Group 1 - The announcement details the retirement of senior management personnel, specifically Mr. Wang Xinrong, who is stepping down as General Manager due to reaching retirement age [1][3] - Mr. Wang Xinrong will continue to serve as a director and a member of the board's strategic committee after his resignation as General Manager [3] - The company assures that Mr. Wang's departure will not adversely affect its normal operations, and the transition will be managed according to internal protocols [3] Group 2 - The board expresses gratitude for Mr. Wang's contributions during his tenure as General Manager, highlighting his diligence and commitment [3] - Mr. Wang Weisong, the company's legal representative and chairman, will temporarily oversee daily operations until a new General Manager is appointed [3] - The board plans to complete the appointment of a new General Manager following legal procedures [3]

证券代码：603181 证券简称：皇马科技 公告编号：2025-018 浙江皇马科技股份有限公司 关于公司高级管理人员到龄退休的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、高级管理人员离任情况 （一）提前离任的基本情况 | 姓名 | 离任职务 | 离任时间 | | 原定任期 到期日 | | 离任原因 | 是否继续在上 市公司及其控 | 具体职务 | 是否存在 未履行完 毕的公开 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | 股子公司任职 | | 承诺 | | 王新荣 | 总经理 | 2025 年 | 6 | 2025 年 | 9 月 | 到龄退休 | 是 | 公司董事 | 否 | | | | 月 26 | 日 | 8 日 | | | | | | （二）离任对公司的影响 浙江皇马科技股份有限公司董事会于近日收到公司董事兼总经理王新荣先 生提交的书面辞职报告，王新荣先生因到龄退休申请辞去公司总经理职务。根 ...

Investment Rating - The industry investment rating is "Buy" for companies with strong fundamentals and low correlation to oil prices, suggesting a bottom-fishing strategy [10][18]. Core Viewpoints - The report indicates a recovery in macro expectations, with a notable increase in oil prices due to supply risks from geopolitical tensions and seasonal demand [10][14]. - The report emphasizes the importance of focusing on domestic demand and opportunities in new material substitutions, particularly in the agricultural chemical sector during the spring planting season [10][18]. Summary by Sections 1. Core Viewpoints - Oil prices have risen this week, with a focus on companies that have strong fundamentals and are less affected by oil price fluctuations [10][18]. - Recommendations include companies like Wanhua Chemical, Huamao Technology, Runfeng Co., Guoguang Co., and Hualu Hengsheng, highlighting their unique market positions and growth potential [10][18]. 2. Oil and Chemical Price Information 2.1 Oil - As of June 6, Brent oil prices increased by 4.02% to $66.47 per barrel, driven by supply risks and seasonal demand [14]. - U.S. crude oil commercial inventories decreased by 4.3 million barrels to 436.1 million barrels [14]. 2.2 Chemicals - Among 188 monitored chemical products, the top three price increases this week were for liquid chlorine (up 11.8%), natural gas (up 9.3%), and hydrochloric acid (up 4.6%) [15]. - The report notes significant monthly price changes, with hydrochloric acid increasing by 54.5% [10][15]. 3. Price and Spread Changes - The report highlights the top three products with the largest weekly spread increases: R410a spread (up 200.0%), acrylic acid butyl ester spread (up 58.2%), and PTA (up 45.9%) [10][20]. - Monthly spread changes show significant increases in the electric stone method PVC spread (up 216.9%) [10][20].

Core Viewpoint - The company, Zhejiang Huama Technology Co., Ltd., is actively exploring new applications for polyethylene glycol (PEG) and poly(ethylene oxide) (PEO) in various industries, including lithium batteries and hydrogels, while also announcing a cash dividend distribution plan for shareholders [2][3][4]. Group 1: Company Performance and Financials - As of June 4, 2025, Huama Technology's stock closed at 12.88 yuan, with a slight increase of 0.39% and a trading volume of 58,000 shares, resulting in a transaction amount of 74.6573 million yuan [1]. - The company reported a net profit attributable to shareholders of 397,776,971.79 yuan for the 2024 fiscal year, while the parent company's net profit was -8,511,370.43 yuan [4]. - The company plans to distribute a cash dividend of 0.21 yuan per share, totaling 120,877,680 yuan, with the record date set for June 10, 2025, and the payment date on June 11, 2025 [3][4]. Group 2: Shareholder Information - The cash dividend distribution will be applicable to all shareholders registered by the end of the record date, with specific tax implications for different types of investors, including a 10% withholding tax for qualified foreign institutional investors [3][4]. - The company has conducted a share buyback of 13,092,000 shares, representing 2.2239% of the total share capital, which will not participate in the dividend distribution [4][5]. Group 3: Market Activity - On June 4, 2025, the net outflow of funds from major investors was 549.29 million yuan, while retail investors saw a net inflow of 836.67 million yuan, indicating varied investor sentiment [2][4].

