Core Viewpoint - BYD Company Limited has made significant changes to its registered capital and has approved an increase in its foreign exchange derivatives trading limit, reflecting its strategic growth and financial management initiatives [1][2]. Group 1: Changes in Registered Capital - The company held its 19th meeting of the 8th Board of Directors, where it was decided to change the registered capital and amend the Articles of Association [1]. - The company approved a profit distribution plan, which includes a cash dividend of RMB 39.74 per 10 shares (including tax) and a stock dividend of 8 shares for every 10 shares held, resulting in a total cash dividend of approximately RMB 12,077.248 million [1]. - Following the implementation of the profit distribution plan, the total number of shares increased from 3,039.065855 million to 9,117.197565 million, and the registered capital rose from RMB 3,039.065855 million to RMB 9,117.197565 million [1]. Group 2: Foreign Exchange Derivatives Trading - The Board of Directors approved a feasibility analysis report for increasing the foreign exchange derivatives trading limit, which does not require shareholder meeting approval [2]. - The trading limit for foreign exchange derivatives will be increased from the equivalent of USD 10 billion to USD 12 billion, with a usage period of 12 months from the date of approval [2]. - The approved limit can be used on a revolving basis, with the maximum investment balance at any point not exceeding USD 12 billion, and the expected credit limit usage not exceeding USD 600 million [2].

Group 1 - The company has elected a new employee representative director, Ms. Zhu Xiaojuan, to the second board of directors, which will serve a term of three years starting from the approval date of the second extraordinary general meeting of shareholders in 2025 [1][6][7] - The second board of directors consists of three non-independent directors and three independent directors, along with the employee representative director, ensuring that the number of employee representatives does not exceed half of the total board members [2][7] - The company has decided to abolish the supervisory board, transferring its powers to the audit committee of the board of directors [14] Group 2 - The company has authorized its management to conduct foreign exchange derivative trading to mitigate risks associated with exchange rate fluctuations, with a total limit of up to $15 million or its equivalent in RMB [22][23] - The foreign exchange derivative trading will be conducted using the company's own funds and will not involve speculative trading [25][26] - The company has established risk control measures to manage potential risks associated with foreign exchange derivative trading, including careful selection of trading partners and adherence to relevant laws and regulations [31][32]

Core Viewpoint - BYD (002594.SZ) announced an increase in its foreign exchange derivatives trading limit from the equivalent of 10 billion USD to 12 billion USD, with a usage period of 12 months from the approval date by the board [1] Group 1 - The new trading limit allows for a rolling usage within the specified period, with a maximum investment balance at any point not exceeding the equivalent of 12 billion USD [1] - The foreign exchange derivatives involved will only occupy the credit limit with cooperating financial institutions and will not require margin payments [1] - The expected credit limit usage at any point during the authorized period will increase from not exceeding the equivalent of 500 million USD to not exceeding the equivalent of 600 million USD [1]

Overview of the Announcement - The company aims to conduct foreign exchange derivative transactions to mitigate risks associated with foreign exchange rate fluctuations and enhance financial stability [1][2] - The total transaction amount is capped at 15 million USD (or equivalent in RMB) over a period of 12 months, starting from the approval date by the board [1][2] Transaction Details - The funding for the foreign exchange derivative transactions will come from the company's own funds, without involving raised funds or bank credit [2] - The company will utilize simple and transparent foreign exchange derivative instruments such as forward contracts, options, and swaps, ensuring that transactions are not speculative or arbitrage in nature [2][3] - The board has authorized the general manager or designated business leaders to make decisions and sign relevant documents within the approved limits [2][3] Risk Management - The company acknowledges potential risks including exchange rate fluctuations, internal control weaknesses, customer default risks, and liquidity risks [3][4] - To mitigate these risks, the company will adopt a cautious approach, ensuring that foreign exchange assets and liabilities are well-matched, and will select reputable financial institutions as trading partners [4][5] - A dedicated management system for foreign exchange derivative transactions has been established, with trained personnel to oversee operations and compliance with legal regulations [5][6] Impact on Financial Performance - The foreign exchange derivative transactions are expected to enhance the company's ability to manage foreign exchange risks, thereby protecting its operating performance and shareholder interests [4][6] - The company will follow relevant accounting standards for the recognition and measurement of financial instruments related to these transactions [4][6] Sponsor's Review - The sponsor has confirmed that the board's approval process for the foreign exchange derivative transactions was properly followed and that the company has established necessary risk control measures [6]

