《深圳证券交易所上市公司 核查意见 华泰联合证券有限责任公司 关于广东广康生化科技股份有限公司 继续开展外汇衍生品交易业务的核查意见 华泰联合证券有限责任公司（以下简称"华泰联合证券"或"保荐人"）作 为广东广康生化科技股份有限公司（以下简称"广康生化"或"公司"）首次公 开发行股票并在创业板上市持续督导阶段的保荐人，根据《证券发行上市保荐业 务管理办法》 《深圳证券交易所创业板股票上市规则》 自律监管指引第 2 号——创业板上市公司规范运作》等有关规定，对广康生化拟 继续开展外汇衍生品交易业务事项进行了核查，具体核查情况如下： 一、开展外汇衍生品交易业务的目的 为有效规避外汇市场的风险，防范汇率大幅波动对公司造成不良影响，合理 降低财务费用，增强财务稳健性，公司及下属子公司拟适当与有关政府部门批准、 具有相关业务经营资格的银行等金融机构开展外汇衍生品交易业务。 二、开展外汇衍生品交易业务的基本情况 公司及下属子公司拟开展的外汇衍生品交易业务所涉及币种为公司及子公 司在境外业务中使用的结算货币，主要外币币种为美元，具体方式或产品主要包 括远期结售汇、外汇掉期、外汇买卖、外汇期权、利率互换、利率掉期、利率期 权 ...

Core Viewpoint - Fortior (01304.HK) plans to utilize a maximum amount of RMB 1.5 billion or equivalent foreign currency for foreign exchange hedging activities, including various derivatives [1] Group 1 - The company intends to engage in foreign exchange hedging activities to meet operational and business needs [1] - The hedging activities will include forward foreign exchange settlement, foreign exchange swaps, foreign exchange futures, foreign exchange options, and other foreign exchange derivatives [1] - The usage period for the aforementioned amount is within 12 months from the date of approval by the company's shareholders' meeting, with funds being able to be rolled over within this limit and timeframe [1]

Core Viewpoint - Fortior (01304.HK) plans to utilize a maximum amount of RMB 1.5 billion or equivalent foreign currency for foreign exchange hedging activities, including various derivatives [1] Group 1: Business Operations - The company and its subsidiaries intend to engage in foreign exchange hedging activities to meet operational and business needs [1] - The hedging activities will encompass forward foreign exchange settlements, foreign exchange swaps, foreign exchange futures, foreign exchange options, and other foreign exchange derivative products [1] Group 2: Financial Details - The maximum amount for the hedging activities is set at RMB 1.5 billion [1] - The usage period for the aforementioned amount is within 12 months from the date of approval by the company's shareholders' meeting [1] - Funds can be used in a rolling manner within the specified amount and time frame [1]

Core Viewpoint - The company intends to conduct foreign exchange hedging activities to mitigate the risks associated with currency fluctuations that could adversely affect its operating performance [1][6]. Group 1: Necessity and Overview of Hedging Activities - The company primarily conducts its export business in foreign currencies such as USD and EUR, making it vulnerable to exchange rate fluctuations that can impact its financial results [1]. - The proposed hedging activities will include forward foreign exchange contracts, foreign exchange spot transactions, options, and combinations of these products, limited to the currencies used in its operations [2]. Group 2: Business Scale and Funding Sources - The total amount for the foreign exchange hedging activities is capped at USD 30 million or its equivalent in other currencies, with a validity period of 12 months from the board's approval [2]. - The funding for these activities will come from the company's own funds and will not involve raised capital [2]. Group 3: Authorization and Execution - The board of directors has authorized the general manager to approve daily hedging plans and sign relevant contracts within the approved limits, with the finance department responsible for execution [2]. - The authorization is valid for 12 months from the date of board approval [2]. Group 4: Risk Analysis and Control Measures - The company has identified several risks associated with the hedging activities, including market risks from exchange rate and interest rate fluctuations, internal control risks, and counterparty risks [3][4]. - To mitigate these risks, the company has established a comprehensive management system for foreign exchange hedging, which includes clear guidelines on limits, product types, approval processes, and internal audits [4][5]. - The finance department will continuously monitor market conditions and assess the risks associated with hedging activities, ensuring compliance with established procedures [5]. Group 5: Approval Process - The audit committee reviewed and approved the proposal for foreign exchange hedging, confirming that it aligns with the company's operational needs and enhances financial stability [5]. - The board of directors subsequently approved the proposal, affirming that it falls within their authority and does not require shareholder approval [5]. Group 6: Sponsor's Opinion - The sponsor, CITIC Securities, has confirmed that the company has followed necessary legal procedures and established an internal control system for the hedging activities [6].

