牧原股份拟斥资8亿元开展商品期货套期保值 对冲饲料及生猪价格波动风险

Core Viewpoint - Muyuan Foods Co., Ltd. plans to conduct commodity futures hedging operations to mitigate the impact of price fluctuations in feed raw materials and live pig prices on its operating performance, with a maximum margin and premium usage of 800 million yuan [1][3] Group 1: Business Framework - As a leading domestic pig farming enterprise, Muyuan's main business includes feed processing, breeding, pig farming, and meat processing across the entire industry chain [2] - The hedging operations will be strictly limited to agricultural futures directly related to production, including corn, soybean meal, and live pigs, with a maximum margin and premium usage of 800 million yuan, which can be recycled during the effective period [2] - The trading will occur on domestic commodity futures exchanges and large financial institutions in the over-the-counter market, using the company's own funds without involving raised funds [2] Group 2: Risk Control - The company has established a comprehensive risk control mechanism, including a three-dimensional management system of "system + technology + personnel" [2] - Five mechanisms are in place to control risks: limiting the hedging scale to match the spot operating scale, establishing a dynamic margin monitoring system, using a dedicated trading system with regular disaster recovery drills, implementing a separation of duties authorization mechanism, and conducting regular audits of trading processes by compliance managers [2] Group 3: Financial Compliance - The company will adhere to the accounting standards for hedging and will transparently disclose relevant gains and losses in financial statements [3] - Regular reports will include key information on the hedging operations, such as transaction amounts, positions, risk exposure, and actual hedging effects, ensuring transparency [3] - The hedging operations do not require shareholder meeting approval and do not constitute related party transactions or major asset restructuring [3]