Core Viewpoint - The company has established a comprehensive management system for commodity futures hedging to mitigate risks and protect the interests of the company and its shareholders [1][3]. Group 1: General Provisions - The commodity futures hedging activities are limited to products or raw materials related to the company's operations, aimed at avoiding price volatility risks, and not for speculative purposes [1][2]. - The hedging business is managed uniformly by the company and its wholly-owned or controlling subsidiaries, requiring prior approval from the company for any operations [1][2]. Group 2: Operational Regulations - The company will not engage in futures trading solely for profit; all transactions must be based on actual business needs to mitigate price risks [2][3]. - All hedging activities must occur in the on-market environment and only with qualified financial institutions [2][3]. - The number of futures positions and holding periods must align with actual spot transactions, ensuring that futures holdings do not exceed the hedged spot quantities [2][3]. Group 3: Approval Authority - Any hedging plan must be reviewed by the management and approved by the board of directors or shareholders [3][4]. - Specific conditions require that significant transactions (e.g., involving over 50% of the latest audited net profit) must be submitted for shareholder approval [3][4]. Group 4: Management and Internal Processes - The board and shareholders are the decision-making bodies for hedging activities, with no other departments or individuals authorized to make such decisions [4][5]. - A dedicated hedging working group is responsible for feasibility analysis, planning, and daily management of hedging activities [4][5]. - The finance department manages payments and accounts related to hedging, while the internal audit department supervises the operations and financial reporting [4][5]. Group 5: Risk Management - The company must adhere to national laws and regulations, develop practical business plans, and establish risk management mechanisms before engaging in hedging activities [6][7]. - The internal audit department is tasked with regular checks on the hedging operations to prevent operational risks [6][7]. Group 6: Information Disclosure - The company is required to disclose relevant information about its hedging activities in accordance with regulatory requirements, including the purpose, investment amounts, and risk analyses [8][9]. - Any significant losses from hedging activities must be disclosed if they exceed 10% of the latest audited net profit [8][9].

Core Viewpoint - The company aims to conduct commodity futures hedging business to mitigate risks associated with raw material price fluctuations, specifically focusing on silver as a raw material for production [1][2]. Summary by Sections Transaction Overview - The purpose of the transaction is to avoid risks from raw material price volatility, stabilize product costs, and reduce the impact on operations [2]. - The company plans to hedge up to 3.5 tons of silver, with a maximum margin and premium of 3.73 million yuan and a maximum contract value of 14.35 million yuan [1][2]. - The hedging will be conducted using the company's own funds [2]. Transaction Details - The hedging business will be limited to silver, utilizing financial instruments such as futures, options, forwards, and swaps, with trading venues including the Shanghai Futures Exchange [3]. - The duration of the hedging activities will not exceed 12 months from the board's approval date [3]. Approval Process - The board of directors approved the hedging proposal during meetings held on May 13, 2025, and the proposal does not require shareholder approval [3]. Risk Analysis and Control Measures - The company has established a comprehensive risk management system to ensure the smooth execution of futures business and effective risk control [4]. - The company will not engage in speculative trading and will strictly control the scale of funds used for hedging [4]. Impact on the Company - Engaging in commodity futures hedging is expected to enhance the company's ability to respond to market price fluctuations, thereby strengthening its core competitiveness [4]. - The planned margin investment aligns with the company's own funds and operational needs, ensuring no adverse effects on normal business operations [4]. Accounting Treatment - The company will adhere to relevant accounting standards for financial instruments and hedging accounting to ensure proper accounting treatment [5].

Group 1: Market Strategy - The company aims for a synergistic development approach through "Asian R&D + Global Manufacturing + Local Deepening," focusing on both domestic and international markets [1][2] - Short-term performance will be supported by external sales recovery and global capacity expansion, while long-term growth is driven by domestic consumption trends and global demand for green low-carbon products [2] Group 2: Raw Material Management - The company manages raw material price fluctuations through futures hedging, which helps mitigate risks associated with international oil price volatility and market supply-demand dynamics [3] Group 3: Product Profitability - Full biodegradable products have lower profit margins compared to plastic products due to higher production costs; however, as industry regulations tighten, the profit margins for compliant products are expected to improve [4] Group 4: Capital Operations - Currently, there are no plans for capital operations as the company focuses on optimizing its industrial layout and releasing production capacity across its subsidiaries [5] Group 5: Production Capacity in Thailand - The production base in Thailand is operational, with orders being gradually transferred and sufficient production capacity to meet market demand [6] Group 6: Competitive Advantages - The company emphasizes "green, intelligent, and high-end" development, offering a diverse product range and one-stop green solutions, supported by strong R&D capabilities and stringent quality control [7][8]

