Group 1 - The company provided guarantees for its subsidiaries, including a maximum guarantee of USD 60 million for Shengtun Metal International and USD 800,000 for Brother Mining SASU [2][4] - The total amount of external guarantees provided by the company and its subsidiaries is CNY 664,977.12 million, accounting for 42.97% of the company's latest audited net assets [10] - The company has no overdue external guarantees [3][5] Group 2 - The company reported a revenue of CNY 25.73 billion in 2024, a year-on-year increase of 5.21%, and a net profit attributable to shareholders of CNY 2.005 billion, an increase of 657.63% [11][12] - The main business gross profit margin reached 19.15%, an increase of 8.21 percentage points compared to the previous year, driven by significant revenue growth in cobalt and copper products [11][13] - The company’s copper product gross margin was 35.23%, while cobalt product gross margin was 43.55%, reflecting strong profitability in these segments [16][17] Group 3 - The company’s overseas assets amounted to CNY 14.392 billion, accounting for 38.35% of total assets, with overseas revenue of CNY 14.466 billion, representing 57.71% of total revenue [35][36] - The overseas business gross margin has consistently exceeded that of domestic operations by more than 24 percentage points over the past three years [35][36] - The company’s overseas projects in the Democratic Republic of Congo and Indonesia have significantly contributed to its revenue growth, with the Congo project showing a revenue increase of 79.09% [38][39]

为进一步发挥期货市场服务实体经济功能，引导国有企业、上市公司合理利用期货市场管理风险，5月8 日，郑商所联合辽宁证监局、沈阳市委金融办、沈阳市国资委共同举办了沈阳市国有企业与上市公司风 险管理培训班。 上述相关负责人还表示，国有企业与上市公司是区域经济的"顶梁柱"，在风险管理体系建设中应主动担 当、率先垂范。一是树牢"风险中性"理念，摒弃套保"盈亏考核"惯性思维，建立与战略目标相匹配的衍 生品管理制度；二是加强跨部门协作，财务、风控、业务团队需形成合力，杜绝"单打独斗"式套保；三 是强化合规底线意识，严守套期保值会计处理要求，杜绝投机交易和信息披露违规。 沈阳工业基础雄厚、企业数量众多，产业体系与郑商所PTA、PX、尿素、花生、白糖等期货品种密切 相关，并相继发布了《关于促进大连区域性金融中心高质量发展的若干政策措施》等政策文件，提 出"鼓励国有企业深化内部经营方式改革，合理运用期货等风险管理工具对冲风险""促进大宗商品产业 链协同发展"。 郑商所相关负责人表示，郑商所高度重视发挥期货力量，服务地区经济高质量发展。一是将辽宁设置为 PTA、PX、瓶片、白糖、尿素、花生等期货交割区域，便利企业套期保值。二是与恒 ...

永臻科技股份有限公司 （603381） 二〇二五年五月 目 录 为维护广大股东的合法权益，确保本次股东会的正常秩序和议事效率，永臻 科技股份有限公司（以下简称"公司"或"本公司"）根据《中华人民共和国公 司法》《中华人民共和国证券法》《公司章程》《上市公司股东会规则》以及《永 臻科技股份有限公司股东会议事规则》的相关规定，制定以下会议须知，请出席 股东会的全体人员遵守。 （一）本次会议秘书处设在公司董事会办公室，负责会议的组织及相关会务 工作。 （二）为保证会场秩序，场内请勿大声喧哗。有资格出席本次股东会现场会 议的相关人员请准时到会场签到并参加会议，参会资格未得到确认的人员，不得 进入会场。对干扰会议正常秩序、寻衅滋事和侵犯其他股东合法权益的行为，工 作人员有权予以制止，并及时报告有关部门查处。 （三）根据上海证券交易所的相关规定，股东会相关资料已于上海证券交易 所网站发布，大会现场仅提供会议议程及公共借阅的会议资料。 （四）有提问或质询需求的发言股东或其代理人应先举手示意，经大会主持 人许可后，即席发言。有多名股东或代理人举手要求发言时，先举手者先发言； 不能确定先后顺序时，会议主持人可以要求拟发言的股东 ...

