瑞华泰：多因素导致公司盈利水平下降

Core Viewpoint - The company is experiencing a decline in profitability due to high unit costs during the initial production phase of the Jiaxing project, increased management and financial expenses, and a decrease in sales prices caused by intensified market competition [1] Group 1: Production and Costs - The Jiaxing project is in its early production stage, leading to gradually increasing capacity and production efficiency, which results in relatively high unit costs [1] - The increase in depreciation and capitalized interest expenses following the launch of the Jiaxing project has contributed to higher management and financial costs [1] Group 2: Market Competition - The company is facing intensified competition in the industry, which has led to a decline in sales prices for certain products [1]