Group 1 - The core point of the article is that Yiqiu Resources (SH 601388) held its fifth meeting of the sixth board of directors on November 14, 2025, to discuss the proposal for conducting hedging business [1] - For the year 2024, the revenue composition of Yiqiu Resources is 99.73% from waste resource recycling and comprehensive utilization, with other businesses accounting for 0.27% [1] - As of the time of reporting, the market capitalization of Yiqiu Resources is 7.4 billion yuan [1]

怡球金属资源再生（中国）股份有限公司 关于开展套期保值业务的可行性分析报告 一、 开展套期保值业务的目的 公司的铝合金锭业务涵盖从废旧铝资源的分选、熔炼，到最终产出再生铝合 金锭的全过程，并在此过程中综合回收黑色、有色金属等副产品。因公司的原料 主要来自于美洲、欧洲等国家，从采购至最终销售存在时间差，公司的主要产品 铝合金锭以及黑色、有色金属的价格受市场价格波动影响，为降低产品价格波动 风险，公司及子公司拟根据销售计划择机开展套期保值业务。 二、 套期保值业务的基本情况 1、交易品种：与公司以及子公司生产经营相关的铝合金锭、有色金属等期 货品种。 2、交易工具：包括但不限于期权、期货、远期等衍生品合约。 3、交易场所：境内外合规公开的交易场所。 4、业务规模：公司及子公司开展套期保值业务的保证金金额和权利金上限 不超过人民币 900 万元或等值其他外币金额。任一交易日持有的最高合约价值不 超过人民币 21 亿元或等值其他外币金额。 5、资金来源：前述资金来源为自有资金。 6、期限及授权：授权期限自董事会审议通过之日起十二个月内有效。额度 在审批有效期内可循环滚动使用。如单笔交易的存续期超过了授权期限，则授权 ...

股票代码：601388 股票简称：怡球资源 编号：2025-033 号 怡球金属资源再生（中国）股份有限公司 关于开展套期保值业务的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 一、交易情况概述 （一）交易目的 公司的铝合金锭业务涵盖从废旧铝资源的分选、熔炼，到最终产出再生铝合金锭 的全过程，并在此过程中综合回收黑色、有色金属等副产品。因公司的原料主要来自 于美洲、欧洲等国家，从采购至最终销售存在时间差，公司的主要产品铝合金锭以及 交易目的：为合理规避和化解市场价格波动对生产经营造成的影响，确保公司 经营业绩持续稳定，进一步提升公司生产经营的抗风险能力。 交易品种：与公司以及子公司生产经营相关的铝合金锭、有色金属等期货品种。 交易工具：包括但不限于期权、期货、远期等衍生品合约。 交易场所：境内外合规公开的交易场所。 交易金额：公司及子公司开展套期保值业务的保证金金额和权利金上限不超过 人民币 900 万元或等值其他外币金额。任一交易日持有的最高合约价值不超过 人民币 21 亿元或等值其他外币金额。 ...

怡球金属资源再生（中国）股份有限公司（以下简称"公司"）第六届董事会 第五次会议于 2025 年 11 月 14 日以现场和通讯相结合的会议方式召开并进行表 决。会议通知已于 2025 年 11 月 3 日通过通讯的方式送达全体董事。本次董事会 会议应出席董事9人,实际出席董事9人。 公司高管人员列席本次会议,会议的召开符合《中华人民共和国公司法》和《公 司章程》的规定。本次会议由董事长黄崇胜先生主持，经与会董事认真审议通过了 如下决议： 一、审议通过《关于开展套期保值业务的议案》 审议结果：表决票9票，赞成票9票，反对票0票，弃权票0票。 该议案已经公司董事会审计委员会审议通过。 公告全文详见上海证券交易所网站（www.sse.com.cn）。 特此公告。 怡球金属资源再生（中国）股份有限公司 股票代码：601388 股票简称：怡球资源 编号：2025-034 号 怡球金属资源再生（中国）股份有限公司 第六届董事会第五次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 董事会 二○二五年十一月十四日 ...

