Core Viewpoint - The company aims to mitigate foreign exchange risks associated with its international business operations by engaging in financial derivative transactions with reputable domestic financial institutions [1][2]. Summary by Sections Financial Derivative Products Overview - The primary purpose of the transactions is to hedge against foreign exchange risks due to increasing foreign currency settlement volumes as the company expands its international business [1]. - The company plans to conduct transactions including but not limited to forward foreign exchange contracts, foreign exchange swaps, foreign exchange options, interest rate swaps, and currency swaps [2][3]. Transaction Amount - The authorized transaction amount for financial derivative transactions is capped at RMB 300 million (including equivalent foreign currency amounts) [2]. - The maximum expected margin and premium for these transactions will not exceed RMB 35 million (including equivalent foreign currency amounts) [2]. Funding Source - The funds for the financial derivative transactions will come from the company's own resources and will not involve raised funds [2]. Transaction Duration - The validity of the transactions will last for a maximum of 12 months from the date of approval by the company's board of directors [3]. Review Procedures - The proposal for engaging in financial derivative transactions was approved by the company's board of directors and does not require shareholder meeting approval [3]. Impact on the Company - Engaging in financial derivative transactions is intended to enhance the company's ability to manage foreign exchange risk without affecting normal business operations or cash flow [4]. - The company will adhere to relevant accounting standards for the recognition and measurement of financial instruments related to these transactions [4].

Core Viewpoint - Wuhan LianTe Technology Co., Ltd. plans to engage in financial derivatives trading to mitigate foreign exchange risk due to significant overseas business operations [1][2] Business Overview - The purpose of the financial derivatives business is to reduce or hedge against foreign exchange and interest rate fluctuations, thereby protecting the company's main operations from adverse financial market impacts [2] - The types of financial derivatives to be engaged in include foreign exchange forwards, swaps, options, and interest rate derivatives [2] - The total trading limit is set at a maximum of 220 million RMB (or equivalent foreign currency), with a maximum contract value of 2.2 billion RMB (or equivalent foreign currency) at any point during the contract's duration [2] Risk Analysis and Control - Identified risks include foreign exchange fluctuation risk, transaction default risk, operational risk, and legal risk [3] - Risk control measures involve conducting business with the aim of hedging, careful forecasting based on foreign currency receipts and payments, and establishing a robust risk warning and reporting mechanism [3] Accounting Policies and Principles - The company will adhere to relevant accounting standards, including the Accounting Standard for Enterprises No. 24 - Hedge Accounting, ensuring accurate and truthful transaction reporting [4] Business Impact and Review - Engaging in financial derivatives trading is expected to enhance the company's ability to manage foreign exchange risks, stabilize operating performance, and align with daily operational needs without speculative intent [5] - The business initiative has been approved by the board of directors, supervisory board, and independent directors, with no objections from the sponsoring institution [5]

Core Viewpoint - Rongjie Health Technology Co., Ltd. plans to engage in financial derivatives trading to mitigate foreign exchange risk associated with its export business, primarily settled in USD [1][2]. Summary by Sections Trading Overview - The company aims to conduct financial derivatives trading to hedge against foreign exchange fluctuations and reduce financial costs, focusing on non-speculative operations [1]. - The trading will involve currencies aligned with the company's primary settlement currency, including forward foreign exchange, foreign exchange swaps, currency swaps, foreign exchange options, and other financial derivatives [1]. - The trading limit is set at a maximum of RMB 100 million (or equivalent foreign currency), valid for 12 months from board approval, and can be reused [1]. Approval Process - The proposal for financial derivatives trading was approved by the company's board of directors on August 25, 2025, and does not require shareholder meeting approval [2]. Risk Analysis - The company acknowledges potential risks, including foreign exchange volatility, internal control weaknesses, liquidity issues, and legal risks associated with changes in laws or counterparty defaults [2]. - To mitigate these risks, the company has established a management system for financial derivatives trading, ensuring careful contract review and adherence to risk management protocols [2]. Impact on the Company - Engaging in financial derivatives trading is expected to help the company avoid foreign exchange market risks, lower financial costs, and enhance foreign exchange gains without adversely affecting its financial and operational status [3]. - The company will account for these transactions according to relevant accounting standards, with specific outcomes subject to audit [3].

