Core Viewpoint - The company, 易点天下, is facing scrutiny regarding the use of nearly 900 million yuan in raised funds, with concerns about transparency and operational efficiency raised by investors [2] Group 1: Financial Performance - As of September 18, 2025, 易点天下's stock closed at 31.5 yuan, down 4.11%, with a turnover rate of 9.54%, trading volume of 356,300 shares, and a transaction value of 1.151 billion yuan [1] Group 2: Fund Utilization Concerns - Investors have questioned the whereabouts of nearly 900 million yuan raised for a programmatic advertising platform upgrade, noting that the funds have not converted into intangible or fixed assets, leading to speculation about potential misappropriation [2] - The company responded that the funds were primarily allocated for labor costs, server rentals, and working capital, and that the project has been completed with surplus funds now supplementing working capital [2] Group 3: Management and Strategy - The company aims to enhance its profitability and market value by focusing on its core business and exploring new application areas, despite concerns about management efficiency and stock performance [2] - The company is an authorized agent for TikTok for Business, indicating a strategic partnership in the digital advertising space [2] Group 4: Risk Management - In response to potential foreign exchange losses due to an anticipated interest rate cut by the US dollar, the company has approved a foreign exchange hedging program with a limit of up to 2.5 billion yuan, utilizing forward contracts and options to mitigate risks [2]

Report Summary 1. Reported Industry Investment Rating No information provided in the document. 2. Core Viewpoints The report mainly presents the results of a research on Xinhan New Materials, covering the company's basic information, research institutions, and answers to investors' questions about the company's operations, including project progress, cash management, product sales, investment purposes, R & D directions, and the impact of trade protection measures [16][23][28]. 3. Summary by Directory 3.1 Research Basic Situation - Research object: Xinhan New Materials [16] - Industry: Chemical raw materials [16] - Reception time: September 12, 2025 [16] - Listed company reception personnel: Chairman and General Manager Yan Liuxin, Financial Controller Wang Zhongyan, Board Secretary Li Xiangfei, Independent Director Huang Hefa [16] 3.2 Detailed Research Institutions - Institutions: Investors who participated in the company's 2025 semi - annual performance briefing online [19] 3.3 Main Content Data - **Project Progress**: The equipment of the third workshop of the 8000 - ton project is being installed and is expected to reach the intended use state and be put into production in December 2025 [23] - **Cash Management**: The company's cash management is mainly used to purchase cash management products with high safety, good liquidity, and a maximum term of no more than twelve months, such as RMB structured deposits and time deposits [24] - **Foreign Exchange Hedging**: The company did not actually carry out specific foreign exchange hedging business during the reporting period and plans to conduct it within the board - authorized limit according to exchange rate fluctuations [26] - **Product Sales**: The sales of the company's main products such as medical and agricultural intermediates, DFBP, and photoinitiators have all increased to varying degrees [27] - **Investment Purpose**: The company invests in Mingxi Equity Investment Fund and Zhejiang Pengfulong Technology to layout fields related to its main business, achieve industrial synergy and capital appreciation, and strengthen its influence in the special engineering plastics field [28] - **R & D Direction**: The company's main R & D direction is focused on the R & D and process improvement of aromatic ketone core products, including special engineering plastic core raw materials and cosmetic raw materials [28] - **Product Situation**: The penetration rate of the company's HAP product as a cosmetic raw material is gradually increasing, and the HDO production line is under construction. The HDO product can be directly used as a cosmetic raw material with moisturizing and bactericidal effects [30] - **Trade Protection Impact**: The company will closely monitor international market trends, actively explore new international markets, develop new products, and expand the domestic market to reduce the impact of export business risks [30] - **Medical and Agricultural Intermediate Business**: The company's medical and agricultural intermediate products have a large variety. After the new workshop of the 8000 - ton project is put into operation, new customers and markets are developed, resulting in rapid growth [30]

Core Viewpoint - Tianshui Huatian Technology Co., Ltd. plans to conduct foreign exchange hedging to mitigate risks associated with currency fluctuations as its business expands and foreign currency usage increases [1]. Business Details - The hedging will involve major currencies used in the company's operations, such as USD, and will include various financial instruments like forward foreign exchange contracts, foreign exchange swaps, foreign exchange options, and other derivatives [1]. - The total transaction amount will not exceed the equivalent of 238 million USD, with the ability to roll over the limit during the approval period [1]. - The expected margin and premiums will not exceed 50% of the company's most recent audited net profit at any point during the term [1]. - The investment period is set for twelve months from the date of board approval, with funding sourced from the company's own funds and other legally permitted means [1]. - The board has authorized the management of the company and its subsidiaries to implement the hedging activities within the specified limits and timeframe [1]. Approval Process - The foreign exchange hedging matter falls under the board's decision-making authority and does not require shareholder approval, thus not constituting a related party transaction [2]. - The proposal was approved during the sixth meeting of the eighth board on September 12, 2025 [2]. Risk Analysis and Control Measures - The company acknowledges potential risks associated with the hedging activities, including market risk, forecasting risk, performance risk, and operational risk due to the complexity of foreign exchange derivatives [3]. - To mitigate these risks, the company will enhance research and analysis of exchange rates, implement a management system for hedging activities, and ensure strict control over transaction sizes and timing [3]. - The company will engage with reputable financial institutions and carefully review contract terms to minimize risks [3]. - The hedging activities will be accounted for according to relevant accounting standards, with documentation including board resolutions and feasibility analyses available for review [3].

