Summary of Compass Diversified Conference Call Company Overview - **Company**: Compass Diversified (NYSE: CODI) - **Focus**: Discussion on the restatement of financial statements for fiscal years 2022 through 2024, audit committee's investigation into Lugano, and performance updates on other subsidiaries Key Points Financial Restatement and Investigation - **Restatement**: Financial statements for 2022, 2023, and 2024 are being restated due to fraud at Lugano [2][5][12] - **Fraud Details**: The fraud at Lugano was described as pervasive and complex, involving significant overstatement of sales and profits, misrepresentation of inventory, and concealment of financial liabilities [6][8][9] - **Impact on Financials**: - Consolidated inventory for 2024 was reduced by over $375 million, nearly 40% [13] - Lugano's revenue declined by more than 85% from previously reported levels [13] - The business was significantly smaller than initially reported, leading to substantial losses [13] - **Bankruptcy**: Lugano filed for Chapter 11 protection on November 16, 2025, and is undergoing a Section 363 sale process [13][15] Audit Committee Findings - **Isolation of Fraud**: The audit committee confirmed that the fraud was isolated to Lugano and did not extend to other subsidiaries [12][9] - **Remediation Efforts**: Changes are being made to enhance governance, acquisition criteria, and risk management processes to prevent future occurrences [6][17][18] Performance of Other Subsidiaries - **Overall Performance**: Other eight subsidiaries continue to perform well despite the challenges posed by the Lugano situation [21][22] - **Growth Examples**: - Boa is gaining market share in footwear categories [21] - The Honeypot is the fastest-growing brand in the feminine care market [21] - Arnold Magnetics faces challenges due to trade issues but has potential for future growth [22][36] Financial Outlook and Leverage - **Current Leverage**: The leverage ratio is significantly above covenants, currently above six times, with expectations to reduce it to approximately 5.6 times by the end of 2025 [23][24] - **Deleveraging Strategy**: A dual approach is being taken: ensuring subsidiary performance and exploring divestitures of one or more subsidiaries [25][24] - **Adjusted EBITDA Guidance**: Full-year subsidiary Adjusted EBITDA is expected to be between $330 million and $360 million, excluding Lugano [25][26] Legal Proceedings - **Litigation**: There are ongoing lawsuits related to Lugano, with expectations that many will be dismissed as they pertain to Lugano rather than Cody [75][76] Management's Commitment - **Focus on Trust and Transparency**: Management emphasizes a commitment to rebuilding trust through transparency and accountability [27][29] - **Long-term Strategy**: The company aims to maximize long-term returns for shareholders while navigating the current challenges [27][29] Additional Important Points - **Cost Management**: Significant costs related to the investigation and restatement are expected, estimated at $50-$60 million [40] - **Future Financials**: The company plans to file restated financials and Q3 results shortly [41][78] This summary encapsulates the critical aspects of the conference call, highlighting the challenges faced by Compass Diversified, particularly with Lugano, while also showcasing the resilience and performance of its other subsidiaries.

南华期货碳酸锂企业风险管理日报 2025年12月04日 夏莹莹 投资咨询证书：Z0016569 研究助理：余维函 期货从业证号：F03144703 联系邮箱：yuwh@nawaa.com 投资咨询业务资格：证监许可【2011】1290号 期货价格区间预测 | 品种 | 价格区间预测 | 当前波动率（20日滚动） | 当前波动率历史百分位（3年） | | --- | --- | --- | --- | | 碳酸锂主力合约 | 强支撑位：83000 | 58.4% | 88.9% | source： 同花顺,南华研究 锂电企业风险管理策略建议 | 行为导向 | | 情景分析 | 策略推荐 | 套保工具 | 操作建议 | 推荐套保比例 | | --- | --- | --- | --- | --- | --- | --- | | | | | | 远月期货合约 | 买入 | 10% | | | 产成品价格无相 | 未来有生产电池材料的计划，担 | 为防止成本上涨，企业根据生产 | LC2605-P-83000 | 卖出 | 20% | | | 关性 | 心未来采购碳酸锂时价格上涨导 | 计划需买入对应生产计划的期货 ...

