中信建投证券股份有限公司 关于浙江巍华新材料股份有限公司 与控股股东共同投资暨关联交易的核查意见 中信建投证券股份有限公司（以下简称"中信建投证券"或"保荐机构"） 作为浙江巍华新材料股份有限公司（以下简称"巍华新材"或"公司"）首次公 开发行股票的保荐机构，根据《证券发行上市保荐业务管理办法》《上海证券交 易所股票上市规则》《上海证券交易所上市公司自律监管指引第 1 号——规范运 作》等有关规定，对巍华新材与关联方共同投资暨关联交易事项进行了审慎核查， 具体情况如下： 一、关联交易概述 为进一步提升公司未来盈利潜力，公司拟与控股股东东阳市瀛华控股有限公 司（以下简称"瀛华控股"）共同向扬州鼎龙启顺股权投资合伙企业（有限合伙） （以下简称"合伙企业"或"标的基金"）进行投资。其中，公司拟作为有限合 伙人以自有资金的方式认缴出资 7,000 万元，占合伙企业 7.37%的份额。瀛华控 股拟作为有限合伙人以自有资金的方式认缴出资 3,000 万元，占合伙企业 3.16% 的份额。标的基金的普通合伙人、执行事务合伙人为西安禾盈创业投资有限公司 （以下简称"禾盈创业"），标的基金管理人为西安龙鼎投资管理有限公司（以下 ...

Key Points - The article discusses the establishment of various investment funds across different regions in China, focusing on government-guided funds and their investment strategies in emerging industries [5][6][7][9][10][15][18]. Government-Guided Funds - Qingdao Financial Group established three guiding funds, each with a capital of 10 billion RMB, aimed at investment activities using their own funds [5]. - Guangzhou set up an AIC equity investment fund with a total scale of 3 billion RMB, focusing on intelligent manufacturing, new energy, and artificial intelligence [6]. - Hubei launched its first AIC equity investment fund with a scale of 1 billion RMB, targeting strategic emerging industries like new generation information technology and semiconductors [7]. - Jiangsu Province initiated the third batch of industry-specific funds with a total scale of 15.5 billion RMB, including various specialized funds for emerging industries [12]. Market-Oriented Funds - China Chengtong established a 10 billion RMB science and technology innovation fund to support early and mid-stage technology projects in Jiangsu [15]. - The Zhongke Chuangxing Fund was launched with a scale of 2.617 billion RMB, focusing on hard technology projects in artificial intelligence and related fields [16]. - The Huazhong Medicine Industry Investment Fund II was announced with a scale of 1 billion RMB, concentrating on pharmaceutical health and emerging industries [20]. Regional Initiatives - Tianjin announced a 300 million RMB brain science angel fund, focusing on early investments in brain-machine interface technologies [7]. - The establishment of a green chemical industry fund in Cangzhou aims to support the development of a green chemical industry chain with a scale of 100 million RMB [9]. - The Yunnan Advanced Manufacturing Equity Investment Fund was registered with a scale of 5.008 billion RMB, aimed at enhancing the competitiveness of Yunnan's manufacturing sector [13]. Investment Focus Areas - Many funds are targeting strategic emerging industries such as new energy, artificial intelligence, and advanced manufacturing, reflecting a national push towards innovation and modernization [6][10][15][20]. - The funds emphasize early-stage investments and support for small and medium-sized enterprises (SMEs) in high-tech sectors, aiming to foster innovation and technological advancement [7][12][18].

