How to write annual report analysis

Question 1: How to analyze a company's annual report? How to analyze the board of directors' report in the annual report?

The board of directors' report is an overview of the company's operations, investments, etc. made by the company's board of directors to the majority of investors. Reports, from board of directors reports, investors can obtain a wealth of information about the company. Therefore, it is necessary for investors to conduct a detailed analysis of the company's board of directors report.

The board of directors’ report in the annual report of a listed company mainly includes the following aspects:

(1) Company operating conditions. By reading and analyzing this part, investors should understand: the industry the company is in and its position in the industry; the scope of the company's main business and its operating conditions; problems and difficulties that the company has encountered in its operations and their solutions plan. If the company's realized profit during the reporting period is more than 10% lower than the profit forecast or more than 20% higher than the profit forecast, the listed company should explain in detail the reasons for the difference.

(2) The company’s financial status. Through the reading and analysis of this part, investors can analyze the company's financial status, including the main reasons for the increase or decrease in total assets, long-term liabilities, shareholders' equity, main business profits, and net profit during the reporting period compared with the previous year, and understand the company A description of the matters involved in the audit report issued by the accounting firm with explanatory notes, qualified opinions, disclaimers or negative opinions. Investors should combine the financial reporting section of the annual report to get a general understanding of the company's financial status. In particular, if a certified public accountant issues a non-standard audit report on the items involved in the statement, investors can deduct the amount reflected from the statement during analysis to reflect the company's relatively fair financial position. For example, the company's net profit for the year was 10 million. However, a non-standard audit report issued by a certified public accountant showed that the company's bad debt provisions did not reflect huge irrecoverable accounts receivable worth 40 million, thus under-recording management expenses of 40 million. Therefore, investors should include this 40 million expense when considering the company's net profit. In this way, the company should have a loss of 30 million that year.

(3) Company investment status. Through the reading and analysis of this part, investors can understand the increase or decrease in the company's investment amount during the reporting period compared with the previous year and the extent of the increase or decrease, the name of the invested company, the main business activities, the proportion of the invested company's equity, etc.

(4) Changes in the company’s production and operation environment and policy environment. If there are major changes in the production and operation environment as well as macro policies and regulations that have, are, or will have a significant impact on the company's financial status and operating results, the listed company should clearly state this.

(5) Business development plan for the new year, including the expected progress of new and under-construction projects. Investors should pay attention to whether the company's business plan is realistic, feasible, and able to produce expected benefits.

(6) Daily work of the board of directors. Including: the time of the board of directors meeting during the reporting period, important resolutions and the information disclosure newspapers and disclosure dates in which they were published; the implementation of the company's profit distribution plan and the plan for converting reserve funds into share capital during the reporting period. The implementation status of plans such as rights issue and issuance of new shares during the reporting period.

(7) Information about directors, supervisors and senior managers. Including the name, gender, age, term start and end date of current directors, supervisors, and senior managers, the number of shares held at the beginning and end of the year, the increase or decrease in shares during the year and the reasons for the increase or decrease, and the total annual remuneration.

(8) This profit distribution plan or the plan for converting capital reserve funds into share capital. Dividends from listed companies are an important source of income for investors' stock investments. If the company is not prepared to pay dividends, investors should understand whether the company's reasons for not paying dividends are sufficient. The China Securities Regulatory Commission stipulates that at the board of directors meeting to review and approve the annual report, the board of directors should make resolutions and make announcements on matters such as the current year's profit distribution plan and the company's expected profit distribution policy for the next year. According to this provision, the company's profit distribution policy for the next year has been clearly laid out in front of investors, and investors can decide in advance to buy or sell stocks based on the pre-distribution plan. If the equity, performance and other conditions of two companies are similar, the quality of the distribution policy will directly affect investors' determination to sell or buy. It goes without saying that plans with high dividends and a large proportion of additional shares will be favored by investors.

Question 2: How to write a financial analysis report? As long as you master the essentials, pay more attention to the company's operations, use your brain more, write more, and learn from other people's methods, you will be able to write financial analysis reports with ease.

