证券日报网12月15日讯 国际复材在12月11日、12月12日回答调研者提问时表示，2025年，为降低汇率 波动对经营的影响，公司主要通过匹配外币采购支出与销售收入，实现自然对冲。针对欧元、美元、日 元等主要结算币种，公司还综合运用外币贷款等方式进行主动对冲，通过负债与资产的匹配管理汇率波 动带来的亏损。对于巴西雷亚尔，由于当地实行外汇管制并设有金融交易税，融资成本较高，公司主动 对冲手段受到限制；但该币种并非公司主要经营与结算货币，整体来看，公司已建立系统性的外汇风险 管理体系，旨在有效缓冲汇兑影响，保障主营业务盈利的稳定性。 （编辑 袁冠琳） ...

Core Viewpoint - Baosteel Co., Ltd. (600019) indicated that its iron ore procurement scale is larger than its product export volume, and the appreciation of the RMB is expected to have a positive impact on its operations [1] Group 1: Foreign Exchange Risk Management - The company has established a mature mechanism for foreign exchange risk management to address uncertainties related to exchange rate fluctuations [1] - Financial derivative tools are utilized to hedge against exchange rate volatility, and currently, there is no significant foreign exchange risk exposure [1] Group 2: International Settlement Strategy - The company is attentive to the trend of diversification in international settlement currencies and aims to optimize its settlement strategy based on policy guidance and commercial feasibility [1]

福田汽车公告称，随着海外业务拓展，外汇收支规模上升，外汇风险敞口扩大。为锁定成本、降低汇率 风险，公司拟于2026年1月1日至12月31日开展不超6亿美元或其他等值外币的外汇衍生品交易业务，额 度可循环使用，期限内任一时点余额不超该额度。交易类型包括外汇远期、期权、期权组合、掉期等， 资金源于自有资金。公司将采取措施防控汇率波动等风险。 ...

证券代码：301526 证券简称：国际复材 重庆国际复合材料股份有限公司 投资者关系活动记录表 编号：2025-010 投资者关系活动 类别 ☑ 特定对象调研 □分析师会议 □媒体采访 □新闻发布会 □现场参观 □业绩说明会 □路演活动 □其他 (请文字说明其他活动内容) 参与单位名称及 人员姓名 华福证券股份有限公司：魏征宇 天风证券股份有限公司：鲍荣富 长江证券股份有限公司：董超 国金证券股份有限公司：赵铭 申万凌信基金公司：刘毅男 华源大制造基金公司：林高凡 时间 2025 年 12 月 8 日-9 日 地点 公司会议室 上市公司接待人 员姓名 副总经理、董事会秘书：黄敦霞 财务部、运营管理部、董事会办公室相关人员 投资者关系活动 主要内容介绍 现场交流环节主要内容如下： 近期机构调研中公司回答过的问题，本次活动披露文件中 未做重复介绍。 1.基于目前的经营情况，公司是否还有新的增产规划？ 公司目前玻纤纱年产能约为 125 万吨。根据已披露的规 划，预计将于年内完成"8.5 万吨电子级玻璃纤维生产线设备更 新及数智化提质增效项目"的建设与投产（详见公司 2024-044 号公告）。项目投产后，将进一步提 ...

Core Viewpoint - The company and its subsidiaries are engaging in foreign exchange derivative trading to mitigate foreign exchange fluctuation risks, with a transaction amount not exceeding 30 million USD or equivalent in other currencies [1] Group 1 - The company has received board approval for foreign exchange derivative trading, which includes forward foreign exchange contracts [1] - The trading period is set for 12 months from the date of board approval [1] - The trading will be conducted with qualified financial institutions [1] Group 2 - The company has implemented risk control measures to address market and liquidity risks associated with the trading activities [1] - The transactions do not constitute a major asset restructuring or related party transactions [1]

Group 1: Financial Management and Risk Control - The significant increase in accounts payable is primarily due to the investment in the "Fujilai (Shandong) Specialty API and Intermediate CMO/CDMO Construction Project" [2] - The company aims to ensure project funding needs while controlling debt scale and financial risks through coordinated project construction and financial management [2] - The company has implemented measures such as credit assessment and collection tracking to optimize accounts receivable management and reduce bad debt risk [3] Group 2: Investment Strategies and Returns - The company utilizes idle funds for entrusted financial management to enhance the efficiency of fund usage and improve returns, without affecting normal operations [3] - The increase in income tax expenses is mainly due to a significant rise in investment income during the current period [3] Group 3: Inventory and Supply Chain Management - The company plans to continuously optimize inventory structure and strengthen market trend analysis to adapt to changes in market demand [3] - The reduction in inventory balance since the beginning of the year has positively impacted profits due to the reversal of inventory impairment provisions [3] Group 4: Project Development and Future Outlook - The "Fujilai (Shandong) Specialty API and Intermediate CMO/CDMO Construction Project" is progressing as per the scheduled timeline, with expected contributions to revenue and profit post-production [5] - The company is focused on enhancing its core competitiveness in the specialty API and intermediate sector to inject new momentum into sustainable development [5] Group 5: Shareholder Communication and Governance - The company emphasizes compliance with legal regulations regarding shareholder reduction plans and will ensure timely information disclosure [2] - The sustainability of government subsidies remains uncertain, and the company is monitoring potential new support projects or policies [3]

