For each year of the Track Record Period, raw material costs associated with our paper packaging business amounted to RMB1,309.9 million, RMB1,326.4 million and RMB1,312.5 million, representing 77.9%, 77.9% and 76.1% of our total cost of sales of our paper packaging business, respectively.
Financial Information · 第 331 页
During the Track Record Period, in general, we were able to pass on most of the changes in raw paper prices to our enterprise customers and our gross profit margins had not been materially adversely affected by the fluctuation of raw paper prices during the Track Record Period.
Financial Information · 第 331 页
A sensitivity analysis on the fluctuation of the raw paper costs included in our cost of sales during the Track Record Period is set forth below, which illustrates the hypothetical effects on our gross profit with 5%, 10% and 15% increase or decrease in raw paper costs:
In 2022, 2023 and 2024, our direct material costs were RMB226.7 billion, RMB255.7 billion and RMB202.7 billion, respectively, accounting for 83.8%, 78.9% and 74.1% of cost of sales in the same period, respectively.
Business · 第 198 页
Due to factors such as fluctuations in material prices, changes in market supply and demand dynamics, and technological advancements, our procurement prices and quantities may vary.
Business · 第 203 页
To mitigate risks related to raw material prices and supply, we have established a monitoring system to promptly track supply and demand as well as price changes of key raw materials.
In 2022, 2023 and 2024, our raw materials and consumables used amounted to RMB862.3 million, RMB1,205.2 million and RMB1,192.9 million, respectively, representing 36.3%, 33.6% and 31.1% of our revenue for the respective periods.
Financial Information · 第 265 页
We also implement certain measures to control our purchase costs, such as (i) integrating multiple supply sources in local, domestic and global markets to achieve cost optimization, (ii) entering into framework agreements with certain suppliers to secure sufficient supplies at agreed price and (iii) stocking certain ingredients according to market conditions and sales records.
Business · 第 195 页
We have conducted sensitivity analysis of the impact on our results of operations during the Track Record Period from hypothetical fluctuations in the food ingredient prices.
In particular, the procurement costs for ingredients and other raw materials consists of the largest component of our cost of sales, accounting for 79.0%, 79.9% and 82.0% of our total cost of sales in 2022, 2023 and 2024, respectively.
Financial Information · 第 251 页
The market prices of raw materials we mainly use, including tea, fruit and dairy products, fluctuated in the past and may fluctuate in the future.
Financial Information · 第 251 页
The following sensitivity analysis illustrates the effects of hypothetical fluctuation in our average procurement price of ingredients and other raw materials on our gross profit for the periods indicated, assuming all other factors affecting our profitability had remained unchanged.
海南钧达新能源科技股份有限公司Hainan Drinda New Energy Technology Co., Ltd.02865.HK
硅片约占成本六成且价格波动影响业绩
The cost of raw materials amounted to RMB8,904.6 million, RMB13,640.3 million and RMB7,952.1 million in 2022, 2023 and 2024, respectively, accounting for 90.2%, 80.6% and 79.4% of our total cost of sales in the respective years.
Financial Information · 第 371 页
Among various types of PV cell components, silicon wafers are the largest cost component, typically accounting for around 60% of the total cost, and silver paste is the second largest component.
Business · 第 273 页
We have managed the impact of raw material price fluctuations and maintained our margins by diversifying our supplier base and negotiating long-term contracts with fixed prices or ceilings.
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
碳酸锂价格波动显著影响业绩及存货减值
In 2021, 2022, 2023 and 2024, cost of raw materials accounted for 77.7%, 71.7%, 73.8% and 74.6% of our total cost of sales, respectively, and 76.1%, 78.0%, 70.1%, and 63.7% of our revenue, respectively.
Business · 第 327 页
To the extent we cannot pass along the changes in raw material cost to our customers, our profit margin would also be affected by the changes in raw material price.
Financial Information · 第 405 页
We also typically include price adjustment mechanisms, which allow us to adjust pricing within a pre-agreed range under certain circumstances, such as drastic fluctuations in raw material prices.
Direct materials costs represent the largest portion of our cost of sales, accounting for approximately 86.4%, 88.1%, 89.2%, 88.1% and 89.4% during the Track Record Period, respectively.
Financial Information · 第 275 页
Meanwhile, the average purchase cost per tonne of fluff pulp fluctuated by approximately, 40.4%, 26.7% and 1.8% for the same periods.
Financial Information · 第 275 页
The table below presents a sensitivity analysis illustrating the impact of changes in the costs of two key raw materials, nonwoven fabrics and fluff pulp on our profit before tax during the Track Record Period.
