中恒电气（002364）拟开展期货套期保值业务 最高合约价值不超2亿元

Core Viewpoint - The company plans to engage in futures hedging to manage the risks associated with fluctuations in raw material prices, aiming to stabilize production costs and enhance operational certainty [1][2]. Business Background and Core Purpose - The primary objective of the futures hedging business is to mitigate the adverse effects of price volatility in key raw materials such as copper, aluminum, lead, tin, and steel on production operations, thereby stabilizing costs [2]. - The company has faced challenges in cost control due to increased volatility in commodity prices influenced by macroeconomic factors and supply chain issues [2]. Specific Business Arrangements - The hedging business will focus on commodities closely related to production, with a maximum contract value of 200 million yuan and a trading margin limit of 20 million yuan [3]. - The funding for this business will come from the company's own resources, and it will not involve raised funds [3]. - The authorization period for this hedging activity is set for twelve months following the board's approval [3]. Approval Process and Compliance - The board of directors approved this initiative on December 15, 2025, and it falls within the board's authority, thus not requiring shareholder approval [3]. - The management is authorized to implement the hedging activities within the specified limits [3]. Risk Analysis and Control Measures - The company acknowledges potential risks associated with the hedging business, including market risk, policy risk, liquidity risk, internal control risk, and technical risk [4]. - To mitigate these risks, the company has established a management system for the hedging business, including clear approval processes, operational procedures, and stop-loss mechanisms [4]. - A dedicated futures management team will be set up to ensure compliance with the board's authorization and to match the scale of operations with production needs [4]. Accounting Treatment and Follow-up Arrangements - The company will account for the hedging activities in accordance with relevant accounting standards, ensuring proper financial reporting [5]. - Analysts suggest that this proactive approach to managing cost risks could smooth out the impact of raw material price fluctuations on the company's performance, thereby enhancing operational stability [5].