随着近年来国内期权市场的持续发展，扮演着连通产业上下游角色的供应链企业运用期权的场景逐渐增多，能力 也在逐步提升。厦门象屿股份有限公司（以下简称象屿股份）由象屿集团旗下所有供应链服务相关子公司重组而成， 为客户提供从原辅材料与半成品的采购供应，直至产成品分拨配送间的全价值链流通管理，形成了农产品、能源化 工、金属矿产、新能源等大宗商品供应链管理服务体系。作为一家供应链企业，象屿股份将期权嵌入风险管理和套期 保值的场景，充分发挥期权优势助力企业风险控制与供应链服务。 为什么说期权是供应链企业的"好帮手"？期权在供应链日常贸易中的应用场景是最好的说明。象屿股份商品衍生品事 业部期权业务部经理尹驰介绍了三类常见场景： 首先是用期权进行套期保值。例如在长约贸易中，公司需要在年初与供应商签订合约时就约定每月供货的价格基 准。"公司与上游签订铝锭长约，每月2万吨，定价方式为当月26日至次月25日的现货算数平均价。以常规的套期保值 方式，需要把头寸分散到每天来进行空头套保操作。"他说，同时，期货套保会遇到一些问题。在公司预期价格上 涨，但担心价格下跌的情况下，如果价格最终上涨，期货套保会损失掉因部分价格上涨带来的利润。以期 ...

Core Viewpoint - The article discusses the evolution and application of options as a risk management tool in industries, highlighting their advantages over traditional futures contracts in terms of flexibility and cost efficiency [1][10]. Group 1: Understanding Options - Options differ from futures as they provide a right rather than an obligation, allowing for more strategic risk management [2][3]. - Buying call options acts as a price insurance for raw materials, enabling businesses to lock in costs while retaining the ability to benefit from price drops [3][4]. - The flexibility of options allows companies to manage risks without the need for margin payments, thus improving capital efficiency [4][9]. Group 2: Strategies for Risk Management - Companies can adopt various strategies such as buying out-of-the-money call options to reduce costs while managing potential price increases [5][6]. - Selling options can generate income through premiums, especially in stable market conditions, but it does not provide full protection against price declines [7][8]. - The combination of buying and selling options can enhance returns while managing risks effectively, allowing for tailored strategies based on market conditions [9]. Group 3: Market Trends and Innovations - The rise of over-the-counter (OTC) options and rights-inclusive trading has made options more accessible to businesses, integrating them into existing trading practices [10][11]. - Customized options can be designed to meet specific business needs, enhancing flexibility in risk management [11]. - The development of rights-inclusive trading represents a new phase in risk management, allowing for more dynamic pricing and risk-sharing arrangements [10][11].

Group 1 - TA inventory absolute level remains high, and if energy prices adjust again, market risks may not have subsided [8] - It is necessary to conduct risk management and consider hedging to deal with potential market risks [8]

Group 1: Copper Price Management - The company utilizes hedging tools to manage copper price fluctuations and has established a hedging management system to mitigate risks [2] - The copper concentrate processing fee is expected to remain low in the short term, based on the 2025 long-term contract pricing [3] Group 2: Research and Development Focus - Future R&D priorities include developing high-end, high-value-added products in the copper strip and foil sector [3] - The company aims to accelerate the digital transformation of traditional industries, implementing a phased approach to smart upgrades [3] Group 3: Environmental Initiatives - The company invested CNY 140 million in various environmental protection measures in 2024, including tailings pond management [3] - Future strategies will focus on comprehensive pollution control, adhering to principles of source reduction, process control, and end-of-pipe treatment [3] Group 4: Shareholder Returns - The company has disclosed a shareholder return plan for 2023-2025, considering industry conditions and operational performance for profit distribution [3] Group 5: Market Trends and Governance - Copper prices are influenced by global economic trends, supply-demand dynamics, monetary policy, and geopolitical risks [4] - The company plans to optimize its governance structure and internal control systems in 2025 to enhance operational efficiency [4]

