Core Viewpoint - Huangma Technology reported significant growth in operating cash flow and steady progress in the construction of its third factory, indicating strong operational performance and expansion plans [1][2]. Financial Performance - The company achieved operating revenue of 1.194 billion yuan, a year-on-year increase of 7.67% [1]. - Net profit attributable to shareholders reached 219 million yuan, up 14.67% year-on-year [1]. - Deducting non-recurring gains and losses, the net profit was 213 million yuan, reflecting a growth of 15.81% [1]. - Operating cash flow net amount was 171 million yuan, showing a remarkable increase of 323.04% year-on-year [1]. Strategic Developments - The construction of the "Kaimeike" third factory is progressing efficiently, with a cash injection of 235 million yuan, raising its registered capital to 335 million yuan [1]. - The first phase of the Kaimeike project aims for an annual production capacity of 330,000 tons of high-end functional new materials, with construction and equipment installation currently underway [1]. Industry Position - Huangma Technology is recognized as a leading enterprise in the production of specialty surfactants, with an annual production capacity of nearly 300,000 tons [1]. - The company is a national champion in manufacturing and has been consistently ranked among the top in China's fine chemical industry and private enterprises [1]. Product Development - The company has successfully developed new profit growth points, including adhesive new material resins and high-end functional electronic chemicals [2]. - Huangma Technology has established eighteen major business segments, continuously innovating in various niche markets [2]. - The strategic emerging business segments achieved sales of 28,300 tons, generating operating revenue of 344 million yuan [2]. Analyst Ratings - Huatai Securities maintained an "overweight" rating for Huangma Technology, raising the highest target price to 17.22 yuan, an increase of 31.25% from the previous target [2].

Group 1 - As of August 25, pension funds appeared among the top ten circulating shareholders of 12 stocks, holding a total of 121 million shares valued at 2.188 billion yuan [1] - The top three stocks by the number of shares held by pension funds are Mingtai Aluminum, Huangma Technology, and Nasda, with holdings of 45 million shares, 25 million shares, and 21 million shares respectively [1] - In terms of market value, Mingtai Aluminum, Nasda, and Huangma Technology rank highest, with values of 559 million yuan, 485 million yuan, and 318 million yuan respectively [1] Group 2 - In the second quarter, pension funds were present among the top ten circulating shareholders of 75 stocks, holding a total of 679 million shares valued at 14.592 billion yuan [1] - There are 21 stocks where pension funds hold over 10 million shares, with the highest holdings in CNOOC Development, Mingtai Aluminum, and Shun'an Environment, at 52 million shares, 45 million shares, and 36 million shares respectively [1] - The industry distribution of pension fund holdings is primarily concentrated in chemicals, electronic equipment, and pharmaceuticals, with 12, 7, and 5 stocks respectively [1]

Core Viewpoint - The recent financial report of Huangma Technology (603181) shows positive growth in revenue and net profit for the first half of 2025, indicating improved profitability and operational efficiency [1] Financial Performance - Total revenue for the first half of 2025 reached 1.194 billion yuan, a year-on-year increase of 7.67% compared to 1.109 billion yuan in 2024 [1] - Net profit attributable to shareholders was 219 million yuan, up 14.67% from 191 million yuan in the previous year [1] - In Q2 2025, revenue was 591 million yuan, reflecting a 2.32% increase year-on-year, while net profit for the quarter was 117 million yuan, up 13.72% [1] - Gross margin improved to 27.1%, an increase of 7.41% year-on-year, and net margin rose to 18.31%, up 6.5% [1] Key Financial Metrics - The total of selling, administrative, and financial expenses amounted to 34.51 million yuan, accounting for 2.89% of revenue, which is a 24.69% increase year-on-year [1] - Earnings per share (EPS) increased to 0.38 yuan, up 11.76% from 0.34 yuan [1] - Operating cash flow per share surged to 0.29 yuan, a significant increase of 323.04% compared to 0.07 yuan [1] - The company's net asset value per share rose to 5.46 yuan, reflecting a 13.45% increase year-on-year [1] Changes in Financial Items - Accounts receivable increased by 23.35% to 356 million yuan, while cash and cash equivalents decreased by 18.87% to 504 million yuan [3] - The company reported a 45.5% increase in financial expenses due to reduced deposit interest and changes in exchange gains and losses [3] - The net cash flow from operating activities increased by 323.04%, attributed to higher operating income [3] Investment Insights - The company's return on invested capital (ROIC) was 11.86%, indicating average capital returns, with a historical median ROIC of 14.02% since its listing [4] - Analysts expect the company's performance in 2025 to reach 484 million yuan, with an average EPS forecast of 0.81 yuan [4] Fund Holdings - Huangma Technology is held by notable fund managers, including Yang Gu from Nuoan Fund, who has a strong track record in selecting value and growth stocks [5][6] - The largest fund holding Huangma Technology is Nuoan Pioneer Mixed A, with a total scale of 3.84 billion yuan and a recent net value increase of 1.81% [6]

