Meeting Overview - The second extraordinary general meeting of shareholders was held on November 26, 2025, at the conference room of Huangma Shangyi Company in Shaoxing, Zhejiang Province [2] - The meeting was convened by the company's board of directors and was presided over by Chairman Wang Weisong, utilizing a combination of on-site and online voting methods [2][3] Attendance and Voting - A total of 9 directors were in office, with 6 attending the meeting; independent directors Zhong Mingqiang, Zhu Yanjian, and Lu Jianbo were absent due to work commitments [3] - The meeting's voting procedures complied with the Company Law and the company's articles of association, ensuring the legitimacy of the attendees and voting results [5] Resolutions Passed - The following proposals were approved during the meeting: 1. The third employee stock ownership plan (draft) and its summary [4] 2. The management measures for the third employee stock ownership plan [4] 3. Authorization for the board of directors to handle matters related to the employee stock ownership plan [4] Voting Exclusions - The voting results of related shareholders, including Wang Weisong and Ma Rongfen, were excluded from the voting count due to their status as controlling shareholders [5] - The total number of voting shares was adjusted to exclude shares held in the company's repurchase account as of the registration date [5] Legal Verification - The meeting was witnessed by lawyers from Shanghai Guangfa Law Firm, who confirmed that the convening and procedures of the meeting complied with relevant laws and regulations [5]

证券代码：603181 证券简称：皇马科技 公告编号：2025-045 浙江皇马科技股份有限公司 2025年第二次临时股东会决议公告 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： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东会召开的时间：2025 年 11 月 26 日 (二)股东会召开的地点：浙江省绍兴市上虞区杭州湾上虞经济技术开发区皇马尚 宜公司会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 411 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 54,818,402 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 16.9520 | (四)表决方式是否符合《公司法》及《公司章程》的规定，会议主持情况等。 本次股东会由公司董事会召集，会议表决采用现场投票和网络投票相结合的 方式，现场会议由董事长王伟松先生主持，会议的召集、召开、 ...

上海市广发律师事务所 关于浙江皇马科技股份有限公司 2025 年第二次临时股东会的法律意见书 需公告的信息一起向公众披露，本所依法对发表的法律意见承担责任。 本所律师根据相关法律、法规和规范性文件的要求,按照律师行业公认的业 务标准、道德规范和勤勉尽责精神发表意见如下: 一、本次股东会的召集和召开程序 本次股东会是由公司董事会根据 2025年 11 月 10 日召开的第八届董事会第 四次会议决议召集。公司已于 2025年 11 月 11 日在上海证券交易所指定网站及 相关指定媒体上刊登了《浙江皇马科技股份有限公司关于召开 2025 年第二次临 时股东会的通知》,并决定采取现场会议表决和网络投票相结合的方式召开本次 股东会。 本次股东会现场会议于 2025年 11 月 26 日 14 时 30 分在浙江省绍兴市上虞 区杭州湾上虞经济开发区皇马尚宜公司会议室召开:网络投票采用上海证券交易 所股东会网络投票系统,通过交易系统投票平台进行网络投票的时间为:2025 年 11 月 26 日 9:15 至 9:25,9:30 至 11:30,13:00 至 15:00;通过互联网投票平台 投票的具体时间为:2025年 1 ...

Investment Rating - The report maintains an investment rating of "Outperform the Market - A" for the industry [5] Core Insights - The epoxy active diluents are expected to see sustained demand growth due to their excellent properties and wide applications, particularly in composite materials, coatings, electronics, and adhesives [2] - The recent fire incident at XinYuan Technology, the largest global producer of epoxy active diluents, may lead to a temporary shortage in supply, impacting the global market [3] - Price increases have been observed in the market due to supply tightness, with significant price hikes reported for various active diluents [4] Summary by Sections - **Industry Overview**: The global consumption of epoxy active diluents was approximately 228,000 tons in 2021, with significant demand from composite materials (32%), coatings (16%), and electronics (15%) [2] - **Market Dynamics**: The rapid growth of wind power installations in China is expected to drive demand for epoxy active diluents, with a projected increase of 51.39 GW in new installations in the first half of 2025, a year-on-year increase of 99% [2] - **Supply Chain Impact**: XinYuan Technology has a production capacity of 50,000 tons and accounted for 20% of the global market share in 2021. The fire incident may disrupt supply chains and lead to a temporary shortage [3] - **Price Trends**: Recent market conditions have led to significant price increases for epoxy active diluents, with reported price hikes of 18%, 16%, and 24% for different products as of November 21 [4] - **Investment Opportunities**: Companies such as Kangda New Materials and Huangma Technology are highlighted as potential investment opportunities due to their production capacities in epoxy resin diluents [11]