Investment Rating - The report assigns an "Increase" rating for the industry [4]. Core Viewpoints - The second-generation refrigerant quota is set to be reduced as scheduled, while the third-generation refrigerant policy will continue, leading to an optimized supply-demand structure under quota constraints. Prices for second and third-generation refrigerants are expected to maintain an upward trend in 2025, indicating a favorable refrigerant market cycle. Domestic companies with strong comprehensive capabilities, complete product matrices, and advanced technology reserves will benefit from the refrigerant quotas [2][17]. Summary by Sections Market Review & Key Announcements - During the week of July 14-18, 2025, the fluorochemical sector saw significant stock price increases, with Zhongxin Fluorine Materials rising by 14.34%, Dongyue Group by 4.25%, and Yonghe Co. by 3.26% [7]. - Key announcements include Haohua Technology expecting a net profit of 590 million to 650 million yuan for H1 2025, a year-on-year increase of 10% to 21.18%. Juhua Co. anticipates a revenue of 11.712 billion yuan, a 27.29% increase year-on-year, with net profit projections of 1.970 billion to 2.130 billion yuan, reflecting a year-on-year growth of 136% to 155% [7][8]. Industry Dynamics: Refrigerant Price Trends - Refrigerant prices continue to rise, with R22 priced at 36,000 yuan/ton, R32 at 53,500 yuan/ton, R134A at 50,000 yuan/ton, and others showing varying weekly and monthly increases. The cost side shows stability with prices for raw materials like fluorite and sulfuric acid remaining relatively unchanged [10][11]. Inventory Levels and Operating Rates - Inventory levels are normal, with R22, R32, R134A, and R125 stocks at 4,165 tons, 3,843 tons, 3,305 tons, and 2,697 tons respectively, indicating a healthy supply situation. Operating rates for refrigerants have increased, with R22 at 55.42% and R32 at 66.20% as of June 2025 [12]. Demand Side: Production and Export Growth - The production of air conditioners reached 163.296 million units in the first half of 2025, a year-on-year increase of 3.97%, while exports totaled 41.05 million units, up 6.85% year-on-year [14]. Investment Recommendations - The report recommends investing in Juhua Co. and Dongyue Group, with related stocks including Sanmei Co., Haohua Technology, and Yonghe Co. These companies are expected to benefit from the favorable market conditions and strong domestic capabilities [17][18].

证券代码：603310 证券简称：巍华新材 公告编号：2025-039 备案编码：SBAQ74 管理人名称：嘉兴长沛私募基金管理合伙企业（有限合伙） 托管人名称：上海浦东发展银行股份有限公司 备案日期：2025 年 7 月 10 日 浙江巍华新材料股份有限公司 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、对外投资基本情况 标的基金嘉兴长沛昕泉股权投资合伙企业（有限合伙）原合伙人张泽平退出， 浙江巍华新材料股份有限公司（以下简称"公司"）与陈科、方国宝、罗玉芳、 王洪利、谢丹、嘉兴长沛私募基金管理合伙企业（有限合伙）（以下简称"嘉兴 长沛"）等合伙人合计认缴出资 6,205 万元。公司以自有资金认缴出资 5,000 万 元，占总份额的比例为 80.5802%。标的基金的普通合伙人、执行事务合伙人及 基金管理人为嘉兴长沛，标的基金主要投资于未上市企业股权。具体内容详见公 司于 2025 年 6 月 25 日刊登于上海证券交易所网站（www.sse.com.cn）上的相关 公告《关于参与认购股权投资基金份额暨对外投资的公告》 ...

证券代码：603310 证券简称：巍华新材 公告编号：2025-039 浙江巍华新材料股份有限公司 关于参与认购股权投资基金份额暨对外投资的进展公告 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、对外投资基本情况 标的基金嘉兴长沛昕泉股权投资合伙企业（有限合伙）原合伙人张泽平退出， 浙江巍华新材料股份有限公司（以下简称"公司"）与陈科、方国宝、罗玉芳、 王洪利、谢丹、嘉兴长沛私募基金管理合伙企业（有限合伙）（以下简称"嘉兴 长沛"）等合伙人合计认缴出资 6,205 万元。公司以自有资金认缴出资 5,000 万 元，占总份额的比例为 80.5802%。标的基金的普通合伙人、执行事务合伙人及 基金管理人为嘉兴长沛，标的基金主要投资于未上市企业股权。具体内容详见公 司于 2025 年 6 月 25 日刊登于上海证券交易所网站（www.sse.com.cn）上的相关 公告《关于参与认购股权投资基金份额暨对外投资的公告》。 二、对外投资进展情况 近日，公司收到基金管理人通知，该合伙企业已在中国证券投资基金业协会 完成备案手续并取得 ...

