During the Track Record Period and up to the Latest Practicable Date, there had been no significant increases in the prices of our major raw materials, nor any fluctuations that materially and adversely affected our operations or gross profit margins.
Business · 第 153 页
Set forth below is our sensitivity analysis of raw material price fluctuations included in our cost of sales during the Track Record Period, which illustrates the impact of a 1%, 3% or 5% increase or decrease in raw material prices on our gross profit margin and net profit margin, assuming all other factors remain unchanged
In each period comprising the Track Record Period, we were able to pass on over 99.0% of our costs of copper to our customers.
Business · 第 165 页
Our cost of raw materials, which was mainly copper, amounted to RMB2,442.8 million, RMB2,638.3 million, RMB3,430.2 million, RMB1,485.1 million and RMB2,763.9 million in 2023, 2024 and 2025 and the six months ended June 30, 2025 and 2026, respectively, accounting for 82.8%, 84.8%, 86.4%, 86.3% and 88.4% of our total costs of sales in the same periods, respectively.
Financial Information · 第 210 页
The following table sets forth a sensitivity analysis of the impact that the level of our processing fee may have on our profitability.
Our raw materials for all segments in the aggregate account for 78.5%, 74.8%, 76.9%, 76.1%, and 83.6% of our cost of sales in 2023, 2024, 2025, and for the six months ended June 30, 2025 and 2026.
Financial Information · 第 206 页
For illustrative purposes only, assuming that all other factors affecting our financial performance remain constant (including assuming that material price fluctuations cannot be passed on to customers through price adjustment mechanisms), the sensitivity analysis of the impact of fluctuations in the average price of raw materials being 1% and 5% on our profit before income tax during the Track Record Period is as follows
Financial Information · 第 207 页
We have taken measures to mitigate the impact of raw material price volatility, including enhancing upstream integration, strengthening supplier management, optimising procurement strategies and improving production efficiency.
Our costs of raw materials accounted for 86.4%, 85.9%, 86.3%, 83.6% and 83.0% of our total cost of sales in 2023, 2024, 2025 and the five months ended May 31, 2025 and 2026, respectively.
Financial Information · 第 196 页
While market pork prices in China experienced fluctuations during the Track Record Period, we did not experience material inflation-driven volatility in its raw material costs primarily because a significant portion of its key pork inputs is procured under pricing arrangements that lock in purchase prices for the relevant supply period, which reduces the extent to which short-term market movements translate into our actual procurement costs.
Business · 第 135 页
Our prepayments, other receivables and other assets further increased by 14.8% from RMB74.3 million as of December 31, 2025 to RMB85.3 million as of May 31, 2026, primarily due to an increase in prepayments, mainly as we increased purchases of pork and other raw materials which required prepayments to lock in the procurement price and quantities.
Some of the raw materials we use in the production of alloy soft magnetic powders are subject to price fluctuation.
Business · 第 123 页
To mitigate the impact of such price fluctuations, we have established a price transmission mechanism under which, when raw material prices fluctuate beyond a certain range, the selling prices of our affected products may be adjusted accordingly following discussions with our customers.
Business · 第 123 页
Minor raw material price fluctuations are generally absorbed by us in the ordinary course of business to maintain price stability.
Therefore, the MGR Group’s future operational performance and financial condition will be directly affected by global gold price fluctuations.
Financial Information · 第 236 页
Accordingly, the Company’s primary approach to managing gold price fluctuation is through operational discipline and continuous cost optimization initiatives, with the objective of maintaining sufficient margins between production costs and prevailing gold prices.
Financial Information · 第 236 页
Per the CPR, the Competent Person conducted a sensitivity analysis to evaluate the impact of key technical and economic parameters on the financial performance of the Pani Project.
The following table sets out a sensitivity analysis on the impact of fluctuations in raw material and consumables prices on our results of operations during the Track Record Period.
Business · 第 156 页
We have leveraged the framework agreements to secure the purchase price for core product categories and maintain multiple suppliers for each product categories to reduce the concentration risk.
Financial Information · 第 206 页
As a result of our effective cost control measures, our costs for raw materials and consumables used as a percentage of our total revenue decreased from 33.2% in 2023 to 32.1% in 2024 and further to 30.2% for the same period in 2025.
深圳杰成新能源科技股份有限公司Shenzhen Jiecheng New Energy Technology Co., Ltd.
业绩受关键金属价格波动影响
The financial performance of our recycling products, hydrometallurgical products and cascade utilization products is subject to fluctuations in the market prices of critical metal salts and metals.
Financial Information · 第 204 页
If we fail to consume raw materials in a timely manner and the market prices of such raw materials decline, we may incur impairment losses on inventories, which could adversely affect our gross profit and gross profit margin.
The following table sets out a sensitivity analysis of raw material price, reflecting the impact that a hypothetical fluctuation of raw material price, with all other variables remain constant, would have on our net profit for the years indicated.
Financial Information · 第 217 页
Our key raw materials primarily comprise steel plates, flanges, tower internal fittings and paints, with steel plates accounting for approximately 70% to 80% of our total raw material costs.
Financial Information · 第 217 页
During the Track Record Period, our purchases of steel plates amounted to RMB1,885.1 million, RMB1,304.1 million and RMB2,216.9 million in 2023, 2024 and 2025, accounting for 72.4%, 72.3% and 77.6% of our total raw material costs in each respective year, respectively.
Fluctuations in any major component of our cost of sales may have a direct impact on our gross profit and gross profit margin.
Financial Information · 第 183 页
Securing charter capacity earlier in the year generally allows us to lock in more favorable pricing compared to spot or ad-hoc arrangements, thereby improving cost predictability and margin visibility.
Financial Information · 第 183 页
Conversely, unexpected increase in capacity costs may exert pressure on our profitability if such increases cannot be fully passed to customers in a timely manner.