Core Viewpoint - The company has established a comprehensive set of guidelines for its hedging activities to mitigate market price volatility risks, ensuring that these activities align with its operational needs and comply with relevant regulations [1][2]. Group 1: Hedging Business Overview - The hedging business includes financial derivatives and commodity futures hedging to mitigate risks associated with exchange rates, interest rates, and commodity prices [1][2]. - The company must conduct hedging activities in a legal, prudent, safe, and effective manner, ensuring that these activities do not interfere with normal operations or involve speculative trading [2]. Group 2: Organizational Structure - The company's board of directors and shareholders' meeting serve as the decision-making bodies for hedging activities [3]. - A dedicated working group is established to manage hedging activities, comprising key executives such as the chairman, general manager, and financial officers [3][4]. Group 3: Approval Authority - The company must prepare a feasibility analysis report for hedging activities, which requires approval from the board of directors [5]. - Certain transactions, particularly those involving significant financial commitments, must also be submitted for shareholders' approval [5]. Group 4: Risk Management - The company is required to conduct thorough assessments of financial institutions before engaging in hedging activities [27]. - Regular audits and checks are mandated to ensure compliance with risk management policies and to identify any operational risks [28][30]. Group 5: Emergency Procedures - In the event of significant market changes or natural disasters, the company must promptly report and take necessary actions to mitigate risks, including closing or locking positions [37][39]. - Contingency plans are in place for operational disruptions, ensuring that trading can continue through alternative means [40][41]. Group 6: Documentation and Record Keeping - All documentation related to hedging activities, including applications, approvals, and transaction records, must be archived for a minimum of ten years [41]. - The company is responsible for maintaining confidentiality regarding its hedging strategies and financial information [25].

Core Insights - Zhangjiagang Rural Commercial Bank has provided trade financing amounting to 410 million RMB since April 1, effectively supporting the development of foreign trade enterprises [1] - The bank has established a special task force to alleviate the financial pressures on foreign trade companies, focusing on stable credit support and innovative financing products [1][2] - The bank promotes export credit insurance to mitigate risks for small and medium-sized foreign trade enterprises, enhancing their confidence in exploring overseas markets [2] - The bank has upgraded its foreign exchange risk hedging services, offering real-time exchange rate information and promoting the use of foreign exchange derivatives to manage currency fluctuations [3] Group 1 - The bank's trade financing support has reached 410 million RMB, aiding foreign trade enterprises [1] - A special task force was created to implement measures that help enterprises stabilize operations and increase order intake [1] - The bank commits to maintaining credit support without withdrawal or pressure on foreign trade enterprises [1] Group 2 - The establishment of an export credit insurance support task force aims to enhance risk management for small and medium-sized enterprises [2] - The bank has facilitated the insurance application process, resulting in 75 enterprises obtaining coverage [2] - The bank promotes a unique trade financing product linked to export credit insurance, providing risk protection and financing support [2] Group 3 - The bank has enhanced its foreign exchange risk management services, providing real-time information and analysis to clients [3] - A total of 558 foreign exchange derivative contracts have been signed with 105 clients, amounting to 1.178 billion USD [3] - The bank continues to focus on high-quality development in foreign trade through collaborative efforts with government and enterprises [3]