Core Viewpoint - LiuZhou Steel Co., Ltd. plans to continue its futures and derivatives hedging business in 2025 to mitigate risks from significant fluctuations in raw material and product prices, aiming for stable operations [1] Trading Overview - Purpose of Trading: To hedge against price volatility risks and achieve stable operations [1] - Trading Products: Includes steel, iron ore, coking coal, coke, silicon manganese, silicon iron, copper, zinc, nickel, and other related products in the steel industry chain [1] - Trading Tools and Venue: Domestic futures as trading tools, with transactions conducted on domestic futures exchanges [1] - Trading Amount: Maximum reusable margin/premium not exceeding 300 million RMB, with the highest contract value not exceeding the corresponding physical goods value and not exceeding 30% of the annual budget for raw material purchases or steel sales [1] - Professional Personnel: The company has established positions related to hedging business, staffed with qualified and professionally trained personnel, with core members having extensive experience in futures and spot markets [1] - Validity Period: Effective from the date of approval by the company's shareholders' meeting until March 2026 [1] - Funding Source: Entirely from self-owned funds [1] Review Procedures - On August 25, 2025, the company held its third meeting of the Audit Committee and the thirteenth meeting of the ninth Board of Directors, both approving the proposal for the company and its subsidiaries to engage in hedging business, which will be submitted for shareholder approval and does not involve related transactions [2] Risk Analysis and Control - Potential Risks: Includes policy risk, market risk, basis risk, funding risk, operational risk, and technical risk [2] - Risk Control Measures: The company has developed a "Hedging Business Management System," established a futures business leadership group, and enhances research and analysis of raw material procurement and product sales prices, monitoring market changes to adjust strategies as needed [2] Business Impact - The hedging business is limited to products related to the steel industry chain, primarily to mitigate adverse effects from commodity market price fluctuations, effectively manage production costs, control operational risks, and ensure operating profits, without engaging in speculative trading, thus not affecting the normal development of the company's main business, with controllable risks aligned with the interests of the company and all shareholders [3] Accounting Treatment - The company will account for the hedging business according to relevant accounting standards and report it correctly in financial statements. The Audit Committee believes that engaging in futures and derivatives trading aligns with development needs, has established relevant systems and risk control measures, and does not harm shareholder interests, thus agreeing to submit the proposal for Board and shareholder approval [4]

Core Viewpoint - Zhejiang Huatong Meat Products Co., Ltd. plans to engage in hedging activities to mitigate potential risks from raw material price fluctuations [1][2]. Group 1: Business Details - The company is involved in feed processing, livestock farming, slaughtering, and deep processing of meat products [2]. - The purpose of the hedging activities is to utilize futures and options to effectively manage adverse impacts from raw material price volatility, thereby enhancing operational efficiency and ensuring sustainable business operations [2]. - The hedging will focus on products and raw materials related to its operations, including soybeans, soybean meal, palm oil, corn, starch, and various livestock products [2]. - The total amount for hedging activities will not exceed RMB 20 million, using the company's own funds without involving raised funds or bank credit [2]. Group 2: Approval Process - The proposal for hedging activities was approved during the 22nd meeting of the fifth board of directors on August 25, 2025, and does not require shareholder approval [3]. Group 3: Risk Management Measures - The company has established several risk control measures, including aligning hedging activities with operational needs, strict funding controls, and monitoring futures trading to avoid liquidity risks [4]. - A dedicated team will monitor contracts, set stop-loss targets, and manage customer credit to mitigate risks [4]. - The appointed sponsor, China Merchants Securities Co., Ltd., has confirmed that the company has followed necessary legal procedures and has established relevant internal controls and risk management systems [4].