Core Viewpoint - Yiqiu Resources has shown a significant increase in stock price and trading activity, indicating positive market sentiment and potential growth in the aluminum recycling sector [1][2]. Group 1: Stock Performance - As of November 12, Yiqiu Resources' stock price rose by 2.13% to 3.35 CNY per share, with a trading volume of 98.03 million CNY and a turnover rate of 1.35%, resulting in a total market capitalization of 7.374 billion CNY [1]. - Year-to-date, the stock price has increased by 36.18%, with a 4.36% rise over the last five trading days, 10.56% over the last 20 days, and 28.35% over the last 60 days [1]. - The company has appeared on the "Dragon and Tiger List" once this year, with a net buy of 30.72 million CNY on September 17 [1]. Group 2: Financial Performance - For the period from January to September 2025, Yiqiu Resources reported a revenue of 5.595 billion CNY, reflecting a year-on-year growth of 11.00%, and a net profit attributable to shareholders of 97.51 million CNY, up by 26.19% [2]. - Cumulative cash dividends since the company's A-share listing amount to 692 million CNY, with 117 million CNY distributed over the past three years [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Yiqiu Resources reached 80,100, an increase of 12.27% from the previous period, with an average of 27,486 circulating shares per shareholder, down by 10.93% [2]. - Hong Kong Central Clearing Limited is the sixth-largest circulating shareholder, holding 18.1344 million shares, an increase of 1.4406 million shares from the previous period [3].

Core Viewpoint - The company primarily sells aluminum alloy ingots and ferrous and non-ferrous metals, with a significant portion of its revenue derived from these products [2] Sales Revenue Breakdown - As of the end of September, sales revenue from aluminum alloy ingots accounted for approximately 61% of total sales [2] - Sales revenue from ferrous and non-ferrous metals made up about 39% of total sales [2]

Core Insights - The company has a total production capacity of 21.88 million tons at its old plant, which is currently operating at full capacity [1] - The new capacity of 650,000 tons is being gradually released based on market demand [1] - The Taicang plant remains idle due to a tight supply of scrap aluminum and the issue of scrap prices being lower than finished product prices [1] - The main products sold by the company are aluminum alloy ingots and black and non-ferrous metals, with aluminum alloy ingots accounting for approximately 61% of sales revenue and black and non-ferrous metals accounting for about 39% as of the end of September [1]

Core Viewpoint - Yiqiu Resources is a leading global producer of aluminum alloy ingots (recycled aluminum) with a complete recycling aluminum industry chain, established in 2001 and listed in 2012 [1] Group 1: Business Performance - In Q3 2025, Yiqiu Resources reported revenue of 5.595 billion, ranking 17th among 31 companies in the industry, while the top company, China Aluminum, achieved revenue of 176.516 billion [2] - The net profit for the same period was 97.5154 million, placing the company 19th in the industry, with the leading company, China Aluminum, reporting a net profit of 17.296 billion [2] Group 2: Financial Ratios - As of Q3 2025, Yiqiu Resources had a debt-to-asset ratio of 27.11%, down from 29.76% year-on-year and below the industry average of 46.20%, indicating strong solvency [3] - The gross profit margin for Q3 2025 was 6.26%, an increase from 5.83% year-on-year but still below the industry average of 10.69%, suggesting room for improvement in profitability [3] Group 3: Executive Compensation - Chairman Huang Chongsheng's compensation for 2024 was 1.3999 million, a decrease of 110,200 from 2023, while General Manager Liu Kaimin's compensation increased to 842,500, up by 56,000 from the previous year [4] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 12.27% to 80,100, while the average number of circulating A-shares held per shareholder decreased by 10.93% to 27,500 [5]

Core Viewpoint - The company, Yiqiu Resources, has released its third-quarter report for 2025, ensuring the accuracy and completeness of the financial information presented [2][7]. Financial Data - The financial statements for the third quarter of 2025 have not been audited [3]. - The report includes major accounting data and financial indicators, although specific figures are not detailed in the provided text [3][4]. Corporate Governance - The board of directors and senior management have confirmed the authenticity and completeness of the quarterly report, taking legal responsibility for any inaccuracies [2][7]. - The board meeting held on October 27, 2025, approved the third-quarter report with unanimous support from all attending directors [7][11]. Management System Updates - The company has revised several internal management systems to align with new legal and regulatory requirements, including the Information Disclosure Management System and Insider Information Management System [10].

Core Insights - The company reported a revenue of 2,013,872,398.17 yuan for the third quarter of 2025, representing a year-on-year growth of 11.96% [1] - The net profit attributable to shareholders of the listed company was 68,117,646.17 yuan, showing a significant year-on-year increase of 679.57% [1]