1. Content and format of financial analysis reports

1. Classification of financial analysis reports. Financial analysis reports can be divided into two types based on the time of preparation: one is regular analysis reports, and the other is non-periodic analysis reports. Regular analysis reports can be divided into daily, weekly, ten-day, monthly, quarterly and annual reports, which are determined according to the company's management requirements. Some companies also need to conduct specific time point analysis. The content to be prepared can be divided into three types: one is a comprehensive analysis report, the other is a special analysis report, and the third is a project analysis report. The comprehensive analysis report is an analysis and evaluation of the company's overall operations and financial status; the special analysis report is for a part of the company's operations, such as the analysis of capital flow and sales revenue variables; the project analysis report is for a part of the company or an independent operation project analyze.

2. The format of the financial analysis report. Strictly speaking, there is no fixed format or genre for financial analysis reports, but they are required to reflect key points, be thoroughly analyzed, have solid evidence, have clear viewpoints, and meet the requirements of the submission target. Generally speaking, financial analysis reports should contain the following aspects: summary paragraph, explanation paragraph, analysis paragraph, evaluation paragraph and suggestion paragraph, which is commonly referred to as a five-paragraph formula. However, when actually writing the analysis, choices must be made based on specific purposes and requirements, and it is not necessarily necessary to include these five parts.

In addition, financial analysis reports can adopt some innovative techniques in the way of expression, such as using a combination of word processing and chart expression to make it easy to understand, vivid and vivid.

3. The content of the financial analysis report. As mentioned above, the financial analysis report mainly includes the above five aspects, which are detailed as follows:

The first part is the summary paragraph, which summarizes the company’s comprehensive situation and allows the recipient of the financial report to have an understanding of the financial analysis explanation. General knowledge.

The second part of the explanatory paragraph is an introduction to the company's operations and financial status. This part requires appropriate text expression and accurate data citation. When explaining economic indicators, absolute numbers, comparative numbers and composite index numbers can be appropriately used. Pay special attention to the focus of the company's current operations and reflect on important matters individually. The company's work priorities are different at different stages and in different months, and the focus of financial analysis required is also different. If the company is in the process of launching new products and developing markets, all levels of the company will need financial analysis reports that analyze the cost, reimbursement, and profit data of the new products.

The third part of the analysis section is to analyze and study the company's operating conditions. While explaining the problem, you must also analyze the problem and find the cause and crux of the problem in order to achieve the purpose of solving the problem. Financial analysis must be well-founded and each indicator must be detailed and decomposed, because the data in some reports are relatively vague and general. You must be good at using tables and diagrams to highlight the content of the analysis. When analyzing problems, you must be good at grasping the current key points, and mostly reflect the company's business focus and easily overlooked problems.

The fourth part is the evaluation section. After making financial explanations and analyses, fair and objective evaluations and predictions should be made from a financial perspective on operating conditions, financial status, and profit performance. Financial evaluations cannot use irresponsible language such as speciousness, advance and retreat, swinging from left to right, etc. The evaluation should be carried out from both positive and negative aspects. The evaluation can be carried out in separate sections, or the evaluation content can be interspersed in the explanation part and the analysis part. .

Part 5 Suggestions Paragraph. That is, the opinions and views formed by financial personnel after analyzing business operations and investment decisions, especially the improvement suggestions put forward for problems existing in the operation process. It is worth noting that the recommendations made in the financial analysis report should not be too abstract, but should be concrete, and it is best to have a set of practical plans.

2. Several tasks that should be done when writing a financial analysis report

(1) Accumulate materials and prepare for writing reports

1. Establish a platform accounts and databases. Accounting vouchers, accounting books and accounting statements are formed through accounting. However, it is often not enough to rely solely on the data of these vouchers, account books, and statements to prepare financial analysis reports.

For example, when analyzing the reasons for the increase in the ratio of operating expenses to operating income, it is often necessary to analyze the relationship between income and expenses realized by different regions, different products, and different responsible persons, but these data cannot be obtained directly from the account books. This requires analysts to do a lot of data statistics work on a daily basis. They can make statistics on the analyzed projects by nature, purpose, category, region, and responsible person on a monthly, quarterly, and annual basis, and establish a ledger for the purpose of preparing a financial analysis report. It’s well documented.

