Kanhoo(300340) Zheng Quan Zhi Xing·2025-06-10 12:57Group 1: Core Purpose and Business Overview - The company aims to conduct commodity futures hedging to reduce the impact of raw material price fluctuations on its production and operational costs, ensuring stable and sustainable development for itself and its wholly-owned subsidiaries [1][6] - The hedging business primarily involves futures contracts related to lithium carbonate, nickel, and cobalt, which are directly linked to the company's operations [1][6] - The maximum margin utilized for the hedging business will not exceed 50 million RMB, and this amount can be used in a rolling manner within a twelve-month approval period [1][6] Group 2: Risk Analysis - The company acknowledges several risks associated with its hedging activities, including market risk, funding risk, internal control risk, technical risk, and policy risk [2][3] - Market risk arises from significant fluctuations in commodity futures prices, potentially leading to trading losses [2] - Funding risk may occur if the investment amount is too large, causing liquidity issues or forced liquidation due to insufficient margin [2] Group 3: Risk Control Measures - The company implements strict controls on futures positions and continuously optimizes the scale and duration of hedging to protect its interests [3][5] - A dedicated management system for commodity futures hedging has been established, which includes training for personnel to enhance their professional skills [3][5] - Regular supervision and checks are conducted to ensure compliance with legal regulations and the effectiveness of internal controls [3][5] Group 4: Accounting Policies and Feasibility Analysis - The accounting policies for the hedging business will adhere to the relevant Chinese accounting standards, ensuring proper financial treatment of the hedging activities [4][6] - The company has developed a comprehensive internal control and risk management system for its hedging activities, which includes clear guidelines on the use of margin and approval processes [5][6] - Utilizing self-owned funds for hedging activities is expected to mitigate raw material price risks and enhance the company's financial stability and competitive ability [5][6]