Financial Performance - The company's operating revenue for Q1 2025 was CNY 220,168,710.25, representing a 14.97% increase compared to CNY 191,508,760.41 in the same period last year[5]. - Net profit attributable to shareholders was CNY 71,464,345.04, up 15.82% from CNY 61,700,617.25 year-over-year[5]. - Basic and diluted earnings per share were both CNY 0.53, reflecting a 15.22% increase from CNY 0.46 in the previous year[5]. - Total operating revenue for Q1 2025 reached RMB 220,168,710.25, a 14.99% increase from RMB 191,508,760.41 in Q1 2024[18]. - Net profit for Q1 2025 was RMB 71,464,345.04, representing a 15.00% increase compared to RMB 61,700,617.25 in Q1 2024[20]. - Earnings per share for Q1 2025 were RMB 0.53, compared to RMB 0.46 in Q1 2024, reflecting a 15.22% increase[20]. - The company reported a total comprehensive income of RMB 70,719,050.83 for Q1 2025, compared to RMB 61,713,529.37 in Q1 2024[20]. Cash Flow and Investments - The net cash flow from operating activities increased by 123.09%, reaching CNY 94,170,430.97, primarily due to reduced cash payments for procurement[5][9]. - Cash flow from operating activities for Q1 2025 was RMB 94,170,430.97, significantly higher than RMB 42,211,087.32 in Q1 2024[23]. - Investment activities generated a net cash outflow of RMB 60,739,557.10 in Q1 2025, compared to a net inflow of RMB 205,600,942.57 in Q1 2024[23]. - Financing activities resulted in a net cash outflow of RMB 67,997,829.80 in Q1 2025, an improvement from a net outflow of RMB 529,135,551.52 in Q1 2024[25]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 3,361,436,405.20, a 2.22% increase from CNY 3,288,312,349.55 at the end of the previous year[6]. - The company's current assets totaled RMB 2,251,769,077.95, compared to RMB 2,207,195,933.87 at the end of 2024, indicating an increase of about 2.01%[15]. - The company's total liabilities stood at RMB 1,975,586,434.71, up from RMB 1,927,577,592.28, marking an increase of around 2.53%[17]. - The equity attributable to shareholders increased to RMB 1,385,849,970.49 from RMB 1,360,734,757.27, reflecting a growth of approximately 1.85%[17]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 3,286[10]. - The top shareholder, Zhao Wenlin, holds 34.03% of the shares, totaling 46,050,000 shares[11]. - The company reported a total of 2,844,565 shares held in the repurchase special account, accounting for 2.10% of the total share capital[13]. - The company has identified key shareholders, with Zhao Wenlin holding 46,050,000 shares, representing a significant stake in the company[13]. - The company has not reported any changes in the participation of major shareholders in securities lending activities during the reporting period[14]. Research and Development - Research and development expenses totaled CNY 8,933,164.11, which is 4.06% of operating revenue, slightly down from 4.07% in the previous year[5]. Future Outlook - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[24].

呈和科技股份有限公司 二〇二四年度募集资金存放与 使用情况专项报告的鉴证报告 关于呈和科技股份有限公司 2024年度募集资金存放与使用情况 专项报告的鉴证报告 信会师报字[2025]第ZC10366号 呈和科技股份有限公司全体股东： 我们接受委托，对后附的呈和科技股份有限公司（以下简称"呈 和科技"）2024年度募集资金存放与使用情况专项报告（以下简称 "募集资金专项报告"）执行了合理保证的鉴证业务。 一、董事会的责任 呈和科技董事会的责任是按照中国证券监督管理委员会《上市 公司监管指引第2号——上市公司募集资金管理和使用的监管要求 （2022年修订）》（证监会公告〔2022〕15号）、《上海证券交易 所科创板上市公司自律监管指引第1号——规范运作》以及《上海证 券交易所上市公司自律监管指南第1号——公告格式》的相关规定编 制募集资金专项报告。这种责任包括设计、执行和维护与募集资金 专项报告编制相关的内部控制，确保募集资金专项报告真实、准确、 完整，不存在虚假记载、误导性陈述或重大遗漏。 二、注册会计师的责任 我们的责任是在执行鉴证工作的基础上对募集资金专项报告发 表鉴证结论。 呈和科技股份有限公司 信会师报 ...

