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 ...

Group 1: Overseas Business Operations - China National Petroleum Corporation (CNPC) Capital's overseas business is primarily conducted by China Petroleum Finance (Hong Kong) Co., Ltd., which serves as a platform for settlement, financing, and fund management for CNPC and its subsidiaries [2] - The business scope includes cash pool management, fund settlement, lending and deposit services, investment services, and foreign exchange services [2] Group 2: Market Value Management - CNPC emphasizes market value management in line with national capital market directives, incorporating market value assessment indicators into management contracts [3] - The company has launched the "Quality and Return Dual Improvement" action plan, focusing on seven areas: party building, integration of production and finance, business development, risk prevention, market value management, information disclosure, and shareholder returns [3] - Since its restructuring and listing, the company has distributed cash dividends totaling 150.44 million yuan to shareholders [3] Group 3: Risk Management and Financial Strategies - CNPC Finance manages exchange rate risks by analyzing market trends and locking in forward exchange rates through swap transactions [3] - The pricing of assets and liabilities is based on the Loan Prime Rate (LPR) and benchmark deposit rates published by the People's Bank of China [3] Group 4: Kunlun Bank Performance - Kunlun Bank has achieved stable growth in operating income, with total assets increasing by 23 billion yuan compared to the beginning of the year [4] - The bank's strategy focuses on increasing scale, stabilizing interest margins, and enhancing efficiency while ensuring high-quality development and safety [3]

Group 1: Company Performance and Goals - The company is confident in achieving its annual target of installing 4,000 units by the end of 2025 [1] - In the first half of 2025, the company plans to install 2,400 units, which is an increase of nearly 5 times compared to the previous year [5] - As of July 10, 2025, the number of shareholders is 20,833 [5] Group 2: Product and Market Insights - FibroScan devices are recognized by multiple authoritative organizations, including WHO and EASL, as a standard for liver disease detection [3] - The global market size for varicose vein ultrasound treatment devices is estimated to be approximately $1.06 billion in 2024 [6] - The company’s device, FibroScan, has a cost of about €10,000 per unit, requiring 250 tests to break even [1] Group 3: Financial and Operational Strategies - The company has conducted special studies to mitigate the impact of currency fluctuations on financial reports [2] - Revenue from the device business, including per-use charges and leasing, amounted to 412 million yuan, accounting for 44.62% of total revenue [7] - The company has transitioned all dollar-denominated funds into euros to minimize exchange rate impacts [6] Group 4: Collaborations and Partnerships - The company collaborates with domestic MASH drug research enterprises for the FibroScan series devices [1] - Echosens, a partner in Europe, operates under a mixed model of direct sales and distribution in certain countries [2] - The company is actively pursuing strategic partnerships to enhance its market presence and product offerings [4]

Group 1: Impact of External Factors - The company's business has been affected by frequent adjustments in tariff policies, but its diversified sales market and customer structure provide strong resilience against trade dispute risks [2] - The company has been actively building overseas production bases, allowing for greater flexibility in responding to tariff changes [2][3] - Exchange rate fluctuations primarily impact the company's import and export trade, with USD being the main currency for transactions [3] Group 2: Financial Strategies and Shareholder Returns - The company emphasizes shareholder returns and plans to continue providing stable and sustainable returns to investors [3] - The company is focused on enhancing its supply chain services and aims to strengthen its core business capabilities for sustainable development [4] Group 3: Operational Challenges and Talent Management - The main bottleneck for the company's development is the lack of talent, particularly those with international operational capabilities [3] - The company has established various employee incentive mechanisms, including performance-based compensation and employee stock ownership plans [4] Group 4: Innovation and Design - The Guotai Innovation Design Center is being developed in Shanghai, which will support recruitment and innovation activities [3] - The company has established marketing and design centers in key international markets to enhance customer service and increase trade value [4]

Group 1 - The People's Bank of China announced the implementation of eight policy measures in Shanghai, including the research and promotion of RMB foreign exchange futures trading to enhance the foreign exchange market product series and help financial institutions and foreign trade enterprises manage exchange rate risks more effectively [1] - The introduction of RMB foreign exchange futures is deemed urgent due to the complex international situation, large and volatile cross-border capital flows, and the increasing dual-directional fluctuations of the RMB exchange rate, leading to a growing demand for hedging among domestic enterprises [1][2] - The current foreign exchange derivative market in China includes forward contracts, swaps, currency swaps, and options, which partially meet the hedging needs of the real economy, but the evolving global economic landscape necessitates the introduction of domestic foreign exchange futures to fill the existing market gap [2] Group 2 - The future launch of RMB foreign exchange futures is expected to better meet the hedging needs of enterprises, as these standardized contracts with low margin requirements and transparent pricing can significantly reduce hedging costs and help stabilize operations [3] - The introduction of standardized onshore derivatives is anticipated to enhance the international competitiveness of China's foreign exchange market, attracting more international investors and increasing market liquidity and activity [3] - Improved domestic exchange rate risk management tools will boost the confidence and willingness of foreign investors to hold RMB assets, promoting the broader use of RMB in international payments, settlements, investments, and reserves, thereby enhancing its status in the international monetary system [3]

