华润材料拟开展5.17亿元期货套期保值业务 锁定原材料及产成品价格波动风险

Core Viewpoint - China Resources Chemical Materials Technology Co., Ltd. plans to implement futures hedging for PTA, MEG, and PET starting in 2026 to manage price volatility risks associated with raw materials and finished products [1][2]. Group 1: Business Overview - The company primarily produces bottle-grade polyester chips (PET), which heavily rely on raw materials like PTA and MEG, whose prices are significantly influenced by crude oil prices, operational rates, and supply-demand dynamics [2]. - The company faces challenges in profit stability due to the pricing mechanism differences between raw material procurement and product sales, particularly with a fixed-price long-term delivery model [2]. Group 2: Hedging Business Details - The hedging business will involve trading PTA, MEG, and PET futures contracts, with a maximum daily margin requirement of 517 million yuan, and will run from January 1, 2026, to December 31, 2026 [3]. - The funding for this hedging will come from the company's own funds, without involving raised funds or credit [3]. - The hedging scale is limited to 90% of annual raw material demand and 90% of annual production capacity for finished products [3]. Group 3: Risk Management - The company has established a comprehensive risk management system for the hedging business, including a revised trading management system and a cross-departmental leadership group responsible for futures operations [3]. - A financial derivatives information management system will be used for dynamic monitoring, ensuring that the 517 million yuan margin aligns with the company's financial strength [3]. Group 4: Regulatory Progress - The hedging plan has been approved by the board of directors and the supervisory board, with independent directors noting that the approval process is compliant and the internal control system is robust [4]. - The plan will be submitted for shareholder approval, with the specific meeting date to be announced later [4]. - The implementation of this hedging business is expected to enhance the company's profit stability, especially as the PET product gross margin has declined by 2.3 percentage points year-on-year due to rising raw material prices [4].