VISION GROUP(SZ:002733) Xin Lang Cai Jing·2025-11-26 15:48Core Viewpoint - The company aims to mitigate the risks associated with price fluctuations of key raw materials such as lead and lithium by engaging in futures hedging activities, with a maximum margin and premium amount not exceeding 60 million yuan [1][2]. Group 1: Business Strategy - The core objective of the hedging business is to use financial derivatives to hedge against the impact of raw material price volatility on production and operations, ensuring cost stability and sustained performance [2]. - The company will utilize its own funds for this hedging activity, which will be valid for 12 months from the date of approval by the shareholders' meeting, with the capacity for the amount to be reused [2][5]. Group 2: Risk Management - The company has identified seven categories of risks associated with the hedging business, including policy risk, basis risk, and funding risk, and has developed multi-dimensional risk control measures [3]. - Specific measures include establishing a hedging policy to standardize decision-making and risk control processes, strict limits on margin and contract value to ensure manageable risk exposure, and collaboration with professional institutions to build a stable trading system [3]. Group 3: Market Perspective - Analysts highlight that the company's decision to engage in hedging reflects a proactive management approach to mitigate cyclical fluctuations, which is crucial given that lead and lithium constitute a significant portion of production costs [4]. - The company emphasizes adherence to the principle of "hedging" without engaging in speculative trading, ensuring that the scale of the hedging activities aligns with actual operational needs, thus maintaining overall risk at a controllable level [4].