登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002865 证券简称：钧达股份 公告编号：2025-069 海南钧达新能源科技股份有限公司 第五届董事会第三次会议决议公告 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。 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"）第五届董事会第三次会议于2025年9月28日以通 讯表决方式召开。公司于2025年9月25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10人，参加本次会议董事10人。会议由董事长陆徐杨先生主持，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 与会董事审议并以记名投票表决方式通过以下决议： （一）审议通过《关于公司及控股子公司开展外汇套期保值业务的议案》 同意公司及控股子公司以满足正常经营需要，规避和防范汇率风险为目的，开展规模不超过人民币19亿 元（含本数）或等值其他货币的外汇套期保值业务，期限自董事会审议通过之日起12个月，有效期内上 述额 ...

公司及控股子公司本次拟开展的外汇套期保值业务额度为不超过人民币19亿元(含本数)或等值其他货 币，上述额度在投资期限内可循环滚动使用，但期限内任一时点的累计金额不超过人民币19亿元或等值 其他货币。 钧达股份（002865）(02865)发布公告，为有效规避和防范外汇风险，降低汇率大幅波动对公司及控股 子公司经营造成的不利影响，增强财务稳健性，公司及控股子公司拟开展外汇套期保值业务。拟开展的 外汇套期保值业务是为了满足正常经营需要，以规避和防范汇率风险为目的，不进行单纯以盈利为目的 的投机和套利交易。 ...

2025年9月28日，海南钧达新能源科技股份有限公司召开相关会议，审议通过《关于公司及控股子公司 开展外汇套期保值业务的议案》。此次拟开展业务额度不超19亿元或等值其他货币，额度可循环滚动使 用。业务包括远期结售汇、掉期、互换、期权等或其组合，期限自董事会审议通过之日起12个月内，资 金源于自有资金。虽业务以规避汇率风险为目的，不进行投机套利，但仍存在汇率波动、内控、履约及 法律风险。公司已制定相关制度，采取风控措施，并将按会计准则核算。该事项无需提交股东会审议。 ...

Group 1: Company Performance and Capacity - The company has enhanced its production capacity through asset-light expansion models, including site leasing and cooperative capacity [2][3] - In the first half of 2025, the company reported that over 70% of its effective orders were from overseas projects [9] - The company is actively developing various special and civilian unmanned vessel projects, with deliveries planned according to contract schedules [3][4] Group 2: Financial Management and Market Response - The company has established a "Value Management System" to focus on core business growth and improve governance and investor communication [6][9] - The energy sector's revenue share has increased due to the company's natural gas operating qualifications, with projects like LNG pre-cooling and technical consulting services contributing to this growth [5] - The company is taking legal actions to enforce performance compensation from its major shareholder, with ongoing litigation regarding historical performance commitments [10][12] Group 3: Legal Issues and Stock Performance - The company is facing ongoing litigation with a former shareholder, with a court ruling expected but not yet issued [10][12] - The stock price has been declining, influenced by macroeconomic factors and market sentiment, despite the company's stable operational performance [11][12] - The company is considering measures to stabilize its stock value, including potential stock buybacks and employee stock ownership plans [9][11]

Core Viewpoint - The company, 易点天下, is facing scrutiny regarding the use of nearly 900 million yuan in raised funds, with concerns about transparency and operational efficiency raised by investors [2] Group 1: Financial Performance - As of September 18, 2025, 易点天下's stock closed at 31.5 yuan, down 4.11%, with a turnover rate of 9.54%, trading volume of 356,300 shares, and a transaction value of 1.151 billion yuan [1] Group 2: Fund Utilization Concerns - Investors have questioned the whereabouts of nearly 900 million yuan raised for a programmatic advertising platform upgrade, noting that the funds have not converted into intangible or fixed assets, leading to speculation about potential misappropriation [2] - The company responded that the funds were primarily allocated for labor costs, server rentals, and working capital, and that the project has been completed with surplus funds now supplementing working capital [2] Group 3: Management and Strategy - The company aims to enhance its profitability and market value by focusing on its core business and exploring new application areas, despite concerns about management efficiency and stock performance [2] - The company is an authorized agent for TikTok for Business, indicating a strategic partnership in the digital advertising space [2] Group 4: Risk Management - In response to potential foreign exchange losses due to an anticipated interest rate cut by the US dollar, the company has approved a foreign exchange hedging program with a limit of up to 2.5 billion yuan, utilizing forward contracts and options to mitigate risks [2]

