Group 1 - Industry Investment Rating: Overweight [1] - Core Viewpoint: The chemical sector's overall performance ranked 16th with a fluctuation of 0.80%, underperforming the Shanghai Composite Index by 0.60 percentage points [4][22] - Key Recommendations: Focus on synthetic biology, pesticides, chromatography media, sugar substitutes, vitamins, light hydrocarbon chemicals, COC polymers, and MDI [4] Group 2 - Synthetic Biology: A pivotal moment is approaching, with low-energy products expected to gain a longer growth window due to the energy structure adjustment [4] - Refrigerants: The third-generation refrigerants are entering a high prosperity cycle, with supply constraints and stable demand growth anticipated [5] - Electronic Specialty Gases: The domestic market faces a contradiction between rapid upgrades in wafer manufacturing and insufficient high-end electronic specialty gas capacity, presenting significant domestic substitution opportunities [6][8] - Light Hydrocarbon Chemicals: A global trend towards lighter raw materials in the olefin industry is noted, with a shift from heavy naphtha to lighter ethane and propane [8] - COC Polymers: The domestic industrialization process is accelerating, driven by breakthroughs in local enterprises and a shift in downstream industries to domestic production [9] - Potash Fertilizer: Prices are expected to bottom out and rebound due to supply reductions and increased demand from farmers [10] - MDI Market: The oligopoly structure is expected to improve, with demand steadily increasing and a favorable supply outlook anticipated [12]

证券代码：688065 证券简称：凯赛生物 公告编号：2025-034 2024 年 10 月 21 日，公司召开第二届第二十四次董事会会议，审议通过了《关 于以集中竞价交易方式回购公司股份的方案》，同意公司使用自有资金或自筹资金 以集中竞价交易方式回购公司股份，回购资金总额不低于人民币 1,000.00 万元 （含），不超过人民币 2,000.00 万元（含），回购价格不超过 67 元/股（含），回 购期限自董事会审议通过本次回购方案之日起 12 个月内。具体内容详见公司于 2024 年 10 月 22 日在上海证券交易所网站（www.sse.com.cn）披露的《关于以集 中竞价交易方式回购公司股份方案的公告》（公告编号：2024-056）。 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，现将公司回购股份情况公告如下： 2025 年 6 月 30 日，公司通过上海证券交易所交易系统以集中竞价交易方式回 购公司股份 230,366 股,占公司总股本 721,289,794 股的比例为 0.0319%。回购成 交的最高价为 53.4 ...

Core Viewpoint - The legal opinion letter from Shanghai Jintiancheng Law Firm confirms the legality and validity of the procedures and results of the 2024 annual general meeting of Shanghai Kaisa Biotechnology Co., Ltd. [1][12] Group 1: Meeting Procedures - The annual general meeting was proposed and convened by the board of directors, with the notice published on June 5, 2025 [4][6] - The meeting was held on June 27, 2025, using a combination of on-site and online voting methods [4][6] - The meeting was presided over by the chairman of the company, Liu Xiucai [4] Group 2: Attendance and Voting - A total of 183 shareholders and representatives attended the meeting, representing 426,988,631 shares, which is 59.39% of the total voting shares [5][6] - The meeting included 24 on-site attendees and 159 online voters, with the online voting system verifying shareholder qualifications [5][6] - The legal opinion confirms that all attendees had valid qualifications according to relevant laws and regulations [6] Group 3: Proposals and Voting Results - The meeting reviewed a total of 9 proposals, with specific proposals (4, 7, 8) counted separately for small and medium investors [8][11] - Voting results showed significant support for the proposals, with the majority of votes in favor, including 426,785,801 shares for one of the proposals [9][10] - The legal opinion asserts that the voting procedures and results were in compliance with legal and regulatory requirements [12]

