关于呈和科技股份有限公司 中信证券股份有限公司 2024 年度持续督导跟踪报告 中信证券股份有限公司（以下简称"中信证券"或"保荐人"）作为呈和科 技股份有限公司（以下简称"呈和科技"或"公司"或"上市公司"）2023 年 度以简易程序向特定对象发行股票项目的保荐人，于 2023 年 3 月 2 日与公司签 订保荐协议，自签署保荐协议之日起，承接原保荐人中信建投证券股份有限公司 尚未完成的持续督导工作。根据《证券发行上市保荐业务管理办法》、《上海证 券交易所科创板股票上市规则》等相关规定，中信证券履行持续督导职责，并出 具本持续督导年度跟踪报告。 一、持续督导工作概述 1、保荐人制定了持续督导工作制度，制定了相应的工作计划，明确了现场 检查的工作要求。 2、保荐人已与公司签订保荐协议，该协议已明确了双方在持续督导期间的 权利义务，并报上海证券交易所备案。 3、本持续督导期间，保荐人通过与公司的日常沟通、现场回访等方式开展 持续督导工作，并于 2024 年 8 月 1 日、2025 年 4 月 24 日及 2025 年 5 月 15 日 对公司进行了现场检查。 4、本持续督导期间，保荐人根据相关法规和规范性文件 ...

呈和科技股份有限公司 关于参加 2024 年度科创板先进石化化工新材料行业 集体业绩说明会的公告 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个别及连带责任。 重要内容提示： 证券代码：688625 证券简称：呈和科技 公告编号： 2025-022 ? 会议线上交流时间：2025 年 5 月 27 日(星期二)下午 15:00-17:00 ? 会议召开地点：上海证券交易所上证路演中心（http://roadshow.sseinfo.com/） ? 会议召开方式：上证路演中心网络互动 ? 投资者可于 2025 年 5 月 20 日（星期二）至 5 月 26 日（星期一）16:00 前登录上证路 演中心网站首页，点击"提问预征集"栏目或通过公司邮箱（ir@gchchem.com）进行提问。 公司将在说明会上对投资者普遍关注的问题进行回答。 呈和科技股份有限公司（以下简称"公司"）已于 2025 年 4 月 30 日发布公司《2024 年年 度报告》 《2025 年第一季度报告》，为便于广大投资者更全面深入地了解公司经营成果、财务 状况、发 ...

证券代码：688625 证券简称：呈和科技 公告编号： 2025-022 呈和科技股份有限公司 关于参加 2024 年度科创板先进石化化工新材料行业 集体业绩说明会的公告 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个别及连带责任。 重要内容提示： 投资者可于 2025 年 5 月 20 日（星期二）至 5 月 26 日（星期一）16:00 前登录上证路 演中心网站首页，点击"提问预征集"栏目或通过公司邮箱（ir@gchchem.com）进行提问。 公司将在说明会上对投资者普遍关注的问题进行回答。 呈和科技股份有限公司（以下简称"公司"）已于 2025 年 4 月 30 日发布公司《2024 年年 度报告》《2025 年第一季度报告》，为便于广大投资者更全面深入地了解公司经营成果、财务 状况、发展理念等情况，公司计划于 2025 年 5 月 27 日(星期二)下午 15:00-17:00 参加 2024 年度科创板先进石化化工新材料行业集体业绩说明会，就投资者关心的问题进行交流。 一、 说明会类型 本次投资者说明会以网络互动形式召开， ...

Investment Rating - The report maintains an "Outperform" rating for the company, with a target price of RMB 57.92, representing a potential upside of 19% from the current price of RMB 49.40 [4][9]. Core Insights - The company has shown year-on-year and quarter-on-quarter growth in its Q1 2025 performance, with revenue reaching RMB 220 million, up 14.97% YoY, and net profit attributable to shareholders at RMB 71 million, up 15.82% YoY [10]. - The nucleating agent industry is expected to experience significant growth, with the global market projected to reach approximately USD 1.2 billion by 2030, driven by increasing demand for high-performance resin materials [10]. Financial Summary - For 2024, the company achieved revenue of RMB 882 million, a 10.31% increase YoY, and a net profit of RMB 250 million, up 10.68% YoY [10]. - The company’s earnings per share (EPS) for 2025 is projected to be RMB 2.32, with further growth expected in subsequent years, reaching RMB 3.36 by 2027 [4][9]. - The company has maintained a strong return on equity (ROE), projected to be 19.9% in 2025, with a steady increase in net profit margins [6][10].

