1. Inflation. In 222, outdoor consumption scenes and terminal store passenger flow are affected by external factors, coupled with inflation in the global market and rising costs of raw materials, which will have an impact on the dairy industry.

2. raw materials have risen. The decline of Mengniu's gross profit margin in 221-222 was influenced by the decline of milk powder and milk beverage business, the increase of the average price of raw and auxiliary materials, and the increase of depreciation expenses caused by the increase of factory buildings and production equipment.