2. Pay attention to important matters. Financial personnel are responsible for business operation,... >>

Question 3: How to analyze the company's annual report. Analyzing the annual report is a science. It can't be explained in detail even in hundreds of thousands of words. I will simply explain it. Let me briefly explain to the poster. The specific poster can check the relevant information. From the perspective of investors, we mainly look at these aspects when looking at the annual report

1. Overview of the annual report summary. When the company releases the annual report A simplified version of the annual report will also be released. If you don't read the annual report intensively, the annual report summary simplifies some useless things, and you can understand the company's overview concisely

2. Audit report, this is very short but very important. It mainly depends on whether there are any reservations

3. Check the timetable for limited-hand sales. I won’t tell the owner the details. Just know the time and the object.

4. The actual controller. Although the actual controller is not necessarily directly a shareholder of the company, it controls the behavior of the listed company to a large extent through property rights relations, so it is worthy of attention. From a large perspective, the actual controller can be divided into three categories, 1 is an individual, and 2 is the local State-owned Assets Supervision and Administration Commission. , 3 is the State-owned Assets Supervision and Administration Commission of the State Council. To give a simple example, generally speaking, it is difficult for listed companies controlled by individuals to control wages and implement large-scale asset restructuring. I won’t go into detail here about how to analyze it

5. Briefly understand the corporate governance situation

6. Equity incentives, I won’t go into details. You can pay close attention to companies that implement equity incentives. Especially the company's stocks that have fallen below the exercise price

7. Dividend plan, most investors are more concerned about this. I believe the poster also knows about this, so I won't say more

8. Income tax, here it mainly depends on whether the company is a high-tech enterprise, because according to my country's tax law, the corporate income tax is 25% and high-tech enterprises can enjoy 15% income tax. A 10% increase in profits is undoubtedly beneficial to the company. Very profitable.

9. Cross-shareholdings, not much to say here

10. Related transactions. Related transactions are an important means for related parties to manipulate the company’s profits. Through related transactions, the company’s Performance may be suppressed or inflated by others, so in the annual report, the company disclosed related-party transactions in detail as a major matter

11. Guarantee disclosure, guarantees are like the ancient joint sitting system, so we still have to pay attention to them , this depends on whether there are high-risk guarantees, external guarantees, guarantee ratios, etc., especially if it is found in the annual report that the proportion of external guarantees to net assets is too large, more than 10%, you must be extra careful. It is worth noting that not all corporate loans require guarantees. Some powerful companies can generally raise most of the required funds without guarantees.

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The above are the items that must be seen in the annual report in addition to the financial statements. The following is most of the annual report. The financial statements mainly look at these few things. , I won’t go into details, there is too much to write.

1. Balance sheet 2. Asset accounting accounts 3. Income statement 4. Cash flow statement 5. Statement of changes in owner’s equity Focus on Indicators 1. Product gross profit margin 2. Return on equity 3. Net assets per share and price-to-book ratio 4. Quarter-on-quarter data 5. Non-recurring gains and losses 6. Price-earnings ratio and earnings per share

Question 4: Data How to write an analysis report? This is the report from my hometown the year before last. I will give you a reference on the format and content. I hope it will be helpful to you! There are 43 enterprises with export performance in the county, including 38 industrial enterprises; 19 export enterprises with more than one million US dollars, including 14 industrial enterprises. Green Agricultural Chemicals has a 1958 number.