Core Viewpoint - Xinjiang Zhonghe Co., Ltd. plans to conduct aluminum oxide hedging to mitigate price volatility risks affecting sales profits [1][2] Group 1: Business Details - The hedging transaction is expected to have a maximum margin requirement of 1.152 billion yuan and a maximum contract value of 9.6 billion yuan on any trading day [2] - The company plans to sell up to 2.4 million tons of aluminum oxide for hedging within the next 12 months, with the hedging position not exceeding the sales volume [2] - The funding for the hedging activities will come from self-raised funds, without involving raised capital [2] Group 2: Approval Process - The proposal was approved by the Audit Committee on August 19, 2025, and subsequently by the Board of Directors on August 26, 2025, pending approval from the shareholders' meeting [3] - The hedging activities will be conducted in compliance with the internal control system of the company, focusing on risk management and avoiding speculative trading [3] Group 3: Risk Analysis and Control - The company acknowledges potential risks including price volatility, funding, liquidity, and internal control risks, and has established measures to manage these risks [3] - The aim of the hedging business is to stabilize profit levels and mitigate product price fluctuation risks, with accounting treatment to follow relevant accounting standards [3]

Core Viewpoint - The company plans to conduct forward foreign exchange settlement and sales for hedging purposes to effectively mitigate foreign exchange market risks and reduce exchange losses [1][4]. Business Details - The maximum balance for the forward foreign exchange business at any point in time will not exceed RMB 200 million (or equivalent foreign currency), with an upper limit for transaction margin and premiums not exceeding RMB 20 million (or equivalent foreign currency) [2]. - The validity period for the approved limit is 12 months from the board's approval, allowing for rolling use of funds within this limit [2]. - Transactions will be conducted with financial institutions that have the necessary qualifications and are not related parties to the company [2]. - The funding source for these transactions will be the company's own funds, without involving raised funds or bank credit [2]. Risk Analysis and Control - The company acknowledges certain risks associated with the forward foreign exchange business, including exchange rate fluctuation risk, internal control risk, and customer default risk [3]. - To mitigate these risks, the company will negotiate price adjustments with customers or suppliers during significant exchange rate fluctuations, implement a management system for derivative trading, and enhance collection efforts on accounts receivable [3]. Business Impact and Approval - Due to international political and economic uncertainties, frequent fluctuations in the foreign exchange market pose risks to the company's operations, particularly as a significant portion of its export sales are settled in USD [4]. - The forward foreign exchange business is within the board's decision-making authority and does not require shareholder approval, nor does it constitute a related party transaction [4]. - The sponsor institution has verified that the business complies with relevant regulations and that the internal control system is adequate to manage associated risks [4].

Group 1 - The company aims to expand into the upstream alumina industry while continuing to strengthen its aluminum electronic materials sector, implementing a strategy of integrated industrial chain development [1] - The company plans to invest in a 2.4 million ton per year alumina project through its subsidiary, which is expected to commence production in the first half of 2026, with price fluctuations of alumina products potentially impacting profits [1][5] - The hedging strategy will utilize futures and options in the alumina market to mitigate price risk, with a commitment to avoid speculative trading [1][5] Group 2 - The hedging will be based on the actual production and sales of alumina, with a maximum of 2.4 million tons hedged over the next 12 months, ensuring that the hedging positions do not exceed sales volume [1] - The funding for the hedging activities will come entirely from the company's own funds, with a maximum margin requirement of 1.152 billion yuan per trading day and a maximum contract value of 9.6 billion yuan [2] - The duration of the hedging business will last until the next annual shareholders' meeting, not exceeding 12 months from the approval date [2] Group 3 - The company has identified potential risks associated with the hedging activities, including liquidity risks and operational errors, and has established measures to mitigate these risks [2][3] - The company will strictly adhere to hedging practices that correspond to actual production needs and will not engage in speculative trading [2][5] - The accounting treatment for the hedging activities will comply with relevant financial regulations and standards [4]

