一、说明会类型 证券代码：603181 证券简称：皇马科技 公告编号：2025-024 本次投资者说明会以网络互动形式召开，公司将针对 2025 年半年度的经营 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。 二、说明会召开的时间、地点 （一）活动时间：2025 年 8 月 29 日（星期五） 10:00-11:00 浙江皇马科技股份有限公司 关于召开公司 2025 年半年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 8 月 23 日发 布公司 2025 年半年度报告，为便于广大投资者更全面深入地了解公司 2025 年半 年度经营成果、财务状况，2025 年 8 月 29 日（星期五）10:00-11:00 举行 2025 半年度业绩说明会，就投资者关心的问题进行交流。 （ ...

金融界消息 截至2025年8月15日收盘，皇马科技（603181）报收于15.69元，上涨1.16%，换手率 3.93%，成交量23.15万手，成交金额3.64亿元。 皇马科技最新一期业绩显示，截至2025一季报，公司营业总收入6.03亿元、同比增长13.47%，归属净利 润1.02亿元，同比增长15.77%，扣非净利润9915.23万元，同比增长21.91%，流动比率5.227、速动比率 4.243、资产负债率17.86%。 通过天眼查大数据分析，浙江皇马科技股份有限公司共对外投资了11家企业，参与招投标项目25次，知 识产权方面有商标信息11条，专利信息422条，此外企业还拥有行政许可16个。 资金流向方面，今日主力资金净流入3595.84万元，占比成交额9.87%。其中，超大单净流入2204.28万 元、占成交额6.05%，大单净流入1391.57万元、占成交额3.82%，中单净流出流出2515.21万元、占成交 额6.9%，小单净流出1080.63万元、占成交额2.97%。 来源：金融界 天眼查商业履历信息显示，浙江皇马科技股份有限公司，成立于2003年，位于绍兴市，是一家以从事化 学原料和化学制品制 ...

Investment Rating - The report maintains a "Buy" rating for the company [11]. Core Views - The company is a leading domestic enterprise in the specialty surfactants sector, with over 20 years of experience and a production capacity of 225,500 tons of specialty surfactants by the end of 2024, making it a market leader in terms of scale and technology [3][17]. - The global surfactant market is expected to grow from $32.1 billion in 2024 to $39.36 billion by 2031, with a stable CAGR of around 3% from 2025 to 2031 [4][61]. - The company has a strong R&D capability, having developed over 1,800 products across various categories, which opens up long-term growth opportunities [5][66]. Summary by Sections Company Overview - The company has established itself as a leader in the specialty surfactants industry, with a focus on high-end functional materials and electronic chemicals [3][17]. - The company has implemented an employee stock ownership plan to enhance long-term development confidence [23]. Market Demand and Supply - The demand for surfactants is steadily increasing, driven by their wide applications in various industries such as cleaning agents, cosmetics, textiles, and food [51]. - Domestic production capacity for non-ionic surfactants is expected to reach 2.808 million tons in 2024, with a year-on-year growth of 7.88% [4]. Financial Performance - The company’s revenue is projected to grow from 1.894 billion in 2023 to 3.568 billion by 2027, with a compound annual growth rate (CAGR) of 12.28% [11]. - The net profit attributable to the parent company is expected to increase from 325 million in 2023 to 673 million by 2027, reflecting a strong growth trajectory [11]. R&D and Product Diversification - The company has a robust R&D framework, continuously improving traditional production processes and expanding its product matrix [5][66]. - The product structure has shifted towards high-margin small varieties, with small varieties contributing nearly 85% of revenue in 2022 [32]. Investment Recommendations - The report forecasts net profits of 475 million, 569 million, and 673 million for 2024, 2025, and 2026 respectively, with corresponding price-to-earnings ratios of 19X, 16X, and 13X [5][11].