US$730,000 topped the list; the total self-operated import and export volume reached US$108 million, breaking through the US$100 million mark for the first time, with a year-on-year increase of 71.53, including exports of US$92.4332 million, an increase of 64.49, and imports of US$15.1596 million, an increase of 132.05; export volume and growth rate They ranked first in each county (city, district); industrial production enterprises (including foreign-funded enterprises) completed self-operated import and export volume of US$77.5308 million, an increase of 66.65%, driving the growth of industrial production by 6.87 percentage points. The park's agglomeration capacity is enhanced. The industrial park is the main platform for project advancement and the main carrier for attracting investment. With the number of enterprises entering the park increasing, the agglomeration effect is becoming more and more obvious, and it has increasingly become an important growth point for the industrial economy. The cumulative newly developed area of ??Longyou Industrial Park and Chengnan Industrial Zone is 3,604 acres, and the leased area is 3,199 acres; 102 enterprises have entered the park, 87 have started construction, and 47 have been put into operation; the output value of large-scale enterprises has reached 2.805 billion yuan, accounting for the proportion of the entire large-scale industrial output value It has reached 45.27; the treasury tax amount is 105.67 million yuan, exceeding 100 million yuan for the first time. 2. Problems faced by the current industrial economic operation 1. Increased pressure on production costs. This is reflected in three aspects: First, interest expenses have grown rapidly. At the end of the year, the balance of bank loans for enterprises of all sizes was 1.811 billion yuan, a year-on-year increase of 24.98%, while the net interest expense for the year was 138 million yuan, a year-on-year increase of 39.68%, indicating that the cost of using corporate funds increased. Second, the upward pressure on factor prices has increased. At the end of September, the overall national consumer price level increased by 1.3% year-on-year, the ex-factory price of industrial products increased by 2.9%, and the purchase price of raw materials, fuel, and power increased by 6.3%. Prices of resource products have risen rapidly. From June 30, electricity sales prices have increased by an average of 2.5 cents per kilowatt hour, and fuel sales prices have been adjusted several times. Third, the prices of some raw materials have risen rapidly. Bamboo costs 34 yuan per 50 kilograms, an increase of more than 26 yuan from the beginning of last year. my country has become the second largest consumer of paper products after the United States. Factors such as consumption growth and the expansion of domestic paper product production capacity have led to a shortage of pulp raw materials and expanding import demand. From the perspective of the domestic market, my country has implemented zero tariffs on pulp imports, domestic paper product consumption continues to grow, the market prospects are promising, and production capacity has expanded, triggering rising demand for pulp. From the international market, major pulp mills around the world have reduced production, and the improvement in the world economic situation has led to a shortage of pulp. Coupled with the lower U.S. dollar exchange rate, pulp prices have risen rapidly. 2. The two funds remain high. At the end of the year, the balance of accounts receivable was 640 million yuan and the inventory of finished products was 684 million yuan. Based on the rapid growth in recent years, the year-on-year increases were 14.29 and 3.518 respectively, with an absolute net increase of 258 million yuan. These two funds are important indicators for judging the quality of industrial economic operations. If excessive use is unreasonable, it will inevitably affect the company's capital turnover, increase cost burdens, increase operating risks, and affect the overall smooth operation of the industrial economy. It is necessary to attach great importance to it. 3. Some companies face difficulties in competition. A group of small machinery manufacturing companies have an unstable foothold in the market and their output values ??have declined. This concentrated reflection reflects the low level of machinery manufacturing in our county and weak market competitiveness. In the past few years, the market situation of the grain processing industry was good. In addition, with the low entry threshold of the industry, a number of small grain and oil processing companies entered, and the market competition became increasingly fierce. The output value of major grain and oil companies such as Wenye Cereals and Oils and Minbao Cereals and Oils dropped by more than 20%. 3. Macroeconomic Situation Facing in 2007 In 2006, my country's economy was affected by trend factors such as the upgrading of consumption structure, improvement of industrial structure, accelerated urbanization and industrialization process, as well as timely and appropriate macro-control, strong world economic growth and other cyclical factors. Under the same influence, rapid and good growth has been maintained. In 2007, the trend factors of my country's economic development are still good, the cyclical factors will change, and the overall trend of economic development is still promising. 1. In the first three quarters of 2006, the macroeconomy maintained a good operating trend. my country's economy maintained rapid growth, with the GDP growth rate reaching 10.7. The full-year GDP growth rate is expected to be around 10.5, which is in the rising stage of a new round of expansion. 2. Macroeconomic policies in 2007 In 2007, macroeconomic control will be further strengthened and improved, and the two concepts of harmonious society and scientific development will be highlighted. . 3. Our county’s industrial economy has the conditions to maintain rapid development. While the external development environment is good, our county itself also has the conditions to accelerate development.

