(Original title: 18,000 shareholders stepped on the thunder! A-share companies lost 40 million in futures speculation, and half a quarter of profits were lost! Exchanges paid attention to it quickly; and Hong Kong stock companies lost 300 million in currency speculation!)

　　Because of the loss of 40 million in investment futures, Yongmaotai attracted the attention of the exchange.

On the evening of July 3, the company disclosed a supervisory work letter, involving listed companies, directors, supervisors and senior managers.

　　Yongmaotai was regulated this time because of a large loss in futures investment.

It all started in April last year.

At that time, the company reviewed and approved the "Proposal on Authorizing the Management to Develop Futures Hedging Business", which provided the institutional basis for the company to carry out futures investment.

　　In addition, on the evening of July 3, Meitu, a Hong Kong-listed company, announced that in the first half of this year, the company's net loss may reach 274.9 million to 349.9 million yuan, an increase of about 99.6% from the net loss of about 137.7 million yuan in the same period last year. to 154.1%.

The expected increase in net loss is mainly due to impairment of purchased cryptocurrencies.

　　The loss of speculation in futures exceeds 40 million

　　Looking closely at this proposal, two points are worth noting.

　　The first is the choice of time node, just one month after Yongmaotai was listed.

At that time, the bulk market had begun to undergo subtle changes: some markets believed that non-ferrous metals were positioned in the market judgment of "leaving buffalo"; some institutions gave a bearish judgment of "cautious pursuit of high".

At this time, Yongmaotai is laying the groundwork for the hedging operation. To a certain extent, it reflects the confusion in the face of the uncertainty of bulk prices, and it also reflects the listed companies in "guarantee performance" and "do hedging." "There needs to be a balance and urgency to make trade-offs as soon as possible.

　　The second concern is the margin amount.

According to the "Proposal on Authorizing the Management to Carry out Futures Hedging Business" at the 8th meeting of the second board of directors of the company in March 2022, the board of directors agreed to authorize the management of the company within the initial trading margin of 100 million yuan (the provisions of Shanghai Futures Exchange). (excluding temporary margin calls on holidays and margin calls before physical delivery), choose an opportunity to carry out hedging business of raw material and product futures within the next year.

Looking back at the company's balance sheet, as of the end of last year, Yongmaotai's monetary capital was only about 126 million yuan.

　　This proposal was originally hoped to avoid the risk of price fluctuations of bulk metal raw materials such as aluminum, copper, and nickel required for the production of the company and its subsidiaries, and to ensure the relative stability of product costs. The hedging business ended up being a losing investment.

　　Judging from the final results, from January 1, 2022 to the close of the afternoon on June 30, the company and its subsidiaries’ futures accounts have accumulated a loss of 40.3974 million yuan (of which the floating loss of positions is 15.1642 million yuan), and the amount of impact on the annual profit and loss is -31.3355 million yuan.

　　Shares will face a stress test

　　What level of loss is this?

Yongmaotai's net profit in recent years has fluctuated at the level of 100 million to 200 million yuan.

In the first quarter of this year, the company achieved a net profit of 84.46 million yuan.

It can be seen that the futures investment loss of more than 40 million yuan is roughly equivalent to the company's net profit level for half a quarter.

　　Why do investment losses occur?

The direct reason is the market volatility.

After the management of Yongmaotai was authorized, the company and its subsidiaries successively bought a corresponding number of bullish contracts for aluminum, copper and nickel futures. At the same time as the major adverse impact, the prices of bulk metal futures fluctuated sharply, and the prices of hedging aluminum, copper and nickel futures purchased by the Company and its subsidiaries showed a downward trend.

　　According to public data, since the beginning of 2022, the main force of Shanghai copper and the main force of Shanghai aluminum have fallen by more than 12% and 7% respectively; the main force of Shanghai nickel has also dropped by more than 28% in the first half of the year compared with the high point of the year.

　　What remedial measures will the company take?

According to the announcement, Yongmaotai has made it clear that it will no longer transfer funds and gradually reduce its positions.

At the same time, for the futures hedging business carried out by the company, Yongmaotai has also formulated risk control measures, clarifying that the futures trading varieties are all related to the company's normal business operations, and futures transactions that are not related to the company's normal business operations are not allowed.

　　The investment loss of Yongmaotai can be called a tragedy, which reflects the pain of physical enterprises participating in financial investment.

In fact, many A-share companies, including Qinan, Blum Oriental, and Haoyue Nursing, have suffered similar financial investment losses before, with the highest loss approaching 100 million yuan.

　　The huge loss of speculating in futures will make Yongmaotai's stock price usher in a stress test on July 4.

On July 4, the company's stock price will open for trading, and how it will behave will arouse market attention.

The latest financial report data shows that as of March 31 this year, Yongmaotai had 18,400 shareholders.

　　This shortfall is likely to have an impact on the company's semi-annual report and other financial report data.

Although the company stated that the impact of the matter on the company's financial data has not been audited, the specific and accurate financial data is subject to the audited data officially disclosed by the company; Calculated after deducting non-net profit, this futures loss will cover a considerable part of the company's hard work in the first half of the year.

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