Core Viewpoint - Tianma Group is transforming from a "passive burden" to an "active breakthrough" by leveraging a risk management system that links futures and spot markets, thus navigating the volatility in agricultural product prices [1] Group 1: Company Overview - Tianma Group, established in 2002 in Fuzhou, initially focused on special aquatic feed and has since diversified into various sectors including poultry feed, eel farming, and food processing, creating a complete industrial chain [2] - The company has become a key national agricultural enterprise and a national technology innovation demonstration enterprise, leading the global market share in special aquatic feed [2] Group 2: Market Challenges - The company faces significant price volatility in key feed production materials such as soybean meal, corn, and soybean, influenced by climate, planting area, international trade policies, and supply-demand mismatches [3] - Price fluctuations complicate cost control, inventory management, and supply chain stability, with rising raw material prices increasing procurement costs and potential shortages impacting production [3] Group 3: Futures Market Engagement - Tianma Group began developing its futures risk management system in 2013, establishing a professional futures team and integrating hedging into its operational decision-making [4] - The company utilizes futures markets for risk management by locking in procurement prices for raw materials, thus mitigating the impact of price volatility on operations [5] Group 4: Hedging Strategy - The company employs a hedging strategy that includes direct hedging and basis trading, tailored to various commodities based on production schedules and market analysis [5] - A typical hedging case involved selling corn futures at approximately 2460 CNY/ton and later closing positions at 2390-2430 CNY/ton, successfully reducing potential losses from inventory devaluation [6] Group 5: Risk Management Framework - Tianma Group adheres to a strict hedging business management system, conducting demand assessments and developing detailed hedging plans that require approval from a dedicated leadership group [7] - The internal audit department conducts regular audits of the futures derivatives business to ensure compliance and effective risk management [8] Group 6: Future Directions - The company is exploring collaborations with futures companies for forward trading and standard warehouse receipt trading, aiming to integrate logistics and supply chain management with futures market functionalities [8] - Tianma Group is interested in innovative insurance products linked to temperature indices for aquaculture, indicating a commitment to further risk management exploration [8]
天马集团打造企业风险管理新范式
Qi Huo Ri Bao Wang·2025-06-05 16:23