Core Viewpoint - Zinc Industry Co., Ltd. has approved an increase in the hedging business margin limit for 2025 from 600 million to 700 million yuan, reflecting the company's proactive approach to managing market price volatility and indicating a trend towards more sophisticated risk management in the domestic non-ferrous metal industry [1][3][8] Summary by Sections Hedging Limit Increase: A Proactive Measure Against Market Volatility - The increase in the hedging limit aims to mitigate price volatility risks associated with raw materials and product inventories in the non-ferrous metal smelting and processing business, ensuring stable operational performance [3] - In the first half of 2025, Zinc Industry reported significant fluctuations in zinc and copper prices, which pressured the smelting segment's profitability. However, the company achieved revenue and net profit growth, with net profit rising by 99.07% year-on-year, highlighting the effectiveness of risk management tools [3][8] Industry Overview: Hedging Becoming a "Must-Have" for Listed Companies - The increase in hedging limits by Zinc Industry is part of a broader trend among listed companies, particularly in the non-ferrous metal sector, to strengthen risk management practices. Since 2025, many companies have announced hedging measures in response to increased market volatility [5] - Statistics show that at least 1,583 A-share listed companies in the real economy have issued hedging announcements this year, surpassing the total of 1,503 for all of 2024, marking a historical high [5] Upgrade Trend: Diversification of Tools and Scope - Zinc Industry's announcement indicates a clear upgrade in risk management strategies, expanding from traditional commodity price risks to include foreign exchange risks and exploring a variety of tools beyond just futures [7] - The trend of tool diversification is evident, with some non-ferrous metal companies beginning to use combination strategies like "futures + options." Zinc Industry has implemented a dual mechanism of "spot lock + futures hedging" to address exchange rate volatility [7][8]

Core Viewpoint - The board of directors of Huludao Zinc Industry Co., Ltd. convened a meeting to discuss and approve several key proposals related to futures hedging and related transactions for the years 2025 and 2026 [1][2][4][8]. Group 1: Futures Hedging Business - The board approved an increase in the futures hedging business quota for 2025 [2][3]. - The board also approved the proposal to conduct futures hedging business in 2026 [4][5]. - A feasibility analysis report for the futures hedging business was also approved [6][7]. Group 2: Related Transactions and Regulations - The board approved the expected ordinary related transactions for 2026, with related directors abstaining from the vote [8][9][10]. - The board approved the revision of the "Futures Hedging Business Management System" [10][11]. - The board approved the establishment of the "Information Disclosure Postponement and Exemption Management System" [12][13]. Group 3: Shareholder Meeting - The board approved the proposal to convene the second temporary shareholders' meeting of 2025 [14][15].

Core Points - The board of directors of Huludao Zinc Industry Co., Ltd. held its 17th meeting on November 21, 2025, where all members confirmed the accuracy and completeness of the information disclosed [1] - The meeting was attended by all 9 directors, and the convening complied with relevant laws and regulations [1] Group 1: Resolutions Passed - The board approved the proposal to increase the futures hedging business quota for 2025 [2][3] - The board approved the proposal to conduct futures hedging business in 2026 [4][5] - The board approved the feasibility analysis report for conducting futures hedging business [6][7] - The board approved the proposal for expected related party transactions for 2026, with related directors abstaining from voting [8][9][10] - The board approved the revision of the futures hedging business management system [10][11] - The board approved the establishment of the information disclosure deferral and exemption management system [12][13] - The board approved the proposal to convene the second extraordinary general meeting of shareholders in 2025 [14]

Core Viewpoint - Zinc Industry Co. plans to implement futures hedging business in 2026 to mitigate the impact of price fluctuations on its operating performance and enhance overall risk resistance [2] Group 1 - The company will hold the 17th meeting of the 11th Board of Directors on November 21, 2025, to review the proposal for futures hedging business in 2026 [2] - The estimated maximum trading margin and option premium to be utilized at any given time will not exceed 350 million RMB [2] - The trading limit will be used cyclically throughout 2026, involving key raw materials, products, and foreign exchange necessary for the company's operations [2]

Core Points - Zinc Industry Co. announced plans to increase its hedging business for 2025, with a proposed maximum investment of 70 million RMB for futures hedging operations [2] Group 1 - The company will hold its 11th Board of Directors' sixth meeting on November 26, 2024, to review the hedging business proposal for 2025 [2] - The initial proposed amount for the hedging business was set at 60 million RMB, which has now been increased to 70 million RMB [2] - The approved hedging business amount will be available for cyclical use throughout 2025, subject to shareholder approval [2]

Group 1 - The company Zinc Industry Co., Ltd. (SZ 000751) announced the convening of its 17th meeting of the 11th Board of Directors on November 21, 2025, to discuss the proposal for the second extraordinary shareholders' meeting of 2025 [1] - For the first half of 2025, the company's revenue composition was 96.97% from non-ferrous metal smelting and 3.03% from non-ferrous metal trading [1] - As of the report date, the market capitalization of Zinc Industry Co., Ltd. was 6.1 billion yuan [1]

