证券日报网讯1月26日，新疆众和（600888）在互动平台回答投资者提问时表示，公司电子铝箔、电极 箔产品为市场定价，与铝价无直接联动，没有采取"铝价+加工费"的形式定价，但由于铝价上涨造成原 材料高纯铝成本上升，也在与客户积极协商进行调整。 ...

证券日报网讯 1月20日，鸿远电子（603267）在互动平台回答投资者提问时表示，产品销售价格受市场 供需、原材料价格波动等多重因素影响，公司基于客户需求、综合成本等因素，与客户协商定价。有关 毛利率情况请参见公司定期报告。 ...

Core Viewpoint - Xiaomi's CEO Lei Jun announced the pricing for the new generation SU7, indicating significant upgrades compared to the first generation, with price increases for different versions due to rising costs [1][1]. Pricing Details - The standard and Pro versions of the new SU7 have increased by 14,000 yuan compared to the first generation, while the Max version has increased by 10,000 yuan [1][1]. - Lei Jun emphasized that the new SU7 includes many upgrades and improvements both internally and externally [1][1]. Cost Considerations - The company acknowledged the challenges of maintaining price levels amid rising costs, stating that it was not feasible to increase features without raising prices [1][1]. - Lei Jun requested understanding from consumers regarding the price increases, highlighting the addition of several high-value configurations [1][1].

Group 1 - The core issue raised by investors is the reliance on external sourcing of sulfur for the production of insoluble sulfur, which poses a risk of significant losses due to rising raw material prices and lagging product price adjustments [2] - The company has responded that its product pricing is determined based on raw material costs and market factors, indicating that the price of insoluble sulfur has been increased in line with the rise in raw material costs [2]

Core Viewpoint - The recent food safety incident involving Yang Guofu Spicy Hot Pot has raised significant concerns about the company's management practices and brand reputation, potentially leading to a consumer trust crisis and impacting its market position in the competitive restaurant industry [3][21]. Group 1: Incident Overview - A recent incident reported by a consumer showed staff at a Yang Guofu outlet stepping on food display cabinets for cleaning, prompting the company to destroy the affected ingredients and replace them with new ones [1]. - The company acknowledged the incident and stated that it would investigate the situation, but the response time for further details remains uncertain [3]. Group 2: Company Background - Yang Guofu Group, founded in 2000, has grown from a small street vendor to a leading brand in the spicy hot pot industry, with over 6,300 outlets across China and internationally [4][12]. - The company adopted a franchise model in 2007, which significantly contributed to its rapid expansion, with 99.9% of its restaurants being franchises as of 2021 [9][11]. Group 3: Financial Performance - The company's financial data shows revenue of 1.182 billion RMB in 2019 and 1.114 billion RMB in 2020, with gross profits of 329.8 million RMB and 319.7 million RMB respectively [6][7]. - The average customer spending has been around 30 RMB, although it has faced criticism for higher pricing compared to competitors [24][23]. Group 4: Food Safety Concerns - The company has faced multiple food safety complaints, including incidents of rodents and unsanitary conditions in its outlets, leading to public apologies and temporary closures for investigations [13][18]. - As of November 2025, there have been 2,565 complaints against the company, primarily focused on food quality and safety issues [21][22]. Group 5: Pricing Strategy - Yang Guofu's pricing strategy has come under scrutiny, with reports of high prices for menu items compared to competitors, leading to consumer backlash and perceptions of poor value [23][25]. - The average price per dish has been noted to be higher than the industry average, which may alienate cost-sensitive consumers [23][31]. Group 6: Future Outlook - The company faces the dual challenge of restoring its brand image while managing food safety and pricing issues in a highly competitive market [31]. - The ongoing scrutiny and consumer feedback will be critical for Yang Guofu as it navigates its future strategies in the restaurant industry [31].

Core Viewpoint - The company emphasizes that product pricing will be dynamically adjusted based on production costs, market demand, and competitive landscape [1] Group 1: Pricing Strategy - The company considers multiple factors such as production costs, market demand, and competition when determining product prices [1] - Product prices will be adjusted as necessary to reflect changing conditions in the market [1] Group 2: Profitability Factors - Annual profit margins are influenced by production costs, sales structure, capacity utilization, and expense management [1] - The company aims to maintain operational efficiency through upgrades in production processes, lean supply chain management, and precise expense control [1]

