Group 1 - The company held its 11th meeting of the 3rd Board of Directors on October 15, 2025, which was legally valid and attended by all participating directors [2][4] - The Board approved a proposal for foreign exchange hedging to mitigate risks from currency fluctuations, with an investment limit of up to $20 million, valid for 12 months [3][22][31] - The Board also approved the 2025 Q3 report, confirming that it accurately reflects the company's financial status and operational results [5][6] Group 2 - The company proposed a profit distribution plan for Q3 2025, planning to distribute cash dividends of RMB 3.00 per 10 shares, totaling approximately RMB 64.22 million [7][15][16] - The profit distribution plan aligns with the company's policies and aims to provide reasonable returns to shareholders while supporting sustainable development [12][14][16] Group 3 - The foreign exchange hedging aims to enhance financial stability and efficiency in using foreign currency funds, primarily involving USD and EUR [20][21] - The hedging activities will be conducted using the company's own funds and will not involve any fundraising [24] - The company has established internal control measures and a management system for the foreign exchange hedging business to mitigate associated risks [28][30][32]

Core Viewpoint - Bid Pharma (688073) is implementing foreign exchange hedging to mitigate currency fluctuation risks due to its import and export business primarily settled in foreign currencies [1] Group 1: Stock Performance - As of October 15, 2025, Bid Pharma's stock closed at 68.47 CNY, up 3.66% from the previous trading day, with a total market capitalization of 6.223 billion CNY [1] - The stock opened at 66.05 CNY, reached a high of 68.64 CNY, and a low of 65.21 CNY, with a trading volume of 50.0698 million CNY and a turnover rate of 1.71% [1] Group 2: Foreign Exchange Hedging Business - The company plans to conduct foreign exchange hedging with a maximum contract value of 600 million CNY on any trading day, and the margin and premium will not exceed 20 million CNY [1] - The hedging transactions will involve currencies such as USD, EUR, GBP, and HKD, utilizing methods including spot foreign exchange, forward foreign exchange, swaps, and options [1] - The board of directors has authorized the chairman or designated personnel to sign relevant documents within the approved limits, effective for 12 months from the board's approval [1] - The company has established a foreign exchange risk management system and implemented multiple risk control measures [1] - The matter has been approved by the 25th meeting of the second board of directors and does not require submission to the shareholders' meeting for approval [1] - The sponsor institution, Guotai Junan Securities, has no objections to the company's foreign exchange hedging business [1]

Core Viewpoint - Shandong LianKe Technology Co., Ltd. has approved a proposal to conduct foreign exchange hedging activities to mitigate risks associated with currency fluctuations impacting its overseas operations [1][2]. Group 1: Foreign Exchange Hedging Business - The company aims to effectively avoid foreign exchange market risks and enhance financial stability through foreign exchange hedging activities [1]. - The hedging activities will primarily involve major foreign currencies such as USD and EUR, utilizing instruments like forward foreign exchange contracts, foreign exchange swaps, foreign exchange options, and other derivative transactions [1]. - The maximum investment amount for these hedging activities will not exceed 20 million USD (or equivalent foreign currency) at any point during the investment period [1]. Group 2: Risk Management Measures - Although the company adheres to principles of locking in exchange rates and interest rate risks without speculative intentions, it acknowledges potential market, exchange rate, credit, and internal control risks [2]. - The company has implemented various risk control measures, including enhancing exchange rate research, improving internal control systems, and strictly managing the scale of funds [2]. - If the total losses from hedging instruments exceed 10% of the company's audited net profit attributable to shareholders in the last year, and the absolute amount exceeds 10 million RMB, the company will disclose this information promptly [2]. Group 3: Compliance and Documentation - The accounting policies and principles for the foreign exchange hedging activities will strictly follow the relevant accounting standards issued by the Ministry of Finance [2]. - The board of directors, the audit committee, and the sponsor institution have all expressed their agreement with the company's foreign exchange hedging activities [2]. - Relevant documents for reference include the resolutions from the board meetings and a feasibility analysis report on the hedging activities [2].

