Overview - The company plans to conduct financial derivative business in 2025 to manage foreign exchange risks and mitigate the impact of exchange rate and interest rate fluctuations on its performance [1][5]. Financial Derivative Business Overview - The purpose of the financial derivative business is to meet foreign exchange risk management needs and effectively avoid the impact of exchange rate and interest rate fluctuations on the company's performance [1]. - As of December 31, 2024, the company's subsidiary EMBA had a net position of $290 million (approximately 2.083 billion RMB) in currency derivatives [1]. Specific Derivative Contracts - The Hong Kong subsidiary plans to hedge against USD/JPY exchange rate fluctuations with a forward contract not exceeding 17 billion JPY, maturing on July 22, 2025 [2]. - The Hong Kong subsidiary also plans to hedge against EUR/USD exchange rate fluctuations with a forward contract not exceeding €250 million, maturing on July 22, 2025 [2]. - EMBA plans to enter into interest rate swap contracts to lock in rates for project financing loans, with a nominal principal amount not exceeding $566 million [2]. - EMBA intends to conduct forward foreign exchange contracts for TRY/USD to lock in costs related to Turkish coal-fired power generation, with a nominal principal amount not exceeding 10.5 billion TRY (approximately $306 million) [2]. Additional Derivative Activities - The Hungarian subsidiary plans to conduct forward foreign exchange contracts for HUF/EUR with a contract amount not exceeding 3.4 billion HUF (approximately €8.15 million) [3]. - The Hungarian subsidiary also plans to enter into interest rate swap contracts with a nominal principal amount not exceeding €6.4 million [4]. - The Serbian subsidiary plans to conduct interest rate swap contracts with a nominal principal amount not exceeding €18.8 million [4]. - The Japanese subsidiary plans to enter into interest rate swap contracts with a nominal principal amount not exceeding 25 billion JPY [4]. - The Greek project company plans to conduct interest rate swap contracts with a nominal principal amount not exceeding €6.3 million [4]. - The Romanian subsidiary plans to conduct interest rate swap contracts with a nominal principal amount not exceeding €3.3 million [4]. Feasibility and Risk Management - The company has established a foreign exchange risk management framework to ensure professional and centralized management of risks associated with financial derivative activities [5]. - A dedicated foreign exchange risk management team has been formed, consisting of professionals from various departments and external banking experts, to review hedging proposals and monitor risks [5]. Approval Process - The financial derivative business plan for 2025 was approved by the company's board of directors with unanimous consent [6].

Core Viewpoint - The release of the "Action Plan" aims to enhance the convenience of cross-border financial services in Shanghai, addressing the challenges posed by global trade protectionism and supporting China's high-level opening-up strategy [1][2]. Group 1: Cross-Border Financial Services Growth - The international settlement volume of listed banks has seen significant growth, indicating a promising opportunity for banks to expand their cross-border financial services [2]. - In the first four months of this year, China's total goods trade import and export value reached 14.14 trillion yuan, reflecting a 2.4% year-on-year increase, which is expected to boost domestic banks' cross-border business revenue [3]. - China Bank reported a 14.75% year-on-year increase in pre-tax profit from overseas commercial banks, highlighting the growing contribution of international business to revenue [3]. Group 2: Demand for Comprehensive Financial Services - As Chinese enterprises expand overseas, there is a substantial demand for comprehensive financial services, including cross-border settlement, financing, and foreign exchange management [4]. - The "Action Plan" outlines 18 key measures to improve cross-border settlement efficiency and optimize financial services, creating a full-service chain from settlement to risk management [5]. Group 3: Challenges in Cross-Border Financial Services - Banks face challenges in meeting regulatory requirements, which increases compliance costs and complicates the cross-border service experience for enterprises [6]. - Differences in economic development, business culture, and legal environments across countries complicate the assessment of creditworthiness for Chinese enterprises operating abroad [6]. Group 4: Initiatives by Leading Banks - Leading banks like China Bank are actively aligning their strategies with the "Action Plan" to enhance cross-border financial services and support enterprises in global investment and financing [7][8]. - The Industrial and Commercial Bank of China has effectively utilized the cross-border financial service platform to improve business efficiency and customer experience [8]. Group 5: Future Directions for Banks - Banks are encouraged to enhance their policy interpretation and promotional capabilities, support integrated currency pools, and optimize business processes [9]. - There is a focus on diversifying support for global investment and financing, expanding foreign exchange risk management services, and improving digital service levels through new technologies [9].

Core Viewpoint - 博瑞生物医药（苏州）股份有限公司 plans to conduct forward foreign exchange trading to mitigate risks associated with foreign exchange rate and interest rate fluctuations, with a maximum transaction amount not exceeding the equivalent of 150 million USD [1][2][4]. Summary by Sections 1. Transaction Overview - The company aims to engage in forward foreign exchange trading, including forward contracts and foreign exchange options, primarily for hedging purposes to reduce the impact of exchange rate and interest rate fluctuations on its operating performance [1][2]. - The maximum transaction amount for the forward foreign exchange trading is set at 150 million USD, with the highest contract value on any trading day not exceeding this amount [2]. 2. Funding Sources - The funding for the forward foreign exchange trading will primarily come from the company's own funds, without involving raised funds or bank credit [2]. 3. Trading Methods - The trading methods include, but are not limited to, foreign currency forward contracts and foreign exchange options, which allow the company to lock in exchange rates for future transactions [2][3]. 4. Trading Duration - The authorization period for these transactions is set for 12 months from the date of board approval, with the ability to roll over the authorized amount within this timeframe [4]. 5. Risk Analysis and Control Measures - The company adheres to principles of legality, prudence, safety, and effectiveness in its forward foreign exchange trading, avoiding speculative activities [4][5]. - A comprehensive internal control system has been established to manage risks associated with foreign exchange derivatives, including regular assessments and reporting to management [5]. 6. Impact on the Company - Engaging in forward foreign exchange trading is based on normal business operations and aims to enhance the company's ability to manage exchange rate risks without affecting normal cash flow or business operations [6]. 7. Compliance and Review - The proposed foreign exchange derivative trading has been reviewed and approved by the company's board and supervisory committee, complying with relevant laws and regulations [6].

Group 1 - The company aims to mitigate the adverse effects of exchange rate fluctuations on its performance by engaging in foreign exchange forward settlement and sales transactions for hedging purposes [1][2] - The foreign exchange forward transactions are closely related to the company's actual business, focusing on locking in costs and avoiding exchange rate risks, aligning with the company's prudent risk management principles [1][2] - The company has established internal control measures and a risk management framework to ensure the effectiveness of its foreign exchange forward transactions [2][4] Group 2 - The company plans to conduct foreign exchange forward transactions amounting to no more than 60% of its actual foreign sales revenue for the year 2025, with the ability to roll over transactions within a 12-month period [2][3] - The company has outlined specific risk management strategies to address market volatility, internal control risks, and performance risks associated with foreign exchange forward transactions [3][4] - The accounting policies and principles for the foreign exchange forward transactions will comply with relevant accounting standards to accurately reflect the financial impact on the company's financial statements [6] Group 3 - The feasibility analysis concludes that engaging in foreign exchange forward transactions is closely related to the company's daily operations and can effectively lock in future transaction costs and revenues, enhancing financial stability [5]