Core Viewpoint - The announcement details the completion of the second lock-up period for the 2023 employee stock ownership plan of Dalian Baiao Chemical Co., Ltd, allowing 83 participants to unlock a total of 5,075,932 shares, which represents 0.72% of the company's total share capital [1][8][9]. Summary of Relevant Sections Employee Stock Ownership Plan Approval and Implementation - The employee stock ownership plan was approved through a series of meetings held on August 28, September 13, and October 19, 2023, with independent directors expressing their agreement [2][3][4]. - The plan involved the transfer of 5,179,522 unrestricted shares to the employee stock ownership plan account on October 13, 2023 [4]. Lock-up Period and Unlocking Conditions - The second lock-up period for the employee stock ownership plan ended on October 16, 2025, after a 24-month period following the transfer of shares [6][7]. - The board confirmed that the performance assessment conditions for unlocking the shares were met, allowing 83 participants to unlock the shares, with adjustments made for one participant's poor performance and two departures [8][9]. Legal and Compliance Opinions - The legal opinion confirmed that the unlocking of shares complied with relevant regulations and that the necessary approvals were obtained [10]. - The management committee is authorized to distribute cash or transfer unlocked shares to participants' personal accounts as per the plan's provisions [10].

证券代码：603360 证券简称：百傲化学 公告编号：2025-076 大连百傲化学股份有限公司 关于 2023 年员工持股计划第二个锁定期届满 暨解锁条件成就的公告 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。 大连百傲化学股份有限公司（以下简称"公司"）于 2025 年 10 月 20 日召 开第五届董事会第十五次会议，审议通过《关于 2023 年员工持股计划第二个锁 定期届满暨解锁条件成就的议案》，根据《大连百傲化学股份有限公司 2023 年 员工持股计划》（以下简称"《员工持股计划》"或"本员工持股计划"）、《大 连百傲化学股份有限公司 2023 年员工持股计划管理办法》（以下简称"《管理 办法》"）的有关规定，公司 2023 年员工持股计划第二个锁定期解锁条件已成 就，83 名持有人在第二个解锁期可解锁股票数量为 5,075,932 股（调整后）， 现将有关事项说明如下： 一、2023 年员工持股计划批准及实施情况 （一）本员工持股计划履行的审议程序 1、2023 年 8 月 28 日，公司召开第四届董事会第十九次 ...

北京德恒律师事务所 关于大连百傲化学股份有限公司 2023 年员工持股计划第二个锁定期届满 暨解锁条件成就的 法律意见 北京市西城区金融街 19 号富凯大厦 B 座 12 层 电话:010-52682888 传真:010-52682999 邮编:100033 北京德恒律师事务所 关于大连百傲化学股份有限公司 2023 年员工持股计划 第二个锁定期届满暨解锁条件成就的法律意见 北京德恒律师事务所 关于大连百傲化学股份有限公司 2023 年员工持股计划第二个锁定期届满 暨解锁条件成就的 法律意见 德恒 01G20250064-3 号 致：大连百傲化学股份有限公司 北京德恒律师事务所（以下简称"本所"）受大连百傲化学股份有限公司（以 下简称"百傲化学"或"公司"）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》"）、 《中国证券监督管理委员会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"《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》（以下简称"《规范运作指引》"）等有关法律、法规及规范 性文件以及《大连百傲化学 ...

Market Overview - The agricultural chemical sector experienced a decline of 0.41% on October 14, with Lanfeng Biochemical leading the drop [1] - The Shanghai Composite Index closed at 3865.23, down 0.62%, while the Shenzhen Component Index closed at 12895.11, down 2.54% [1] Stock Performance - Notable gainers in the agricultural chemical sector included: - Xinong Co., Ltd. (002942) with a closing price of 21.86, up 10.02% [1] - Chengxing Co., Ltd. (600078) with a closing price of 9.92, up 9.98% [1] - Dongfang Tower (002545) with a closing price of 14.08, up 4.30% [1] - Conversely, Lanfeng Biochemical (002513) saw a significant decline of 8.21%, closing at 8.50 [2] - Other notable decliners included: - Baiao Chemical (603360) down 5.11% [2] - Hualu Hengsheng (600426) down 4.14% [2] Capital Flow - The agricultural chemical sector experienced a net outflow of 7.81 billion yuan from institutional investors, while retail investors saw a net inflow of 6.83 billion yuan [2] - The sector's capital flow indicated that: - Dongfang Tower (002545) had a net inflow of 33.56 million yuan from institutional investors [3] - Xinong Co., Ltd. (002942) had a net inflow of 28.41 million yuan from institutional investors [3] - Chengxing Co., Ltd. (600078) had a net inflow of 28.38 million yuan from institutional investors [3]