As a result, our gross profit margin was affected by the fluctuations of procurement prices of chips.
Financial Information · 第 234 页
In addition, during the Track Record Period, prices of our core raw materials such as master control chips, memory chips and flash memory chips experienced increases.
Business · 第 189 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 believe that in the event of price increases, we have the ability to respond to a portion of the price increase by adjusting our service fees under our Service Framework Agreements with the Clinics.
For illustrative purposes only, assuming that all other factors affecting our financial performance remain constant (including assuming that material price fluctuations cannot be passed on to customers through price adjustment mechanisms), the sensitivity analysis of the impact of fluctuations in the cost of raw materials/relevant inventories for our consumer-class scenario products and services being 5%, 10% and 15% on our loss before income tax in 2024 and 2025 is as follows:
During the Track Record Period, cost of direct materials represented the largest component of our costs of sales, which accounted for 70.9%, 64.6%, and 71.4% of our costs of sales for the years ended December 31, 2023, 2024 and 2025, respectively.
Financial Information · 第 192 页
The procurement costs of metal parts are affected by fluctuations in the commodity prices of relevant metals.
Financial Information · 第 192 页
The following table sets forth a sensitivity analysis illustrating the impact of hypothetical fluctuations in cost of direct materials on our net profit for the years indicated:
For the years ended December 31, 2023, 2024 and 2025, our changes in fair value less costs to sell of biological assets were RMB(33.5) million, RMB(62.5) million and RMB(28.6) million, respectively.
Financial Information · 第 236 页
The losses recognized in 2023 and 2024 primarily reflected declines in the fair value of dairy cow and dairy goat herds driven by sustained decreases in raw milk prices and weaker market prices for live animals.
Financial Information · 第 236 页
a 10% increase in the raw milk price (to RMB6.51/kg) would increase the valuation to approximately RMB48.36 million, an uplift of RMB14.71 million or 43.71%.
Our purchase of gold accounted for 96.6%, 98.3% and 95.5% of our total purchase of raw materials for FY2023, FY2024 and FY2025, respectively.
Financial Information · 第 214 页
To mitigate price volatility, we procure our gold evenly across trading days and we monitor gold prices in real time.
Financial Information · 第 215 页
Since 31 December 2025 and up to the Latest Practicable date, gold prices has demonstrated volatility, with a historic surge in early 2026, peaking at around 1,240 RMB/g, followed by a sharp correction in March 2026.
The table below sets forth a sensitivity analysis illustrating the hypothetical impact on our profit during the Track Record Period from fluctuations in the average procurement cost of our core eyewear products and optical materials.
Business · 第 157 页
The procurement costs for the materials, third party branded products and production of our proprietary branded products may fluctuate due to a number of factors beyond our control, such as supply chain disruptions and inflation, and we are susceptible to significant changes in the availability, price and standard of critical raw materials.
Financial Information · 第 209 页
Key measures include (i) negotiating fixed-price agreements with key suppliers for core product categories (e.g., basic lens blanks, standard frame materials) to lock in favourable costs over defined periods; (ii) cultivating long-term, strategic partnerships with our major suppliers to secure pricing stability and priority access to new products; and (iii) utilising predictive analytics based on sales trends and seasonality to guide bulk purchasing decisions, thereby optimising inventory levels and capitalising on volume discounts.
石大胜华新材料集团股份有限公司Shida Shinghwa Advanced Material Group Co., Ltd.
原材料价格波动影响业绩并进行套期保值
In 2023, 2024 and 2025, our cost of raw materials amounted to RMB4,443.0 million, RMB4,480.7 million and RMB5,327.0 million, respectively, representing 84.1%, 85.3% and 84.3% of our total cost of sales for the same periods.
Financial Information · 第 145 页
For illustrative purposes only, assuming that all other factors affecting our financial performance remain constant (including assuming that material price fluctuations cannot be passed on to customers through price adjustment mechanisms), the sensitivity analysis of the impact of fluctuations in the average price of raw materials being 5% and 10% on our loss before income tax during the Track Record Period is as follows.
Financial Information · 第 145 页
During the Track Record Period, we conducted commodity futures hedging activities in accordance with our internal management policies and applicable regulatory requirements to manage the risks arising from raw material price volatility and to enhance the stability and sustainability of our operating results.
For the years ended December 31, 2023, 2024 and 2025, our direct material costs amounted to approximately RMB8,830.4 million, RMB7,258.2 million and RMB10,091.6 million, respectively, accounting for approximately 77.4%, 71.5% and 78.0% of cost of sales during the same periods, respectively.
Business · 第 164 页
During the Track Record Period, we conduct commodity hedging activities to effectively manage the risks of significant price fluctuations of such raw materials and enhance the stability and sustainability of our operating performance.
Business · 第 169 页
Under this mandate, the combined margin and premium for these activities is capped at RMB150 million, with the maximum notional contract value not exceeding RMB1.5 billion on any trading day.
As our revenue generated from the sales of gold products represented 40.8%, 32.6% and 32.2% of our total revenue for the year ended December 31, 2023, 2024 and 2025, respectively, it is deemed necessary for us to pay close attention to global prices for gold.
Financial Information · 第 218 页
Our Group’s policy is to maintain a high hedge ratio (approximately 88.5% by weight, after VAT adjustment), which we had done so during the Track Record Period, and naked positions are not permitted.
Business · 第 154 页
As a result of our successful hedging strategies, even though we recorded individual loss-making trading transactions (excluding relevant hedging profits) of RMB53.0 million, RMB120.3 million and RMB121.4 million as of December 31, 2023, 2024 and 2025, respectively, the reported losses on individual physical transactions were substantially offset by gains on related derivative instruments as the losses primarily arose from two scenarios.