CMST(SH:600787) Sou Hu Cai Jing·2025-12-27 15:27Core Viewpoint - The company held its tenth board meeting, where it approved several governance-related proposals and a plan for its subsidiary to engage in commodity futures hedging activities to mitigate market risks [1][8]. Group 1: Board Meeting Resolutions - The board unanimously approved the revision of several internal governance documents, including the General Manager's Work Guidelines and the Board Secretary's Work System [2][3]. - The board also approved the revision of the Insider Information Management System and the Information Disclosure Management System [4][5]. - Other approved revisions included the management methods for independent directors and the audit and risk management committee's work guidelines [6][7]. Group 2: Commodity Futures Hedging Business - The board approved the subsidiary, China Chengtong Commodity Trading Co., Ltd., to conduct commodity futures hedging for the year 2026, with a maximum margin usage of 200 million RMB [8][19]. - The hedging activities aim to mitigate risks associated with market price fluctuations and will involve trading in commodities such as copper, aluminum, zinc, lead, nickel, tin, silicon manganese [15][21]. - The funding for these hedging activities will come from the subsidiary's own or self-raised funds, without involving raised capital [20]. Group 3: Company Registration Changes - The company completed the registration change to alter its type from "joint-stock company (Hong Kong, Macao, Taiwan and domestic joint venture, listed)" to "joint-stock company (listed)" [11]. - The updated business license reflects a registered capital of 2,170,079,582 RMB and outlines the company's operational scope, including commodity storage, processing, and trading [12].