南山铝业国际控股有限公司Nanshan Aluminium International Holdings Limited02610.HK
原材料成本占总销售成本逾七成并附敏感性
The cost of raw materials amounted to US$93.0 million, US$279.1 million, US$390.6 million and US$297.7 million for FY2021, FY2022, FY2023 and 9M2024, respectively, and accounted for 72.6%, 78.7%, 81.4% and 81.1% of our total cost of sales for FY2021, FY2022, FY2023 and 9M2024, respectively.
Financial Information · 第 318 页
Therefore, we can manage the fluctuations in raw material prices by adjusting our pricing and passing the costs to our customers.
Some of the raw materials we procure, such as sugar and coffee beans, are inherently susceptible to price fluctuations. However, we do not expect such price fluctuations to have a material and adverse impact on our and our franchisees’ operations with the above measures adopted.
Business · 第 227 页
To control our procurement costs, we primarily employ the following measures: (i) integrating a variety of supply resources from both domestic and global suppliers, (ii) extending our global procurement network to the origins of raw materials to eliminate intermediary costs, (iii) establishing long-term partnerships with upstream suppliers, and (iv) arranging agreed-upon prices or price ranges with certain suppliers in advance to secure sufficient supplies at reasonable costs.
Business · 第 227 页
While the franchise agreements do not have terms in relation to guarantee of franchisees’ profits in the event of increase in raw material prices, we generally do not pass short-term increase in costs onto our franchisees.
安徽海螺材料科技股份有限公司Anhui Conch Material Technology Co., Ltd.02560.HK
原材料成本占销售成本约九成并作敏感性分析
They amounted to approximately RMB1,084.9 million, RMB1,339.6 million, RMB1,759.1 million and RMB807.8 million, representing approximately 90.5%, 90.8%, 90.8% and 90.3% of our total cost of sales for FY2021, FY2022, FY2023 and 6M2024, respectively.
Financial Information · 第 402 页
Since our main raw materials are products of crude oil, the market prices of our main raw materials may be affected by fluctuations in crude oil prices.
Business · 第 263 页
For demonstration purposes, the following sensitivity analysis illustrates the impacts of hypothetical fluctuations in our cost of raw materials on our profit before tax during the Track Record Period, holding all other variables constant.
上海汇舸环保科技集团股份有限公司CONTIOCEAN ENVIRONMENT TECH GROUP CO., LTD.02613.HK
材料费用占销售成本比例较高及价格敏感度
Materials expense is the largest component of our cost of sales, which represented 89.5%, 88.2%, 82.4%, 80.3% and 86.6% of our total cost of sales for the years ended December 31, 2021, 2022 and 2023 and the six months ended June 30, 2023 and 2024, respectively.
Financial Information · 第 313 页
commencing commercial production in June 2021, which enabled us to produce certain products in-house, which is more cost-effective compared to procuring them from OEMs,
Overall, the fluctuations in our gross profit margin for sales of RVs were primarily affected by the following factors: (i) high degree of customization of our RV owners which typically yields higher gross profit margin, (ii) the proportion of our retail sales of RVs through self-owned stores and JV stores attributable to the relatively higher retail prices compared to the wholesale prices for dealers, and (iii) fluctuations in shipping and handling expenses.
Business · 第 193 页
Our gross profit margin decreased from 16.7% in 2021 to 16.5% in 2022, primarily because cost of sales grew at a faster pace than revenue, driven by an increase in shipping and handling expenses amid COVID-19.
Summary · 第 17 页
More specifically, our gross profit margin for the Snowy River RVs decreased from 16.9% in 2021 to 15.8% in 2022, primarily due to an increase in shipping and handling expenses amid COVID-19.
We incurred significant procurement costs of raw materials and consumables under our cost of sales, which were RMB135.7 million, RMB206.3 million, RMB349.7 million, RMB122.7 million and RMB164.4 million in 2021, 2022 and 2023 and the six months ended June 30, 2023 and 2024, respectively, representing 77.5%, 73.8%, 73.4%, 74.9% and 69.5% of our total revenue in the same periods, respectively.
Business · 第 288 页
For example, the purchase price of the integrated circuits that we used for our intelligent driving solutions decreased by approximately 14% and 10% in 2023 and the first half of 2024, respectively, due to our increasing procurement from the relevant supplier.
Business · 第 299 页
We also actively monitor the inventory levels of our raw materials and we will adjust our stock quantities accordingly to mitigate potential risks in raw material price fluctuations.