关于呈和科技股份有限公司 非经营性资金占用及其他关联资金往来情况 的专项报告 呈和科技股份有限公司 二〇二四年度非经营性资金占用及 其他关联资金往来情况的专项报告 信会师报字[2025]第 ZC 10364 号 呈和科技股份有限公司全体股东： 编制汇总表并确保其真实、准确、完整是呈和科技管理层的责任。 我们将汇总表所载信息与我们审计呈和科技 2024 年度财务报表时所 审核的会计资料及已审计财务报表中披露的相关内容进行了核对，没 有发现在重大方面存在不一致的情况。 呈和科技股份有限公司 信会师报字[2025]第 ZC10364 号 专项报告 第1页 为了更好地理解呈和科技 2024 年度非经营性资金占用及其他关 联资金往来情况，汇总表应当与已审计财务报表一并阅读。 本报告仅供呈和科技为披露 2024 年年度报告的目的使用，不得 用作任何其他目的。 呈和科技股份有限公司 信会师报字[2025]第 ZC10364 号 专项报告 第2页 (此页无正文) IED PUBL 我们审计了呈和科技股份有限公司(以下简称"呈和科技")2024 年度的财务报表，包括 2024 年 12 月 31 日的合并及母公司资产负债 表、 ...

呈和科技股份有限公司 内部控制审计报告 信会师报字[2025]第 ZC10363 号 二〇二四年度 内部控制审计报告 呈和科技股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相 关要求，我们审计了呈和科技股份有限公司（以下简称呈和科技）2024 年 12 月 31 日的财务报告内部控制的有效性。 一、 企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企 业内部控制评价指引》的规定，建立健全和有效实施内部控制，并评 价其有效性是呈和科技董事会的责任。 二、 注册会计师的责任 四、 财务报告内部控制审计意见 我们认为，呈和科技于 2024 年 12 月 31 日按照《企业内部控制 基本规范》和相关规定在所有重大方面保持了有效的财务报告内部控 制。 呈和科技股份有限公司 信会师报字[2025]第 ZC10363 号 内控审计报告 第1页 (此页无正文,为签字盖章页) ED PUB/ 中国注册会计师:黄志业 中国注册会计师:熊 榕 我们的责任是在实施审计工作的基础上，对财务报告内部控制的 有效性发表审计意见，并对注意到的非财务报告内部控制的重大缺陷 进行披 ...

关于呈和科技股份有限公司 非经营性资金占用及其他关联资金往来情况 汇总表的专项审计报告 目 录 1、专项审计报告 2、附表 委托单位：呈和科技股份有限公司 审计单位：立信会计师事务所（特殊普通合伙） 联系电话：021-63391166 星和科技股份有限公司 二〇二四年度非经营性资金占用及 其他关联资金往来情况的专项报告 您可使用手机"扫一扫"或进入"注册可丁证明通审计报告是否由具有效更新可的会议师事务原出具。 您可使用手机"扫一扫"或进入"注意会计师行业规一监管平台（kqqz//xx mxkgmc.n），进行百度 会计师事务所(特殊普通合伙) CHINA SHU LUN PAN CERTIFIED PUBLIC ACCOUNTANTS LLF 关于呈和科技股份有限公司 非经营性资金占用及其他关联资金往来情况 的专项报告 信会师报字[2025]第 ZC 10364 号 呈和科技股份有限公司全体股东: 我们审计了呈和科技股份有限公司(以下简称"呈和科技")2024 年度的财务报表,包括2024年12月31日的合并及母公司资产负债 表、2024年度合并及母公司利润表、合并及母公司现金流量表、合 并及母公司所有者权益 ...