Core Viewpoint - The introduction of RMB foreign exchange futures is a significant step in enhancing the risk management tools available for enterprises, particularly small and medium-sized enterprises (SMEs), in response to the increasing demand for effective currency risk management as China's economic global standing rises [1][3][9]. Group 1: Policy Announcement - On June 18, during the 2025 Lujiazui Forum, the Governor of the People's Bank of China, Pan Gongsheng, announced eight important financial policies, including the research and promotion of RMB foreign exchange futures trading [1]. - The policy aims to improve the foreign exchange market product series, facilitating better management of exchange rate risks for financial institutions and foreign trade enterprises [1][2]. Group 2: Demand for Currency Risk Management - There has been a significant increase in the demand for currency risk hedging among SMEs, with a reported 12% increase in the number of A-share listed companies announcing hedging strategies from January to May 2025 compared to the same period in 2024 [4][8]. - The need for diversified and precise RMB exchange rate risk management tools has become increasingly urgent as domestic enterprises face heightened exchange rate risks [4][5]. Group 3: Limitations of Current Tools - Current foreign exchange derivative tools available to domestic enterprises, such as forward contracts and options, have limitations including high scale thresholds, credit requirements, and low flexibility [7]. - SMEs particularly require more flexible, cost-effective foreign exchange risk management products, which RMB foreign exchange futures could address effectively [7][9]. Group 4: Impact on RMB Internationalization - The launch of RMB foreign exchange futures is expected to support the internationalization of the RMB, facilitating capital flow and providing a compliant investment channel to mitigate risks associated with illegal foreign exchange margin trading [9][10]. - The current global average daily trading volume of RMB accounts for only 2.4%, indicating a critical need for effective hedging tools to enhance the RMB's position in international markets [9]. Group 5: Opportunities for Financial Institutions - The policy breakthrough presents strategic opportunities for the transformation and capability enhancement of financial institutions, allowing them to better serve the real economy and integrate into supply chain finance [12][13]. - The introduction of RMB foreign exchange futures is seen as a catalyst for the growth of the futures industry, encouraging firms to strengthen their capabilities and become comprehensive risk managers with international influence [13].

Core Viewpoint - The People's Bank of China and the China Securities Regulatory Commission are advancing the research and promotion of RMB foreign exchange futures trading as a significant step in the 2025 financial opening strategy [1][6] Group 1: Policy Framework - The revised regulations for 2024 clarify that qualified foreign investors can participate in foreign exchange futures trading through dedicated accounts, optimizing cross-border fund transfer processes [2] - Initial futures contracts may be based on offshore RMB (CNH) with cash settlement and daily settlement systems, covering contract durations from 1 month to 1 year [2] - The introduction of foreign exchange futures will fill the gap in long-term derivative products in the domestic market, where trading volume for contracts over one year is only 0.3% of the total market [2] Group 2: Market Dynamics - The launch of RMB foreign exchange futures coincides with the inclusion of foreign institutions from Africa, the Middle East, Central Asia, and Singapore in the RMB Cross-Border Payment System (CIPS) [3] - Futures prices can provide real-time market expectations, offering the central bank more precise policy references [3] - The opening of the futures market is expected to enhance the attractiveness of RMB assets, with foreign institutions holding RMB bonds reaching 4.8 trillion yuan by 2024 [4] Group 3: Risk Management - The futures market allows participants to hedge risks through reverse operations, providing a mechanism for companies to manage currency fluctuations effectively [5] - For example, a Chinese trading company can use RMB foreign exchange futures to hedge against potential depreciation of the RMB when making payments in USD [5] Group 4: Future Outlook - The introduction of RMB foreign exchange futures is anticipated to be a crucial bridge connecting domestic and international financial markets, with expectations for pilot preparations to be completed by 2025 [6]