Group 1 - The company is planning a major asset restructuring involving the cash acquisition of at least 51% of Wuhu Yingri Technology Co., Ltd. [1] - The transaction is expected to constitute a significant asset restructuring as defined by the relevant regulations, and it will not involve the issuance of new shares or a change in control of the company [1] - As of the announcement date, the company and relevant parties are actively advancing the restructuring process, with specific plans still under discussion [2] Group 2 - The acquisition intention agreement was signed on April 7, 2025, with shareholders of Yingri Technology, and further details were disclosed on April 9, 2025 [2] - The company will continue to comply with the necessary decision-making and approval procedures as per the regulations and will fulfill its information disclosure obligations in a timely manner [2]

Core Viewpoint - The company is expected to benefit from the expanding nucleating agent industry, maintaining a "buy" rating due to its growth in Q1 2025 and overall positive performance outlook [1] Financial Performance - In Q4 2024, the company achieved revenue of 882 million yuan, a year-on-year increase of 10.31%, and a net profit attributable to shareholders of 250 million yuan, up 10.68% year-on-year [3] - For Q1 2025, the company reported revenue of 220 million yuan, a year-on-year increase of 14.97%, and a net profit attributable to shareholders of 71 million yuan, up 15.82% year-on-year [4] Market Outlook - The nucleating agent market is projected to grow significantly, with the global market size expected to reach approximately 1.2 billion USD by 2030, driven by increasing demand for high-performance resin materials [4] - The company is capitalizing on domestic market opportunities due to rising demand amid U.S.-China trade tensions, enhancing its market share through product innovation and differentiated competition strategies [3]

证券代码：688625 证券简称：呈和科技 公告编号：2025-021 呈和科技股份有限公司 关于筹划重大资产重组的进展公告 本公司董事会及全体董事成员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。 一、本次重大资产重组的基本情况 呈和科技股份有限公司（以下简称"公司"） 及关联方正在筹划以现金方式收购芜湖映 日科技股份有限公司（以下简称"映日科技"）合计不低于51%股权（以下简称"本次交易"）， 本次交易完成后公司预计将实现对映日科技的控股。 经初步测算，本次交易预计构成《上市公司重大资产重组管理办法》规定的重大资产重 组情形。本次交易以现金方式进行，不涉及公司发行股份，也不会导致公司控制权的变更。 二、本次重大资产重组的进展情况 2025年4月7日，公司与映日科技股东张兵、天津美泰真空技术有限公司、罗永春、芜湖 映鑫企业管理合伙企业(有限合伙)签署了《收购意向协议》，具体内容详见公司于2025年4 月9日披露于上海证券交易所网站（www.sse.com.cn）的《呈和科技股份有限公司关于筹划重 大资产重组暨签署<收购意向协议>的提示性公告》（ ...

呈和科技股份有限公司 2024 年年度股东大会会议资料 证券代码：688625 证券简称：呈和科技 呈和科技股份有限公司 2024 年年度股东大会 会议资料 二零二五年五月 呈和科技股份有限公司 2024 年年度股东大会会议资料 1 / 29 | 2024 | | | | | 年年度股东大会会议须知 3 | | --- | --- | --- | --- | --- | --- | | 2024 | | | | | 年年度股东大会会议议程 5 | | 2024 | | | | | 年年度股东大会会议议案 7 | | | 议案 | 1 | 关于公司《2024 | | 年年度报告》及摘要的议案 7 | | | 议案 | 2 | 关于公司《2024 | | 年度董事会工作报告》的议案 8 | | | 议案 | 3 | 关于公司《2024 | | 年度监事会工作报告》的议案 9 | | | 议案 | 4 | 关于公司《2024 | | 年度独立董事述职报告》的议案 10 | | | 议案 | 5 | 关于公司《2024 | | 年度财务决算报告》的议案 11 | | | 议案 | 6 | 关于公司 2024 | | ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% within the next six months [4]. Core Insights - The company achieved record high performance in Q1 2025, with revenue of 2.20 billion yuan, a year-on-year increase of 14.97%, and a net profit of 0.71 billion yuan, up 15.82% year-on-year [1]. - The sales volume of nucleating agents increased by 26.53% in 2024, contributing to the company's historical high performance across various metrics [1]. - The domestic substitution process for nucleating agents is expected to accelerate due to tariff countermeasures, with the import substitution rate projected to rise from 30% in 2023 to 34% in 2025 [1]. Financial Summary - In 2024, the company reported a revenue of 8.82 billion yuan, a 10.31% increase from the previous year, and a net profit of 2.50 billion yuan, reflecting a 10.68% growth [3]. - The projected net profits for 2025, 2026, and 2027 are 3.10 billion yuan, 3.74 billion yuan, and 4.15 billion yuan, respectively, with corresponding P/E ratios of 21.83X, 18.09X, and 16.29X [2][3]. - The company's design capacity for nucleating agents reached 25,760 tons by the end of 2024, with significant production capacity expansions planned [1]. Acquisition Plans - The company plans to acquire at least 51% of Yingri Technology, which specializes in high-performance sputtering targets, aiming for synergies in customer resources and brand influence [2].

