Investment Rating - The industry investment rating is "Positive (Maintain)" [6] Core Viewpoints - The report highlights a significant decline in oil prices, suggesting a focus on domestic demand and opportunities in domestic substitutes for new materials. It emphasizes the importance of companies with strong fundamentals that are less correlated with oil prices [13][14] - The report recommends several companies for investment, including WanHua Chemical, Huangma Technology, Runfeng Co., Guoguang Co., and Hualu Hengsheng, citing their strong market positions and improving profitability [13] Summary by Sections 1. Core Viewpoints - The report indicates a substantial drop in oil prices, with Brent crude falling 8.3% to $61.29 per barrel as of May 2, 2025. This decline is attributed to OPEC+ production increases and global trade tensions affecting supply and demand dynamics [14] - The report suggests focusing on companies with strong fundamentals and less sensitivity to oil price fluctuations, particularly in the agricultural chemicals sector, which is experiencing robust demand due to the spring farming season [13] 2. Oil and Chemical Price Information - As of April 25, 2025, U.S. crude oil commercial inventories stood at 440.4 million barrels, with a weekly decrease of 270 thousand barrels. Gasoline inventories decreased by 4 million barrels to 225.5 million barrels, while distillate inventories increased by 900 thousand barrels to 107.8 million barrels [14] - The report monitors 188 chemical products, noting that the top three price increases for the week were for liquid chlorine (up 58.8%), natural gas (up 14.0%), and monoammonium phosphate (up 3.9%). Conversely, the largest declines were seen in formic acid (down 7.7%), pure benzene (down 6.5%), and vitamin A (down 6.4%) [15] 3. Investment Recommendations - Recommended companies include: - WanHua Chemical: Core product MDI shows recent profit improvement, with upcoming petrochemical and new material projects [13] - Huangma Technology: A leader in specialty polyether, responding well to previous macro demand challenges [13] - Runfeng Co.: A rare investment target with a global layout for formulation registration and sales channels [13] - Guoguang Co.: A leading domestic differentiated formulation company in the plant growth regulator sector [13] - Hualu Hengsheng: Core product prices are recovering alongside a decline in coal prices, leading to improved margins [13]

Investment Rating - The industry investment rating is "Positive (Maintain)" [6] Core Views - The report highlights a significant decline in oil prices, suggesting a focus on domestic demand and opportunities in domestic substitutes for new materials. It emphasizes the importance of companies with strong fundamentals that are less correlated with oil prices [13][14] - The report recommends several companies based on their market positions and recent performance improvements, particularly in the agricultural chemicals sector due to the ongoing spring farming season [13] Summary by Sections 1. Core Views - The report indicates a substantial drop in oil prices, with Brent crude down 8.3% to $61.29 per barrel as of May 2, 2025. This decline is attributed to OPEC+ production increases and global trade tensions affecting supply-demand dynamics [14] - The report suggests focusing on companies with strong alpha characteristics that are less affected by oil price fluctuations, particularly in the agricultural chemicals sector, which is experiencing robust demand [13] 2. Oil and Chemical Price Information - As of April 25, 2025, U.S. crude oil commercial inventories stood at 440.4 million barrels, with a weekly decrease of 270 thousand barrels. Gasoline inventories decreased by 4 million barrels to 225.5 million barrels, while distillate inventories increased by 900 thousand barrels to 107.8 million barrels [14] - Among 188 monitored chemical products, the top three price increases this week were for liquid chlorine (up 58.8%), natural gas (up 14.0%), and monoammonium phosphate (up 3.9%). The largest declines were seen in formic acid (down 7.7%), pure benzene (down 6.5%), and vitamin A (down 6.4%) [15] 3. Investment Recommendations - Recommended companies include: - Wanhua Chemical: Core product MDI shows recent profit improvement, with upcoming petrochemical and new material projects [13] - Huamao Technology: A leader in specialty polyether, responding well to previous macro demand pressures [13] - Runfeng Co., Ltd.: A rare company with global formulation registration and sales channels [13] - Guoguang Co., Ltd.: A leader in differentiated formulations in the plant growth regulator sector [13] - Hualu Hengsheng: Core product prices are recovering alongside falling coal prices, leading to improved margins [13]