Core Viewpoint - The introduction of RMB foreign exchange futures is a significant step in enhancing the risk management tools available for enterprises, particularly small and medium-sized enterprises (SMEs), in response to the increasing demand for effective currency risk management solutions [1][2][3]. Group 1: Policy Announcement and Market Demand - On June 18, during the 2025 Lujiazui Forum, the People's Bank of China announced eight important financial policies, including the research and promotion of RMB foreign exchange futures trading [1]. - The demand for RMB foreign exchange futures has been long-awaited by academia and businesses as a tool for managing exchange rate risks, especially for SMEs engaged in foreign trade [2]. - The rapid development of China's economy and the increasing internationalization of the RMB have led to a significant rise in the demand for currency risk management tools [3]. Group 2: Growth in Hedging Needs - The hedging demand among domestic enterprises has surged, with a notable increase in the number of A-share listed companies issuing hedging-related announcements, rising by 12% year-on-year in the first five months of 2025 [4]. - Among these, 1,084 companies reported on currency hedging, indicating that currency risk remains the primary concern for businesses [4][6]. Group 3: Limitations of Current Tools - Current foreign exchange derivative tools available to domestic enterprises are limited, with existing products failing to meet the increasingly complex needs of businesses [5]. - SMEs particularly require more flexible, cost-effective foreign exchange risk management products, which RMB foreign exchange futures could provide due to their standardized contracts and lower barriers to entry [5]. Group 4: Impact on RMB Internationalization - The launch of RMB foreign exchange futures is expected to significantly impact the internationalization of the RMB, providing a compliant investment channel and alleviating pressure on foreign exchange reserves [7]. - Currently, only 2.4% of global foreign exchange transactions involve the RMB, highlighting the need for effective hedging tools to enhance its international standing [7]. Group 5: Opportunities for the Futures Industry - The introduction of RMB foreign exchange futures presents a strategic opportunity for the futures industry to transform and enhance its capabilities [9]. - This new product will reshape the product matrix and service models of futures institutions, allowing them to better integrate into the supply chain finance of enterprises [9][10]. Group 6: Recommendations for Sustainable Development - For the successful launch and sustainable development of RMB foreign exchange futures, collaboration among regulatory bodies, market institutions, and investors is essential [11]. - Key areas for improvement include enhancing trading rules, increasing market participants' understanding of foreign exchange derivatives, and upgrading trading infrastructure [11].

Core Viewpoint - The introduction of RMB foreign exchange futures is a significant step towards enhancing currency risk management for domestic enterprises, particularly small and medium-sized enterprises (SMEs), amid increasing demand for diversified and precise risk management tools [1][2][3]. Group 1: Policy Announcement and Market Demand - On June 18, during the 2025 Lujiazui Forum, the Governor of the People's Bank of China, Pan Gongsheng, announced eight important financial policies, including the promotion of RMB foreign exchange futures trading [1]. - The demand for RMB foreign exchange futures has been long-awaited by the financial and business sectors as a tool for managing exchange rate risks [1]. - The increasing complexity of exchange rate risks faced by domestic enterprises has led to an exponential growth in their hedging needs [1][2]. Group 2: Current Hedging Tools and Limitations - In the first five months of 2025, 1,295 A-share listed companies in the real economy issued announcements related to hedging, a 12% increase from the same period in 2024, with exchange rate risk being the primary concern [2]. - Current domestic foreign exchange derivative tools are limited, and existing hedging products do not fully meet the diverse needs of enterprises [2]. - SMEs particularly require more flexible, cost-effective foreign exchange risk management products, which RMB foreign exchange futures can provide due to their standardized contracts and lower barriers to entry [2]. Group 3: Impact on RMB Internationalization and Financial Institutions - The launch of RMB foreign exchange futures is expected to support RMB internationalization and facilitate capital flow, while also providing a compliant investment channel to mitigate risks associated with illegal foreign exchange margin trading [3]. - According to BIS statistics, only 2.4% of global foreign exchange transactions involve RMB, highlighting the lack of hedging tools as a key constraint [3]. - The introduction of RMB foreign exchange futures can offer strategic opportunities for financial institutions to transform their business models and enhance their capabilities [3][4]. Group 4: Business Innovation and Risk Management - The introduction of foreign exchange futures will reshape the product matrix and service models of futures operating institutions, promoting diversification and specialization [4]. - By integrating futures with the real economy, futures institutions can provide precise exchange rate risk management solutions to enterprises [4]. - Financial institutions can utilize foreign exchange futures to optimize asset-liability management, reduce exchange rate risk exposure, and improve risk management efficiency [4].