中信证券股份有限公司 关于思看科技（杭州）股份有限公司 开展外汇衍生品交易业务的核查意见 中信证券股份有限公司（以下简称"中信证券"或"保荐人"）作为思看科 技（杭州）股份有限公司（以下简称"思看科技"或"公司"）首次公开发行股 票并在科创板上市及持续督导的保荐人，根据《证券发行上市保荐业务管理办法》 《上海证券交易所科创板股票上市规则》《上海证券交易所科创板上市公司自律 监管指引第 1 号—规范运作》等有关规定，对思看科技开展外汇衍生品交易业务 事项进行了审慎核查，具体情况如下： 一、交易情况概述 （一）交易目的 公司及控股子公司存在部分进出口业务涉及外汇结算，为减少外汇汇率波动 带来的风险，降低汇率波动对公司经营业绩的影响，增强公司财务稳健性，公司 拟适当开展外汇衍生品交易业务。公司及控股子公司开展的外汇衍生品交易品种 均为与基础业务密切相关的外汇衍生产品或组合，公司不会从事以投机和套利为 目的的衍生品交易。 （二）交易金额及期限 公司及控股子公司拟使用自有资金开展预计交易额度不超过 1,500 万美元 （或等值人民币）的外汇衍生品业务。上述交易额度自公司第二届董事会第一次 会议审议通过之日起 12 个月 ...

Core Viewpoint - The document outlines the management system for foreign exchange derivative trading at OFILM Group Co., Ltd., emphasizing the need for risk management, compliance with regulations, and the establishment of a structured operational framework for such trading activities [1][2][3]. Summary by Sections General Principles - The purpose of the system is to standardize foreign exchange derivative trading and related information disclosure, enhance management, prevent investment risks, and ensure asset safety [1]. - Derivatives include forwards, swaps, options, and combinations thereof, with underlying assets being securities, indices, interest rates, exchange rates, currencies, and commodities [1]. Trading Operations Principles - The company does not engage in foreign exchange trading solely for profit; all trading activities are based on normal business operations and aimed at hedging against exchange rate risks [2][3]. - Trading is permitted only with qualified financial institutions approved by the State Administration of Foreign Exchange and the People's Bank of China [2][3]. - The foreign currency amounts in derivative contracts must not exceed the company's prudent forecast of foreign currency receipts and payments [2][3]. Approval Authority - The Board of Directors is responsible for reviewing the necessity and risk control of foreign exchange derivative trading, with overall plans and limits requiring the Chairman's consent before submission for Board approval [3][4]. - A feasibility analysis report must be provided for derivative trading, and certain conditions require submission to the shareholders' meeting for approval [4]. Management and Internal Procedures - The General Manager is authorized to manage foreign exchange derivative trading operations and sign relevant agreements [5]. - The finance department is responsible for daily management and must report on the trading situation and any anomalies [5][6]. Information Disclosure - All foreign exchange derivative trading activities must be disclosed promptly after Board approval, detailing the necessity and rationale for the trades [7][8]. - Significant risks or losses must be disclosed through temporary announcements, and specific details about the trading purpose and expected financial implications must be provided [8][9]. Miscellaneous - The system applies to the company's subsidiaries, which must also comply with these regulations [10]. - The Board of Directors holds the interpretation rights of this system [11].

Group 1 - The core viewpoint of the article is that Dongpeng Beverage Group plans to engage in foreign exchange derivative trading to manage increasing foreign exchange risks associated with its expanding overseas operations [2][3][6] - The company aims to lock in costs and effectively hedge against foreign exchange market risks to prevent adverse impacts from significant exchange rate fluctuations [2][3] - The trading will involve a total amount not exceeding RMB 700 million (or equivalent foreign currency) at any given time, funded by the company's own or self-raised funds [2][3] Group 2 - The types of foreign exchange derivatives to be traded include but are not limited to currency swaps, foreign exchange forwards, foreign exchange swaps, and foreign exchange options [3] - The trading counterparties will be banks and financial institutions approved by relevant government departments, and no related parties will be involved in these transactions [3] - The board of directors has authorized the chairman or designated personnel to execute the foreign exchange derivative trading business within the specified limits and duration [3] Group 3 - The company will strengthen its research and analysis on exchange rates and adjust its operational strategies in response to market changes to mitigate risks from exchange rate fluctuations [6][7] - The company has established relevant management systems to regulate trading behavior and control risks, ensuring that the trading activities do not harm the interests of the company and its shareholders, especially minority shareholders [7]

