无锡东恒新能源科技股份有限公司Wuxi Dongheng New Energy Technology Co., Ltd.
原材料价格波动影响生产成本及毛利率
As raw material constitute a significant portion of our cost of sales, changes in the prices of our raw material, particularly, carbon source materials and solvent, may directly affect our production costs and gross profit margins.
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We are able to pass through raw material price fluctuations for certain products.
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To mitigate the impact of price volatility, we employ a dual-pronged procurement strategy.
Fluctuations in raw material and consumables costs and supply chain stability have a material impact on our cost of sales, as raw materials and consumables accounted for 87.8%, 87.9% and 89.4% of our cost of sales for the years ended December 31, 2023, 2024 and 2025, respectively.
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Our prepayments for materials and services increased from RMB1.9 million as of December 31, 2024 to RMB11.7 million as of December 31, 2025, partly due to the shortage of chips and increase in chip prices, in response to which we make advance payments to our suppliers to lock in supply for our three to six months of chip inventory needs amid chip shortages and price volatility.
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We have implemented several measures to mitigate these risks, including maintaining long-term relationships with multiple qualified suppliers, engaging new qualified suppliers and adopting flexible procurement strategies such as advanced bulk purchasing to secure stable supply and favorable pricing.
Feed represents the most critical procurement category for our aquaculture operations, as its formulation, quality and delivery efficiency have a direct and material impact on sturgeon survival rates and the consistency of our final products.
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In 2023, 2024 and 2025, our cost of sales before fair value adjustments on biological assets amounted to RMB172.6 million, RMB225.8 million and RMB248.1 million, respectively, representing 29.9%, 33.7% and 32.3% of our total revenue for the corresponding year.
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We closely monitor price trends of raw materials and proactively manage our procurement costs by maintaining long-term and stable relationships with qualified suppliers, which helps mitigate the impact of raw material price fluctuations.
江西生物制品研究所股份有限公司Jiangxi Institute of Biological Products Inc.06915.HK
马血浆成本波动影响毛利率
As a result, both the immunization success rate and plasma antibody titer level used for the production were relatively low in 2023, leading to relatively high costs in relation to horse plasma.
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Gross profit margin for Domestic Sales increased from 81.8% in 2023 to 84.3% in 2024, primarily due to the increase in average selling price of Human TAT for Domestic Sales, as well as lower cost of horse plasma driven by the recovery in the antibody titer level of horse plasma used for production in 2024.
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During the Track Record Period and up to the Latest Practicable Date, there have 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.
Certain of the raw materials we procure, such as duck and goose down, are inherently susceptible to price fluctuations.
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(ii) establishing long-term partnerships with key upstream suppliers, and (iii) negotiating fixed prices or price ranges in advance with certain suppliers to secure stable supplies at reasonable costs.
During the Track Record Period, raw material costs accounted for 80.2%, 79.0% and 79.0% of total cost of sales in 2023, 2024 and 2025, respectively, and 80.5% and 80.1% of total cost of sales in the three months ended March 31, 2025 and 2026, respectively.
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We also enter into procurement framework agreements when we consider market prices to be favorable, in order to lock in purchase prices and reduce the impact of volatility in the prices of certain raw materials.
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During the Track Record Period, we did not engage in any hedging activities in respect of raw material prices.
江苏博迁新材料股份有限公司Jiangsu Boqian New Materials Stock Co., Ltd.
业绩受镍、铜、银等原材料价格波动影响
The prices of our principal raw materials, namely, nickel ingots and nickel beads, copper rods and silver sand, move in line with global metal market prices.
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In circumstances where the processing fee per unit remains relatively stable, an increase in raw material prices may increase both revenue and cost of sales, and may result in a lower gross profit margin in percentage terms due to the higher revenue base.
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We have established a rigorous procurement process and supplier selection system for the materials required in our production.
Therefore, the MGR Group’s future operational performance and financial condition will be directly affected by global gold price fluctuations.
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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.
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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.
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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.
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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.
During the Track Record Period, raw material costs was the largest component of our cost of sales with battery cells representing the largest single cost component.
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Because we adjust our selling prices taking into account our costs, our revenue is affected by fluctuations in raw material costs.
