三一重工股份有限公司

Core Viewpoint - SANY Heavy Industry Co., Ltd. is planning to engage in futures hedging business to mitigate the adverse effects of raw material price fluctuations on its production operations, with a focus on commodities such as steel, copper, aluminum, crude oil, and rubber [5][11]. Group 1: Futures Hedging Business - The purpose of the futures hedging business is to effectively avoid the negative impacts of spot price fluctuations of raw materials on the company's production [5]. - The maximum trading margin and premium for the futures hedging business is set at RMB 800 million, with the highest contract value held on any trading day not exceeding RMB 2 billion [7]. - The trading period for this business is from January 1, 2026, to December 31, 2026 [9]. Group 2: Approval and Procedures - The board of directors convened on December 5, 2025, to approve the proposal for the futures hedging business, which does not require submission to the shareholders' meeting for approval [10]. - The company will use its own funds for the futures hedging business and will not utilize raised funds [8]. Group 3: Risk Analysis and Control Measures - The company acknowledges several risks associated with the futures hedging business, including market risk, funding risk, internal control risk, and technical risk [11]. - To mitigate these risks, the company will align the hedging business with its production operations, control the scale of funds used, and adhere to its internal management system for futures hedging [12]. Group 4: Impact on the Company - The futures hedging business is expected to lower the adverse effects of price fluctuations on raw materials and products, effectively manage production costs, and control operational risks, thereby safeguarding operating profits [13].