Core Viewpoint - The company is facing significant investor concerns regarding its hedging strategies and financial performance amid rising copper prices, with calls for a reassessment of its risk management approach [2][3][10]. Financial Performance - As of July 14, 2025, the company's stock closed at 16.41 yuan, down 0.55%, with a turnover rate of 1.54% and a trading volume of 366,800 hands, amounting to a transaction value of 604 million yuan [1]. - The company has reported substantial losses from hedging activities, totaling over 1 billion yuan in the past two years, raising questions about its financial stability and strategy [7][11]. Hedging Strategy - Investors have expressed concerns that the company's hedging strategy has not effectively mitigated risks, particularly during periods of rising copper prices, leading to losses instead of profits [2][3][5]. - The company acknowledges the need to optimize its hedging strategies and has indicated a willingness to adjust its approach based on market conditions and risk assessments [3][10][11]. Market Conditions - Recent data indicates a significant decline in copper inventories, with LME copper stocks dropping to 9.3 million tons and SHFE copper stocks at 2.1 million tons, raising concerns about potential supply shortages and price volatility [4][9]. - The company is monitoring market dynamics closely, particularly the risks associated with potential short squeezes in the copper futures market, and is considering adjustments to its hedging ratios [5][10][11]. Investor Relations - The company has been responsive to investor feedback, acknowledging concerns about its hedging practices and the impact on shareholder value, and has committed to enhancing transparency and communication [3][6][10].