Investment Rating - The report maintains a "Positive" investment rating for the basic chemical industry [4] Core Viewpoints - The exit of overseas bulk chemicals is expected to accelerate the growth of China's fine chemicals [6][21] - China's petrochemical capacity has rapidly increased since 2018, surpassing the US in refining capacity in 2023, leading to a stronger competitive position compared to Europe and Northeast Asia [15][6] - The reduction in imports of phenol and the expansion of downstream products like PC and epoxy resins in China have significantly decreased overseas demand for phenol, creating opportunities for domestic fine chemical companies [15][6] Summary by Sections 1. Impact of Overseas Bulk Chemical Exit - The exit of European bulk chemical capacity is driven by the rapid enhancement of China's chemical industry competitiveness [10] - China's share in bulk chemicals has been increasing, with significant capital expenditure leading to output growth [10][18] - The exit of marginal capacity in Europe and Japan is expected to accelerate supply-demand balance restoration in the industry [23][24] 2. Opportunities for Domestic Fine Chemicals - China's technological breakthroughs and industry chain expansion are forcing European upstream bulk chemicals to exit [25] - The trend of European chemical industry exit is unlikely to reverse, providing growth opportunities for China's fine chemical enterprises [25][39] - The exit of bulk chemicals will lead to supply issues in fine chemical products, prompting demand for stable suppliers from China [39][44] 3. Investment Recommendations - Recommended companies include: - Huangma Technology (603181, Buy): A leader in specialty polyether with a total capacity of approximately 225,000 tons and new projects adding 330,000 tons [47] - Changqing Technology (603125, Not Rated): A leader in specialty monomers with a projected capacity increase from 35,000 tons to 90,500 tons by the end of 2024 [47] - Lianlong (300596, Buy): A leader in polymer materials with a focus on anti-aging agents and lubricant additives [47]

证券之星消息，8月5日化学制品板块较上一交易日上涨0.86%，新瀚新材领涨。当日上证指数报收于 3617.6，上涨0.96%。深证成指报收于11106.96，上涨0.59%。化学制品板块个股涨跌见下表： 从资金流向上来看，当日化学制品板块主力资金净流出3.58亿元，游资资金净流入3783.4万元，散户资金 净流入3.2亿元。化学制品板块个股资金流向见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 301076 | 新潮新材 | 37.15 | 19.99% | 38.27万 | | 13.38亿 | | 688689 | 元琛科技 | 11.53 | 19.98% | 12.75万 | | ● 1.41亿 | | 603181 | 皇马科技 | 15.04 | 10.02% | 47.17万 | | 7.03亿 | | 002915 | 中欣氟材 | 22.21 | 10.00% | 51.89万 | | 11.12亿 | | 688357 | 建成微纳 | 33.33 ...

□ 其他直接持股股东 二、 权益变动触及 1%刻度的基本情况 | 投资者名 | 变动前股 | | 变动前比 | | 变动后股 | | 权益变动 变动后比 | 权益变动 | 资金来源 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | 的 | （仅增持 | | | | 称 | 数（万股） | | 例（%） | | 数（万股） | | 例（%） | 方式 | | | | | | | | | | | 时间区间 | | 填写） | | | 发生直接持股变动的主体： | | | | | | | | | | | | 绍兴多银 | | | | | | | 集中竞价 | | | | | 多投资管 | | | | | | □ | 2025/07/23 | | | | | 理 合 伙 | 企 | 25070000 4.26% | | 18810000 | 3.20% | | 大宗交易 - | | | 不适用 | | 业（有限合 | | | | | | ? | 2025/07/23 | | | | | 伙） ...

? 大股东持股的基本情况：公司股东绍兴多银多投资管理合伙企业（有限 合伙）（以下简称"多银多"）持有公司无限售条件流通股份 25,070,000 股，占 公司总股本的 4.2585%。 证券代码：603181 证券简称：皇马科技 公告编号：2025-020 浙江皇马科技股份有限公司 关于股东减持股份结果公告 本公司董事会、全体董事及相关股东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： ? 减持计划的实施结果情况：多银多于 2025 年 7 月 23 日通过大宗交易的 方式累计减持公司股份 626 万股，约占公司总股本的 1.0634%，本次减持计划已 实施完毕。 一、减持主体减持前基本情况 | 股东名称 多银多 | | | | | --- | --- | --- | --- | | 控股股东、实控人及一致行动人 | | | √是 □否 | | 直接持股 | 5%以上股东 | □是 | □否 | | 股东身份 | | | | | 董事、监事和高级管理人员 | | | □是 □否 | | 其他：不适用 | | | | | 持股数量 | ...