Group 1: Company Operations and Developments - The construction of the third workshop for the 8000-ton project is currently underway, with equipment installation in progress and expected to be operational by December 2025 [2] - The company is focusing its cash management on high-security, high-liquidity products, including structured deposits and time deposits, with a maximum term of twelve months [2] - The company has not yet implemented specific foreign exchange hedging activities but is monitoring exchange rate fluctuations closely [3] Group 2: Product Performance and Market Strategy - Sales of key products such as pharmaceutical intermediates, DFBP, and photoinitiators have shown varying degrees of growth [3] - Investments in Mingxi Equity Investment Fund and Zhejiang Pengfulong Technology aim to enhance synergy with the company's main business and strengthen its influence in the specialty engineering plastics sector [3] - The company is concentrating its R&D efforts on core products related to aromatic ketones and process improvements, with specific advancements to be disclosed in the annual report [3] Group 3: Market Challenges and Adaptations - The company is actively exploring new international markets to mitigate risks associated with U.S. tariffs and trade protection measures affecting exports [4] - The pharmaceutical intermediates segment is expected to become a significant growth driver following the new workshop's production capacity expansion [4]

Group 1 - The company, Visionox, announced that its board of directors approved the use of up to $60 million (or equivalent foreign currency) for foreign exchange hedging activities [2] - The hedging activities will be valid for a period of 12 months from the date of board approval [2] - The approved amount can be used in a rolling manner within the approval period [2]

Key Points - The core viewpoint of the article highlights the financial performance and strategic measures of Lianyun Technology, including its revenue growth and the establishment of a foreign exchange hedging management system [1][3]. Group 1: Trading Information - On September 5, Lianyun Technology (688449) closed at 46.88 yuan, up 4.6%, with a turnover rate of 7.42%, a trading volume of 51,900 shares, and a transaction amount of 239 million yuan [1]. - On the same day, the main funds had a net outflow of 5.96 million yuan, while retail investors saw a net inflow of 19.30 million yuan [3]. Group 2: Company Announcements - Lianyun Technology has established a foreign exchange hedging management system to regulate related business and information disclosure, aiming to prevent exchange rate and interest rate risks. The system prohibits speculation and arbitrage, allowing transactions only with qualified financial institutions [1][3]. - According to the semi-annual tracking report by CITIC Securities, Lianyun Technology reported a revenue of 610 million yuan for the first half of 2025, representing a year-on-year growth of 15.68%. The net profit increased by 36.38% to 56.14 million yuan, while the non-recurring net profit surged by 99.18% to 35.09 million yuan [1][3].

Core Points - The stock price of Fengcai Technology (688279) closed at 195.1 yuan, down 5.47% from last week [1] - The company has a total market capitalization of 22.226 billion yuan, ranking 61st out of 163 in the semiconductor sector and 826th out of 5152 in the A-share market [1] Company Announcements - Fengcai Technology held its third extraordinary general meeting of shareholders in 2025, where four proposals were reviewed, including the cancellation of the supervisory board and the revision of the company's articles of association [2] - The company plans to grant the board general authorization to issue H-shares, not exceeding 20% of the total issued H-shares, which amounts to a maximum of 4,311,200 shares [2] - The company intends to conduct foreign exchange hedging activities with a limit of up to 1.5 billion yuan or equivalent foreign currency, valid for 12 months from the date of approval [2] Performance Disclosure - Fengcai Technology will participate in the "2025 Semi-Annual Chip Design Industry Collective Performance Briefing" hosted by the Shanghai Stock Exchange on September 8, 2025 [3] - Key executives, including the chairman and general manager, will attend the meeting to address investor questions [3] Shareholder Changes - As of August 31, 2025, there were no changes in the legal/registered capital of both H-shares and A-shares [4] - The total legal/registered capital at the end of the month was 113.919 million yuan, with no changes in the number of issued shares [4]