Financial Data and Key Metrics Changes - The company expects to grow EPS by $1 to $2 in 2026, driven by cost actions and progress from the EM pipeline, even in a flat demand environment [7][8] - Working capital has been a source of cash of $250 million in 2025, but a similar level is not expected in 2026 due to anticipated demand levels [37][38] - Free cash flow is projected to be at least $700-$800 million in 2026, supported by EBITDA improvements and reduced restructuring cash outlay [38] Business Line Data and Key Metrics Changes - Engineered materials volumes were down 8% year-over-year, with standard-grade materials experiencing more significant declines compared to thermoplastic elastomers, which showed growth [19][30] - The company is focusing on cost savings in engineered materials, targeting $30 million-$50 million in additional savings, net of inflation [48][49] Market Data and Key Metrics Changes - Pricing pressure in the acetyl chain has been observed, particularly in Europe, while stabilization and slight price increases were noted in China [17][18] - The company is not seeing extensive inventory destocking across the board, with some pockets of inventory reduction being managed thoughtfully [34][35] Company Strategy and Development Direction - The company is prioritizing cash flow increase, cost improvements, and top-line growth as it moves into 2026 [7] - A focus on divestitures continues, with a commitment to $1 billion in divestitures by the end of 2027, with the recent Micromax transaction contributing significantly towards this goal [54][56] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving EPS growth despite a challenging demand environment, emphasizing the resilience of the team and the actions taken to position the company for future success [78] - The dialogue around anti-involution in China is increasing, with expectations that profitability of assets in China needs to improve [80][81] Other Important Information - The company recorded a goodwill impairment due to a reduction in market cap, not due to a decline in projected cash flows [72] - The Narco enclosure is expected to yield $20 million-$30 million in productivity savings by 2027 [42] Q&A Session Summary Question: Early look at 2026 earnings control - Management highlighted priorities for 2026, focusing on cash flow, cost improvements, and top-line growth, with expected EPS growth of $1 to $2 [7] Question: EM pricing outlook - Management indicated that there are still opportunities for pricing improvements in EM, particularly in standard-grade materials [10] Question: Operating rates in the acetyl chain - Management noted that the lowest-cost assets are running at full capacity, while other assets are flexibly operated based on demand [13][14] Question: Sequential pricing pressure in the acetyl chain - Pricing pressure has been observed in Europe, particularly in downstream products, while stabilization has occurred in China [17][18] Question: Volume decline in engineered materials - The decline is primarily in standard-grade materials, while thermoplastic elastomers have shown resilience [19][30] Question: Free cash flow expectations - Working capital has been a source of cash in 2025, but similar contributions are not expected in 2026 [37][38] Question: Divestiture strategy - The company is committed to $1 billion in divestitures by 2027, with the Micromax transaction significantly contributing to this target [54][56] Question: Impact of anti-involution on acetyls chain - Management acknowledged the increasing dialogue around anti-involution in China and its potential future impact on profitability [80][81]

Core Viewpoint - The company emphasizes that its product pricing is determined by a comprehensive analysis of various factors including raw material market trends, production costs, technological value, market supply and demand, and industry competition [1] Group 1 - The company management closely monitors the price trends of key raw materials [1] - The company actively responds to potential impacts from raw material price fluctuations through continuous technological innovation, process optimization, cost control, and supply chain management [1] - These strategies are aimed at maintaining the company's market competitiveness and profitability [1]

Core Viewpoint - The recent live-stream incident involving Pop Mart has raised concerns about the company's high product pricing and consumer perception, particularly after employees were overheard discussing the pricing of a 79 yuan blind box as being "a bit expensive" [7][9][10]. Pricing and Product Issues - Pop Mart's most expensive product is a collaboration with the Van Gogh Museum, priced at 6,999 yuan, which is currently out of stock [4][16]. - The company has multiple products priced at 5,999 yuan, indicating a trend of high pricing across its product range [4][16]. - Despite consumer backlash regarding the 79 yuan blind box, it has sold out on multiple platforms, suggesting strong demand despite complaints about pricing [14]. Financial Performance - Pop Mart reported a 245% to 250% year-on-year revenue growth for Q3 2025, with domestic revenue increasing by 185% to 190% and overseas revenue by 365% to 370% [20]. - The company's gross margin reached 70.3% in the first half of 2025, a 6.3 percentage point increase year-on-year, significantly higher than major companies like Apple (47.18%) and luxury brands such as LVMH (66.84%) [4][20]. Consumer Complaints and Quality Control - Pop Mart has received over 20,000 complaints, primarily related to product quality and after-sales service, highlighting a disconnect between high pricing and consumer satisfaction [22]. - Recent incidents, including misprints on products, have further fueled consumer dissatisfaction and allegations of the company treating customers as "韭菜" (a term implying exploitation) [22].

Core Viewpoint - The company, Abison (300389), indicated that product pricing is influenced by multiple factors including market supply and demand, raw material costs, and customer relationships [1] Group 1 - The company will closely monitor market dynamics [1] - The company will prudently set product prices based on its own and upstream and downstream conditions [1]