4. 2...>>

Question 5: How to write a job analysis report? Writing of work summary 1. The significance and function of work summary. Work summary is to summarize, analyze and research the work within a certain period, affirm achievements, identify problems, draw lessons and explore the development laws of things, and use it for guidance. A written style for a stage of work. The central question it wants to solve and answer is not what to do in a certain period, how to do it, and to what extent it is achieved, but a general appraisal and summary of the results of a certain work implementation. Conclusion is a rational understanding of past work practice. Work summary is an important part of doing all kinds of work. Through it, we can comprehensively and systematically understand past work situations, and we can correctly understand the advantages and disadvantages of previous work; To write a good work summary, you must be diligent in thinking and good at summarizing. This can improve the management level of leaders and cultivate more cadres who combine theory with practice and have work ability. In the summary, you must have a correct explanation of work mistakes, etc. Understanding and having the courage to admit mistakes can form a good style of criticism and self-criticism. When writing a good summary, you must start from the actual work of the past and develop a style of investigation and research. In short, writing a good work summary is very important, but it must also be It is very difficult. The difficulty is mainly reflected in two aspects; one is the summary (past work), and the other is the summary (work experience, lessons, rules). The relationship between the two must be correctly handled: always the basis for the summary, and the summary is the summary. Summary. 2. Types, characteristics and content of work summary (1) Types of work summary 1. Divided by content (1) Ideological work summary (2) Economic work summary 2. Divided by scope (1) Regional work summary (2 ) Department work summary (3) Unit work summary (4) Personal work summary 3. Divided by time (1) Monthly work summary (2) Quarterly work summary (3) Annual work summary. (4) Work summary for more than three years 4. Divided by nature (1) Comprehensive summary (2) Thematic summary (2) Characteristics of work summary 1. Objective summary is a review and evaluation of past work, so it must respect objective facts and be based on facts. 2. Typical The experiences and lessons summed up are basic, prominent, essential and regular things, which are of practical significance in daily study, work and life, and have the functions of encouragement and criticism. 3. Guidance through work summary, Be fully aware of the achievements and mistakes of past work and their causes, learn lessons and guide future work, so that you will make fewer mistakes and achieve greater results in the future. 4. Proof This means that the basic expression method of summary is passive (strictly (Said to be proof), it must use real and typical materials in its own practical activities to prove the correctness of each judgment it points out. (3) Content of work summary The content of the summary will be different depending on the work situation. Generally speaking, it generally includes the following aspects: 1. The basic situation includes the relevant conditions of the work, the work process and some data, etc. 2. Achievements and shortcomings. This is the central focus of the work summary. The purpose of the summary is to affirm Achievements and identify shortcomings. 3. When writing a summary of experience and lessons, you must pay attention to exploring the essence and laws of things, so as to elevate perceptual knowledge to rational knowledge to guide future work. 3. The format and composition of the work summary (1) Work Format of summary The format of summary, that is, the structure of summary, is the form of organizing and arranging materials. The format is not fixed, and generally has the following types: 1. Clause format Clause format, also called clause format, uses ordinal words to give each statement An article format with numbered paragraphs. By numbering each paragraph, the summary is divided into several questions, and the situation and experience are discussed according to the questions. This format is flexible and convenient. 2. The two-paragraph summary is divided into two Part: The first part is the summary, which mainly writes about what work has been done and what achievements have been achieved; the latter part is the conclusion, which mainly talks about experience and lessons. This summary format has the characteristics of simple structure and clear center. 3. Through-through type is The entire process of work development is gradually summarized around the theme. The situation of each main stage, the method of completing the task and the results should be described in a more specific manner. The situation is often described in chronological order and the experience is discussed. This format has a compact structure and content. Coherent characteristics. 4. The title format divides the content of the summary into several parts, and extracts a subtitle for each part, which is explained separately. This format has the characteristics of clear layers and highlighted points. What format should be used to organize and highlight a summary? The arrangement of materials is determined by the content. The selected conclusion should reflect the

Internal connections, subject to the center of the full text. (2) The composition of the work summary The summary is generally composed of the title, body, signature and date... >>

Question 6: Enterprise annual finance How to write an analysis report generally involves four major analysis and comprehensive analysis. The four major items are profitability analysis, operating capability analysis, profitability analysis, and development capability analysis. The comprehensive analysis category is DuPont analysis.

Question 7: How to write the seven parts of the company's annual report

The components of the annual report provide the company with channels to communicate with *** managers, analysts and investors. . This includes:

Letter from the Chairman. Most companies emphasize letters from the chairman or CEO. This "Letter to Shareholders" is a direct message from the company's top executives discussing key changes, events and operations over the past year. The purpose of the letter is to express a positive attitude towards all situations.

Lucent’s 2014 “Letter to Shareholders” begins as follows: “Fiscal year 2014 was a critical year for our company. For the first time since 2010, we reported a profit and achieved We have grown annual revenue and generated positive cash flow from operations, and we have developed a clear vision for next-generation communications and built the capabilities needed to make us a preferred partner to our customers. "Achieved by growth opportunities, strict execution, cost and expenditure control"

Kodak's 2014 annual report has several very optimistic introductory paragraphs in its "Management Letter" section: "In practice. (Continued letter from online page) In the first year of implementing its digital transformation strategy, Kodak took off quickly - and we have maintained that momentum. "From strong digital business revenue growth to effective management of the decline of traditional businesses, To the completion of our digital acquisition program, these results demonstrate that we are building a more diverse, leaner and stronger Kodak for the future.

