帝科股份：公司不直接承担银粉价格大幅波动的风险

Core Viewpoint - Dike Co., Ltd. adopts a production model based on sales orders and a procurement model based on production orders, which helps mitigate risks associated with fluctuations in silver prices [1] Group 1: Production and Procurement Models - The company typically places silver powder procurement orders on the same day it receives sales orders, integrating sales orders, production plans, and inventory status [1] - The pricing of conductive silver paste products and the main silver powder procurement prices are based on the current or similar silver spot prices [1] Group 2: Risk Management Strategies - This pricing model allows the impact of silver spot prices on silver powder procurement costs to be transmitted to downstream customers, thereby reducing the company's direct exposure to significant fluctuations in silver prices [1] - To further mitigate the risk of silver price volatility, the company employs silver futures hedging for the difference between sales orders and procurement orders [1]