Core Viewpoint - The company, Hainan Junda New Energy Technology Co., Ltd., has approved a foreign exchange hedging business plan to mitigate exchange rate risks, with a maximum limit of RMB 1.9 billion or equivalent in other currencies, valid for 12 months [2][9][11]. Group 1: Board Meeting Details - The fifth board meeting was held on September 28, 2025, with all 10 directors participating, and the meeting complied with relevant laws and regulations [2][4]. - The board approved the proposal for foreign exchange hedging to safeguard against exchange rate fluctuations affecting the company's operations [2][10]. Group 2: Foreign Exchange Hedging Business Overview - The purpose of the hedging business is to effectively avoid and prevent foreign exchange risks, enhancing financial stability without engaging in speculative trading [9][10]. - The hedging activities will include various types of transactions such as forward foreign exchange contracts, swaps, and options, among others [11][12]. - The total amount for the hedging business is capped at RMB 1.9 billion, which can be rolled over within the 12-month period [11][12]. Group 3: Risk Management Measures - The company has established a management system for foreign exchange hedging, outlining trading principles, approval authority, and risk control measures [19][20]. - To mitigate risks, the company will conduct thorough research on exchange rates and adjust strategies based on market conditions [19][20]. - The company will ensure that all foreign exchange transactions are based on actual operational needs and will not engage in speculative activities [19][20].

Core Viewpoint - JunDa Co., Ltd. (002865) announced plans to conduct foreign exchange hedging activities to mitigate foreign exchange risks and enhance financial stability, without engaging in speculative trading for profit [1] Group 1: Foreign Exchange Hedging - The company and its subsidiaries aim to carry out foreign exchange hedging to avoid adverse impacts from significant currency fluctuations on operations [1] - The proposed hedging business will have a limit of up to 1.9 billion RMB (including principal) or equivalent in other currencies, which can be rolled over within the investment period [1] - At any point during the investment period, the cumulative amount will not exceed 1.9 billion RMB or its equivalent in other currencies [1]

Core Viewpoint - Hainan Junda New Energy Technology Co., Ltd. has approved a proposal to conduct foreign exchange hedging activities with a limit not exceeding 1.9 billion yuan or equivalent in other currencies, aimed at mitigating exchange rate risks [1] Group 1: Business Details - The proposed hedging activities include forward foreign exchange contracts, swaps, options, and their combinations, with a duration of 12 months from the board's approval date [1] - The funding for these activities will come from the company's own funds, and the business is designed to avoid speculative arbitrage [1] Group 2: Risk Management - Although the primary goal is to hedge against exchange rate risks, the company acknowledges potential risks including exchange rate fluctuations, internal control issues, performance risks, and legal risks [1] - The company has established relevant systems and implemented risk control measures, and will account for these activities according to accounting standards [1] Group 3: Governance - The matter does not require submission for shareholder meeting approval, indicating a streamlined decision-making process within the company [1]

Group 1: Company Performance and Capacity - The company has enhanced its production capacity through asset-light expansion models, including site leasing and cooperative capacity [2][3] - In the first half of 2025, the company reported that over 70% of its effective orders were from overseas projects [9] - The company is actively developing various special and civilian unmanned vessel projects, with deliveries planned according to contract schedules [3][4] Group 2: Financial Management and Market Response - The company has established a "Value Management System" to focus on core business growth and improve governance and investor communication [6][9] - The energy sector's revenue share has increased due to the company's natural gas operating qualifications, with projects like LNG pre-cooling and technical consulting services contributing to this growth [5] - The company is taking legal actions to enforce performance compensation from its major shareholder, with ongoing litigation regarding historical performance commitments [10][12] Group 3: Legal Issues and Stock Performance - The company is facing ongoing litigation with a former shareholder, with a court ruling expected but not yet issued [10][12] - The stock price has been declining, influenced by macroeconomic factors and market sentiment, despite the company's stable operational performance [11][12] - The company is considering measures to stabilize its stock value, including potential stock buybacks and employee stock ownership plans [9][11]

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].