Core Viewpoint - The recent increase in international copper and silver prices is expected to positively impact the revenue of Feinan Resources, a company primarily engaged in the disposal of hazardous waste and the recycling of non-ferrous metal resources [1]. Group 1: Price Transmission Mechanism - Feinan Resources' revenue is significantly influenced by the metal purchase and sales price difference, which increases when metal prices rise [1]. - The company prices its resource products, including electrolytic copper, nickel powder, zinc ingots, tin ingots, gold ingots, silver ingots, and palladium powder, based on real-time market prices, allowing it to capture price increases effectively [1]. - The company has a dynamic pricing adjustment mechanism that considers the timing of metal price changes and market conditions to optimize revenue [1]. Group 2: Hedging Strategy Optimization - Feinan Resources employs futures contracts for price risk management, focusing on balancing the risks of price fluctuations rather than speculative trading [1]. - The company does not hedge all its metal inventory but determines the scale of hedging based on factors such as inventory levels, pricing coefficients at the time of purchase, and market analysis [1]. - Continuous monitoring of metal prices and management of material turnover is emphasized to shorten the realization cycle of resource products [1].
飞南资源：金属价格上涨时购销价差增大，对营收和经营业绩有积极影响