KINGFA(SH:600143) Zheng Quan Ri Bao Wang·2025-12-16 13:44Core Viewpoint - The company indicates that the impact of oil price fluctuations on different raw materials is structural, with varying degrees of correlation to oil prices depending on the type of plastic used in production [1] Group 1: Raw Material Price Impact - The prices of petroleum-based general plastics (such as PP and PS) are highly correlated with oil prices, while the prices of engineering plastics, specialty engineering plastics, and various additives are primarily determined by technical barriers and market supply and demand, showing weaker linkage to oil prices [1] - The company has established a mature pricing mechanism to respond to raw material price fluctuations, allowing for timely adjustments in product pricing based on changes in raw material costs [1] Group 2: Product Customization and Profitability - As modified plastics are customized products, the company can negotiate price adjustments with customers in response to raw material cost changes, effectively transmitting cost pressures and ensuring stable profitability [1] - The company possesses stronger bargaining and cost transfer capabilities, particularly in the high-tech, high-value-added fields of modified engineering plastics and modified specialty engineering plastics [1] Group 3: Product Structure Optimization - The company has been continuously optimizing its product structure, with a steady increase in the sales proportion of engineering plastics, which further enhances the stability and resilience of the company's overall profitability [1] - This optimization allows the company to effectively manage the impact of raw material fluctuations on gross margins [1]