Investment Rating - The report maintains a "stronger than the market" rating for the electronic industry, indicating a positive outlook for the sector [2][31]. Core Viewpoints - The report expresses optimism regarding the overall opportunities in the computing power and storage industry chains, particularly focusing on domestic computing power and storage sectors. It highlights improvements in supply-side conditions for domestic computing chips and increasing demand driven by AI-related capital investments [2][31]. - The report anticipates a significant increase in demand for DRAM and NAND due to the continuous release of large models, with expectations for a major expansion year for storage in the upcoming year [2][31]. Summary by Sections Market Review - The electronic industry outperformed the overall market during the week of September 29-30, with the Shenwan Electronic Index rising by 2.78%, ranking 6th among 31 Shenwan industries. Year-to-date, the index has increased by 53.51%, ranking 3rd [12][31]. Weekly Focus - OpenAI's release of the Sora 2 model is expected to significantly increase demand for computing and storage capabilities. Additionally, Samsung and SK Hynix have signed an agreement to supply memory chips for OpenAI's data centers, indicating a growing collaboration in the AI sector [25][27]. - The report notes that Longxin Technology is progressing towards its IPO, which is anticipated to enhance its market presence in the DRAM sector [29][30]. - The report also mentions that major DRAM manufacturers have paused pricing for a week, which may lead to a price increase of over 30% in the fourth quarter [30][31]. Industry Opportunities - The report emphasizes the potential in the domestic computing power chain, highlighting key players such as Cambricon, Haiguang Information, and Chipone. It also points out the expected growth in the storage sector, particularly for NAND and DRAM, driven by new product launches from Yangtze Memory Technologies and Longxin [2][31]. - The overseas computing power chain is also noted for its rapid growth, with significant capacity expansions expected in PCB manufacturing [31]. Valuation - As of October 9, 2025, the electronic industry's valuation (PE-TTM) stands at 67.72 times, which is considered to be at a historical mid-level [20][23].

Core Insights - The agricultural chemical sector saw a rise of 0.92% on October 10, with Chengxing Co. leading the gains [1] - The Shanghai Composite Index closed at 3897.03, down 0.94%, while the Shenzhen Component Index closed at 13355.42, down 2.7% [1] Agricultural Chemical Sector Performance - Chengxing Co. (600078) closed at 8.20, up 10.07% with a trading volume of 199,000 shares and a transaction value of 162 million [1] - Liming Co. (002734) closed at 19.30, up 7.04% with a trading volume of 585,100 shares and a transaction value of 1.118 billion [1] - Jiangshan Co. (600389) closed at 26.85, up 6.34% with a trading volume of 144,100 shares and a transaction value of 383 million [1] - Other notable performers include Baiao Chemical (603360) up 4.01% and Ando A (000553) up 3.97% [1] Capital Flow Analysis - The agricultural chemical sector experienced a net outflow of 704 million from institutional investors, while retail investors saw a net inflow of 545 million [2] - The sector's overall capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors are more active [2] Individual Stock Capital Flow - Baiao Chemical (603360) had a net inflow of 56.77 million from institutional investors, but a net outflow of 33.15 million from retail investors [3] - Chengxing Co. (600078) recorded a net inflow of 8.06 million from institutional investors, with retail investors showing a slight outflow [3] - Other companies like Xin'an Co. (600596) and Yun Tu Holdings (002539) also showed varied capital flows, indicating differing investor sentiments across the sector [3]