Group 1: Company Insights - BGI Genomics faces challenges such as declining demand, operational complexity, and high prices in the genetic testing industry, but is enhancing efficiency through automation and AI, while expanding into reproductive health and cancer prevention [1] - Nanshan Zhishang reported a 12.84% year-on-year increase in net profit for Q1, driven by new materials business, particularly ultra-high molecular weight polyethylene fibers [2] - Jizhi Co. saw a 54.89% increase in revenue year-on-year in Q1, benefiting from stable growth in balancing machine sales and automation line revenue [3] - Huangma Technology's export sales grew over 30% in Q1 2025, with improved gross margins due to increased production and lower raw material costs [4] - Proya Cosmetics aims to become the first beauty company in China to exceed 10 billion in revenue by 2024, focusing on expanding its product matrix and enhancing online and offline channels [5] - Daotong Technology is advancing its "embrace AI" strategy, significantly enhancing its digital repair and energy products, with a 60% growth in its TPMS series [6] - Lianchuang Optoelectronics experienced significant revenue growth in Q1 2025, with a focus on optimizing asset quality in the backlight source industry [7] - Hengshuai Co. reported a 16.04% decline in revenue for Q1 2025, facing challenges in traditional cleaning and motor businesses, but is expanding its ADAS cleaning system business [8] - Weifeng Electronics achieved a 9.77% revenue growth in 2024, despite a decline in net profit due to reduced non-operating income and increased expenses [9] - Perfect World continues to enhance its gaming portfolio with successful updates and expansions, including the launch of new titles and esports initiatives [11] - Xiangsheng Medical invested 80 million in R&D in 2024, focusing on AI technology in ultrasound products and maintaining a strong dividend policy [12] - Jiuhua Tourism reported a 30.13% revenue increase in Q1 2025, driven by a rise in tourist visits and ongoing infrastructure projects [13] - Jingzhida's semiconductor business line saw a revenue share increase to over 70% in Q1 2025, with ongoing efforts to localize core components [14] - Teruid's management outlined plans for international expansion and the development of a virtual power plant platform to enhance service offerings [15] Group 2: Industry Trends - The genetic testing industry is experiencing increased competition and cost pressures, prompting companies to innovate and optimize operations [1] - The new materials sector is becoming a key growth driver, particularly in high-performance fibers used in various applications [2] - Automation and AI are reshaping traditional manufacturing and service sectors, enhancing efficiency and product offerings [3][6] - The beauty and cosmetics industry is focusing on market expansion and product diversification to capture a larger share of the global market [5] - The gaming industry is evolving with continuous updates and new releases, indicating a strong demand for innovative gaming experiences [11] - The tourism sector is recovering with increased visitor numbers, highlighting the importance of infrastructure development and service enhancement [13]

Group 1: Company Insights - Huangma Technology's export sales growth exceeded 30% in Q1 2025, with minimal impact from US tariff policies. The increase in gross margin is attributed to higher production and sales volumes, along with a decrease in epoxy propane prices. The company plans to expand production capacity and has a stable dividend policy, committing to cash dividends exceeding 30% of net profit for 2024 [1] - Lianchuang Optoelectronics reported significant revenue growth in Q1 2025 due to the gradual release of large orders. The company expects a substantial reduction in losses for the year, driven by cost control and digital transformation efforts. The development of high-power lightweight pump sources and laser technology is underway, with a focus on optimizing asset quality in the backlight source industry [2] - GeKong Microelectronics achieved a revenue of 6.383 billion yuan in 2024, a year-on-year increase of 35.9%, with net profit rising by 287.2%. The company is confident in the mainstream adoption of high-pixel single-chip technology and is expanding its product lines in non-mobile sectors [3] - Pumen Technology experienced negative revenue growth in domestic business due to respiratory disease outbreaks and payment reform impacts. However, international business remains stable, and the company is focusing on product development and cost control [4] - Xiangpiaopiao faced challenges in its milk tea business in Q4 2024 and Q1 2025 due to external conditions and internal strategy adjustments. The company is launching new products and optimizing its marketing strategies to enhance brand visibility and sales [5] Group 2: Market Trends and Strategies - The market for Huangma Technology is perceived to have significant growth potential, with no apparent ceiling in sight. The company is leveraging AI technology in R&D and production processes [1] - Lianchuang Optoelectronics is focusing on optimizing its product structure and enhancing cost management to improve profitability in the backlight source sector [2] - GeKong Microelectronics is actively seeking non-US solutions to mitigate trade war impacts and is confident in the growth of its high-pixel product lines [3] - Pumen Technology is enhancing its international marketing structure and focusing on localizing operations to strengthen its global presence [4] - Xiangpiaopiao is exploring new product categories and channels to adapt to market demands and improve sales performance [5]

