Enpack(SZ:002846) Xin Lang Cai Jing·2025-12-18 13:06Core Viewpoint - The company, Guangdong Yinglian Packaging Co., Ltd., is initiating aluminum hedging operations to mitigate risks associated with price fluctuations of aluminum materials, which are critical to its production processes [1][2]. Group 1: Business Background - Aluminum materials, including lid and pull-tab materials, are core raw materials for the company, and recent economic conditions have led to significant price volatility, challenging cost control [2]. - The hedging initiative aims to lock in raw material costs, stabilize profit margins, and enhance sustainable profitability [2]. Group 2: Key Transaction Elements - The hedging operations will involve trading aluminum futures contracts with a maximum margin investment of 50 million yuan, which can be rolled over during the specified period [3]. - The funding for this initiative will come entirely from the company's own funds, prohibiting the use of raised funds for trading [3]. - The implementation period will last from the approval date by the shareholders' meeting until the annual shareholders' meeting in 2025 [3]. - The chairman or authorized personnel will be responsible for signing specific agreements related to the hedging operations [3]. Group 3: Risk Management and Control Measures - The company has identified six potential risks associated with the hedging operations and has established corresponding risk control mechanisms [3]. - Price fluctuation risk will be managed through hedging operations that align with production needs [3]. - Financial risks will be controlled by adhering to the "Futures Hedging Management System" and ensuring that margin sizes do not exceed approved limits [3]. - Liquidity risks will be mitigated by selecting appropriate contract months to avoid illiquid markets [3]. - Internal control risks will be managed through established operational procedures [3]. - Accounting risks will be handled according to the relevant accounting standards for hedging [3]. - Technical risks will be addressed by equipping a multi-channel trading system to ensure stable trading operations [3]. Group 4: Review Process and Market Impact - The hedging initiative has been approved by the company's board of directors and received favorable opinions from independent directors and the audit committee [3]. - Independent directors believe that the hedging operations are based on normal business operations and adhere to hedging principles, enhancing financial stability without harming shareholder interests [3]. - Market analysts view this move as a proactive management strategy to address cost risks, which is crucial in the context of increasing commodity price volatility [4].