Core Viewpoint - The company intends to conduct foreign exchange hedging activities to mitigate risks associated with currency fluctuations, thereby enhancing financial stability and efficiency in the use of foreign exchange funds [1][2][5]. Group 1: Overview of Foreign Exchange Hedging Activities - The purpose of the foreign exchange hedging activities is closely related to the company's daily operations, aiming to prevent adverse effects from significant currency fluctuations [1][2]. - The company plans to engage in hedging activities using currencies that are relevant to its business operations, including but not limited to USD and EUR [1][2]. - The hedging activities will include various financial instruments such as forward foreign exchange contracts, foreign exchange swaps, foreign exchange options, and other derivatives [1][2]. Group 2: Financial Limits and Approval Process - The company estimates that it will use no more than $15 million or equivalent foreign currency for hedging activities, with the ability to roll over funds within this limit [2][5]. - The funding for these hedging activities will come from the company's own funds, and the board of directors has authorized the chairman or their designee to approve daily hedging plans and sign related contracts [2][5]. - The validity of the hedging activities is set for 12 months from the date of board approval [2][5]. Group 3: Risk Analysis and Control Measures - The company acknowledges that while hedging is intended to mitigate risks, it may still face market judgment risks due to unforeseen economic changes [3][4]. - To manage these risks, the company will monitor market conditions and adjust strategies accordingly, ensuring compliance with legal regulations and internal controls [4][5]. - The company will also focus on managing foreign currency receivables to avoid overdue accounts, thereby reducing default risks [4][5]. Group 4: Opinions from Governance Bodies - The board of directors unanimously agrees to the proposed hedging activities, stating that they align with the company's operational needs and do not harm the interests of shareholders [5]. - The supervisory board also supports the decision, confirming that the process complies with relevant laws and regulations [5]. - The sponsoring institution has verified that the approval process for the hedging activities meets legal requirements and does not pose risks to the company or its shareholders [5][6].
天能重工: 中泰证券股份有限公司关于青岛天能重工股份有限公司开展外汇套期保值业务的核查意见