Through the cycle of exchange rate fluctuations, the practice of foreign exchange hedging by listed companies is gradually gaining momentum.

With the recent continuous strengthening of the renminbi, the heat of foreign exchange hedging by listed companies is gradually rising. According to incomplete statistics, since the beginning of the year, more than 40 listed companies have announced that they will engage in foreign exchange hedging or related derivative businesses in order to build a solid "breakwater" in the fluctuations of the exchange market. In the past year, the international environment has been volatile, and the foreign exchange market has fluctuated accordingly. If enterprises allow their foreign exchange exposures to "run naked", their operating profits may be "devoured" by exchange rate fluctuations. As stated in a public announcement by a certain listed company: "In 2025, the renminbi exchange rate experienced a significantly larger-than-expected appreciation, leading to the company's USD denominated assets exposure generating exchange losses equivalent to approximately 1.099 billion renminbi." Faced with exchange rate fluctuations, foreign exchange hedging is becoming an important tool for enterprises to navigate through cyclesmore and more enterprises are leveraging foreign exchange hedging to enhance financial stability and resilience to external fluctuations.