很多企业仍认为背景调查是"入职前的简单核验"。 但从全球人力资源趋势看，背调实际上承担的是 企业风险管理的核心功能。 无背调带来的主要风险包括： 在当今企业竞争加速、人才流动频繁的环境下，"选对人"比"招到人"更重要。"是否入职合适""能否长期胜任""未来是 否存在风险隐患"等决定了人才为企业创造的长期价值。背景调查（Background Check）正是帮助企业 从短期招聘行 为走向长期人力资产管理的关键步骤。 本文将从用人风险、稳定性、岗位匹配度、组织发展四个维度，分析背景调查如何真正提升人才的长期价值。 01 背调的本质：把"潜在风险"提前预测出来 · 学历、工作履历造假导致"不胜任成本" · 崗位竞业冲突、知识产权风险 · 道德、诚信风险导致团队与公司声誉受损 · 重大违规行为隐藏带来合规隐患 · 销售岗虚假业绩导致业务资源损失 背调帮助企业把 长期的人才隐患转化为可控的风险点，在候选人入职前就判断"值不值得投长期成本"。 02 背调如何提升人才的"长期可用性"？ 人才的长期价值不只是"能入职"，而是"能胜任、能成长、能避免风险"。 背景调查能在以下方面提升企业的长期用人回报（Talent ROI）： ...

Core Insights - Traditional risk management focused on detailed analysis and careful execution is becoming obsolete in the face of rapid digital transformation and disruptive competitors [1][2] - Companies that fail to adapt quickly to these changes risk being outpaced and potentially eliminated from the market [1][2] Group 1: Industry Transformation - The pace of change in various industries is accelerating, with new competitors leveraging advanced technologies to reshape market dynamics [1] - Companies like Airbnb, Netflix, and OpenAI are examples of how innovation is creating new value sources [1] - The retail sector is particularly affected, with traditional players losing market share to agile competitors like Ulta and TJX [10] Group 2: Executive Perspectives - A study by AlixPartners found that 65% of CEOs believe their companies face significant disruption, with 56% expecting major upheavals in the coming year [4][5] - Over 60% of executives feel their companies are not adapting quickly enough to maintain a competitive edge [6] - There is a widespread difficulty in identifying which disruptive forces to prioritize [7] Group 3: Innovation Challenges - The "innovator's dilemma" persists, with many companies underestimating the risks posed by disruptive technologies [3] - Despite recognizing the importance of innovation, less than 10% of executives are satisfied with their company's performance in this area [3] Group 4: Retail Sector Dynamics - Retailers that adopt a cautious approach to transformation are widening the gap between market demand and supply, making it difficult to catch up with more decisive competitors [9] - Traditional department stores are struggling to maintain relevance as they cling to outdated business models while new players redefine value propositions [10] Group 5: Risk Management and Action - Companies must reassess their understanding of risk, recognizing that inaction can lead to greater dangers [11] - Embracing a culture of experimentation and breaking down complex tasks into manageable parts can facilitate faster adaptation [11][12] - The key to success lies in creating higher value for customers and making bold decisions to accelerate action [12]

| 品种 | 价格区间预测 | 当前波动率（20日滚动） | 当前波动率历史百分位（3年） | | --- | --- | --- | --- | | 工业硅主力合约 | 支撑位：8000 | 27.9% | 72.6% | source： 南华研究,同花顺 夏莹莹 投资咨询证书：Z0016569 研究助理：余维函 期货从业证号：F03144703 联系邮箱：yuwh@nawaa.com 投资咨询业务资格：证监许可【2011】1290号 硅产业企业风险管理策略 | 行为导向 | 情景分析 | | 操作思路 | 套保工具 | 操作建议 | | 套保比例 建议入场区间 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 销售工业硅 未来有生产工业硅的计划，担心销售工业硅时价格下跌导致销售利 润减少的风险 | | 为防止价格下跌 导致销售利润减 少，企业需在采 | 期货 | 依据生产计划卖出对应期货合约 | 40% | 根据销售利润 | | | | | 到原料的同时卖 | | | | | | | | | 出期货合约锁定 | 场内/场外期权 | 买入看跌期权 ...

