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期货期权套期保值业务
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三友联众: 关于调整2025年度开展商品期货套期保值业务的公告
Zheng Quan Zhi Xing· 2025-07-18 16:30
Core Viewpoint - The company plans to adjust its commodity futures hedging business for 2025 by increasing the use of options trading to mitigate the adverse effects of price fluctuations in copper and silver on its operations [1][2][7]. Group 1: Business Overview - The company aims to conduct commodity futures and options hedging to effectively control market risks and reduce the impact of raw material price volatility on production costs and product pricing [2][3]. - The maximum balance for margin and premiums for the hedging business is set at RMB 20 million, with a usage period from the board's approval date until March 3, 2026 [2][3][6]. Group 2: Risk Management - The company emphasizes that the hedging activities will not be for speculative purposes but will focus on risk mitigation related to raw material price fluctuations [3][4]. - Specific risk control measures include optimizing the scale and duration of hedging, adhering to internal control systems, and enhancing the professional knowledge of personnel involved in hedging activities [4][5]. Group 3: Approval Process - The board of directors and the supervisory board have both approved the adjustment of the hedging business, confirming that the procedures comply with relevant laws and regulations [6][7]. - Independent directors also supported the decision, highlighting that the adjustments would not harm the interests of the company or its shareholders [7].
三友联众: 期货期权套期保值业务管理制度
Zheng Quan Zhi Xing· 2025-07-18 16:30
Core Viewpoint - The company has established a management system for futures and options hedging to mitigate risks associated with price fluctuations in its operations, ensuring stable business development [1][2]. Group 1: General Principles - The company aims to conduct futures and options trading solely for hedging purposes, avoiding speculative and arbitrage activities [1][3]. - The hedging activities must align with the company's operational needs and risk exposure, ensuring that the types, scales, and durations of the hedging instruments match the underlying risks [1][3]. - The company prohibits subsidiaries from engaging in hedging activities without prior approval [1][2]. Group 2: Approval Authority - A feasibility analysis report must be prepared and submitted to the board of directors for approval before engaging in hedging activities [2][3]. - If the expected margin and premium exceed 50% of the latest audited net profit or exceed 5 million RMB, shareholder approval is required [2][3]. Group 3: Risk Management and Responsibilities - The board's audit committee is responsible for reviewing the necessity and feasibility of hedging activities and ensuring risk control measures are in place [4][5]. - The finance department oversees the accounting and management of futures and options transactions, ensuring compliance with established procedures [5][6]. - Subsidiaries must adhere to the established hedging volume and stop-loss limits, ensuring that speculative trading is strictly prohibited [6][7]. Group 4: Operational Procedures - The company has outlined specific procedures for initiating and executing hedging transactions, including the development of hedging plans and the approval process for trading activities [9][10]. - Weekly reports on trading activities, including positions and profit/loss status, must be submitted to the general manager [11][12]. Group 5: Documentation and Confidentiality - All original documents related to hedging transactions must be retained for at least 10 years, ensuring compliance with regulatory requirements [12][13]. - Employees involved in hedging activities are required to adhere to confidentiality protocols regarding trading strategies and financial information [13][14].