Group 1 - The company expects to achieve a net profit attributable to shareholders of the parent company between 75 million and 90 million yuan for the first half of 2025, representing a decrease of 49.04% to 57.53% compared to the same period last year [1][2] - The net profit after deducting non-recurring gains and losses is projected to be between 66.5 million and 81.5 million yuan, reflecting a decline of 53.45% to 62.01% year-on-year [1][2] - The previous year's net profit attributable to shareholders was 176.5936 million yuan, with a total profit of 204.0102 million yuan [2] Group 2 - The decline in performance is primarily attributed to a decrease in sales volume and prices of the company's main products, influenced by the agricultural chemical market [2] - The average pesticide price index in China dropped from 85.79 in the first five months of 2024 to 78.84 in the same period of 2025, indicating a challenging market environment [2] - Increased sales and management expenses, along with high startup costs for a subsidiary's project, have further pressured overall profitability [2][3] Group 3 - The company plans to optimize its production and management systems and strengthen cost control measures in response to market challenges [3] - The company is actively implementing a strategy to extend its industrial chain and is focusing on high-value-added products with environmental advantages [3]

一、本期业绩预告情况 （一）业绩预告期间 2025 年 1 月 1 日至 2025 年 6 月 30 日。 （二）业绩预告情况 证券代码：603310 证券简称：巍华新材 公告编号：2025-038 浙江巍华新材料股份有限公司 2025 年半年度业绩预告 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： 业绩预告的具体适用情形：实现盈利，且净利润与上年同期相比下降 50% 以上。 经财务部门初步测算，浙江巍华新材料股份有限公司（以下简称"公司"） 预计 2025 年半年度实现归属于母公司所有者的净利润 7,500.00 万元到 9,000.00 万元，与上年同期（法定披露数据）相比，将减少 8,659.36 万元到 10,159.36 万 元，同比减少 49.04%到 57.53%。预计 2025 年半年度实现归属于母公司所有者 的扣除非经常性损益的净利润 6,650.00 万元到 8,150.00 万元，与上年同期（法定 披露数据）相比，将减少 9,356.27 万元到 10,856.27 万元，同比减少 53 ...

巍华新材（603310）公告，预计2025年半年度实现归属于母公司所有者的净利润7500万元到9000万元， 与上年同期相比，将减少8659.36万元到1.02亿元，同比减少49.04%到57.53%。预计2025年半年度实现 归属于母公司所有者的扣除非经常性损益的净利润6650万元到8150万元，与上年同期相比，将减少 9356.27万元到1.09亿元，同比减少53.45%到62.01%。 ...

Core Viewpoint - The company, Zhejiang Wihua New Materials Co., Ltd., is experiencing a decline in revenue and net profit in the first quarter of 2025, reflecting broader challenges in the chemical raw materials industry [1][2]. Company Overview - Zhejiang Wihua New Materials specializes in the research, development, and production of chlorotoluene and trifluoromethylbenzene series products [1]. - The company has received multiple honors, including recognition as a national high-tech enterprise and a green factory by the China Petroleum and Chemical Industry Federation [1]. Financial Performance - In Q1 2025, the company reported revenue of 191 million yuan, a year-on-year decrease of 38.45%, and a net profit of 33.49 million yuan, down 63.17% [2]. - The sales gross margin for the same period was 27.74% [2]. Market Position - The company's current rolling price-to-earnings (PE) ratio is 32.53, compared to the industry average of 34.39 and the industry median of 36.31 [1][2]. - Wihua New Materials ranks 46th in terms of PE ratio within its industry [1]. Shareholder Information - As of March 31, 2025, the number of shareholders for Wihua New Materials is 18,935, a decrease of 11,141 from the previous count, with an average holding value of 352,800 yuan per shareholder [1].

Company Overview - Zhejiang Wihua New Materials Co., Ltd. specializes in the research, development, and production of chlorotoluene and trifluoromethylbenzene series products [1] - The main products include chlorotoluene series, trifluoromethylbenzene series, and others [1] - The company has received multiple honors, including being recognized as a national high-tech enterprise and a "green factory" by the China Petroleum and Chemical Industry Federation [1] Financial Performance - For Q1 2025, the company reported revenue of 191 million yuan, a year-on-year decrease of 38.45% [2] - The net profit for the same period was 33.486 million yuan, down 63.17% year-on-year [2] - The sales gross margin stood at 27.74% [2] Market Position - As of July 4, the company's stock closed at 18.72 yuan, down 1.89%, with a rolling PE ratio of 32.96 times [1] - The total market capitalization is 6.465 billion yuan [1] - In terms of industry PE ratios, the average is 33.92 times, and the median is 35.57 times, placing Wihua New Materials at 48th in the industry ranking [1][2] Institutional Holdings - As of Q1 2025, there are 2 institutions holding shares in Wihua New Materials, with a total holding of 6.257 million shares valued at 115 million yuan [1]