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We have implemented comprehensive supply chain management measures and maintained a diversified base of suppliers, which we believe will continue to enable us to maintain a stable supply chain to mitigate the risk of price fluctuations of key raw materials.
For the years ended December 31, 2023, 2024 and 2025, our cost of raw materials and consumables was RMB4,108.0 million, RMB3,209.3 million and RMB3,222.4 million, respectively, representing 80.9%, 72.3% and 71.1% of our total cost of sales for the same periods, respectively.
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For example, our NdFeB product average selling price decreased from RMB432 thousand per ton in 2023 to RMB353 thousand per ton in 2024 mainly due to the rare earth market price declines in the same periods.
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We mitigate these risks through a number of measures including (i) cost-plus pricing with adjustment mechanisms (annual, semi-annual, quarterly, or monthly, varying by sector, e.g., more frequent in consumer electronics), enabling pass-through of cost changes, (ii) advanced technologies (e.g., grain boundary diffusion, targeted area diffusion, grain refinement) to reduce heavy rare earth usage, lowering exposure to scarcer, more volatile elements, (iii) safety inventory management to buffer drastic short-term raw material market price fluctuations, and (iv) supplier diversification (maintaining relationships with multiple rare earth providers to avoid concentration risks).
During the same periods, the market price of three-to-five-year-old cynomolgus monkeys decreased from RMB112,500 per head as of December 31, 2023 to RMB81,500 per head as of December 31, 2024, and then increased to RMB102,000 per head as of December 31, 2025.
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The fluctuation in such costs during the Track Record Period was largely in line with the number and market price of the NHPs used in our nonclinical study business.
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We have managed to control our cost of supplies by signing framework procurement agreements with our NHP research model suppliers to ensure a stable procurement price range for such research models as well as expanding our own NHP research model population.
Several factors beyond our control have a substantial impact on the prices of these materials, including fluctuations in market supply and demand, international trade policies and tariffs, transportation costs, and variations in currency exchange rates.
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We manage our costs through hedging measures, centralized procurement and supplier management.
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(iii) incorporating price adjustment clauses linked to market indices in supplier agreements to share price volatility risks; and (iv) exploring new technologies, processes, and alternative materials to achieve cost optimization through technical innovation.
安徽华创新材料股份有限公司Anhui Huachuang New Materials Co., Ltd.
铜价波动为业绩重大影响因素
During the Track Record Period, our raw materials cost, which was mainly attributable to copper, accounted for 83.5%, 86.0% and 87.5% of our total cost of sales in 2023, 2024 and 2025, respectively.
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Under our pricing mechanism, benchmark copper prices can be effectively passed through to our customers, which allows us to mitigate the direct impact of copper price fluctuations on our gross profit.
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As a result, price fluctuations did not have a significant impact on our operations during the Track Record Period.
Our contract price is based on our estimated project costs plus a profit margin at the time when we submit our tender for projects, but the actual costs of metal-based raw materials are determined when we make purchases from our suppliers, which are subject to market fluctuation.
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As our cost of sales primarily consists of raw material cost, any fluctuation in the cost of raw material, including any fluctuation in the cost of metal-based raw material, will affect our profitability.
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We also mitigate the impact of potential price increases by building long-term relationships with our suppliers, maintaining close communication and conducting secondary source evaluations.
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.
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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.
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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.
The price of 8-inch wafers in China rose significantly from approximately RMB2.9 thousand per wafer in 2021 to approximately RMB3.7 thousand per wafer in 2022, primarily due to the global chip shortage caused by the COVID-19 pandemic and the rising demand for semiconductors from sectors such as AI, high-performance computing, 5G, NEVs and industrial applications.
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As a result, we consumed wafers purchased at relatively higher prices in 2023, which contributed to higher material costs and gross loss for our intelligent tire sensing SoCs.
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Specifically, we incurred heightened cost of sale in 2023 as we consumed the relevant inventories that we had procured in advance in light of the cyclical impact of the semiconductor sector supply chain, which had lowered our profit margin in 2023.
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.
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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.
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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.
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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.
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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.
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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.
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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.