Group 1: Sales and Cost Management - Sales expenses increased in 2024 primarily due to rising LNG storage costs, with measures planned to control these expenses and improve cost-effectiveness [1] - The company aims to establish a dynamic balance mechanism for cost control and market expansion to enhance the return on sales expenses [2] Group 2: Market Trends and Strategic Adaptation - The LNG market is expected to see significant growth from 2025 to 2026 due to multiple new supply projects and increasing demand driven by environmental policies and industrial growth [2] - The company plans to optimize its clean energy supply and service models, expand customer resources, and enhance LNG transportation capabilities to strengthen its market position [2] Group 3: Procurement and Risk Management - The company is actively seeking price differences in domestic and international LNG markets to enhance procurement channels and mitigate risks associated with price fluctuations [3] - In 2024, the Singapore subsidiary completed two LNG ship cargo transactions, generating revenue of CNY 656 million, contributing to stable LNG resource acquisition [3] Group 4: Hedging Strategies - The company employs hedging strategies through its Singapore subsidiary to manage price volatility and ensure stable profitability [4] - Adjustments to hedging strategies will be made based on market conditions to optimize resource trade flows and achieve risk management goals [4] Group 5: Competitive Positioning - The company is developing a comprehensive LNG business chain, including transportation, wholesale trade, and retail, to enhance competitiveness against traditional energy sources [5] - Plans include expanding retail operations through the development of LNG refueling stations and leveraging data analytics to improve sales capabilities [5]

Berry (BRY) Q1 2025 Earnings Call May 08, 2025 11:00 AM ET Company Participants Chris Denison - Director - IR & SustainabilityFernando Araujo - CEO & Board MemberDanielle Hunter - PresidentJeff Magids - VP & CFONate Pendleton - Vice President Conference Call Participants Charles Meade - Research Analyst Operator Hello, and welcome to the Berry Corporation Q1 twenty twenty five Earnings Call. At this time, all participants are in a listen only mode. After the speakers' presentation, there will be a question ...

Financial Data and Key Metrics Changes - Adjusted operating earnings for the first quarter of 2025 were $376 million, reflecting a 13% increase compared to the previous year [5][13] - Adjusted operating earnings per share rose over 20% year-over-year, reaching $5.2, up from $4.16 in the prior year's first quarter [6][16] - The estimated Risk-Based Capital (RBC) ratio increased to 585%, well above the minimum requirement of 425% [29] Business Line Data and Key Metrics Changes - Retail annuity sales exceeded $4 billion, marking a more than 9% increase from the previous year [7] - Sales of variable annuities grew by 9% year-over-year, totaling $2.7 billion, with a notable 40% increase in sales of variable annuities without living benefits [7][8] - Fixed and fixed indexed annuity sales showed meaningful growth, although at a moderated level compared to the second half of the previous year [9] Market Data and Key Metrics Changes - Advisory sales increased by 28% compared to the first quarter of 2024, with an annual run rate exceeding $1 billion [10] - The average retail annuity assets under management (AUM) rose to $246 billion, up from $242 billion in the first quarter of 2024 [19] Company Strategy and Development Direction - The company aims to maintain a disciplined approach to growth, focusing on both organic and inorganic opportunities, including potential acquisitions in the annuity business [38] - Jackson is committed to product innovation and expanding distribution channels, particularly through financial professionals at JPMorgan Wealth Management [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating market volatility, emphasizing the importance of providing security to Americans planning for retirement [11][33] - The company remains focused on delivering flexible protection and income-oriented solutions, which are increasingly valued during uncertain market conditions [12] Other Important Information - The company returned over $230 million to common shareholders in the first quarter, with a cash dividend of $0.80 per share approved for the second quarter [10][11] - The hedging program reported a consolidated net hedge loss of $134 million, but the overall strategy has provided stability in capital generation [20][22] Q&A Session Summary Question: Interest in acquiring in the annuity business - Management acknowledged past successful acquisitions and stated that future opportunities would be evaluated against the value of share buybacks or balance sheet strengthening [38] Question: Strategy regarding spread-based products - Management indicated that they are actively evaluating competitiveness and pricing strategies while maintaining discipline in their approach to spread products [41] Question: Fee-based advisers selling more annuities - Management highlighted the importance of providing choice to advisers and the growth of modeling and financial planning tools that support both fee-based and commission structures [50]