Report Industry Investment Rating No relevant content provided. Core Views Industrial Silicon - The overall operating rate of industrial silicon is expected to gradually peak, and the risk of further inventory accumulation will ease, with supply - side pressure gradually decreasing marginally. The industry is in a wide - range weak - oscillation stage with no significant driving force currently [4]. - There are both positive and negative factors. Positive factors include the "anti - involution" policy boosting market sentiment and limited downward space for costs. Negative factors are the decline in production of downstream polysilicon and organic silicon enterprises, weakening demand [4][5]. Polysilicon - The short - term trading focus is on whether the November photovoltaic storage platform will be established, and then it will shift to the expectation game of "November concentrated warehouse receipt cancellation". The market shows the characteristics of "increasing supply and stable demand", and the overall risk is relatively high [7]. - Positive factors include the potential for an industry capacity integration and clearance plan to improve the industrial pattern. Negative factors are the possible continuous inventory accumulation if the plan fails to materialize [8]. Summary by Directory Industrial Silicon 1. Futures Data - The closing price of the industrial silicon main contract is 8980 yuan/ton, down 100 yuan (-1.10%) daily and 200 yuan (-2.18%) weekly. The trading volume is 304,628 lots, up 32,817 lots (12.07%) daily but down 22,146 lots (-6.78%) weekly. The open interest is 248,019 lots, down 3,530 lots (-1.40%) daily and 22,940 lots (-8.47%) weekly [9]. - The number of industrial silicon warehouse receipts is 44,022 lots, down 1,323 lots (-2.92%) daily and 2,233 lots (-4.83%) weekly [9]. 2. Spot Data - The prices of different grades of industrial silicon in various regions show different trends. For example, the price of 99 and 553 in Xinjiang remains unchanged, while the price of 553 in Tianjin drops by 50 yuan (-0.53%) daily and weekly [16]. - The price of organic silicon DMC rises by 1,600 yuan (14.35%) weekly, while the price of aluminum alloy ADC12 drops by 100 yuan (-0.46%) daily and 50 yuan (-0.23%) weekly [16]. 3. Basis and Warehouse Receipts - The total number of industrial silicon warehouse receipts is 44,022 lots, down 1,323 lots from the previous period, with a decline rate of 7.32%. The warehouse receipt quantities in different delivery warehouses show different changes [27]. Polysilicon 1. Futures Data - The closing price of the polysilicon main contract is 52,210 yuan/ton, down 445 yuan (-0.85%) daily but up 280 yuan (0.54%) weekly. The trading volume is 173,704 lots, down 76,062 lots (-30.45%) daily and 150,894 lots (-46.49%) weekly. The open interest is 137,091 lots, up 848 lots (0.62%) daily but down 1,377 lots (-0.99%) weekly [28]. - The number of polysilicon futures warehouse receipts is 8,190 lots, up 70 lots (0.9%) daily but down 1,660 lots (-16.85%) weekly [28]. 2. Spot Data - The price of N - type polysilicon shows little change. For example, the price of N - type re - feeding material is 52.3 yuan/kg, with no daily change and a weekly increase of 0.1 yuan (0.19%) [41]. - The price of N - type silicon wafers drops. The silicon wafer price index is 1.27 yuan/piece, down 0.03 yuan (-3.00%) daily and 0.02 yuan (-2.00%) weekly [43]. 3. Basis and Warehouse Receipt Data - The basis of the polysilicon main contract is - 655 yuan/ton, up 1,390 yuan (-67.97%) daily and 1,065 yuan (-61.92%) weekly [53]. - The total number of polysilicon warehouse receipts is 8,190 lots, up 70 lots from the previous day [53].

Group 1 - The Zhengzhou Commodity Exchange (ZCE) held a high-level training program for government officials from eight provinces, focusing on futures and derivatives business [1] - The training included ten core modules covering political theory, international macroeconomic analysis, futures market development, and risk management practices [1][2] - The program aimed to enhance the capabilities of officials in supporting enterprises to utilize futures tools effectively, aligning with the Party's theoretical education [1][3] Group 2 - China's futures market has developed a strong foundation to serve the real economy, with significant trading volumes in various commodities ranking among the top globally [2] - In the first ten months of this year, 1,737 listed companies announced plans to participate in the futures market, marking a 10.8% increase year-on-year [2] - Risk management has become essential for enterprises, with many companies establishing comprehensive systems and teams to utilize futures markets as part of their strategic planning [2][3] Group 3 - Hedging practices have evolved from simple risk management to comprehensive tools for integrating business operations, allowing companies to proactively manage risks [3] - The futures market provides a fair pricing mechanism that enhances risk management flexibility for enterprises [3] - Participants in the training expressed that the program deepened their understanding of the futures market's functions and practical applications, laying a foundation for better policy formulation and industry regulation [3][4] Group 4 - The ZCE has conducted multiple training sessions across various provinces this year, marking its first high-level, cross-regional training for government officials [4] - The ZCE plans to continue innovating its initiatives to support the construction of a modern industrial system and strengthen the real economy [4]