Investment Rating - The industry investment rating is "Positive (Maintain)" [7] Core Views - Oil prices are experiencing fluctuations due to tariff negotiations, OPEC+ production changes, and Middle East tensions. The report emphasizes a focus on leading companies with strong fundamentals and low correlation to oil prices, suggesting bottom-fishing strategies. There is a recommendation to pay attention to domestic demand and opportunities in new material domestic substitution, particularly in the agricultural chemical sector during the spring farming season [14][16]. Summary by Sections 1. Core Views - The report highlights the importance of monitoring oil prices and related inventory levels, with U.S. crude oil commercial inventory at 443.1 million barrels, a weekly increase of 20 barrels. Gasoline inventory decreased by 4.5 million barrels to 229.5 million barrels, while distillate inventory decreased by 2.4 million barrels to 106.9 million barrels [3][16]. 2. Price Changes - Among 188 monitored chemical products, the top three price increases this week were for polymer MDI (up 6.0%), DEG (up 5.7%), and diethanolamine (up 5.7%). The largest decreases were for silicone oil (down 12.9%), DMC (down 11.1%), and natural gas (down 9.5%). Monthly price increases were led by trichloroethylene (up 16.3%), epoxy chloropropane (up 9.2%), and diethanolamine (up 7.7%) [10][17]. 3. Investment Recommendations - Recommended companies include: - Wanhua Chemical: Core product MDI shows recent profit improvement, with upcoming petrochemical and new material projects [14]. - Huangma Technology: A leading special polyether company that has entered a growth phase [14]. - Runfeng Co., Ltd.: A rare company with global formulation registration and sales channels [14]. - Guoguang Co., Ltd.: A leading domestic differentiated formulation company in the plant growth regulator sector [14]. - Hualu Hengsheng: Core product prices are recovering alongside falling coal prices, leading to continuous improvement in price differentials [15].

Investment Rating - The report maintains an "Outperform" rating for the company [4][8]. Core Views - The company is actively expanding into growth products such as Wet Chemicals, UV curing surfactants, and new energy resins, which is expected to enhance profitability through product optimization and innovation [4][8]. - Earnings forecasts for 2025 have been revised upwards, with EPS projected at RMB 0.85, while maintaining the 2026 forecast and adding a new forecast for 2027 at RMB 1.12 [4][8]. - A target price of RMB 14.45 has been set, reflecting a 17x PE for 2025, indicating a 6% upside potential [4][8]. Financial Performance Summary - In 2024, the company achieved revenue of RMB 2.33 billion, a year-on-year increase of 23.17%, and a net profit attributable to shareholders of RMB 398 million, up 22.50% [9]. - For Q1 2025, revenue was RMB 603 million, representing a 13.47% year-on-year growth, while net profit attributable to shareholders was RMB 102 million, up 15.77% [9]. - The company plans to distribute a cash dividend of RMB 2.1 per 10 shares, totaling RMB 121 million, which is 30.39% of the net profit attributable to shareholders [9]. Production and Sales Growth - In 2024, the production of specialty surfactants reached 183,100 tons, a 30.66% increase year-on-year, with sales of 179,300 tons, up 26.85% [10]. - The average selling price (ASP) for specialty surfactants was RMB 13,000 per ton, a decrease of 2.85% year-on-year, while the gross profit margin was 24.95%, an increase of 0.45 percentage points [10]. Capacity Expansion - By the end of 2024, the company has two major production bases with a total capacity of nearly 300,000 tons of specialty surfactants annually [11]. - A new polyetheramine project with a capacity of 9,000 tons commenced production in Q3 2024, and a high-end functional materials project with a capacity of 330,000 tons is under construction [11].

2024 年年度股东大会会议资料 2024年年度股东大会 会 议 资 料 浙江皇马科技股份有限公司 二〇二五年五月 1 / 55 2024 年年度股东大会会议资料 | | | | 股东大会会议须知…………………………………………………………………….……3 | | --- | | 会议议程…………………………………………………………………………………….…..4 | | 会议议案…………………………………………………………………………………….…..6 | | 议案一：关于公司 年度董事会工作报告的议案…………….…...6 2024 | | 议案二：关于公司 2024 年度监事会工作报告的议案……..….……...12 | | 议案三：关于公司 2024 年年度报告及其摘要的议案……………..…..15 | | 议案四：关于公司 年度利润分配的议案……..………..……… 26 2024 | | 议案五：关于续聘公司 2025 年度审计机构的议案……….……….…..27 | | 议案六：关于确认公司 年度董事、监事、高级管理人员薪酬 2024 | | 的议案……………………………………………………………… ...

