First of all thank you for your support and trust.
Due to the increase in the price of raw materials and the appreciation of the RMB in the second half of last year, our factory was under tremendous cost pressure. Our company made every effort to conduct multi-party consultations while keeping prices unchanged during this period, but the prices of raw materials remained high. Compared with the same period last year, the price of steel has increased by 30%, the price of plastic has increased by 35%, the price of stainless steel has increased by 45%, the price of aluminum has increased by 37%, the price of domestic land transportation has increased by 30%, and the labor cost has increased by 5-15%. . Pumps, valves, tires, and steel plates rose across the board.
LTMG group has always been adhering to the value concept of "Quality First, Customer First" to ensure high-configuration, high-performance, high-quality product design and manufacturing processes.
In order for the company to continue to provide high-quality products and considerate services to customer, our company decided to adjust product prices, and most of the product prices increased by 5% to 15%. The official price adjustment will begin on May 1, 2021, and we hope that customers will be informed.
Thank you again for your understanding and support! Our company will continue to repay your trust and support with high-quality products and efficient services.
Xiamen LTMG Co.,Ltd
April 28, 2021