Core Insights - The company is actively monitoring tariff adjustments that will impact its foreign trade business costs and is expanding its procurement network to enhance trade categories and ensure steady growth in foreign trade operations [1][2] - The company is utilizing commodity futures hedging to mitigate the impact of price fluctuations in live pigs on its operational costs, leveraging its global resource advantages and procurement network [1][3] - The company has no pet food business and is importing approximately 190,000 tons of pork and pork by-products from the United States in 2024 [2][4] - The company is strengthening its market development in the slaughtering industry to expand its customer base and market sales, while adjusting product structures to better meet market demands [1][4] Industry Insights - As the largest meat consumption country globally, China maintains stable growth in demand for meat products, with fresh meat gaining popularity due to its quality, safety, and convenience [4][5] - The demand for convenient and quick food options is increasing, driving the diversification and personalization of meat products, which presents significant growth opportunities for the industry [5] Operational Developments - The company is enhancing its digital transformation by optimizing its organizational structure, consolidating various digital-related departments into a digital management center, digital operation center, and digital research center [3][4] - The company is focusing on developing local specialty products to meet regional consumption needs and is committed to improving food safety management throughout its production process [3][4]

证券代码：002865 证券简称：钧达股份 公告编号：2025-015 海南钧达新能源科技股份有限公司 关于公司及控股子公司开展商品期货套期保值业务 的可行性分析报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、开展商品期货套期保值业务的目的 为合理规避公司及控股子公司生产所用原材料价格波动对公司生产经营造成 的潜在风险，充分利用期货套期保值功能，把控市场风险，增强经营稳健性，公司 及控股子公司拟开展商品期货套期保值业务。 二、开展商品期货套期保值业务的基本情况 1、交易目的：公司日常生产经营的主要原材料涉及白银、多晶硅等大宗商品， 易受宏观经济形势、产业链供需变化等因素影响，产品价格呈现较大波动。为合理 规避原材料价格波动对公司生产经营造成的潜在影响，充分利用期货套期保值功 能，把控市场风险，增强经营稳健性，公司及控股子公司拟开展商品期货套期保值 业务。公司及控股子公司开展的商品期货套期保值业务不进行任何以投机为目的 的交易，不会影响公司主营业务发展。 2、交易金额及授权：公司及控股子公司本次拟开展的商品期货套期保值业务 保证金额度为不超过人民币 4 ...

证券代码：002865 证券简称：钧达股份 公告编号：2025-014 海南钧达新能源科技股份有限公司 关于公司及控股子公司开展商品期货套期保值业务的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 重要内容提示： 7、风险提示：公司进行期货套期保值业务不以投机、套利为目的，主要目的 是为了有效控制和减少公司生产所用原材料价格波动对公司带来的影响，但同时 也会存在一定市场风险、资金风险、操作与技术风险、政策风险等，公司及子公司 将积极落实风险防控和处理措施，合规操作，防范相关风险。 海南钧达新能源科技股份有限公司（以下简称"公司"）于 2025 年 3 月 3 日召 开第四届董事会第七十三次会议、第四届监事会第五十三次会议，审议通过《关于 公司及控股子公司开展商品期货套期保值业务的议案》，现将相关情况公告如下： 一、开展商品期货套期保值业务概述 1、交易目的：公司日常生产经营的主要原材料涉及白银、多晶硅等大宗商品， 易受宏观经济形势、产业链供需变化等因素影响，产品价格呈现较大波动。为合理 规避原材料价格波动对公司生产经营造成的潜在影响，充分利用期货的套期保 ...

证券代码：002865 证券简称：钧达股份 公告编号：2025-012 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 海南钧达新能源科技股份有限公司（以下简称"公司"）第四届董事会第七十三 次会议于 2025 年 3 月 3 日以通讯表决方式召开。公司于 2025 年 2 月 28 日以专人 送达及电子邮件方式向公司全体董事发出了会议通知。公司董事共 9 人，参加本 次会议董事 9 人。会议由董事长陆小红女士主持。本次会议的召集、召开和表决程 序符合《公司法》《公司章程》及《董事会议事规则》等法律、行政法规、部门规 章的有关规定。 二、董事会会议审议情况 为规范公司及控股子公司商品期货套期保值业务管理，防范和控制商品期货 套期保值业务风险，根据《中华人民共和国公司法》《中华人民共和国证券法》等 法律、行政法规、部门规章和《公司章程》的有关规定，结合公司实际情况，制定 《商品期货套期保值管理制度》。 表决结果：同意 9 票，反对 0 票，弃权 0 票。 （二）《关于公司及控股子公司开展商品期货套期保值业务的议案》 海南钧达新能源科技股份 ...