Jinko Solar(SH:688223) Sou Hu Cai Jing·2025-11-06 17:09Core Viewpoint - JinkoSolar plans to increase its futures hedging business margin limit from 660 million RMB to 1.5 billion RMB to mitigate raw material price fluctuations and enhance financial stability [1][2][5] Trading Information Summary - As of November 6, 2025, JinkoSolar's stock closed at 6.27 RMB, up 1.29%, with a turnover rate of 2.25%, trading volume of 2.2558 million shares, and a total transaction value of 1.43 billion RMB [1] - On the same day, the net outflow of main funds was 31.33 million RMB, accounting for 2.19% of the total transaction value, while retail investors saw a net inflow of 49.39 million RMB, representing 3.45% of the total transaction value [1] Company Announcements Summary - JinkoSolar's second supervisory board meeting on November 6, 2025, approved the proposal to increase the futures hedging business margin limit, which is expected to help control operational risks and stabilize operations [1][2] - The company will hold its second extraordinary general meeting on November 17, 2025, to discuss the newly proposed increase in the futures hedging business margin limit, with the record date set for November 11, 2025 [1][2] Futures Hedging Business Analysis - The proposed increase in the futures hedging business margin limit aims to reduce the impact of raw material price volatility on production costs, with a maximum contract value of 10.3 billion RMB expected to be held on any trading day [2][5] - The funding for this increase will come from the company's own funds, and the hedging activities will focus on raw materials relevant to its operations, such as copper, aluminum, silver, tin, and polysilicon [2][5] Fund Management and Regulatory Agreements - JinkoSolar signed a tripartite supervision agreement with its sponsor and three banks on November 6, 2025, to manage newly established special accounts for temporarily supplementing working capital [4] - The agreement outlines responsibilities for fund usage restrictions, periodic reconciliations, large withdrawal notifications, and rights for sponsor representatives to inspect the accounts [4]