 and 2025, respectively.
Financial Information · 第 177 页
While we generally adjust product prices to reflect raw material cost changes through our cost-plus pricing mechanism, timing lags and competitive pressures may limit our ability to fully pass on cost increases.
Financial Information · 第 177 页
The following sensitivity analysis illustrates the impact of hypothetical fluctuations of purchase and changes in inventories on our gross profit during the Track Record Period, assuming all other variables remained constant.
The cost of raw materials and consumables used was RMB752.4 million, RMB887.7 million and RMB919.7 million for the years ended December 31, 2023, 2024 and 2025, respectively.
Financial Information · 第 190 页
Our profitability is sensitive to fluctuations in the prices and availability of these components, a substantial portion of which are sourced from overseas suppliers.
Financial Information · 第 190 页
We implement strategic procurement and enter into framework agreements to secure supply.
江苏华盛锂电材料股份有限公司Jiangsu HSC New Energy Materials Co., Ltd.
原材料成本占销售成本比重升至46.4%
In 2023, 2024 and 2025, our raw material costs were RMB175.5 million, RMB246.3 million and RMB364.4 million, respectively, accounting for 35.8%, 39.7% and 46.4% of our total cost of sales in the same year, respectively.
Financial Information · 第 172 页
We have implemented comprehensive supply chain management measures and maintain a diversified base of suppliers, which we believe will continue to enable us to maintain a stable supply chain to mitigate the risk of material adverse price fluctuations of key raw materials.
In 2023, 2024 and 2025, raw material costs represented approximately 58.6%, 62.7% and 65.9% of our cost of sales, respectively.
Financial Information · 第 195 页
However, our selling prices may not fluctuate entirely in tandem with raw material costs, which may contribute to fluctuation in our results of operations.
Financial Information · 第 195 页
To mitigate the risk of supply disruptions and adverse raw material price movements, we continuously monitor market conditions and maintain regular communication with our major suppliers regarding supply availability and pricing trends.
In 2023, 2024 and 2025, our raw material costs amounted to RMB15,938.6 million, RMB20,351.6 million and RMB24,183.1 million, respectively, representing 90.9%, 92.0% and 91.8% of our total cost of sales for the corresponding years.
Financial Information · 第 145 页
Accordingly, fluctuations in the prices of our raw materials may have a significant impact on our gross profit and overall results of operations.
Financial Information · 第 145 页
In response, we may seek to (i) enhance our production efficiency and reduce incremental costs through economies of scale as our sales volume grows, (ii) continuously optimize our production processes, supply chain management and procurement strategies, (iii) upgrade and iterate our product portfolio towards higher value-added solutions with more advanced functionalities and higher levels of integration, and