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]

Core Viewpoint - Yiqiu Resources (601388.SH) reported a significant increase in both revenue and net profit for the third quarter of 2025, indicating strong financial performance and growth potential [1] Financial Performance - The company's operating revenue reached 2.014 billion yuan, representing a year-on-year increase of 11.96% [1] - The net profit attributable to shareholders was 68.1176 million yuan, showing a remarkable year-on-year increase of 679.57% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 43.7001 million yuan, reflecting a year-on-year increase of 328.51% [1]