YanKershop(SZ:002847) Cai Jing Wang·2025-09-09 04:18Core Viewpoint - The company is optimistic about the potential of overseas markets, particularly in Southeast Asia, and plans to expand its market presence, especially after establishing a factory in Thailand, which is expected to provide cost advantages [1]. Group 1: Overseas Business Expansion - The company plans to further expand its konjac product market in Southeast Asia, with over 80% of current sales coming from Thailand [1]. - The company expresses strong confidence in its future expansion in Southeast Asia and beyond [1]. Group 2: Gross Margin Trends - The decline in gross margin is attributed to changes in channel structure, with a significant increase in revenue from emerging channels such as snack wholesale stores and interest e-commerce since 2021 [1]. - The new accounting standards have led to logistics costs being included in operating costs, with logistics expenses accounting for over 4% of operating revenue since 2021 [1]. - Rising costs of certain raw materials, such as konjac powder and oils, are expected in the first half of 2025 [1]. Group 3: Raw Material Price Management - The company is currently facing high and fluctuating prices for konjac raw materials but is leveraging its controlling shareholder's upstream layout to gain cost advantages through stockpiling and improving production efficiency [2]. - The future price trends of konjac raw materials will be influenced by the actual planting area and weather conditions, which directly affect production and price fluctuations [2]. - The company anticipates an increase in konjac planting area and sustained growth in downstream demand, although the final price direction will depend on supply and demand dynamics [2]. Group 4: Production Capacity Utilization - The company’s production capacity is adjusted based on peak demand periods, with utilization rates exceeding 99% during peak production times for core products like konjac [2].