江苏国富氢能技术装备股份有限公司Jiangsu Guofu Hydrogen Energy Equipment Co., Ltd.02582.HK
碳纤维价格2021年因出口管制大涨
The selling price of carbon fiber, which is one of the key raw materials we use to manufacture our vehicle-mounted high-pressure hydrogen supply systems and related products, surged in 2021 due to global supply constraints as a result of export controls implemented by a number of foreign governments.
Financial Information · 第 411 页
For example, we started to purchase carbon fiber from several domestic suppliers to control costs in 2019 and achieved full localization substitution in 2023.
Business · 第 338 页
We expect that we are able to ensure the stable supply and effectively control the cost of carbon fiber through the following measures, including (i) improving the winding process of carbon fiber to reduce the amount of carbon fiber used per unit of product; and (ii) launching new products and expanding our product portfolio to include equipment for hydrogen liquefaction and the storage and transportation of liquid hydrogen in order to reduce the proportion of the cost of single raw material in our overall cost of sales.
In 2021, 2022, 2023 and the five months ended May 31, 2023 and 2024, our raw material and consumable costs that constitute the cost of sales represented 83.3%, 80.7%, 77.8%, 78.8% and 81.9% of our total cost of sales, respectively.
Financial Information · 第 363 页
We generally do not enter into long-term supply agreements with fixed price arrangements, which is in line with the industry norm, according to CIC.
Business · 第 265 页
(iii) we regularly monitor the market prices of commodities, such as gold, silver and copper, to anticipate and manage the price volatility of raw materials, and timely adjust our procurement bidding and price comparison processes, so as to mitigate the impact of price fluctuations.
Bunker expenses represent a significant portion of our operating expenses.
Financial Information · 第 394 页
For the years ended December 31, 2021, 2022 and 2023 and the four months ended April 30, 2023 and 2024, our bunker expenses accounted for US$164.0 million, US$312.9 million, US$187.7 million, US$67.9 million and US$61.2 million, respectively, representing 18.1%, 23.1%, 20.7%, 21.2% and 19.7% of our cost of sales for the same periods, respectively.
Financial Information · 第 394 页
We currently have not entered into agreements to hedge fluctuations in bunkers prices.
The price of lithium carbonate experienced a significant increase from 2021 to 2022, escalating from RMB119.8 thousand per ton in 2021 to RMB482.4 thousand per ton in 2022, and then dropped to RMB272.3 thousand per ton in 2023 and RMB103.5 thousand per ton in the first half of 2024.
Financial Information · 第 391 页
As a result, we recorded gross loss of RMB57.5 million as well as provision for impairment loss of inventories of RMB554.5 million in 2023, which largely contributed to our net loss of RMB1,514.2 million in the year.
Financial Information · 第 391 页
The following sensitivity analysis illustrates the impact of hypothetical fluctuations of cost of principal raw materials, namely lithium carbonate and iron phosphate, on our gross profit during the Track Record Period, assuming all other variables remained constant.
As a result, our procurement prices of automotive semiconductors hiked approximately 19.5%, 14.5% and 10.5% in 2021, 2022 and 2023, respectively.
Business · 第 293 页
However, we were still able to maintain our gross profit margin at 70.9%, 69.3%, 70.5% and 79.0% in 2021, 2022, 2023 and for the six months ended June 30, 2024.
Business · 第 293 页
For the six months ended June 30, 2024, our procurement prices of automotive semiconductors decreased by 12.7% compared to 2023.
华润饮料(控股)有限公司China Resources Beverage (Holdings) Company Limited02460.HK
PET为最大原材料且价格波动影响业绩
In 2021, 2022 and 2023 and the four months ended April 30, 2024, purchases of PET (VAT exclusive) amounted to RMB1,665.2 million, RMB2,165.6 million, RMB1,992.7 million and RMB526.3 million, respectively, accounting for approximately 21.8%, 25.2%, 23.6% and 22.0% of our total purchases during the same periods, respectively.
Business · 第 228 页
In 2021, 2022 and 2023 and the four months ended April 30, 2024, our average procurement price (VAT exclusive) per ton for bottle-grade PET was RMB5,556.8, RMB6,822.5, RMB6,420.1 and RMB6,196.7, respectively.
Business · 第 228 页
For key packaging materials such as cardboard, bottle caps and labels, we adopt a procurement pricing adjustment mechanism based on annual procurement amount to mitigate the impact of significant price fluctuations on us or our suppliers.
During the Track Record Period, network and bandwidth costs accounted for 52.8%, 61.4%, 61.3% and 64.6% of our total cost of sales in 2021, 2022, 2023 and the three months ended March 31, 2024, respectively.
Financial Information · 第 379 页
Since a significant portion of our costs relates to distribution and storage services from third parties, our cost of sales largely depends on the price of such services in the market.