证券代码：603181 证券简称：皇马科技 公告编号：2025-014 浙江皇马科技股份有限公司 关于召开 2024 年度暨 2025 年第一季度业绩说明会的公告 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。 重要内容提示： 浙江皇马科技股份有限公司（以下简称"公司"）已于 2025 年 4 月 18 日发 布公司 2024 年年度报告和 2025 年第一季度报告，为便于广大投资者更全面深入 地了解公司 2024 年度及 2025 年第一季度经营成果、财务状况，公司计划于 2025 年 5 月 6 日（星期二）14:00-15:00 召开 2024 年度暨 2025 年第一季度业绩说明 会，就投资者关心的问题进行交流。 一、说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2024 年度及 2025 年第 一季度的经营成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息 披露允许的范围内就投资者普遍关注的问题进行回答，以进一步加强投资者关系 管理，增进公司与广大投资者的亲近感，特别是提高全体中小投资者的获得感 ...

Investment Rating - The report suggests a focus on the compound fertilizer industry due to its increasing concentration and potential benefits from tariff responses against the US [4] Core Viewpoints - The chemical sector saw a slight increase of 0.31% in the third week of April, lagging behind the Shanghai Composite Index by 0.88 percentage points [12] - Key stocks that performed well include Hongbaoli (+55.21%), Lingpai Technology (+28.07%), and Hongqiang Co. (+24.25%) [12] - The report highlights the significant price increases in trichloroethylene (+16.28%) and WTI crude oil (+7.67%) [20] - The report emphasizes the potential growth of companies like Xinyangfeng in the compound fertilizer sector, Chenghe Technology benefiting from tariff responses, Baofeng Energy with increasing production capacity, and Huangma Technology as a leader in specialty surfactants [4] Industry Performance - The chemical sector's dynamic PE is reported at 23.28 times, lower than the average PE of 14.76 times since 2015 [12] - In the third week of April, 20 sub-industries within the chemical sector increased, while 11 decreased, with textile chemicals (+6.07%) and modified plastics (+4.8%) leading the gains [15] - The report notes significant fluctuations in product prices, with liquid chlorine experiencing a drastic drop of -62.28% [20][39] Price and Spread Trends - The report lists the top five products with the highest weekly price increases, including trichloroethylene (+16.28%) and WTI crude oil (+7.67%) [20] - It also highlights the top five products with the largest price spread increases, such as ethylene glycol (+1154%) and naphtha (+32.58%) [39] Inventory Changes - Notable inventory changes include polyester chips (+17.14%) and polyester filament (+14.11%) showing significant increases [60]

Investment Rating - The industry investment rating is "Positive (Maintain)" [6] Core Views - The report highlights a rebound in oil prices due to easing U.S. tariff policies and tightening supply expectations. It emphasizes a focus on leading companies with strong alpha that are less correlated with oil prices, suggesting a bottom-fishing strategy. The report also recommends paying attention to domestic demand and opportunities in new material substitutions, particularly in the agricultural chemical sector during the spring farming season [13][15]. Summary by Sections 1. Core Views - The report suggests maintaining a focus on leading companies with strong fundamentals and low correlation to oil prices, while also monitoring domestic demand and new material substitution opportunities [13][15]. - Recommended companies include: - Huangma Technology: A leader in specialty polyether, showing signs of recovery from previous macro demand pressures [13]. - Runfeng Co., Ltd.: A rare company with global formulation registration and sales channels [14]. - Guoguang Co., Ltd.: A leader in differentiated formulations in the plant growth regulator sector [14]. - Hualu Hengsheng: Benefiting from recovering core product prices and declining coal prices, leading to improved price differentials [14]. 2. Oil and Chemical Price Information - As of April 16, Brent oil prices increased by 4.9% to $67.96 per barrel. Despite the IEA lowering oil demand growth forecasts, market concerns over U.S. tariff policies eased, contributing to the price increase [15]. - The report monitors 188 chemical products, with the top three price increases being: - Trichloroethylene: Up 16.3% - Butane: Up 8.9% - WTI: Up 7.7% - The top three price decreases were: - Liquid chlorine: Down 62.3% - D4: Down 17.8% - Anthracene oil: Down 12.4% [16][17]. 3. Price Spread Information - The top three price spread increases for the week were: - Carbon black spread: Up 64.5% - Calcium carbide PVC spread: Up 57.8% - Monoammonium phosphate: Up 14.5% - The top three price spread decreases were: - Butyl acrylate spread: Down 50.7% - Hydrogen peroxide spread: Down 44.4% - MTP spread: Down 30.2% [19][20].