上海市锦天城律师事务所 关于上海凯赛生物技术股份有限公司 2024 年年度股东大会的 法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 9/11/12 层 电话：021-20511000 传真：021-20511999 邮编：200120 上海市锦天城律师事务所 法律意见书 法律意见书 致：上海凯赛生物技术股份有限公司 根据《中华人民共和国证券法（2019 年修订）》（以下简称"《证券法》"） 《中华人民共和国公司法（2023 年修订）》（以下简称"《公司法》"）和中国 证券监督管理委员会《上市公司股东会规则》（2025 年修订）等法律、法规和其 他有关规范性文件的要求，上海市锦天城律师事务所（以下简称"本所"）接受 上海凯赛生物技术股份有限公司（以下简称"凯赛生物"或"公司"）的委托， 指派律师参加公司 2024 年年度股东大会（以下简称"本次股东大会"或"本次 会议"）。 为出具本《法律意见书》，本所声明如下： 1、本所律师仅对本次股东大会的召集程序、召开程序、出席会议人员资格、 召集人资格、表决程序、表决结果及会议决议发表法律意见，并不对本次股东大 会所审议的议案、议案所涉及的数字及内容 ...

证券代码：688065 证券简称：凯赛生物 公告编号：2025-033 上海凯赛生物技术股份有限公司 2024年年度股东大会决议公告 本公司董事会及全体董事保证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、准确性和完整性依法承担法律责任。 重要内容提示： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2025 年 6 月 27 日 （二） 股东大会召开的地点：上海市闵行区绿洲环路 396 弄 11 号 9 楼会议 室 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 183 | | --- | --- | | 普通股股东人数 | 183 | | 2、出席会议的股东所持有的表决权数量 | 426,988,631 | | 普通股股东所持有表决权数量 | 426,988,631 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 59.3907 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 59.3907 ...

Group 1 - The company plans to hold the 2024 annual shareholders' meeting on June 27, 2025, at 14:00, using a combination of on-site and online voting methods [1] - The company has announced the meeting details in a prior notice published on June 5, 2025, on the Shanghai Stock Exchange website [1] Group 2 - To better serve small and medium investors, the company will utilize the Shanghai Stock Exchange Information Network Co., Ltd. to provide a shareholder meeting reminder service [2] - The reminder service will include proactive notifications to shareholders about the meeting and voting procedures via smart SMS [2] - Investors can vote directly through the provided link or use existing trading system platforms if they encounter congestion [2]

证券代码：688065 证券简称：凯赛生物 公告编号：2025-032 上海凯赛生物技术股份有限公司 关于股东大会开设网络投票提示服务的公告 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。 上海凯赛生物技术股份有限公司（以下简称"公司"）拟于 2025 年 6 月 27 日 14:00 召开 2024 年年度股东大会，本次会议采用现场投票和网络投票相结合 的 表 决 方 式 ， 详 见 公 司 于 2025 年 6 月 5 日 在 上 海 证 券 交 易 所 网 站 （www.sse.com.cn）披露的公司《关于召开 2024 年年度股东大会的通知》（公 告编号：2025-030）。 为更好地服务广大中小投资者，确保有投票意愿的中小投资者能够及时参会、 及时投票，公司拟使用上证所信息网络有限公司（以下简称"上证信息"）提供 的股东大会提醒服务，委托上证信息通过智能短信等形式，根据股权登记日的股 东名册主动提醒股东参会投票，向每一位投资者主动推送股东大会参会邀请、议 案情况等信息。投资者在收到智能短信后，可根据《上市公司股东会 ...

上海凯赛生物技术股份有限公司 2024 年年度股东大会会议资料 证券代码：688065 证券简称：凯赛生物 上海凯赛生物技术股份有限公司 2024 年年度股东大会会议资料 中国·上海 二〇二五年六月二十七日 | | | 上海凯赛生物技术股份有限公司 2024 年年度股东大会会议资料 上海凯赛生物技术股份有限公司 地址：中国（上海）自由贸易试验区蔡伦路 1690 号 5 幢 邮编：201203 电话：86-21-50801916 传真：86-21-50801386 网站：http://www.cathaybiotech.com 上海凯赛生物技术股份有限公司 2024 年年度股东大会会议须知 为了维护全体股东的合法权益，确保股东大会的正常秩序和议事效率，保证 本次股东大会顺利召开，根据《中华人民共和国公司法》《中华人民共和国证券 法》《上市公司股东大会规则》以及《上海凯赛生物技术股份有限公司章程》等 有关规定，特制定本次股东大会会议须知： 一、为确认出席大会的股东或其代理人或其他出席者的出席资格，会议工作 人员将对出席会议者的身份进行必要的核对工作，请被核对者给予配合。 二、请出席大会的股东或其代理人或其他出席者 ...

