XJJW(SH:600888) Zheng Quan Zhi Xing·2025-08-26 12:17Group 1 - The company aims to expand into the upstream alumina industry while continuing to strengthen its aluminum electronic materials sector, implementing a strategy of integrated industrial chain development [1] - The company plans to invest in a 2.4 million ton per year alumina project through its subsidiary, which is expected to commence production in the first half of 2026, with price fluctuations of alumina products potentially impacting profits [1][5] - The hedging strategy will utilize futures and options in the alumina market to mitigate price risk, with a commitment to avoid speculative trading [1][5] Group 2 - The hedging will be based on the actual production and sales of alumina, with a maximum of 2.4 million tons hedged over the next 12 months, ensuring that the hedging positions do not exceed sales volume [1] - The funding for the hedging activities will come entirely from the company's own funds, with a maximum margin requirement of 1.152 billion yuan per trading day and a maximum contract value of 9.6 billion yuan [2] - The duration of the hedging business will last until the next annual shareholders' meeting, not exceeding 12 months from the approval date [2] Group 3 - The company has identified potential risks associated with the hedging activities, including liquidity risks and operational errors, and has established measures to mitigate these risks [2][3] - The company will strictly adhere to hedging practices that correspond to actual production needs and will not engage in speculative trading [2][5] - The accounting treatment for the hedging activities will comply with relevant financial regulations and standards [4]