Group 1 - The core point of the news is that Baiao Chemical's stock price increased by 5.41% to 27.88 CNY per share, with a trading volume of 535 million CNY and a turnover rate of 2.85%, resulting in a total market capitalization of 19.69 billion CNY [1] - Baiao Chemical, established on September 22, 2003, and listed on February 6, 2017, specializes in the research, production, and sales of isothiazolinone industrial biocides [1] - The company's main business revenue composition includes industrial biocides at 54.95%, semiconductors at 44.36%, key components and consumables at 0.23%, sales of by-products at 0.23%, and others at 0.22% [1] Group 2 - Among Baiao Chemical's top ten circulating shareholders, a fund under Southern Fund, the Southern CSI 1000 ETF (512100), entered the top ten in the second quarter, holding 3.2711 million shares, which accounts for 0.46% of the circulating shares [2] - The Southern CSI 1000 ETF (512100) was established on September 29, 2016, with a latest scale of 64.953 billion CNY, achieving a year-to-date return of 29.81% and a one-year return of 34.98% [2] - The fund manager of Southern CSI 1000 ETF is Cui Lei, who has been in the position for 6 years and 339 days, with a total fund asset size of 94.976 billion CNY and a best fund return of 164.18% during the tenure [3]

Core Viewpoint - Baiao Chemical (603360.SH) announced a share buyback program, indicating a strategic move to enhance shareholder value and confidence in the company's future prospects [1] Summary by Categories Share Buyback Details - As of September 30, 2025, the company has repurchased a total of 5.3655 million shares [1] - The repurchased shares account for 0.76% of the company's total share capital [1] - The highest price paid for the repurchased shares was RMB 24.03 per share, while the lowest price was RMB 19.58 per share [1] - The total amount spent on the buyback was RMB 112 million, excluding transaction fees [1]

大连百傲化学股份有限公司 关于以集中竞价方式回购股份的进展公告 证券代码：603360 证券简称：百傲化学 公告编号：2025-075 二、 回购股份的进展情况 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等相关规定，公司在回购股份期间,应当在每个月的前 3 个交易 日内披露截至上月末的回购进展情况。现将公司回购股份进展情况公告如下： 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： | 回购方案首次披露日 | 2025/4/25 | | --- | --- | | 回购方案实施期限 | 董事会审议通过后 12 个月 | | 预计回购金额 | 20,000万元~40,000万元 | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 | | | □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 5,365,500股 | | 累计已回购股数占总股本比例 | 0.76% | | 累计已回购金额 | 111,559,033. ...

Market Overview - The agricultural chemical sector experienced a decline of 0.62% on September 25, with Bai'ao Chemical leading the drop [1] - The Shanghai Composite Index closed at 3853.3, down 0.01%, while the Shenzhen Component Index closed at 13445.9, up 0.67% [1] Stock Performance - Notable gainers in the agricultural chemical sector included: - Bluefeng Biochemical (002513) with a closing price of 7.81, up 10.00% and a trading volume of 826,400 shares, totaling 622 million yuan [1] - Yangnong Chemical (600486) closed at 70.93, up 2.31% with a trading volume of 49,000 shares, totaling 34.6 million yuan [1] - Major decliners included: - Bai'ao Chemical (603360) closed at 25.54, down 3.22% with a trading volume of 173,200 shares [2] - Luohua Technology (600691) closed at 2.71, down 2.87% with a trading volume of 303,800 shares, totaling 83.33 million yuan [2] Capital Flow - The agricultural chemical sector saw a net outflow of 365 million yuan from institutional investors, while retail investors contributed a net inflow of 129 million yuan [2] - The capital flow for specific stocks showed: - Lier Chemical (002258) had a net inflow of 20.8 million yuan from institutional investors, but a net outflow from retail investors of 14.6 million yuan [3] - Yangnong Chemical (600486) experienced a net inflow of 18.4 million yuan from institutional investors and a net outflow of 57.9 million yuan from retail investors [3]