Report Summary 1. Reported Industry Investment Rating No information provided in the document. 2. Core Viewpoints The report mainly presents the results of a research on Xinhan New Materials, covering the company's basic information, research institutions, and answers to investors' questions about the company's operations, including project progress, cash management, product sales, investment purposes, R & D directions, and the impact of trade protection measures [16][23][28]. 3. Summary by Directory 3.1 Research Basic Situation - Research object: Xinhan New Materials [16] - Industry: Chemical raw materials [16] - Reception time: September 12, 2025 [16] - Listed company reception personnel: Chairman and General Manager Yan Liuxin, Financial Controller Wang Zhongyan, Board Secretary Li Xiangfei, Independent Director Huang Hefa [16] 3.2 Detailed Research Institutions - Institutions: Investors who participated in the company's 2025 semi - annual performance briefing online [19] 3.3 Main Content Data - **Project Progress**: The equipment of the third workshop of the 8000 - ton project is being installed and is expected to reach the intended use state and be put into production in December 2025 [23] - **Cash Management**: The company's cash management is mainly used to purchase cash management products with high safety, good liquidity, and a maximum term of no more than twelve months, such as RMB structured deposits and time deposits [24] - **Foreign Exchange Hedging**: The company did not actually carry out specific foreign exchange hedging business during the reporting period and plans to conduct it within the board - authorized limit according to exchange rate fluctuations [26] - **Product Sales**: The sales of the company's main products such as medical and agricultural intermediates, DFBP, and photoinitiators have all increased to varying degrees [27] - **Investment Purpose**: The company invests in Mingxi Equity Investment Fund and Zhejiang Pengfulong Technology to layout fields related to its main business, achieve industrial synergy and capital appreciation, and strengthen its influence in the special engineering plastics field [28] - **R & D Direction**: The company's main R & D direction is focused on the R & D and process improvement of aromatic ketone core products, including special engineering plastic core raw materials and cosmetic raw materials [28] - **Product Situation**: The penetration rate of the company's HAP product as a cosmetic raw material is gradually increasing, and the HDO production line is under construction. The HDO product can be directly used as a cosmetic raw material with moisturizing and bactericidal effects [30] - **Trade Protection Impact**: The company will closely monitor international market trends, actively explore new international markets, develop new products, and expand the domestic market to reduce the impact of export business risks [30] - **Medical and Agricultural Intermediate Business**: The company's medical and agricultural intermediate products have a large variety. After the new workshop of the 8000 - ton project is put into operation, new customers and markets are developed, resulting in rapid growth [30]

Core Viewpoint - Tianshui Huatian Technology Co., Ltd. plans to conduct foreign exchange hedging to mitigate risks associated with currency fluctuations as its business expands and foreign currency usage increases [1]. Business Details - The hedging will involve major currencies used in the company's operations, such as USD, and will include various financial instruments like forward foreign exchange contracts, foreign exchange swaps, foreign exchange options, and other derivatives [1]. - The total transaction amount will not exceed the equivalent of 238 million USD, with the ability to roll over the limit during the approval period [1]. - The expected margin and premiums will not exceed 50% of the company's most recent audited net profit at any point during the term [1]. - The investment period is set for twelve months from the date of board approval, with funding sourced from the company's own funds and other legally permitted means [1]. - The board has authorized the management of the company and its subsidiaries to implement the hedging activities within the specified limits and timeframe [1]. Approval Process - The foreign exchange hedging matter falls under the board's decision-making authority and does not require shareholder approval, thus not constituting a related party transaction [2]. - The proposal was approved during the sixth meeting of the eighth board on September 12, 2025 [2]. Risk Analysis and Control Measures - The company acknowledges potential risks associated with the hedging activities, including market risk, forecasting risk, performance risk, and operational risk due to the complexity of foreign exchange derivatives [3]. - To mitigate these risks, the company will enhance research and analysis of exchange rates, implement a management system for hedging activities, and ensure strict control over transaction sizes and timing [3]. - The company will engage with reputable financial institutions and carefully review contract terms to minimize risks [3]. - The hedging activities will be accounted for according to relevant accounting standards, with documentation including board resolutions and feasibility analyses available for review [3].

Group 1: Company Operations and Developments - The construction of the third workshop for the 8000-ton project is currently underway, with equipment installation in progress and expected to be operational by December 2025 [2] - The company is focusing its cash management on high-security, high-liquidity products, including structured deposits and time deposits, with a maximum term of twelve months [2] - The company has not yet implemented specific foreign exchange hedging activities but is monitoring exchange rate fluctuations closely [3] Group 2: Product Performance and Market Strategy - Sales of key products such as pharmaceutical intermediates, DFBP, and photoinitiators have shown varying degrees of growth [3] - Investments in Mingxi Equity Investment Fund and Zhejiang Pengfulong Technology aim to enhance synergy with the company's main business and strengthen its influence in the specialty engineering plastics sector [3] - The company is concentrating its R&D efforts on core products related to aromatic ketones and process improvements, with specific advancements to be disclosed in the annual report [3] Group 3: Market Challenges and Adaptations - The company is actively exploring new international markets to mitigate risks associated with U.S. tariffs and trade protection measures affecting exports [4] - The pharmaceutical intermediates segment is expected to become a significant growth driver following the new workshop's production capacity expansion [4]

Group 1 - The company, Visionox, announced that its board of directors approved the use of up to $60 million (or equivalent foreign currency) for foreign exchange hedging activities [2] - The hedging activities will be valid for a period of 12 months from the date of board approval [2] - The approved amount can be used in a rolling manner within the approval period [2]

Key Points - The core viewpoint of the article highlights the financial performance and strategic measures of Lianyun Technology, including its revenue growth and the establishment of a foreign exchange hedging management system [1][3]. Group 1: Trading Information - On September 5, Lianyun Technology (688449) closed at 46.88 yuan, up 4.6%, with a turnover rate of 7.42%, a trading volume of 51,900 shares, and a transaction amount of 239 million yuan [1]. - On the same day, the main funds had a net outflow of 5.96 million yuan, while retail investors saw a net inflow of 19.30 million yuan [3]. Group 2: Company Announcements - Lianyun Technology has established a foreign exchange hedging management system to regulate related business and information disclosure, aiming to prevent exchange rate and interest rate risks. The system prohibits speculation and arbitrage, allowing transactions only with qualified financial institutions [1][3]. - According to the semi-annual tracking report by CITIC Securities, Lianyun Technology reported a revenue of 610 million yuan for the first half of 2025, representing a year-on-year growth of 15.68%. The net profit increased by 36.38% to 56.14 million yuan, while the non-recurring net profit surged by 99.18% to 35.09 million yuan [1][3].