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 "Positive (Maintain)" [5] Core Viewpoints - The ongoing conflict between Israel and Iran has significantly increased the risk premium for oil and gas, impacting prices and market dynamics [8][17] - There is a heightened focus on Iranian chemical products due to their substantial global production and export share, particularly methanol and ethylene glycol [8][17] - The report highlights that even if Iranian oil exports cease, other suppliers like OPEC+ can quickly fill the gap, but damage to Iranian chemical production facilities could have long-term effects [8][17] Price Changes - The report monitors 188 chemical products, with the top three price increases being crude oil (up 13.7%), paraxylene (up 10.5%), and WTI (up 10.4%); the largest declines were in liquid chlorine (down 60.0%), vitamin E (down 14.2%), and acrylic short fiber (down 7.9%) [14][18] - The report also notes significant changes in price spreads, with the largest increases in BDO spread (up 6955.9%), hydrogen peroxide spread (up 500.0%), and butyl acrylate spread (up 97.7%); the largest declines were in R410a spread (down 25100.0%), PTA (down 38.5%), and PTMEG spread (down 22.8%) [18][19] Investment Recommendations - The report recommends buying shares in companies that are expected to benefit from the price increases due to the Israel-Iran conflict, including Huayi Group (600623), Baofeng Energy (600989), Satellite Chemical (002648), and Wankai New Materials (301216) [8] - It also suggests focusing on agricultural chemical companies with differentiated growth logic, such as Yangnong Chemical (600486) and Runfeng Shares (301035), as well as companies less affected by overseas fluctuations, including Guoguang Shares (002749), Hualu Hengsheng (600426), and Huamao Technology (603181) [8]

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， ...

事件1：2025 年4 月17 日，皇马科技发布2024 年报，公司2024 年营业收入为23.33 亿元，同比上升 23.17%，归母净利润为3.98 亿元，同比上升22.50%，扣非净利润为3.77 亿元，同比上升27.81%；对应 4Q24 营业收入为6.11 亿元，环比下降0.39%，归母净利润为1.12 亿元，环比上升18.25%。 事件2：2025 年4 月17 日，皇马科技发布2025 年一季报，1Q25 公司营业收入为6.03 亿元，同比上升 13.47%，归母净利润为1.02 亿元，同比上升15.77% 点评：产销量稳步提升叠加产品结构调整，公司业绩稳步增长。根据公司2024年报及主要经营数据公告 披露， 2024 年公司特种表面活性剂板块收入为23.32 亿元，同比增长23.23%，毛利率为24.95%，同比 增长0.45pcts，其中战略性新兴板块收入为6.09 亿元，占比为26.13%。我们认为公司盈利水平同比增长 主要与产品销量提升以及聚焦功能性新材料树脂及高端功能性电子化学品等战略性新兴产品板块有关。 根据公司2024 年年报及主要经营数据公告披露，2024 年公司公司特种表面活性 ...

Investment Rating - The industry investment rating is maintained as "Positive" [10][18]. Core Viewpoints - Oil prices have slightly decreased this week, but the focus remains on agricultural chemicals due to the ongoing spring farming season [10][18]. - The report emphasizes the importance of companies with strong fundamentals and low correlation to oil prices, suggesting a bottom-fishing strategy [10][18]. - Recommendations include companies like Wanhua Chemical, Huangma Technology, Runfeng Co., Guoguang Co., and Hualu Hengsheng, highlighting their respective strengths and market positions [10][18]. Summary by Sections Oil and Chemical Price Information - As of May 30, Brent oil price decreased by 1.35% to $63.90 per barrel, with concerns about supply growth impacting the market [14]. - U.S. crude oil commercial inventory stood at 440.4 million barrels, a weekly decrease of 2.8 million barrels [14]. - Among 188 monitored chemical products, hydrochloric acid saw the highest weekly price increase of 35.4%, while acrylic acid experienced the largest decline of 9.7% [15][16]. Price and Spread Changes - The top three products with the highest weekly price increases were hydrochloric acid (up 35.4%), liquid chlorine (up 21.8%), and international potassium chloride (up 8.4%) [10][15]. - The highest price spread increases were seen in the following products: BDO spread (up 71.6%), lithium hexafluorophosphate spread (up 54.9%), and carbon black spread (up 39.3%) [10][19]. - Monthly price changes showed hydrochloric acid leading with a 43.4% increase, while the BDO spread saw a significant monthly increase of 588.0% [10][19].

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].