Report Summary 1. Industry Investment Rating No industry investment rating is provided in the report. 2. Core Views - **Industrial Silicon**: The overall operating rate of industrial silicon is expected to gradually peak, and the pressure on the supply side will gradually ease marginally. The industry is still in a stage of wide - range weak oscillation, and there is no significant driving force at present [4]. - **Polysilicon**: The short - term trading main line of the polysilicon market revolves around whether the November storage platform will be established, and then will gradually shift to the expectation game of "November concentrated warehouse receipt cancellation". The overall risk level is relatively high [7]. 3. Summary by Directory Industrial Silicon - **Core Logic**: On the supply side, the low - electricity - price environment in Southwest China during the wet season is about to end, and the furnace - opening growth rate in Xinjiang is also lower than expected. The overall operating rate of industrial silicon is expected to peak, and the risk of inventory accumulation will be alleviated. On the demand side, the demand from the organic silicon industry is limited, the demand from the recycled aluminum alloy field is stable, and the demand from polysilicon enterprises is expected to decrease [4]. - **Likely Positive Factors**: The "anti - involution" policy releases a positive signal, and the short - term downward space of the cost side is limited, with a relatively low profit valuation [4][5]. - **Likely Negative Factors**: The output of downstream polysilicon and organic silicon enterprises has declined, weakening the demand side [5]. - **Futures Data**: The closing price of the industrial silicon main contract is 9145 yuan/ton, with a daily decline of 0.54% and a weekly increase of 0.88%. The trading volume and open interest have increased to varying degrees [9]. - **Spot Data**: The prices of different grades of industrial silicon in various regions have shown little daily change, with some slight weekly increases. The prices of downstream products such as trichlorosilane and polysilicon N - type price index have also shown little change [16]. - **Basis and Warehouse Receipts**: The total number of industrial silicon warehouse receipts is 45387 lots, a decrease of 1.20% from the previous day. The warehouse receipt inventories in various delivery warehouses have also changed to varying degrees [27]. Polysilicon - **Core Logic**: The core factors affecting the polysilicon futures price are whether the November photovoltaic storage platform will be established, the pressure of concentrated warehouse receipt cancellation in November, whether the winning bid price of demand - side components can rise stably, and whether the photovoltaic competitive - bidding on - grid electricity price can increase. The current market shows the characteristics of "increasing supply and stable demand" [7]. - **Likely Positive Factors**: The industry may introduce a production capacity integration and clearance plan, which is expected to improve the industrial pattern if implemented [8]. - **Likely Negative Factors**: If the production capacity integration and clearance plan fails to be implemented, inventory is likely to continue to accumulate [8]. - **Futures Data**: The closing price of the polysilicon main contract is 54195 yuan/ton, with a daily increase of 1.37% and a weekly increase of 1.50%. The trading volume of the main contract has decreased, while the open interest has increased [28]. - **Spot Data**: The prices of different types of polysilicon and related products in the photovoltaic industry chain have shown little daily change, with some slight weekly decreases [41][43]. - **Basis and Warehouse Receipt Data**: The basis of the polysilicon main contract is - 2235 yuan/ton, with a daily increase of 49.00% and a weekly increase of 60.22%. The total number of polysilicon warehouse receipts is 9130 lots, a decrease of 720 lots from the previous day [53]. Silicon Industry Enterprise Risk Management Strategies - **Selling Industrial Silicon**: To prevent price decline and profit reduction, enterprises can sell corresponding futures contracts according to the production plan (hedging ratio: 40%) or buy put options and sell call options (hedging ratio: 20%) [2]. - **Purchasing Industrial Silicon**: When the finished product price has no correlation, to prevent cost increase, enterprises can buy corresponding futures contracts (hedging ratio: 20%) or sell put options (hedging ratio: 10%); when the finished product price is correlated, to prevent inventory impairment, enterprises can sell the main futures contract according to the procurement progress (hedging ratio: 40%) or buy put options and sell call options (hedging ratio: 40%) [2]. - **Inventory Management**: To prevent inventory depreciation, enterprises can sell the main futures contract (hedging ratio: 40%) or sell call options (hedging ratio: 10%) [2].