大股东持股的基本情况：公司股东绍兴多银多投资管理合伙企业（有限 合伙）（以下简称"多银多"）持有公司无限售条件流通股份 25,070,000 股，占 公司总股本的 4.2585%。 减持计划的实施结果情况：多银多于 2025 年 7 月 23 日通过大宗交易的 方式累计减持公司股份 626 万股，约占公司总股本的 1.0634%，本次减持计划已 实施完毕。 证券代码：603181 证券简称：皇马科技 公告编号：2025-020 浙江皇马科技股份有限公司 关于股东减持股份结果公告 本公司董事会、全体董事及相关股东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： | 股东名称 | 多银多 | | --- | --- | | 减持计划首次披露日期 | 2025 年 5 月 16 日 | | 减持数量 | 6,260,000股 | | 减持期间 | 2025 年 6 月 9 日～2025 年 9 月 6 日 | | 减持方式及对应减持数 量 | 大宗交易减持，6,260,000 股 | | 减持价格区间 | 12.62～12.62元/股 | ...

1.身份类别 证券代码：603181 证券简称：皇马科技 公告编号：2025-019 皇马科技：关于持股 5%以上股东 权益变动触及 1%刻度的提示性公告 投资者及其一致行动人王伟松先生、马荣芬女士、浙江皇马控股集团 有限公司、绍兴世荣宝盛投资管理合伙企业（有限合伙）、绍兴多银多投资 管理合伙企业（有限合伙）保证向本公司提供的信息真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 重要内容提示： | 权益变动方向 | 比例增加□ | | 比例减少√ | | --- | --- | --- | --- | | 权益变动前合计比例 | 44.76% | | | | 权益变动后合计比例 | 43.70% | | | | 本次变动是否违反已作出的承 | 是□ | 否√ | | | 诺、意向、计划 | | | | | 是否触发强制要约收购义务 | 是□ | 否√ | | 一、 信息披露义务人及其一致行动人的基本信息 | | √控股股东/实际控制人及其一致行动人 | | --- | --- | | | □其他 5%以上大股东及其一致行动人 | | 投资者及其一致行动人的身份 | □合并口径第一大股东及其一致行动人（ ...

Investment Rating - The industry investment rating is maintained as "Positive" [6] Core Viewpoints - The report highlights that policy changes are expected to drive medium to long-term recovery in the industry, with a continued positive outlook on resource sector performance exceeding expectations [2][9] - The petrochemical sector is anticipated to stabilize growth, with the retirement of outdated facilities likely to enhance industry recovery [9][17] - The report emphasizes the sustained optimism regarding the agricultural resource chain, particularly in the phosphate and potassium sectors, which are expected to maintain a relatively balanced supply-demand situation despite concerns over new capacity releases [9][17] Summary by Sections Price and Price Spread Changes - The report monitors 188 chemical products, noting that the top three price increases were for liquid chlorine (up 21.8%), TDI 80/20 (up 18.8%), and natural gas (up 6.3%), while the largest declines were for D4 (down 9.6%), butane (down 6.7%), and acrylic acid (down 5.0%) [14][18] - The top three price spreads that increased were PTA (up 1103.7%), TDI spread (up 30.1%), and acrylic acid butyl ester spread (up 25.6%), with the largest declines in styrene (down 36.5%), oil head propylene spread (down 36.1%), and polyethylene spread (down 20.8%) [19][18] Industry Recovery Expectations - There is a continuous expectation for industry bottom recovery, driven by policy changes and market dynamics [12] - The report indicates that the petrochemical sector has been in a prolonged low phase, and recent policy adjustments are likely to enhance market expectations for recovery [9][17] Agricultural Resource Sector Outlook - The agricultural resource sector, particularly phosphate and potassium, is expected to remain in a relatively tight supply-demand balance, with traditional agricultural needs and emerging demands contributing to this stability [9][17]