第一条 为规范期货交易监管流程，有效防范和化解风险，充分发挥期货市场套 期保值的功能，维护公司资产安全，根据《公司法》《证券法》《期货交易管理条例》 《深圳证券交易所股票上市规则》等法律、法规、规范性文件及《公司章程》，制定 本制度。 第二章 管理原则 第二条 公司进行套期保值业务的基本原则： 葫芦岛锌业股份有限公司 期货套期保值业务管理制度 （经第十一届董事会第十七次会议审议通过） 第一章 总则 （一）公司的期货交易应遵守国家法律、法规； （二）公司的期货交易必须注重风险防范、保证资金运行安全； （三）公司的期货交易必须与资产结构相适应，规模适度，量力而行，不能影 响自身主营业务的发展； （四）公司的期货交易必须符合公司发展战略，合理配置企业资源，降低原材 料及产成品价格大幅波动的风险。 第三条 公司进行套期保值业务的管理原则： （一）公司期货交易不得将募集资金通过直接或间接的安排用于期货交易； （二）公司相关部门在进行期货交易前，应知悉相关法律、法规和规范性文件 关于期货交易的规定，不得进行违法违规的交易； （三）对于违反国家法律、法规及本制度违规交易，对疏于管理造成重大损失 的相关人员，将按照有关规定严 ...

葫芦岛锌业股份有限公司 信息披露暂缓与豁免管理制度 （经第十一届董事会第十七次会议审议通过） 第一章 总则 第一条 为规范葫芦岛锌业股份有限公司（以下简称"公司"）的信息披露行为， 保障公司信息披露的真实、准确、完整、及时和公平，保护投资者合法权益，根据 《中华人民共和国公司法》（以下简称《公司法》）、《中华人民共和国证券法》 （以下简称《证券法》）、《上市公司信息披露管理办法》、《上市公司信息披露 暂缓与豁免管理规定》、《深圳证券交易所股票上市规则》（以下简称《上市规则》） 等有关法律、行政法规、部门规章、规范性文件及公司章程，制定本制度。 第二条 公司和其他信息披露义务人暂缓、豁免披露临时报告，在定期报告、临 时报告中豁免披露中国证券监督管理委员会（以下简称"中国证监会"）和深圳证 券交易所（以下简称"深交所"）规定或者要求披露的内容，适用本制度。 第三条 公司和其他信息披露义务人应当真实、准确、完整、及时、公平地披露 信息，不得滥用暂缓或者豁免披露规避信息披露义务、误导投资者，不得实施内幕 交易、操纵市场等违法行为。 第四条 公司和其他信息披露义务人应当审慎确定信息披露暂缓、豁免事项，履 行内部审核程序 ...

证券代码：000751 证券简称：锌业股份 公告编号：2025-040 HULUDAO ZINC INDUSTRY CO., LTD. （一）日常关联交易概述 公司于 2025 年 11 月 21 日召开第十一届董事会第十七次会议，审议通过了 《公司 2026 年度日常关联交易预计的议案》，2026 年公司预计与相关关联方发 生的日常关联交易金额为 768,290 万元，关联董事回避表决，非关联董事刘燕、 张春林、杨文田一致同意上述议案。 根据《深交所股票上市规则》的规定，《公司 2026 年度日常关联交易预计 的议案》需提交 2025 年第二次临时股东会审议，关联股东将放弃在股东会上对 该议案的投票权。 | 关联交 易类别 | 关联人 | 关联交易内 容 | 关联交易定 价原则 | 合同签订金 额或预计金 | 2025 年 1-10 月已发生金额 | | --- | --- | --- | --- | --- | --- | | | | | | 额 | （万元） | | | 五矿有色金属股份有限公司 | 采购材料 | 市场价格 | 50,000 | 0 | | | 绥中鑫源矿业有限责任公司 | 采购材料 | ...

葫芦岛锌业股份有限公司 关于开展期货套期保值业务的可行性分析报告 一、开展期货套期保值业务的目的 公司主营锌、铜等有色金属冶炼及加工业务。鉴于有色金属市场价格波动剧 烈，为规避原燃材料库存、在途原燃材料及产品库存面临的现货价格波动风险， 公司通过开展套期保值业务，保障经营业绩稳定。 二、期货套期保值业务的基本情况 1、套期保值期货品种范围 公司及子公司期货及现货延期交易（以下简称"期货"）套期保值的品种范 围为公司及子公司生产经营所需主要原燃材料及产品相关的期货品种，如锌精矿、 铜精矿、铅锌混合矿、锌锭、电解铜、电铅、黄金、白银、焦炭、焦煤、动力煤 及外汇等。 2、拟投入资金及业务期间 公司进行的期货套期保值业务遵循的是锁定原燃材料采购价格、产品销售价 格而进行套期保值的原则，不做投机性、套利性的交易操作，对此公司《期货套 期保值业务管理制度》有严格的风险控制规定。 通过期货套期保值操作可以规避有色金属、贵金属、原燃材料市场价格剧烈 1 波动对公司的影响，使公司专注于生产经营，在商品价格发生大幅波动时，仍保 持一个稳定的加工费水平，但同时也会存在一定风险： （1）市场风险：期货行情变动较大，交易所可能临时启动 ...