Summary of the Conference Call for Chenghe Technology Company Overview - Chenghe Technology achieved a revenue of 979 million yuan in 2024, marking a year-on-year growth of 10.37%, setting a historical record. The synthetic resin business was the main driver, generating 511 million yuan, a 25% increase year-on-year. In Q1 2025, revenue reached 220 million yuan, up 15%, with a net profit of 71 million yuan, also a record for a single quarter [2][4]. Key Points Industry Context - The ongoing US-China trade tensions have led to high tariffs on nucleating agents imported from the US, benefiting domestic producers like Chenghe Technology and accelerating the process of domestic substitution. Chenghe holds a 25%-30% market share in China, while the US company Milliken commands 60%-70% [2][5]. Performance Insights - Chenghe Technology maintains an optimistic outlook for future performance, expecting to sustain over 15% growth even without considering tariff impacts. The company views the tariffs as a historic opportunity for domestic substitution in the nucleating agent business, which will further drive growth [2][6][7]. - The nucleating agent production capacity is approximately 10,000 tons, with a total designed capacity of 25,760 tons and an operating rate of about 40%. The new Nansha factory will provide sufficient capacity [2][11][13]. Business Segment Performance - The synthetic resin business was the core driver in 2024, generating 511 million yuan, a 25% increase. The synthetic hydrotalcite business remained stable at around 117 million yuan, while the antioxidant business saw a slight decline due to production impacts from Tangshan Kaiao's upgrades [3][14]. - The company plans to expand its overseas channels significantly in 2025, particularly in the Middle East, Europe, Southeast Asia, and South America, expecting overseas business to become a key growth driver [3][16]. Acquisition Plans - Chenghe Technology plans to acquire 51% of Wuhu Yingri Technology for an estimated valuation of 1.8 billion yuan. This company specializes in target materials, with downstream clients including major panel manufacturers. The acquisition is expected to accelerate Chenghe's expansion in the display panel business and create synergies in efficiency materials [3][19]. Market Dynamics - The company anticipates that the antioxidant business will recover in 2025 following the completion of technical upgrades at Tangshan Kaiao, which had previously affected production [3][18]. - The stable revenue from hydrotalcite products over the past three years is attributed to the declining demand in the downstream PVC industry, influenced by the real estate market [3][14]. Financial Metrics - In 2024, the company achieved a net profit of 250 million yuan, a nearly 10% increase, marking the tenth consecutive year of double-digit growth. The first quarter of 2025 is expected to maintain a growth rate of 15% [3][22]. Challenges and Considerations - The company is currently in a wait-and-see mode regarding the impact of tariffs and potential price increases from Milliken, which may affect procurement costs and market dynamics [5][9][8]. - The procurement costs may rise due to increased tariffs, and the company is in discussions with customs to clarify operational details [9]. Future Outlook - Chenghe Technology is focusing on expanding its overseas business, which currently accounts for about 20% of its revenue, and aims to enhance its presence in key international markets [3][16][24]. - The company is also exploring new applications for hydrotalcite in cosmetics and spandex, with ongoing research and development efforts [25]. Conclusion Chenghe Technology is positioned to leverage the current market dynamics and trade policies to enhance its growth trajectory, with a strong focus on domestic substitution, international expansion, and strategic acquisitions. The company’s robust performance metrics and optimistic outlook for 2025 indicate a solid foundation for continued success in the industry.