证券代码：603181 证券简称：皇马科技 公告编号：2025-017 浙江皇马科技股份有限公司2024年年度权益分派实施公告 重要内容提示： 每股分配比例 A 股每股现金红利0.21元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/6/10 | － | 2025/6/11 | 2025/6/11 | 差异化分红送转： 是 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗 漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 5 月 8 日的2024年年度股东大会审议通过。 二、 分配方案 3. 差异化分红送转方案： （一）本次差异化分红方案 公司 2024 年度以实施权益分派股权登记日登记的应分配股数（总股本扣减公司回购专用 证券账户中股份数）为基数，向股东每股派发现金红利 0.21 元（含税）。公司总股本为 588,700,000 股，扣除公司回购专用证券账户中股数 ...

上海市广发律师事务所 关于浙江皇马科技股份有限公司 差异化分红事项之 专项法律意见 电话：021-58358013 | 传真：021-58358012 网址：http://www.gffirm.com | 电子信箱：gf@gffirm.com 办公地址：上海市浦东新区南泉北路 429 号泰康保险大厦 26 楼 | 邮政编码：200120 上海市广发律师事务所 关于浙江皇马科技股份有限公司差异化分红事项之 专项法律意见 致：浙江皇马科技股份有限公司 上海市广发律师事务所（以下简称"本所"）接受浙江皇马科技股份有限公 司（以下简称"公司"）的委托，根据《中华人民共和国公司法》（以下简称"《公 司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、《上海证券交易所 上市公司自律监管指引第 7 号——回购股份》（以下简称"《自律监管指引第 7 号》"）等法律法规、其他规范性文件以及《浙江皇马科技股份有限公司章程》（以 下简称"《公司章程》"）的规定，就公司 2024 年度利润分配所涉及的差异化分红 特殊除权除息处理（以下简称"本次差异化分红"）的相关事宜进行专项核查并 出具法律意见书。 为出具本法律意见书， ...

Core Viewpoint - The report highlights the continuous growth in product sales and steady improvement in operational performance for Huangma Technology, leading to a "buy" rating from analysts [1][2]. Financial Performance - In 2024, Huangma Technology achieved operating revenue of 2.333 billion yuan, a year-on-year increase of 23.17% - The net profit attributable to shareholders reached 398 million yuan, up 22.50% year-on-year - The net profit excluding non-recurring gains and losses was 377 million yuan, reflecting a 27.81% increase year-on-year - For Q4 2024, the company reported operating revenue of 611 million yuan, a 25.09% year-on-year growth, and a net profit of 112 million yuan, up 24.61% year-on-year [2]. Production and Sales Growth - In 2024, the production and sales volume of specialty surfactants were 183,100 tons and 179,300 tons, respectively, representing year-on-year growth of 30.66% and 26.85% - In Q1 2025, production and sales volume were 45,500 tons and 47,300 tons, showing year-on-year increases of 11.08% and 16.99% respectively [2][3]. Capacity Utilization and Project Progress - The capacity utilization rate for Huangma Shangyi factory in 2024 was 82.36%, an increase of 17.08 percentage points year-on-year - The net profit for this factory was 264 million yuan, up 22.65% year-on-year - The Green Science and Technology factory had a capacity utilization rate of 79.58%, with a net profit of 144 million yuan, reflecting a 35.76% year-on-year increase - The new production project for polyether amine is set to commence in Q3 2024, and the construction of the third factory is progressing smoothly [3]. Research and Development - In 2024, the company invested 88.4 million yuan in R&D, a 16.02% increase year-on-year - The company obtained 18 new national invention patents and 3 international invention patents, along with 9 new utility model patents - The total number of national key new products reached 10, with 15 new provincial product trial plans added [3]. Valuation and Earnings Forecast - Based on Q1 2025 sales growth and projections for 2026, the earnings per share (EPS) are estimated to be 0.84 yuan, 0.98 yuan, and 1.14 yuan for 2025, 2026, and 2027 respectively, with corresponding price-to-earnings (PE) ratios of 15.0, 12.9, and 11.1 [3].

