Group 1 - The core issue is that Jiangte Electric recently announced a floating loss exceeding 10 million yuan due to short selling of lithium carbonate futures and derivatives, highlighting the risks associated with futures and derivatives trading for listed companies [1] - Jiangte Electric's hedging strategy aims to prevent losses from falling lithium carbonate prices by locking in sales prices through the futures market, but this strategy can lead to losses when prices rise, impacting the company's product costs [1] - The effectiveness of Jiangte Electric's hedging will depend on the ratio of the value of the hedged products to the company's lithium carbonate production, which will be confirmed in the 2025 annual report [1] Group 2 - Hedging is a risk management strategy used by listed companies to mitigate price volatility and stabilize operations by establishing opposite positions in the futures market [2] - However, hedging can sometimes turn into speculative trading, leading to significant losses, especially when companies pursue profit maximization without adequate risk management [2] - Companies may lack deep understanding and experience in the futures market, leading to poor judgment and risk control, which can exacerbate losses during unfavorable market conditions [2] Group 3 - To prevent hedging from evolving into speculative risk, companies must exercise caution in futures and derivatives trading and establish strict risk control measures [3] - Companies should be able to halt hedging activities that may turn into speculative trading to ensure that hedging achieves its intended purpose [3]

Core Viewpoint - Jiangte Motor recently announced a floating loss exceeding 10 million yuan due to short selling of lithium carbonate futures and derivatives, highlighting the risks associated with futures and derivatives trading for listed companies [1] Group 1: Company Specifics - Jiangte Motor's trading involves lithium carbonate, copper, and soda ash, with lithium carbonate being the primary source of recent floating losses due to its significant price increase [1] - The company's hedging strategy aims to prevent losses from falling lithium carbonate prices by locking in sales prices through the futures and derivatives market [1] - The combination of strategies held by Jiangte Motor may include short futures, buying put options, and selling call options, which can lead to investment losses when lithium carbonate prices rise [1] Group 2: Industry Insights - Hedging is a risk management strategy used by listed companies to mitigate price volatility and stabilize operations by establishing opposite positions in the futures and derivatives market [2] - There is a risk that hedging can devolve into speculative trading, leading to significant losses for companies, especially when they pursue profit maximization without adequate risk management [2] - Companies often lack deep understanding and professional risk management capabilities in the futures and derivatives market, which can result in poor judgment and increased exposure to losses during unfavorable market conditions [2][3] Group 3: Recommendations - To prevent hedging from turning into speculative risk, companies must exercise caution in futures and derivatives trading and establish strict risk control measures [3]

Core Viewpoint - Jiangte Motor has reported significant losses in its commodity futures and derivatives trading, primarily due to the rising prices of lithium carbonate futures, which have resulted in a loss exceeding 10% of the company's audited net profit for the last year, amounting to over 10 million yuan [3][4]. Group 1: Business Operations - Jiangte Motor's commodity futures and derivatives trading includes lithium carbonate, soda ash, and copper, with the main cause of losses attributed to the recent surge in lithium carbonate prices [4]. - The company aims to mitigate operational risks from price fluctuations in raw materials and products by engaging in commodity futures and derivatives trading [8]. - The average price of battery-grade lithium carbonate rose to 116,300 yuan per ton on December 24, up from 92,400 yuan per ton a month earlier, with futures contracts exceeding 130,000 yuan per ton [8]. Group 2: Financial Performance - Jiangte Motor has experienced a decline in financial performance, with revenues dropping from 2.799 billion yuan in 2023 to 2.103 billion yuan in 2024, representing a decrease of 24.86% [10]. - The company reported a net loss attributable to shareholders of 319 million yuan in 2024, an improvement from a loss of 397 million yuan in 2023, marking a 19.58% reduction in losses [10][11]. - The company has faced continuous challenges, with a net loss of 113 million yuan in the first three quarters of 2025 [11]. Group 3: Resource Management - Jiangte Motor holds over 10 million tons of lithium resources in the Yichun area, with multiple mining and exploration rights [13]. - The company is currently contesting the potential cancellation of its mining rights for the Shiziling lithium ceramic stone mine and is preparing for the production of the Qian坑 lithium mine [13].

