Zheng Quan Zhi Xing·2025-07-11 16:17Summary of Key Points Core Viewpoint - The company, Qingdao High Measurement Technology Co., Ltd., is initiating futures hedging business to mitigate risks associated with raw material price fluctuations, thereby enhancing financial stability and operational performance [1][2]. Transaction Overview - Purpose of Transaction: The company aims to reduce potential risks from raw material price volatility by utilizing futures hedging, ensuring that it does not engage in speculative trading [1]. - Transaction Amount and Duration: The maximum trading balance at any point will not exceed 100 million RMB, with a margin and premium cap of 10 million RMB, and the duration is set for 12 months from board approval [1]. - Source of Funds: The funding for this transaction will come from the company's own funds, without involving raised capital [1]. - Transaction Method: The hedging will be limited to polysilicon futures, conducted through approved trading venues that meet the company's hedging needs [1]. - Authorization: The board has authorized the management to implement the necessary actions related to the hedging business [1]. Review Procedures - The board and supervisory committee have approved the hedging business, confirming that it aligns with operational needs and does not require shareholder approval [1][2]. Risk Analysis - The company acknowledges potential risks, including trading losses, liquidity risks, and operational risks due to internal control weaknesses or market volatility [1][2]. Risk Control Measures - The company has established clear operational principles and risk management protocols to ensure that the hedging activities align with its business operations and regulatory requirements [1][2]. Impact on the Company - The hedging business is expected to effectively manage production costs and control operational risks, thereby safeguarding profit margins and improving management efficiency [1][2].