贵研铂业：公司主要利润来源于加工费

Core Viewpoint - The company's main profit source is processing fees, and while precious metals constitute a significant portion of sales revenue, their price fluctuations have limited impact on the company [1] Group 1: Profit Sources and Risk Management - The company primarily earns profits from processing fees, with precious metals serving as raw materials [1] - The company employs hedging strategies to mitigate risks associated with precious metal price fluctuations, utilizing the futures market for most of its precious metal raw materials [1] - An increase in precious metal prices may lead to higher operational funding requirements, potentially raising financial costs and expenses [1] Group 2: Impact of Price Fluctuations - If precious metal prices rise, the company may benefit from the portion of metals that are not hedged, creating additional profit opportunities [1] - Conversely, a decline in precious metal prices could result in limited losses from unhedged metals, but the overall impact on the company is expected to be manageable [1]