Core Viewpoint - The company has approved its 2025 semi-annual report, which reflects its actual operational and financial status, and has made necessary adjustments to its financial data due to a business acquisition [8][28]. Group 1: Company Overview - The company is named Hisense Visual Technology Co., Ltd. and is listed under the stock code 600060 [6]. - The board of directors guarantees the authenticity, accuracy, and completeness of the report [6]. Group 2: Financial Data - The semi-annual report has not been audited [3]. - The company has made retrospective adjustments to its financial data due to the acquisition of Qingdao Hisense Xintong Electronics Co., Ltd. [26][28]. Group 3: Board Meeting - The 15th meeting of the 10th board of directors was held on August 22, 2025, with all directors present [7]. - The board unanimously approved the semi-annual report and the retrospective adjustment of financial data [10][12]. Group 4: Business Operations - The company plans to engage in gold futures and derivative hedging business through its subsidiary, Xiamen Qianzhao Optoelectronics Co., Ltd., to mitigate the impact of gold price fluctuations on product costs [31][35]. - The maximum investment amount for this hedging business will not exceed RMB 50 million [32][35]. Group 5: Risk Management - The company has identified potential risks associated with the hedging activities, including market risk, liquidity risk, technical risk, operational risk, and legal risk [41][42]. - Measures will be implemented to control these risks, including establishing a dedicated organizational structure for the hedging business and ensuring compliance with relevant regulations [43][44].

Group 1 - The futures market plays an increasingly important role in serving the real economy and managing price risks, with the Dalian Commodity Exchange's "Enterprise Risk Management Plan" successfully assisting hundreds of companies in their initial engagement with futures tools [1] - Companies like Fuxi Grain and Oil have transitioned from initial trials to regular application of futures tools, marking a significant step in their risk management strategies [1][4] - The plan provides a valuable "testing ground" for enterprises to learn and implement futures trading, enhancing their understanding and capabilities in risk management [1][4] Group 2 - Fuxi Grain and Oil, located in Inner Mongolia, faced significant price volatility in raw material procurement and product sales, prompting them to explore futures trading for risk management [2][3] - The company initially had limited knowledge of futures trading but began participating in the Enterprise Risk Management Plan in 2022, which allowed them to hedge against price fluctuations effectively [2][3] - By utilizing futures contracts for soybean procurement, Fuxi Grain and Oil managed to lock in prices and improve capital efficiency, resulting in a risk management gain of 58,790 yuan [3] Group 3 - Beijing Jingliang Biological Technology Group, a subsidiary of Beijing Shou Nong Food Group, also faced challenges with raw material cost fluctuations and sought to enhance its risk management through the Enterprise Risk Management Plan [5][6] - The company successfully executed its first futures transaction for corn starch, effectively hedging against price declines and establishing a dedicated team for futures operations [6] - Over the past two years, Jingliang Biological has accumulated a hedging scale exceeding 100,000 tons, demonstrating the effectiveness of the plan in expanding their risk management capabilities [6][8] Group 4 - Futures companies like Guotou Futures and CITIC Futures play a crucial role as "guides" for industry clients, helping them navigate the futures market through the Enterprise Risk Management Plan [8][9] - These firms emphasize "accompaniment-style growth," providing ongoing support and training to enhance clients' understanding and use of futures and options [9][10] - The plan targets a diverse range of enterprises, from large corporations to small businesses, facilitating their entry into futures trading and reducing trial-and-error costs [10] Group 5 - The successful experiences of companies like Fuxi Grain and Oil and Jingliang Biological highlight the expanding role of the futures market in supporting the real economy, with expectations for further growth in participation and application of futures tools [11]