鑫铂股份: 国元证券股份有限公司关于安徽鑫铂铝业股份有限公司继续开展商品套期保值业务的核查意见

Core Viewpoint - The company, Anhui Xinbo Aluminum Industry Co., Ltd., continues to engage in commodity hedging activities to mitigate the impact of raw material price fluctuations on its operations [1][2][3] Group 1: Business Overview - The main products of the company and its subsidiaries include new energy photovoltaic, automotive lightweight materials, and other aluminum profiles [1] - The company has a long-standing practice of organizing production based on customer orders and follows a pricing principle of "aluminum ingot price + processing fee" [1][2] - The market price for aluminum ingots is determined by the Shanghai Nonferrous Metals Network [1][2] Group 2: Hedging Activities - The company will limit its hedging activities to aluminum rods, with a maximum trading margin and premium balance not exceeding RMB 80 million [2][4] - The hedging period will not exceed 12 months from the date of board approval [2] - The hedging tools will include futures and derivatives, with a focus on ensuring liquidity and proper settlement arrangements [2][4] Group 3: Risk Assessment - The company acknowledges various risks associated with hedging, including price volatility, funding, internal control, technical, operational, and customer default risks [3][4] - The maximum margin and premium for hedging represent approximately 0.79% of total assets and 2.65% of net assets attributable to shareholders as of December 31, 2024 [4] Group 4: Impact on Financials - The company will adhere to relevant accounting standards for hedging activities, which will reflect in the balance sheet and income statement [5] - The company aims to mitigate the impact of raw material price fluctuations through its hedging activities [5] Group 5: Approval Process - The proposal to continue hedging activities was approved by the company's board of directors and independent directors, confirming that it aligns with the company's operational needs and does not harm shareholder interests [6][7]