"In short, our strategy is on the right track."

Marketing and Marketing Plans. Another section of the annual report is filled with photos of happy employees, clean production floors and neatly stacked products in the warehouse. Companies often put their best taglines and slogans in this section. General Motors' "Hands on the wheel, eyes on the road" (Hands on the wheel, eyes on the road) is a perfect example. The slogan is placed over an animated photo of a new car. General Motors' 2014 annual report also has several slogans, such as "driven to excite" and so on.

Motorola's "Why Motorola? Why now? What's next?" This slogan form of advertising promotion is often used in the introduction, cover and marketing sections of annual reports.

The market description section is particularly helpful in giving a sense of the diversity of the company's business. For example, many people do not know that Altria Group, which owns the famous Philli Morris tobacco brand, also owns Kraft Food Company, nor do they know that Kodak Group owns Creo, a system provider for the commercial printing industry.

The marketing and marketing section of the annual report must include the following key elements:

Specific information about the company’s products and market scope

Geographic impact and markets geographical segmentation

The company's level of diversification, especially when compared with the company's competitors

The company's position within the industry

Discussion and analysis by company management. This section is an explanation of the financial statements, which can help readers understand management's perspective on development trends and understand the importance of specific numbers. Altria's 2014 annual report contains 19 pages of "Management's Discussion and Analysis of Financial Condition and Results of Operations." It is further divided into several sub-sections, including "Company Description," "Executive Summary," "Critical Accounting Policies and Estimates," "Consolidated Results of Operations," "Financial Review," and "Factors That Could Affect Future Results."

Some of these sections are similar to those discussed in the Comments section (see below). The difference is that this section is an opportunity for management to provide explanations, while notes tend to provide passive accounting explanations and disclosures. Most companies are similar in the details of this section. IBM's "Management Discussion" section is 25 pages long and includes the following subheadings: "Roadmap," "Key Points for Management Discussion," "Business Description," "One Year Review," "Previous Year Review," "Looking Forward," " Employees and Global Workforce” and “Global Financial Conditions.”

Audit opinion letter. Financial statements are issued by a company's external auditor, which provides an opinion in most large companies' annual reports. Altria's 2014 audit opinion was provided by PricewaterhouseCoopers. Its basic opinion is: "We believe...>>

Question 8: How to write a year-end procurement analysis report? ? Main work responsibilities and content;

Achieved work results (written based on KPI);

Self-evaluation (good and insufficient);

Future plans (maintain the good, make up for the shortcomings);

Suggestions for the organization (need resources provided by the organization)

For reference, thank you! >

Question 9: How to write a personal work summary report? No one can help you write this. I suggest you start with the following points:

1. What have you done, be concise and to the point

2. What are the deficiencies or poor performance in these things, and what impact may it have on the work?

3. Through the work, your understanding of the position and work. . .

4. What abilities do you need to improve or what knowledge do you need to add to your future work? I like people who are proactive rather than pushy. Therefore, you must prepare for the tasks that are not assigned to you but are within your scope.

You should write these points first. That’s it.

Question 10: How to write an annual loss report? How to write an annual loss report 1. The company’s operating conditions and financial status since its establishment 2. The company’s losses in recent years 3. The reasons for the company’s losses in recent years Analysis 4. The company’s operating plan for the next few years 5. Estimation of the company’s financial situation in the next few years 6. Concluding remarks, express your affirmation of the tax department’s supervision work; the company’s determination to make rectifications 1. First write down the basic situation of the company, that is, the company Basic information. 2. Write down the business results during the period of business operation, the sales revenue achieved\taxes paid, etc. 3. Write down the reasons for the company's losses, such as poor market conditions or poor management, high market prices of raw materials, and the company's savings If you don’t have strong awareness, please describe these reasons in more detail. We should start from two aspects. One is the market environment, such as fierce competition and fewer orders, which leads to a sharp drop in revenue; the price of raw materials rises and the cost rises; the other is the internal environment of the enterprise. Management, such as adjustments to business models, adjustments to main products, new product development (resulting in increased costs), new borrowings, etc. You can analyze the main reasons for the increase in administrative expenses, operating expenses, and financial expenses compared with previous years. What you want to know is: has the income decreased, and analyzed why? Have the costs increased, and why have they increased? It is best to list the data, which will be more convincing.