Core Viewpoint - The introduction of RMB foreign exchange futures is a significant step in enhancing the risk management tools available for enterprises, particularly small and medium-sized enterprises (SMEs), in response to the increasing demand for effective currency risk management solutions [1][2][3]. Group 1: Policy Announcement and Market Demand - On June 18, during the 2025 Lujiazui Forum, the People's Bank of China announced eight important financial policies, including the research and promotion of RMB foreign exchange futures trading [1]. - The demand for RMB foreign exchange futures has been long-awaited by academia and businesses as a tool for managing exchange rate risks, especially for SMEs engaged in foreign trade [2]. - The rapid development of China's economy and the increasing internationalization of the RMB have led to a significant rise in the demand for currency risk management tools [3]. Group 2: Growth in Hedging Needs - The hedging demand among domestic enterprises has surged, with a notable increase in the number of A-share listed companies issuing hedging-related announcements, rising by 12% year-on-year in the first five months of 2025 [4]. - Among these, 1,084 companies reported on currency hedging, indicating that currency risk remains the primary concern for businesses [4][6]. Group 3: Limitations of Current Tools - Current foreign exchange derivative tools available to domestic enterprises are limited, with existing products failing to meet the increasingly complex needs of businesses [5]. - SMEs particularly require more flexible, cost-effective foreign exchange risk management products, which RMB foreign exchange futures could provide due to their standardized contracts and lower barriers to entry [5]. Group 4: Impact on RMB Internationalization - The launch of RMB foreign exchange futures is expected to significantly impact the internationalization of the RMB, providing a compliant investment channel and alleviating pressure on foreign exchange reserves [7]. - Currently, only 2.4% of global foreign exchange transactions involve the RMB, highlighting the need for effective hedging tools to enhance its international standing [7]. Group 5: Opportunities for the Futures Industry - The introduction of RMB foreign exchange futures presents a strategic opportunity for the futures industry to transform and enhance its capabilities [9]. - This new product will reshape the product matrix and service models of futures institutions, allowing them to better integrate into the supply chain finance of enterprises [9][10]. Group 6: Recommendations for Sustainable Development - For the successful launch and sustainable development of RMB foreign exchange futures, collaboration among regulatory bodies, market institutions, and investors is essential [11]. - Key areas for improvement include enhancing trading rules, increasing market participants' understanding of foreign exchange derivatives, and upgrading trading infrastructure [11].

Core Viewpoint - The introduction of RMB foreign exchange futures is a significant step towards enhancing currency risk management for domestic enterprises, particularly small and medium-sized enterprises (SMEs), amid increasing demand for diversified and precise risk management tools [1][2][3]. Group 1: Policy Announcement and Market Demand - On June 18, during the 2025 Lujiazui Forum, the Governor of the People's Bank of China, Pan Gongsheng, announced eight important financial policies, including the promotion of RMB foreign exchange futures trading [1]. - The demand for RMB foreign exchange futures has been long-awaited by the financial and business sectors as a tool for managing exchange rate risks [1]. - The increasing complexity of exchange rate risks faced by domestic enterprises has led to an exponential growth in their hedging needs [1][2]. Group 2: Current Hedging Tools and Limitations - In the first five months of 2025, 1,295 A-share listed companies in the real economy issued announcements related to hedging, a 12% increase from the same period in 2024, with exchange rate risk being the primary concern [2]. - Current domestic foreign exchange derivative tools are limited, and existing hedging products do not fully meet the diverse needs of enterprises [2]. - SMEs particularly require more flexible, cost-effective foreign exchange risk management products, which RMB foreign exchange futures can provide due to their standardized contracts and lower barriers to entry [2]. Group 3: Impact on RMB Internationalization and Financial Institutions - The launch of RMB foreign exchange futures is expected to support RMB internationalization and facilitate capital flow, while also providing a compliant investment channel to mitigate risks associated with illegal foreign exchange margin trading [3]. - According to BIS statistics, only 2.4% of global foreign exchange transactions involve RMB, highlighting the lack of hedging tools as a key constraint [3]. - The introduction of RMB foreign exchange futures can offer strategic opportunities for financial institutions to transform their business models and enhance their capabilities [3][4]. Group 4: Business Innovation and Risk Management - The introduction of foreign exchange futures will reshape the product matrix and service models of futures operating institutions, promoting diversification and specialization [4]. - By integrating futures with the real economy, futures institutions can provide precise exchange rate risk management solutions to enterprises [4]. - Financial institutions can utilize foreign exchange futures to optimize asset-liability management, reduce exchange rate risk exposure, and improve risk management efficiency [4].

