Core Viewpoint - The company, Yiqiu Resources, is set to implement hedging activities to mitigate risks associated with price fluctuations in aluminum alloy ingots and non-ferrous metals, as approved by its board of directors [2][4]. Trading Information Summary - As of November 14, 2025, Yiqiu Resources' stock closed at 3.34 yuan, down 1.47%, with a turnover rate of 3.2%, trading volume of 705,400 shares, and a transaction value of 239 million yuan [1]. - On the same day, the net outflow of main funds was 37.03 million yuan, accounting for 15.51% of the total transaction value; retail investors had a net inflow of 33.26 million yuan, representing 13.93% of the total transaction value [1][5]. Company Announcement Summary - The sixth board of directors of Yiqiu Resources held its fifth meeting on November 14, 2025, where the proposal to conduct hedging activities was unanimously approved by all nine attending directors [2]. - The hedging activities will involve trading in futures related to aluminum alloy ingots and non-ferrous metals, utilizing derivatives such as options, futures, and forwards, with a maximum margin and premium limit of 9 million yuan and a maximum contract value of 2.1 billion yuan per trading day [3][4]. Risk Management Measures - The company has established a "Hedging Management Method" to define approval authority, business processes, and risk control measures, with regular reviews by the risk management department [3].

Core Viewpoint - The company plans to engage in hedging activities to mitigate price volatility risks associated with its aluminum alloy ingot business, which is influenced by market price fluctuations due to the time lag between procurement and sales [3][8]. Summary by Sections Transaction Overview - The company's aluminum alloy ingot business involves the entire process from sorting and smelting waste aluminum resources to producing recycled aluminum alloy ingots, while also recovering by-products such as ferrous and non-ferrous metals [3]. - The primary raw materials are sourced from the Americas and Europe, leading to exposure to market price fluctuations [3]. Transaction Amount - The maximum margin and premium for hedging activities will not exceed RMB 9 million or its equivalent in other currencies [2][4]. - The maximum contract value held on any trading day will not exceed RMB 2.1 billion or its equivalent in other currencies [2][4]. Funding Source - The funding for these hedging activities will primarily come from the company's own funds [4]. Transaction Method - The hedging will involve futures related to aluminum alloy ingots and non-ferrous metals [5][8]. - Various derivatives such as options, futures, and forwards will be utilized [6][8]. - Transactions will occur on compliant public trading venues, both domestic and international [7][8]. Approval Process - The board of directors approved the hedging proposal during the fifth meeting of the sixth board on November 14, 2025, without the need for shareholder approval [10][17]. Impact on the Company - The hedging activities are expected to align with the company's operational needs, effectively controlling risks associated with product price volatility and supporting stable operational performance [15]. - The company will adhere to relevant accounting standards for the proposed hedging activities, ensuring proper reflection in financial statements [15].

Core Insights - Hongjiasheng Metal Recycling Resources (Shenzhen) Co., Ltd. has been established with a registered capital of 5 million RMB, focusing on various recycling and processing activities related to metals and electronic waste [1] Company Overview - The company is engaged in the recycling of renewable resources, including but not limited to production waste metals, non-metallic waste, and electronic waste [1] - It also offers services in the sales and processing of various metals, including precious metals and rare earth metals, as well as the recycling of used batteries and electric vehicles [1] Business Scope - The operational scope includes recycling and sales of renewable resources, processing of metal waste, and the sale of machinery and electrical equipment [1] - The company is involved in the research and development of resource recycling technologies and provides environmental consulting services [1] - It also engages in construction-related activities, including the disposal of urban construction waste and the installation and maintenance of electrical facilities [1]