Core Viewpoint - The stock of Huangma Technology (sh603181) hit the daily limit down on November 21, 2025, closing at 14.27 yuan, a decrease of 9.97%, with a total market capitalization of 8.401 billion yuan and a total trading volume of 311 million yuan [1]. Group 1: Company-Specific Factors - The decline in Huangma Technology's stock price is attributed to several internal negative factors, including executive share reductions, cancellation of employee stock ownership plans, declining product prices, weak growth in traditional business, and risks associated with governance structure adjustments [2]. - Multiple board members and major shareholders reducing their stakes have raised market concerns about the company's future [2]. - The cancellation of the third phase of the employee stock ownership plan may negatively impact employee motivation [2]. - The decrease in product prices is expected to have a certain impact on the company's profitability [2]. Group 2: Market Environment and Concept Themes - Despite Huangma Technology's recent addition to the organic silicon concept on November 7, 2025, the overall market conditions are complex, and the organic silicon sector may not have performed well, leading to insufficient support for the stock price [2]. - If other stocks within the organic silicon concept also experienced declines, it could create a sector-wide effect, further driving down Huangma Technology's stock price [2]. Group 3: Capital Flow and Technical Analysis - The reduction in stakes by executives may lead to capital outflows from the market, negatively affecting the stock price [2]. - Technical indicators such as MACD crossovers and BOLL channel breakdowns may trigger sell-offs by technical investors, exacerbating the stock's decline to the limit down [2].

2025年第二次临时股东会 会 议 资 料 浙江皇马科技股份有限公司 二〇二五年十一月 $$\exists\quad\quad\exists{\overline{{\mathcal{K}}}}$$ | 案………….…...6 | | | --- | --- | | ……… 7 | | | 授权委托书 | 9 | 三、与会股东请按时进入会场，听从工作人员安排入座，请将移动电话调至 振动档或静音，并保持会场安静和整洁。大会正式开始后，未经公司董事会同意， 除公司工作人员外的任何人不得以任何方式进行摄像、录音和拍照。 四、大会正式开始后，迟到股东人数、股权额不计入现场表决数，建议其通 过网络投票方式投票。特殊情况，应经董事会同意并向董秘办处申报。 五、股东参加股东会依法享有发言权、质询权、表决权等权利。 2025 年第二次临时股东会会议资料 浙江皇马科技股份有限公司 2025 年第二次临时股东会会议须知 为了维护全体股东的合法权益，确保本次股东会公开、公正、合法有效，保 证会议顺利进行，根据《上市公司股东会规则》等相关法律法规和规定，特制订 本须知。 一、董事会以维护股东的合法权益、确保大会正常秩序和议事效率为原则 ...

Group 1 - The company has the capability to produce fluorinated polyether products, specifically within its high-performance polyether series under the fluorosilicone modified new materials category [2] - The company currently has over 1,800 products across 18 major segments, indicating a diverse product portfolio [2] - The company and its subsidiaries hold relevant patents that can be accessed on professional websites, suggesting a strong intellectual property position [2]

上海市广发律师事务所 关于浙江皇马科技股份有限公司 第三期员工持股计划（草案）的 法律意见 关于浙江皇马科技股份有限公司 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 第三期员工持股计划（草案）的法律意见 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"皇马科技"或"公司"）的委托，作为其实施第三期员工持股计 划（以下简称"本次员工持股计划"）的专项法律顾问，就本次员工持股计划相 关事宜，根据中国证券监督管理委员会（以下简称"中国证监会"）颁布的《关 于上市公司实施员工持股计划试点的指导意见》（以下简称"《试点指导意见》"）、 《上海证券交易所上市公司自律监管指引第 1 号——规范运作（2025 年 5 月修 订）》（以下简称"《自律监管指引》"）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》"）、《 ...

Group 1 - The core point of the news is that Huangma Technology's stock price has dropped by 5.03%, currently trading at 16.24 CNY per share, with a total market capitalization of 9.56 billion CNY [1] - Huangma Technology, established on May 30, 2003, is located in Shaoxing, Zhejiang Province, and specializes in the research, production, and sales of specialty surfactants, with 99.97% of its revenue coming from this segment [1] - The trading volume for Huangma Technology reached 230 million CNY, with a turnover rate of 2.36% [1] Group 2 - Dachen Fund has a significant holding in Huangma Technology, with its Dachen Preferred Mixed Fund (LOF) A (160916) reducing its stake by 685,400 shares in the third quarter, now holding 3.13 million shares, which constitutes 4.93% of the fund's net value [2] - The Dachen Preferred Mixed Fund (LOF) A has a total scale of 1.081 billion CNY and has achieved a year-to-date return of 15.39%, ranking 5139 out of 8147 in its category [2] - The fund manager, Dai Jun, has been in position for 10 years and 179 days, with the best fund return during his tenure being 99.13% [2]

Core Viewpoint - The report from Guohai Securities highlights that Huangma Technology is focusing on steady progress in operations, with an employee stock ownership plan aimed at long-term growth and binding core personnel to the company's future development [1] Employee Stock Ownership Plan - The employee stock ownership plan targets directors and core employees of the company and its subsidiaries, with an initial total of no more than 48 participants [1] - The selected employees are crucial for the future development of the company's core business and play a significant role in achieving operational plans and long-term strategic goals [1] - The purchase price set in the plan is designed to stabilize the existing talent team and attract external talent, enhancing the core team's sense of mission and responsibility towards the company's long-term development [1] Company Overview - Huangma Technology is currently one of the largest domestic producers of specialty surfactants, with a comprehensive range of products and high technological content [1] - The company is actively advancing the construction of its third factory, indicating a positive outlook on its growth potential [1] - The report maintains a "buy" rating for the company, reflecting confidence in its performance targets [1]