Core Viewpoint - The article outlines the foreign exchange derivatives trading management system of Great Wall Motor Co., Ltd, emphasizing the need for risk management and internal control mechanisms to mitigate market risks and ensure asset safety [1][2]. Group 1: General Principles - The management of foreign exchange derivatives should be based on normal business operations, aiming to hedge against exchange rate or interest rate risks while adhering to prudent and stable operational principles [2][3]. - The group must not engage in speculative foreign exchange trading and should focus on "hedging" rather than "value appreciation" to minimize the negative impact of exchange rate fluctuations on core business and financial performance [2][3]. Group 2: Risk Management Principles - The foreign exchange derivatives used for hedging must be limited to products and materials related to the group's operations, ensuring that the types, scale, and duration of derivatives match the risks being managed [3]. - The group is required to manage foreign exchange derivatives transactions through the financial director, with daily management conducted by the financial management department [3][4]. Group 3: Authorization and Approval Management - The board of directors and shareholders' meeting are the decision-making bodies for foreign exchange derivatives trading, and any trading must be within the approved limits [4][5]. - A feasibility analysis report must be prepared for foreign exchange derivatives trading, which requires board approval before proceeding [5][6]. Group 4: Department Responsibilities and Internal Processes - The financial management department is responsible for daily management, risk assessment, and strategy formulation for foreign exchange derivatives trading [6][7]. - Subsidiary financial departments must monitor foreign exchange exposure and provide necessary data for risk analysis [7][8]. Group 5: Risk Assessment and Reporting - The financial management department must implement measures to prevent funding risks and accurately assess currency positions for timely settlements [8][9]. - In cases of significant risk, such as severe fluctuations in exchange rates, the company must disclose relevant information and submit analysis reports to the board [9][10]. Group 6: Information Disclosure - The group must disclose foreign exchange derivatives trading activities in accordance with relevant laws and regulations, ensuring timely communication of any significant risks or losses [10][11]. - All trading documents and records must be maintained for at least ten years to ensure compliance and accountability [11].

Core Viewpoint - Microglow Co., Ltd. is actively engaging in risk management strategies through various financial instruments, including commodity futures hedging and foreign exchange derivatives trading, to stabilize its operational performance and enhance the efficiency of idle funds [1][2][4][11]. Trading Information Summary - On July 4, 2025, Microglow's stock closed at 33.72 yuan, down 1.92%, with a turnover rate of 5.7%, trading volume of 66,000 lots, and a transaction amount of 224 million yuan [1]. - The fund flow on the same day showed a net outflow of 35.99 million yuan from main funds, a net outflow of 14.87 million yuan from speculative funds, and a net inflow of 50.86 million yuan from retail investors [1][4]. Company Announcements Summary - The sixth board of directors held a meeting on July 4, 2025, and approved several proposals, including: - Continuing commodity futures hedging with a maximum margin of 30 million yuan and a maximum contract amount of 230 million yuan, valid for 12 months [1][6][8]. - Initiating foreign exchange derivatives trading with a maximum credit limit of 40 million yuan and a maximum contract amount of 800 million yuan, also valid for 12 months [1][9][10]. - Utilizing up to 60 million yuan of idle funds for entrusted wealth management and securities investment, with individual investments not exceeding 5 million yuan [1][11]. - Providing a credit guarantee of up to 6 million yuan for its subsidiary, Microglow (Thailand) Co., Ltd., valid for 12 months [1][7]. Upcoming Shareholder Meeting - Microglow will hold its first extraordinary general meeting of 2025 on July 23, 2025, to discuss the aforementioned proposals, with a registration deadline of July 16, 2025 [3]. Foreign Exchange Derivatives Trading Feasibility - The company aims to mitigate operational risks associated with foreign exchange rate and interest rate fluctuations, as over 50% of its products are exported and settled in foreign currencies [4][5]. Commodity Futures Hedging Feasibility - The company plans to conduct hedging activities for copper and aluminum, which are its main raw materials, to reduce the impact of price volatility on its operations [6][8]. Credit Guarantee for Subsidiary - The company intends to provide a credit guarantee for its subsidiary, Microglow (Thailand) Co., Ltd., to support its operational and business development needs [7]. Investment of Idle Funds - The company plans to invest idle funds to improve capital efficiency, with a focus on various financial instruments, including stocks, bonds, and wealth management products [11].

Core Viewpoint - The board of directors of Guangdong Songfa Ceramics Co., Ltd. has approved several proposals related to financial activities for the year 2025, including new related party transactions, borrowing limits, guarantees, and investment plans, which will be submitted for shareholder approval [1][2][3][5][6][7]. Group 1: Related Party Transactions - The board approved the estimated situation of new daily related party transactions for 2025, with the proposal receiving unanimous support from independent directors and the supervisory board [1][2]. Group 2: Borrowing and Guarantees - The company plans to apply for a new borrowing limit of up to RMB 15 billion from a controlling shareholder's related party, with an interest rate not exceeding the Loan Prime Rate (LPR) [2][3]. - A new guarantee plan for 2025 was proposed, with an estimated total guarantee amount not exceeding RMB 30 billion, covering guarantees for subsidiaries [3]. Group 3: Credit and Financial Management - The company intends to apply for a new comprehensive credit limit of up to RMB 50 billion and USD 20 million (or equivalent foreign currency) to support its operations and business expansion [3][4]. - A proposal to establish a management system for foreign exchange derivative trading was approved to enhance risk management and asset security [5]. Group 4: Investment Plans - The company plans to use its own funds for entrusted wealth management, with a maximum daily balance of RMB 500 million allocated for low-risk financial products [6]. - The board proposed to conduct foreign exchange derivative trading with an estimated balance not exceeding USD 1 billion for 2025 [6]. Group 5: Shareholder Meeting - The company has scheduled the second extraordinary general meeting of shareholders for July 7, 2025, to review the aforementioned proposals [7].