Core Viewpoint - Jiangte Electric, a lithium salt producer, has incurred significant losses due to short-selling lithium carbonate futures, as prices surged past 130,000 RMB per ton, leading to a loss exceeding 10 million RMB in just 25 days [1][2][4]. Group 1: Losses and Financial Impact - The company's confirmed and floating losses from commodity futures and derivatives trading have reached over 10% of its audited net profit from the previous year, amounting to more than 10 million RMB [4]. - Jiangte Electric's trading activities are aimed at mitigating operational risks from price fluctuations in raw materials and products, but the recent rise in lithium carbonate prices has resulted in substantial losses in its futures account [7]. - The company plans to account for these trading activities according to the relevant accounting standards, with the actual impact on annual profits to be determined by real gains or losses [7]. Group 2: Market Dynamics and Price Fluctuations - The lithium carbonate market has experienced significant volatility, with prices dropping to below 70,000 RMB per ton before rebounding sharply due to increased demand from energy storage and regulatory changes [12][13]. - By December 26, the main contract for lithium carbonate futures surpassed 130,000 RMB per ton, marking an increase of over 8% and reaching a new high since November 2023 [13]. - The rapid V-shaped recovery in lithium prices caught many short-sellers, including Jiangte Electric, off guard, leading to unexpected financial strain [13]. Group 3: Future Strategies and Business Outlook - Jiangte Electric has prepared for its 2025 hedging activities with a planned guarantee amount not exceeding 300 million RMB, emphasizing a strategy focused on risk mitigation rather than speculative trading [12]. - The company has increased its hedging limit significantly in response to market conditions, from 100 million RMB to 300 million RMB, while also introducing copper futures to hedge against raw material risks [15]. - Despite some hedging success, the company faces ongoing challenges in its core business, with revenue and profit figures indicating a downward trend, including a projected net loss of 1.13 billion RMB in the first three quarters of 2025 [17].

Core Insights - The company Jiangte Electric has faced significant losses due to its futures hedging activities, with confirmed and floating losses exceeding 10 million RMB within 25 days as lithium carbonate futures prices surged past 130,000 RMB per ton [1][4]. Group 1: Financial Performance - Jiangte Electric reported a net profit loss of 397 million RMB in 2023 and 319 million RMB in 2024, continuing a trend of losses for two consecutive years [6]. - In the first three quarters of the current year, the company generated revenue of 1.432 billion RMB, a year-on-year increase of 14.62%, but the net profit loss expanded by 37.31% to 113 million RMB compared to the same period last year [6]. - The core lithium salt segment experienced a significant increase in production and sales volume by 115.91% in the first half of the year, yet the gross margin fell to -16.27% due to a surge in asset impairment losses [6]. Group 2: Market Conditions - As of December 26, the main contract for lithium carbonate closed up 8.12%, reaching a new high since November 2023, with a year-to-date increase of 68.72% [2]. - The company's hedging strategy aimed to mitigate operational risks from price fluctuations in raw materials and products, but the recent rise in lithium carbonate prices led to substantial losses in its futures accounts [4]. Group 3: Risk Management - Jiangte Electric's situation serves as a cautionary tale for other companies engaged in derivatives markets for risk management, emphasizing the need for precise assessment of spot risk exposure and the establishment of opposing futures positions [7].

Core Viewpoint - Jiangte Electric (002176) has reported a floating loss exceeding 10% of its audited net profit from the last year, amounting to over 10 million yuan, due to short-selling lithium carbonate futures amid rising prices [3][4]. Group 1: Financial Impact - The company's trading in commodity futures and derivatives has resulted in confirmed losses and floating losses that exceed 10% of its recent audited net profit [3]. - The primary reason for the losses is the continuous rise in lithium carbonate futures prices, which has negatively impacted the company's futures account [4]. - Jiangte Electric's net profit has been in decline for two consecutive years, with reported losses of 396.91 million yuan in 2023 and 319.18 million yuan in 2024 [9]. Group 2: Business Operations - Jiangte Electric engages in commodity futures and derivatives trading to mitigate operational risks from price fluctuations in raw materials and products [7]. - The company has a diversified business model, focusing on electric motors and lithium products, with a comprehensive industrial chain from lithium ore extraction to lithium salt production [8]. - The company has faced challenges in its performance, with revenues dropping from 2.799 billion yuan in 2023 to 2.103 billion yuan in 2024 [9]. Group 3: Market Conditions - Recent data indicates that the average price of battery-grade lithium carbonate rose from 92,400 yuan per ton a month ago to 116,300 yuan per ton, marking an increase of over 8% [7]. - The main futures contract for lithium carbonate on the Shanghai Futures Exchange surpassed 130,000 yuan per ton, reaching a new high since November 2023 [7]. Group 4: Resource Management - Jiangte Electric holds over 10 million tons of lithium resources in the Yichun area, with multiple mining and exploration rights [11]. - The company is currently contesting the potential cancellation of its mining rights for the Shiziling lithium ceramic stone mine and is preparing for the production of the Qian坑 lithium mine [12].