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The lithium carbonate futures price is expected to show an "oscillating and strengthening" trend within the range of 74,000 - 83,000 yuan/ton in the next month. If the lithium ore gap cannot be replenished, the price may break through 85,000 yuan/ton [5]. - On the lithium ore side, the expected increase in the number of lithium concentrates arriving at ports this month can ease the tight situation. The release of salt - lake production capacity will continuously supplement the supply of the lithium salt market, and the "resumption speed of Jianxiaowo" is a key variable. If its resumption progress exceeds market expectations, it will expand the lithium salt supply scale and potentially suppress prices. The demand side is currently strong, with the prices of core battery materials rising, and the downstream production scheduling in November remains highly prosperous, which will maintain strong demand for lithium salts and intensify the supply - demand mismatch of lithium ore. National industrial policies are expected to support the demand for lithium salts [3]. 3. Summary by Relevant Catalogs 3.1 Futures Data - **Price Range Forecast**: The strong pressure level of the lithium carbonate LC2601 contract is 85,000 yuan/ton, with a current volatility (20 - day rolling) of 29.4% and a current volatility historical percentile (3 - year) of 45.1% [2]. - **Futures Contract Data**: The closing price of the lithium carbonate futures main contract is 78,560 yuan/ton, with a daily change of 0, a daily环比 of 0.00%, a weekly change of - 4,340 yuan/ton, and a weekly环比 of - 5.24%. Other contract data such as trading volume, open interest, and spreads between different contracts are also provided [8]. - **Options and Other Data**: Information on estimated volume totals, option contract data for different months (including opening, high, low, last, change, settle, estimated volume, and prior - day open interest) are presented [22][23]. 3.2 Spot Data - **Lithium Ore Prices**: The daily average prices of different types of lithium ores (lithium mica, lithium spodumene, etc.) with different Li₂O contents are given, along with their daily and weekly changes. The exchange rate of the US dollar to the RMB is also provided [27]. - **Carbon/Hydrogen Lithium Prices**: The daily prices of industrial - grade and battery - grade lithium carbonate, industrial - grade and battery - grade lithium hydroxide, and their daily and weekly changes are presented. The price of battery - grade lithium hydroxide (CIF in China, Japan, and South Korea) is also included [30]. - **Price Spreads**: Spreads such as the difference between electric - carbon and industrial - carbon, electric - carbon and electric - hydrogen, and the difference between the CIF price of battery - grade lithium hydroxide in Japan and South Korea and the domestic price are provided, along with their daily and weekly changes [37]. - **Downstream Product Prices**: The daily prices of downstream products such as phosphoric (manganese) iron lithium, ternary materials, and electrolytes, and their changes are presented [38][39]. 3.3 Basis and Warehouse Receipt Data - **Basis Data**: The main - continuous basis of lithium carbonate and the basis quotes of different lithium carbonate brands are provided [41][43]. - **Warehouse Receipt Data**: The seasonal data and the quantity data of lithium carbonate warehouse receipts (including the total and for different warehouses) are presented, along with their daily changes [44][46]. 3.4 Cost and Profit - The production profit of lithium carbonate from外购 lithium ore (lithium spodumene concentrate and lithium mica concentrate), import profit, and theoretical delivery profit are presented, with their historical trends shown [47][48][49]. 3.5 Lithium - Battery Enterprise Risk Management Strategy Recommendations - **Procurement Management**: For enterprises with battery material production plans, different hedging strategies are recommended according to whether the product price is correlated with the raw material price. The hedging tools include futures and on - and off - exchange options, with different hedging ratios and recommended entry intervals [2]. - **Sales Management**: Enterprises with lithium carbonate production plans can use futures and options to hedge against the risk of price decline during sales. Different hedging ratios are recommended based on different situations [2]. - **Inventory Management**: Enterprises with high lithium carbonate inventories can use futures and options to hedge against the risk of inventory depreciation, with recommended hedging ratios and price levels [2].

Core Viewpoint - The collaboration between Macro Properties (宏安地产) and Wang On Group (WANG ON GROUP) involves the purchase of a life insurance policy to mitigate potential financial risks associated with the death of a key executive, Mr. Deng Haokang [1] Group 1: Insurance Policy Details - The insurance policy was finalized on November 4, 2025, with the insurer being Manulife Financial [1] - The initial premium paid by the policyholder, Twist Pioneer, is approximately $4.85 million (around HKD 37.73 million) [1] - Mr. Deng Haokang is the insured party, and Twist Pioneer is both the policyholder and beneficiary [1] Group 2: Financial Implications - The boards of Macro Properties and Wang On Group believe that the insurance policy may assist in refinancing and negotiating bank loan financing [1] - The policy is expected to generate positive returns starting from the end of the fourth year, with guaranteed cash value of $4 million (approximately HKD 31.12 million) and non-guaranteed end-of-term dividends of about $1.124 million (approximately HKD 8.745 million) [1] - By the end of the 25th year, the policy will provide a guaranteed cash value of $5 million (approximately HKD 38.90 million) [1]