Investment Rating - The report maintains a "Buy" rating for the company, with a market price of RMB 12.67 and a sector rating of "Outperform" [2][5]. Core Insights - The company has shown consistent growth in product sales and operating performance, with a 23.17% year-on-year increase in revenue to RMB 2.33 billion for 2024, and a 22.50% increase in net profit to RMB 398 million [5][10]. - The first quarter of 2025 also reflects growth, with revenue reaching RMB 603 million, a 13.47% increase year-on-year, and net profit of RMB 102 million, up 15.77% [5][12]. - The company is successfully releasing production capacity for specialty surfactants, contributing to sustained growth in operating performance [5][6]. Financial Performance Summary - For 2024, the company achieved total revenue of RMB 2,332.98 million, with a net profit of RMB 397.78 million, reflecting a growth rate of 23.17% and 22.50% respectively compared to 2023 [10]. - The fourth quarter of 2024 saw revenue of RMB 610.79 million, a 25.09% increase year-on-year, with net profit of RMB 112.20 million, up 24.61% [11]. - In the first quarter of 2025, the company reported revenue of RMB 603.41 million, a 13.47% increase from the same period in 2024, with net profit of RMB 101.77 million, up 15.77% [12]. Production and Sales Growth - The production and sales of specialty surfactants in 2024 reached 183,100 tons and 179,300 tons respectively, marking year-on-year growth of 30.66% and 26.85% [9]. - In the first quarter of 2025, production and sales were 45,500 tons and 47,300 tons respectively, with year-on-year increases of 11.08% and 16.99% [14]. - The company is focusing on niche products and expanding into growth areas such as wet electronic chemicals and UV-curable surfactants, which are expected to enhance profitability [9][10]. Capacity Utilization and Innovation - The capacity utilization rate for the company's facilities improved, with the Huangma Shangyi factory achieving 82.36% in 2024, up 17.08 percentage points year-on-year [9]. - The company invested RMB 88.40 million in R&D in 2024, a 20.40% increase from 2023, and secured multiple new patents, enhancing its competitive edge [9][10]. Earnings Forecast - The report adjusts the earnings forecast for 2025-2027, projecting EPS of RMB 0.84, 0.98, and 1.14 respectively, with corresponding PE ratios of 15.0x, 12.9x, and 11.1x [6][8].

Investment Rating - The report initiates coverage with an "Accumulate" rating for the company [9]. Core Views - The company has established itself as a leader in the specialty surfactants sector, with an annual production capacity of nearly 300,000 tons and a diverse product range across 17 segments, including functional new material resins and high-end electronic chemicals [1]. - The company is experiencing steady revenue growth and improved profitability, with a projected 27% year-on-year increase in specialty surfactant sales for 2024, reaching 179,000 tons [2]. - The company is actively advancing its "Third Factory" project, which aims to produce 330,000 tons of high-end functional new materials, with the first phase expected to begin trial production in the first half of 2026 [2][3]. Financial Summary - For 2024, the company anticipates revenue of 23.3 billion yuan, a 23.17% increase from the previous year, with a gross margin of 24.95% [2]. - The net profit attributable to the parent company is projected to be 398 million yuan for 2024, reflecting a 22.5% year-on-year growth [2]. - The company forecasts net profits of 475 million yuan, 569 million yuan, and 673 million yuan for 2025, 2026, and 2027, respectively, indicating a consistent growth trajectory [3]. Market Data - As of May 23, 2025, the company's closing price was 12.45 yuan, with a total market capitalization of approximately 7.33 billion yuan [5]. - The stock has shown a 12-month price range between 8.09 yuan and 13.86 yuan [5].

Investment Rating - The industry investment rating is "Positive (Maintain)" [7] Core Viewpoints - This week, oil prices experienced a slight decline, while the prices of acrylic acid and coal tar saw significant increases. The report emphasizes a focus on leading companies with strong alpha that are less correlated with oil prices, suggesting a bottom-fishing strategy. It also highlights the importance of domestic demand and opportunities in new material domestic substitution, particularly in the agricultural chemical sector during the spring farming peak [9][17]. Summary by Sections Oil and Chemical Prices Information - As of May 23, Brent oil price decreased by 0.96% to $64.78 per barrel. The report notes that U.S. commercial crude oil inventories increased by 1.3 million barrels to 443.2 million barrels, with gasoline inventories rising by 800,000 barrels and distillate inventories by 600,000 barrels [13][14]. - Among 188 monitored chemical products, the top three price increases this week were acrylic acid (up 10.8%), coal tar (up 7.6%), and anthracene oil (up 5.7%). The largest declines were seen in liquid chlorine (down 16.7%), formic acid (down 8.0%), and tetrachloroethylene (down 7.2%) [9][14]. Price and Spread Changes - The report indicates that the top three products with the largest weekly price increases were acrylic acid (up 10.8%), coal tar (up 7.6%), and anthracene oil (up 5.7%). The largest monthly price increases were liquid chlorine (up 40.2%), but it also noted significant declines in formic acid (down 29.2%) [9][15]. - The top three products with the largest weekly spread increases were MTP spread (up 35.0%), acrylic acid spread (up 33.2%), and BDO spread (up 29.5%). The report also highlights significant declines in the spreads of acrylic acid butyl ester (down 710.1%) and R410a spread (down 100.0%) [9][19]. Investment Recommendations - The report recommends several companies for investment: - Wanhua Chemical (600309, Buy): Core product MDI is seeing profit improvements, with new petrochemical and new material projects coming online [17]. - Huangma Technology (603181, Buy): A leading special polyether company that has entered a growth phase again [17]. - Runfeng Co., Ltd. (301035, Buy): A rare company with a global layout for formulation registration and sales channels [17]. - Guoguang Co., Ltd. (002749, Buy): A leading company in the plant growth regulator sector [17]. - Hualu Hengsheng (600426, Buy): Core product prices are recovering alongside a decline in coal prices, leading to continuous improvement in spreads [17].