12月26日，锂价延续上行走势并迎来标志性突破。广期所碳酸锂主力合约强势站上13万元/吨关口，并 以13.08万元/吨的盘中价格创下自2023年11月份以来新高。截至当日收盘，其最新价格为13.05万元/ 吨，年内累计涨幅已达到68.72%。 格隆汇12月28日｜据中国基金报，近日，锂电板块知名公司江特电机公告，经公司初步测算，公司商品 期货和衍生品交易已确认损益及浮动亏损金额已达到公司最近一年经审计的归属于上市公司股东净利润 的10%且绝对金额超过一千万元人民币。 为何巨亏？公告提及，为规避产品价格波动给公司带来的经营风险，和减少因原材料价格波动造成的成 本波动对生产经营影响，公司及子公司根据生产经营计划，开展了商品期货和衍生品业务，以降低原 料、产品等市场价格波动对公司生产经营成本及主营产品价格的影响。但因近期碳酸锂期货价格持续上 涨，导致公司期货账户出现亏损。 ...

Core Viewpoint - A well-known company in the lithium battery sector, Jiangte Electric, has reported significant losses exceeding 10% of its net profit due to short-selling in lithium carbonate futures, amounting to over 10 million RMB [1][5]. Group 1: Company Performance - Jiangte Electric's commodity futures and derivatives trading has resulted in confirmed losses and floating losses that exceed 10% of the company's audited net profit attributable to shareholders for the last year, with an absolute amount surpassing 10 million RMB [1][5]. - For the first three quarters of this year, Jiangte Electric reported operating revenue of 1.432 billion RMB, a year-on-year increase of 14.62%, while the net profit attributable to shareholders was -113 million RMB, reflecting a year-on-year decline of 37.31% [6]. Group 2: Market Conditions - The recent surge in lithium carbonate futures prices has led to losses in the company's futures accounts, as the company engaged in futures trading to mitigate operational risks from price fluctuations in raw materials and products [5]. - As of December 26, lithium prices have continued to rise, with the main contract on the Guangxi Futures Exchange surpassing 130,000 RMB per ton, reaching a new high of 130,800 RMB per ton, marking a year-to-date increase of 68.72% [7]. - The growth in lithium demand is primarily driven by the energy storage systems (ESS) and electric commercial vehicles (CV), with demand growth exceeding market expectations [7].

Group 1 - The core point of the news is that Jiangte Electric has reported significant losses exceeding 10% of its net profit due to short-selling lithium carbonate futures, amounting to over 10 million RMB [2][6]. - Jiangte Electric engages in commodity futures and derivatives trading to mitigate operational risks from price fluctuations in raw materials and products, but has faced losses due to rising lithium carbonate prices [6][7]. - The company primarily focuses on the research, production, and sales of lithium salt products, relying on its own lithium mica mines to create an integrated industry chain from lithium ore to lithium salts [6][7]. Group 2 - In the first three quarters of the year, Jiangte Electric reported revenues of 1.432 billion RMB, a year-on-year increase of 14.62%, while its net profit attributable to shareholders was -113 million RMB, a year-on-year decrease of 37.31% [7]. - As of December 26, lithium prices have continued to rise, with the main contract on the Shanghai Futures Exchange surpassing 130,000 RMB per ton, reaching a new high since November 2023, with a year-to-date increase of 68.72% [7]. - The growth in lithium demand is primarily driven by the energy storage systems (ESS) and electric commercial vehicles (CV) sectors, which have exceeded market expectations [8].

大家好，关注一则上市公司做空 碳酸锂期货巨亏上千万的消息。 近日， 锂电板块知名公司 江特电机公告，经公司初步测算，公司商品期货和衍生品交易已确认损益及浮动亏损 金额已达到公司最近一年经审计的归属于上市公司股东净利润的10%且绝对金额超过一千万元人民币。 【导读】做空 碳酸锂期货 ，上市公司巨亏 中国基金报记者 泰勒 为何巨亏？公告提及，为规避产品价格波动给公司带来的经营风险，和减少因原材料价格波动造成的成本波动对 生产经营影响，公司及子公司根据生产经营计划，开展了商品期货和衍生品业务，以降低原料、产品等市场价格 波动对公司生产经营成本及主营产品价格的影响。但因近期碳酸锂期货价格持续上涨，导致公司期货账户出现亏 损。 财报显示，江特电机主要从事以碳酸锂为主的锂盐产品研发、生产和销售，依托自有锂云母矿山，构建了从锂矿 石到锂盐的"采选冶"一体化产业链。公司对外主要销售产品为电池级碳酸锂、工业级碳酸锂及其他共生矿产品。 今年前三季度，江特电机营业收入14.32亿元，同比增14.62%；归属于上市公司股东的净利润-1.13亿元，同比 降37.31%。 12月26日，锂价延续上行走势并迎来标志性突破。广期所碳酸锂主力 ...