Core Viewpoint - The recent disclosure by Huamao Technology indicates a decrease in shareholder accounts and an increase in average shareholding value, reflecting a mixed performance in the chemical products industry [1][2]. Group 1: Shareholder Statistics - As of June 30, 2025, Huamao Technology had 17,795 shareholders, a decrease of 675 accounts or 3.65% from March 31, 2025 [1][2]. - The average number of shares held per shareholder increased from 31,900 shares to 33,100 shares, with an average market value of 425,400 yuan [1][2]. - Compared to the chemical products industry average, Huamao Technology's shareholder count is lower, with the industry average at 27,200 accounts, while the average market value per shareholder in the industry is 302,400 yuan, indicating Huamao's higher average value [1][2]. Group 2: Stock Performance - From March 31, 2025, to June 30, 2025, Huamao Technology's stock price increased by 1.06%, despite the reduction in shareholder accounts [1][2]. - During this period, the net outflow of main funds was 93.49 million yuan, while retail investors contributed a net inflow of 80.37 million yuan [2].

二、监事会会议审议情况 证券代码：603181 证券简称：皇马科技 公告编号：2025-022 浙江皇马科技股份有限公司 第七届监事会第十五次会议决议公告 本公司监事会及全体监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、 监事会会议召开情况 浙江皇马科技股份有限公司（以下简称"公司"）第七届监事会第十五次会 议通知已于 2025 年 8 月 11 日以通讯等方式通知全体监事，本次会议于 2025 年 8 月 21 日上午在子公司会议室以现场表决方式召开。本次会议由公司监事会主席钱 建芳先生主持，应到监事 3 人，实到监事 3 人。 本次会议的通知、召开、表决程序符合《中华人民共和国公司法》、《公司 章程》等有关规定，会议形成的决议合法有效。 （一）审议通过《关于公司 2025 年半年度报告及其摘要的议案》 具体内容详见公司同日在上海证券交易所网站（www.sse.com.cn）披露的《皇 马科技 2025 年半年度报告》和《皇马科技 2025 年半年度报告摘要》（以下合称 "《2025 年半年度报告及其摘要》"）。 监事会认真审议了公司编 ...

浙江皇马科技股份有限公司 第七届董事会第十六次会议决议公告 一、董事会会议召开情况 浙江皇马科技股份有限公司（以下简称"公司"）第七届董事会第十六次会议 通知已于 2025 年 8 月 11 日以通讯等方式发出，会议于 2025 年 8 月 21 日上午在 子公司会议室以现场表决方式召开。本次会议由公司董事长王伟松先生主持，应 参会董事 9 人，实际参会董事 9 人，公司监事、高级管理人员列席了本次会议。 本次会议的召集、召开、表决程序符合《中华人民共和国公司法》、《公司章程》 等有关规定，会议形成的决议合法有效。 二、董事会会议审议情况 证券代码：603181 证券简称：皇马科技 公告编号：2025-021 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。 （三）审议通过《关于修改一揽子公司内控制度的议案》 具体内容详见公司同日在上海证券交易所网站（www.sse.com.cn）披露的《皇 马科技关于取消监事会、修改公司章程及其他内控制度的公告》 （一）审议通过《关于公司 2025 年半年度报告及其摘要的议案》 本议案已经公司 ...