Core Points - The company has established a system for managing foreign exchange hedging business to mitigate foreign currency exchange and interest rate risks, ensuring asset safety [1][2] - The foreign exchange hedging activities are strictly regulated and must align with the company's operational needs, prohibiting speculative trading [2][3] - The financial department is responsible for executing the foreign exchange hedging business, with specific approval processes in place for transactions exceeding certain thresholds [3][4] Group 1: General Principles - The company adheres to principles of legality, prudence, safety, and effectiveness in its foreign exchange hedging activities [2] - Transactions are limited to approved financial institutions, and the company must not engage in illegal speculation or arbitrage [2][3] - Hedging contracts must not exceed the budgeted foreign currency amounts for receipts or payments [2][3] Group 2: Approval Authority - The financial department prepares an annual foreign exchange hedging plan based on the company's operational forecast [3] - Any hedging transaction that exceeds 50% of the latest audited net profit or 5 million RMB must be approved by the board and potentially the shareholders [3][4] - The company must maintain strict adherence to approved transaction limits and seek further approval for any excess [3][4] Group 3: Management and Internal Processes - The board of directors and shareholders are the decision-making bodies for foreign exchange hedging activities [4] - The financial department is tasked with planning, executing, and managing the hedging operations, while the internal audit department oversees compliance and effectiveness [4][5] - A clear internal process is established for forecasting foreign currency needs and executing hedging transactions [5][6] Group 4: Risk Management and Reporting - The financial department must report any significant risks or changes in market conditions that could impact hedging activities [6][7] - Regular assessments of the risks associated with hedging transactions are required, with immediate reporting to the board in case of major risks [6][7] - The internal audit department is responsible for reviewing the compliance and performance of the hedging activities [7] Group 5: Information Disclosure and Record Keeping - The company is obligated to disclose relevant information regarding its foreign exchange hedging activities as per regulatory requirements [7][8] - Documentation related to hedging transactions must be properly maintained by the financial department [7][8] - Any significant risks or losses must be disclosed in accordance with regulatory standards [7][8]

Core Viewpoint - The document outlines the foreign exchange hedging management system of Shenzhen Demingli Technology Co., Ltd, aiming to standardize operations, mitigate foreign currency exchange and interest rate risks, and ensure compliance with relevant laws and regulations [1][2]. Group 1: General Principles - The foreign exchange hedging business is defined as activities conducted with qualified financial institutions to mitigate foreign exchange or interest rate risks, including but not limited to forward foreign exchange transactions, foreign exchange swaps, interest rate swaps, and foreign exchange options [1][2]. - The hedging activities must be based on normal business operations and should not affect the company's regular production or be conducted for speculative purposes [2][3]. Group 2: Approval and Management - The finance department is responsible for the execution of foreign exchange hedging activities, which includes planning, funding, and daily management [5][6]. - Any foreign exchange hedging transaction must be based on the company's foreign exchange income and expenditure budget, and the amount involved should not exceed the budgeted figures [3][4]. Group 3: Risk Management and Reporting - The company must establish a risk reporting system to monitor and manage risks associated with foreign exchange hedging activities, including a mechanism for early warning and stop-loss [6][9]. - In case of significant market changes or risks, the finance department must report to the board and initiate emergency measures [4][9]. Group 4: Information Disclosure - The company is required to disclose information regarding foreign exchange hedging activities in accordance with the regulations set by the Shenzhen Stock Exchange [10]. - Any confirmed gains or losses from foreign exchange hedging that meet regulatory disclosure standards must be reported promptly [10]. Group 5: Documentation and Record Keeping - All documentation related to foreign exchange hedging activities, including transaction records and agreements, must be archived by the finance department for a period of 10 years [10].

Core Viewpoint - Beijing Hekang New Energy Technology Co., Ltd. plans to increase its foreign exchange hedging business limit to mitigate risks associated with foreign currency fluctuations as its overseas business expands [1][2]. Group 1: Business Expansion and Hedging Strategy - The company has approved a new limit for foreign exchange hedging business, increasing it from RMB 200 million to RMB 500 million or equivalent foreign currency [1]. - The decision was made during the 23rd meeting of the sixth board of directors and the 11th meeting of the sixth supervisory board, reflecting the need for enhanced risk management due to changing external conditions [1][2]. - The hedging business will include various financial instruments such as forward foreign exchange contracts, foreign exchange swaps, foreign exchange options, interest rate swaps, and other foreign exchange derivatives [2]. Group 2: Risk Management Measures - The company emphasizes that its hedging activities will be closely aligned with its core business operations, ensuring that the currency, scale, direction, and duration of transactions are appropriately matched [2]. - A series of measures will be implemented to manage risks, including strengthening research and analysis of exchange rates and adjusting business strategies as needed [2]. - The finance department will oversee the hedging activities, ensuring that they are based on normal operational needs and avoiding speculative trading [2].