Core Insights - Thailand has become a significant destination for Chinese enterprises expanding overseas, with continuous growth in China's exports to Thailand and increasing market share of Chinese goods in Thailand's import market [1] - Chinese investments in Thailand have reached new highs, particularly in sectors such as automotive manufacturing, electronic components, and rubber processing [1] - The Thai government promotes a business-friendly environment, making it an attractive opportunity for Chinese companies, especially in automotive manufacturing, digital economy, and clean energy [1] Group 1: Investment Trends - There is a rising trend of Chinese companies investing in Thailand, exemplified by Haier New Energy organizing a delegation to explore business opportunities and projects in the country [2] - Chinese banks, such as Bank of China and Industrial and Commercial Bank of China (ICBC), are providing comprehensive financial services to support Chinese enterprises in Thailand, including cross-border financial services and investment information [2] Group 2: Financial Cooperation - A multi-layered coordination framework for financial cooperation has been established between China and ASEAN, with initiatives like the Chiang Mai Initiative Multilateralization (CMIM) and the Belt and Road Initiative (BRI) facilitating large-scale infrastructure financing [3] - The Regional Comprehensive Economic Partnership (RCEP) has created unified rules for cross-border financial transactions, enhancing regional financial integration [3] Group 3: Challenges Faced - Despite the opportunities, Chinese enterprises face challenges in cross-border fund management and foreign exchange risks when entering the Thai market [4] - Large enterprises encounter complex registration processes and high banking fees, while small and medium-sized enterprises (SMEs) struggle with foreign exchange regulations and cash flow management [4][5] Group 4: Foreign Exchange Risk Management - Effective foreign exchange risk management is crucial for Chinese enterprises in Thailand, with large enterprises employing diverse strategies, yet many still lack formal hedging practices [5] - SMEs have limited access to foreign exchange risk management tools, making them vulnerable to currency fluctuations [5] Group 5: Recommendations for Enterprises - Chinese enterprises are advised to integrate into the local market, adapt culturally, enhance their corporate image, and comply with local laws [6] - Emphasis is placed on the importance of collaboration with local SMEs and optimizing financing strategies [6] Group 6: Role of Financial Institutions - Financial institutions are encouraged to build comprehensive service systems for enterprises going abroad, with large banks collaborating with local banks to enhance service capabilities [7] - Domestic banks should strengthen partnerships with overseas banks to better serve diverse needs of outbound enterprises [7]

Core Insights - China's financial direct investment in Southeast Asia has seen rapid growth, diversification, and increasing importance, with ASEAN countries becoming China's largest export destination [1] - The "New Three" sectors (new energy vehicles, lithium batteries, and photovoltaics) are leading the outbound investment trend, primarily directed towards Southeast Asia, Europe, and North Africa [1][2] - The financial cooperation framework between China and ASEAN has evolved, with initiatives like the Chiang Mai Initiative and the Belt and Road Initiative enhancing regional financial stability and infrastructure financing [2] Investment Trends - Outbound investment from Chinese manufacturing is recovering, with significant focus on greenfield investments in Southeast Asia, particularly in Malaysia, Indonesia, and Thailand [1] - Non-"New Three" investments, especially in electronic components and consumer electronics assembly, are heavily concentrated in Vietnam, which has become a major hub for Chinese manufacturing jobs [1] Financial Services and Challenges - Chinese enterprises face varying financial needs and challenges at different development stages when expanding abroad, particularly in Thailand [2][3] - Large enterprises rely on local Thai banks for convenience and local currency credit, while small and medium-sized enterprises (SMEs) depend more on internal funding and partnerships [3] Cost and Risk Management - The report highlights that while nominal loan rates in China are lower than in Thailand, cross-border borrowing is complicated by capital flow restrictions and additional transaction costs [3] - Foreign exchange risk management is a critical financial need for Chinese enterprises in Thailand, with significant disparities in management capabilities between large enterprises and SMEs [4] Recommendations for Financial Institutions - Financial institutions are encouraged to develop simplified and low-cost hedging tools, digital foreign exchange platforms, and capacity-building services to support SMEs [4][5] - Suggestions for Chinese financial regulators include establishing Shanghai as a service center for outbound enterprises and enhancing cross-border capital flow management [5]

Core Insights - The acceleration of Chinese enterprises' overseas expansion is significantly influenced by multiple factors, including changes in the global economy and geopolitical landscape, as well as the strategic value of the ASEAN market [1] Group 1: Opportunities and Challenges - The report highlights that foreign exchange risk management has become a critical financial need for Chinese enterprises in Thailand, with large enterprises employing diverse methods while many still lack formal hedging strategies [2] - Small and medium-sized enterprises (SMEs) face significant challenges in foreign exchange management, primarily due to high costs of hedging tools, limited access to complex financial products, and insufficient financial literacy [2] - The study emphasizes the need for financial institutions to create simplified and low-cost hedging tools, packaged financial products, and digital foreign exchange platforms to support the resilience and competitiveness of SMEs [2] Group 2: Support Ecosystem - There is a call for strengthening the overseas support ecosystem for Chinese enterprises, encouraging collaboration among trade promotion agencies, law firms, and accounting firms to facilitate overseas business expansion [3] - Simplifying and digitizing the overseas investment process is essential, with a proposal to establish a unified digital platform to integrate approval and filing requirements, thereby improving efficiency and predictability for small-scale projects [3]

Core Viewpoint - The company has established a mature mechanism for foreign exchange risk management and currently has no significant foreign exchange risk exposure [1] Group 1: Foreign Exchange Risk Management - The company utilizes financial derivative tools to hedge against exchange rate fluctuations [1] - The company will continue to pay attention to the trend of diversification in international settlement currencies [1] - The company aims to optimize its settlement strategy based on policy guidance and commercial feasibility [1]