Core Points - The annual general meeting of Shanghai Cathay Biotech Co., Ltd. is scheduled for June 27, 2025, at 14:00, combining on-site and online voting methods [3][4] - The company reported a significant increase in revenue and net profit for 2024, with total revenue reaching CNY 2,957.91 million, a 39.91% increase year-on-year, and net profit attributable to shareholders amounting to CNY 488.96 million, a 33.41% increase [16][32] - The company plans to distribute a cash dividend of CNY 4.00 per 10 shares, totaling CNY 287.58 million, based on the audited net profit for 2024 [8][9] Meeting Procedures - Attendees must register and confirm their attendance before the meeting starts, and they are required to present their shareholder certificates to enter the venue [2][3] - The meeting will include the election of monitors and counters, the presentation of the independent directors' report, and the discussion of various proposals [4][6][11] Financial Performance - The company achieved a net profit of CNY 488.96 million in 2024, with a significant increase in net profit excluding non-recurring gains and losses, which rose by 51.60% to CNY 464.73 million [16][32] - The total assets of the company reached CNY 19.02 billion, reflecting a stable financial position [32] Strategic Developments - The company has successfully introduced CNY 5.915 billion in funding through a directed issuance of shares to enhance its business development [18] - A strategic cooperation agreement was signed with Hefei Municipal Government and China Merchants Innovation Technology Group to establish a synthetic biological materials industry cluster [18][28] Governance and Compliance - The board of directors and the supervisory board have actively fulfilled their responsibilities, ensuring compliance with relevant laws and regulations [19][25] - The company has maintained a high standard of information disclosure, achieving an A-level rating for its disclosure practices in the Shanghai Stock Exchange [23][26]

Core Insights - The Ministry of Industry and Information Technology and the National Development and Reform Commission have initiated a program to cultivate over 20 pilot platforms for biomanufacturing by 2027, aiming to facilitate industrial scale-up [1] - Significant technological breakthroughs and industrial layouts are emerging in the biomanufacturing sector, with advancements in areas such as polysulfone plastic recycling and wool sterol synthesis [1] - The synergy between policy support and industrial development is accelerating the transition of biomanufacturing from laboratory research to large-scale industrialization, showcasing a vibrant development chain of "technological breakthroughs - policy support - capital influx" [1] Industry Developments - Synthetic biology is reshaping production models in biomanufacturing, enabling tasks that traditional biotechnologies cannot achieve, while also providing more efficient and environmentally friendly biosynthesis solutions [1] - Companies like Huaxi Biological and Yikole are extending their capabilities in synthetic biology, with Huaxi focusing on the supply chain of hyaluronic acid and Yikole leveraging CRISPR-Cas9 technology for precise gene editing [2][3] - The integration of synthetic biology with traditional industries is seen as a means to enhance productivity and create new growth opportunities, rather than a conflict [4] Technological Innovations - Companies are developing comprehensive systems in synthetic biology, focusing on tool, platform, and product integration, with significant advancements in production efficiency [3] - AI is playing a crucial role in enhancing research efficiency in synthetic biology, with companies establishing AI teams to optimize data collection and algorithm development [7] - The use of AI in the design and testing phases of synthetic biology is expected to significantly reduce research timelines and costs, improving overall productivity [7] Market Trends - The biomanufacturing industry is experiencing a wave of policy support, with various local governments implementing initiatives to promote the industrialization of synthetic biology [8] - The market for biomanufacturing in China is projected to approach 1.8 trillion yuan by 2030, indicating substantial growth potential [8] - Recent financing trends show an acceleration in investments in domestic synthetic biology companies, with nearly a hundred firms securing new funding at the beginning of 2025 [8] Future Outlook - The synthetic biology sector is anticipated to undergo rapid technological iterations and deeper application expansions in the next 3-5 years, driven by AI advancements [9] - Companies are encouraged to focus on quality improvement and original design rather than mere scale expansion, to avoid resource wastage and industry chaos [9] - The industry is expected to face dual challenges in technology transfer and industrialization, particularly in constructing microbial cell factories and overcoming engineering challenges in fermentation and purification [10]