Group 1 - The Agricultural Bank of China Zhongshan Branch held a foreign exchange seminar aimed at enhancing cross-border financial services for over 100 foreign trade enterprises in Zhongshan, Guangdong [1] - The seminar featured experts from the State Administration of Foreign Exchange and the Agricultural Bank, who discussed foreign exchange policies, trade facilitation measures, and exchange rate risk management [1] - The State Administration of Foreign Exchange emphasized the importance of establishing a "substantive compliance" concept for enterprises to optimize internal processes and fully leverage policy benefits [1] Group 2 - The Agricultural Bank of China Macau Branch highlighted the investment opportunities and financial service advantages in the Macau Special Administrative Region, responding to the increasing overseas expansion needs of Zhongshan enterprises [2] - The Zhongshan Branch has provided over $3.7 billion in cross-border settlement services this year, with a year-on-year increase of 225.81% in foreign exchange hedging scale and an 18.74% increase in hedging ratio [2] - The branch aims to continue innovating financial products and services to support Zhongshan's open economy and stabilize foreign trade and investment [2]

Core Viewpoint - The document outlines the foreign exchange hedging management system of Shenzhen Jingquan Technology Co., Ltd., aiming to standardize the hedging operations, enhance risk management, and ensure asset safety in compliance with relevant laws and regulations [1][2]. Group 1: General Principles - The foreign exchange hedging business includes various instruments such as forward foreign exchange contracts, foreign exchange swaps, and options, among others [1]. - The system applies to the company and its wholly-owned and controlled subsidiaries, prohibiting subsidiaries from engaging in hedging activities without company consent [2]. Group 2: Operational Principles - The company must conduct hedging activities based on legitimate, prudent, safe, and effective principles, focusing on risk avoidance rather than speculative trading [2]. - Transactions are only permitted with financial institutions approved by the State Administration of Foreign Exchange and the People's Bank of China [2]. - The company must establish its own hedging accounts and cannot use third-party accounts for these transactions [2]. Group 3: Approval Authority - Specific approval thresholds are set for hedging activities, including a maximum transaction margin exceeding 50% of the latest audited net profit and a maximum contract value exceeding 50% of the latest audited net assets [5]. - All hedging activities must be reported to the company's chairman for approval, as subsidiary heads do not have final approval authority [6]. Group 4: Business Management Process - The board of directors and authorized personnel are responsible for decision-making regarding hedging activities, with a dedicated working group managing daily operations [6][7]. - The finance department is tasked with the feasibility analysis, implementation plans, and ongoing management of hedging activities [7]. - An internal audit department oversees the actual operations and compliance with risk management policies [7]. Group 5: Information Disclosure - The company is required to disclose information related to its hedging activities in accordance with regulations from the China Securities Regulatory Commission and the Shenzhen Stock Exchange [10]. - Significant risks or losses must be reported immediately if they reach 10% of the latest audited net profit or exceed 10 million RMB [10]. Group 6: Internal Risk Management - The company must adhere to national laws and regulations, establish a warning system for positions, and ensure accurate and timely recording of transactions [9][10]. - In case of significant exchange rate fluctuations, the finance department must analyze the situation and report to the working group and chairman [10]. Group 7: Miscellaneous - The management system is effective from the date of board resolution and is subject to revisions as necessary [11].