Best Inc 's Comment on Competitors and Industry Peers
We believe our expertise in manufacturing specialty films provides us a distinct
advantage over competitors in China, most of whom are focused mainly on commodity
films, such as BOPP, BoPET, PVC and BOPA. We are the leading producer of coated
films in China with limited domestic competition only in the form of smaller rivals
with an average annual capacity of several hundred metric tons. Internationally,
we face competition from industry leaders such as DuPont Energy Co., Innovia Films
Ltd. and Exxon Mobil Corporation. Each of these corporations has much larger production
capacity than us and has a strong reputation as they have significant experience
in the coated films market.
As tobacco remains a state-owned and operated industry in China, the government
buys only from approved PRC domestic vendors and competition exists only in
the form of other domestic film companies. In addition, each province is required
to maintain two to three suppliers. Thus, competition among qualified players
is limited. In the domestic market there are several qualified large producers
including: Jiangsu Zhongda New Material Group Co., Ltd., Foshan Plastics Group
Co., Ltd, Zhanjiang Packaging Enterprises Ltd., Yunnan Kunlene Film Industries
Co., Ltd., Yunnan Hongta Plastics Co., Ltd., Hubei Firsta Packaging Co., Ltd.
As we have attained certification as a government supplier, a certain level
of annual sales is guaranteed to us from the government of China. In the international
market, we face competition from large multi-nationals as well as Southeast
Asian and Japanese firms. We believe we have a price advantage over our Western
competitors due to our lower production costs.
Our advanced film is unique; as such we do not have a direct competitor for
this product. However, established international producers such as Applied Extrusion
Technologies, Inc. and Innovia Films Ltd. do produce their own advanced films
based mainly on printed holograms, which are relatively simple to duplicate.
Rather than direct competition, we are focusing on marketing efforts on awareness
and educating buyers as to the superior quality of our products over these hologram-based
counterfeit films.
We are the largest color printing service provider in Hainan province and rank
approximately 20th in the overall Chinese market. Due to low operating costs,
the printing industry is highly fragmented with approximately 4,000 soft packaging
and printing companies in China. As a result, competition in China is fierce
and industry margins are low. Accordingly, we maintain our printing services
mainly as a convenience for current film customers who are more concerned with
quality, service, and one-stop printing and packaging service than with price.
The primary barriers to enter the market include obtaining a printing license
and significant capital investment in large-scale production facilities. We
believe our competitive advantages over domestic players are better cost-efficiencies
due to economies of scale and significant order volumes, long standing relationships
with customers, advanced technologies and equipment deployed in our manufacturing
process, high product quality with competitive cost structure and a well-known
brand name. Our competitive advantages over international players include significant
production capacity, a large existing customer base, the flexibility to customize
our products, better local knowledge and connections in the PRC, lower price
resulting from our lower cost structure and competitive product quality.
Overall company Market Share Q4 2022 |
*Market share is calculated based on total revenue.
Who are Best Inc 's Competitors?
Dupont De Nemours Inc Share Performance
+3.10%
This Quarter
|
Dupont De Nemours Inc
Profile
Dupont De Nemours Inc operates as a diversified chemical company. It focuses on developing and producing a wide range of materials and solutions that cater to various industries, including agriculture, electronics, transportation, and healthcare.
More about Dupont De Nemours Inc 's Market Share
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Tredegar Corporation Share Performance
+8.19%
Over The Past 5 Days
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Tredegar Corporation
Profile
Tredegar Corporation operates using a diversified business model, encompassing manufacturing and selling plastic films, aluminum extrusions, and elastomer products.
More about Tredegar Corporation's Market Share
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Exxon Mobil Corporation Share Performance
+10.76%
30 Days
|
Exxon Mobil Corporation
Profile
Exxon Mobil Corporation operates as a multinational oil and gas corporation, engaging in the exploration, production, refining, and marketing of petroleum products worldwide. The company strives to maintain a strong presence across the entire value chain of the industry, from upstream exploration and production activities to downstream refining and marketing operations.
More about Exxon Mobil Corporation's Market Share
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