Core Viewpoint - Zhejiang Huangma Technology Co., Ltd. has decided to cancel its supervisory board and amend its articles of association and internal control systems, reflecting changes in corporate governance and compliance with current laws and regulations [1][2][3] Summary by Sections Company Governance Changes - The board of directors will consist of 9 members, including 1 employee representative, 3 independent directors, and 5 non-independent directors [2] - The supervisory board will be abolished, and its functions will be transferred to the audit committee of the board [2][3] Amendments to Articles of Association - The articles of association have been revised to align with the current legal framework and operational realities [2] - Key changes include the definition of the legal representative and the responsibilities associated with their actions [4][5] - The company’s operational philosophy has been updated to emphasize ecological safety and technological leadership [6] Internal Control System Revisions - The internal control systems have been revised to enhance compliance and operational efficiency [2] - Specific provisions regarding the issuance and transfer of shares have been clarified, ensuring equal rights among shareholders [6][8] Shareholder Rights and Responsibilities - Shareholders are entitled to various rights, including profit distribution and participation in decision-making processes [14][15] - New provisions have been added to ensure that shareholders cannot abuse their rights to the detriment of the company or other shareholders [19][20] Financial Assistance and Guarantees - The company will not provide financial assistance to related parties, with specific exceptions outlined for certain transactions [26][27] - Any external guarantees exceeding specified thresholds must be approved by the shareholders' meeting [25][26]

Group 1 - The company disclosed its 2025 semi-annual operational data, including production, sales, and revenue figures for its main products [1] - The production volume of specialty functional and high polymer materials surfactants was 28,320.02 tons, while sales reached 34,387.17 tons [1] - The revenue from specialty functional and high polymer materials surfactants was reported in ten thousand yuan, but specific figures were not provided [1] Group 2 - The average selling price of specialty functional and high polymer materials surfactants was not specified, but the report included price fluctuations for key raw materials [1] - The procurement price for ethylene oxide was 5,824.02 yuan/ton, showing a slight decrease of 0.23% compared to the previous period [1] - The procurement price for propylene oxide was 6,809.58 yuan/ton, reflecting a significant decrease of 17.37% compared to the previous period [1]

Core Viewpoint - Zhejiang Huangma Technology Co., Ltd. is holding a half-year performance briefing on August 29, 2025, to enhance investor relations and address common investor concerns regarding the company's operational results and financial status for the first half of 2025 [1][2]. Group 1: Meeting Details - The performance briefing will take place on August 29, 2025, from 10:00 to 11:00 [4]. - The meeting will be held at the Shanghai Stock Exchange Roadshow Center and conducted in an online interactive format [4]. - Investors can participate by logging into the Shanghai Stock Exchange Roadshow Center website [2][4]. Group 2: Participation and Interaction - Investors can submit questions for the briefing until 16:00 on August 28, 2025, through the pre-questioning section on the website or via the company's email [2][4]. - The company aims to respond to commonly asked questions during the briefing to improve engagement with investors, particularly small and medium-sized investors [1][2]. Group 3: Key Personnel - The briefing will feature key personnel including Chairman Wang Weisong, Financial Officer and Board Secretary Sun Qinghua, and independent directors Zhong Mingqiang, Zhu Yanjian, and Lu Jianbo [1].

浙江皇马科技股份有限公司 股东会议事规则 第一章 总则 第一条 为规范浙江皇马科技股份有限公司（以下简称"公司"）的公司行 为，保证股东会依法行使职权，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》")等法律法规、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 有关规定，制定本规则。 第二条 公司股东会的召集、提案、通知、召开等事项适用本规则。 第三条 公司应当严格按照法律、行政法规、《公司章程》及本规则的相关 规定召开股东会，保证股东能够依法行使权利。 公司董事会应当切实履行职责，认真、按时组织股东会。公司全体董事应当 勤勉尽责，确保股东会正常召开和依法行使职权。 第四条 股东会应当在《公司法》和《公司章程》规定的范围内行使职权。 第五条 股东会分为年度股东会和临时股东会。年度股东会每年召开一次， 应当于上一会计年度结束后的六个月内举行。临时股东会不定期召开，出现《公 司法》第一百一十三条及《公司章程》规定的应当召开临时股东会的情形时，临 时股东会应当在两个月内召开。 公司在上述期限内不能召开股东会的，应当报告 ...