呈和科技股份有限公司 二〇二四年度 合并审计报告 呈和科技股份有限公司 审计报告及财务报表 （2024 年 1 月 1 日至 2024 年 12 月 31 日止） | | 目录 | 页次 | | --- | --- | --- | | 一、 | 审计报告 | 1-7 | | 二、 | 财务报表 | | | | 合并资产负债表和母公司资产负债表 | 1-4 | | | 合并利润表和母公司利润表 | 5-6 | | | 合并现金流量表和母公司现金流量表 | 7-8 | | | 合并所有者权益变动表和母公司所有者权益变动 | 9-12 | | | 表 | | | | 财务报表附注 | 1-73 | 审计报告 信会师报字[2025]第 ZC10362 号 呈和科技股份有限公司全体股东： 一、 审计意见 我们审计了呈和科技股份有限公司（以下简称呈和科技）财务报 表，包括 2024 年 12 月 31 日的合并及母公司资产负债表，2024 年度 的合并及母公司利润表、合并及母公司现金流量表、合并及母公司所 有者权益变动表以及相关财务报表附注。 我们认为，后附的财务报表在所有重大方面按照企业会计准则的 规定编制，公允反映了 ...

Group 1 - The report highlights the release of Guangzhou's "Mergers and Acquisitions Ten Articles," aiming to promote industrial development through mergers and acquisitions, targeting at least 60 deals by 2027 [3][35][38] - In the recent period, eight companies disclosed significant restructuring events, maintaining the same level as the previous period, with an equal number of companies involved in changes of actual controllers [3][12] - The restructuring index fell by 5.68%, underperforming compared to the Shanghai Composite Index (-3.37%) and the CSI 300 (-4.21%), while slightly outperforming the CSI 1000 (-6.48%) [3][25][29] Group 2 - The report analyzes key merger cases, including the acquisition of New潮传媒 by 分众传媒, valued at 8.3 billion yuan, which aims to integrate high-end urban resources with community resources in lower-tier cities [4][12] - The acquisition of 映日科技 by 呈和科技, valued at 1.8 billion yuan, focuses on technological synergy in the high-performance sputtering target materials sector, enhancing competitiveness in the display industry [4][12] - 湖南发展 plans to acquire four hydropower companies, increasing its installed capacity to 778,000 kilowatts, aligning with national carbon neutrality goals and enhancing operational synergy [5][12] Group 3 - The report identifies investment opportunities based on the "12218" industrial map, including strategic industry clusters such as 广汽集团 and 冠昊生物, and modern service industries like 广电计量 and 山水比德 [6][12][35] - The report emphasizes the encouragement of mergers and acquisitions in the biopharmaceutical and sports sectors, with various government departments advocating for financial support for these initiatives [35][36][38] - The report outlines the strategic focus on integrating upstream and downstream assets in key industries, aiming for significant mergers and acquisitions to enhance technological capabilities and market competitiveness [38]

Investment Rating - The report suggests a focus on the compound fertilizer industry due to its increasing concentration and potential benefits from tariff responses against the US [4] Core Viewpoints - The chemical sector saw a slight increase of 0.31% in the third week of April, lagging behind the Shanghai Composite Index by 0.88 percentage points [12] - Key stocks that performed well include Hongbaoli (+55.21%), Lingpai Technology (+28.07%), and Hongqiang Co. (+24.25%) [12] - The report highlights the significant price increases in trichloroethylene (+16.28%) and WTI crude oil (+7.67%) [20] - The report emphasizes the potential growth of companies like Xinyangfeng in the compound fertilizer sector, Chenghe Technology benefiting from tariff responses, Baofeng Energy with increasing production capacity, and Huangma Technology as a leader in specialty surfactants [4] Industry Performance - The chemical sector's dynamic PE is reported at 23.28 times, lower than the average PE of 14.76 times since 2015 [12] - In the third week of April, 20 sub-industries within the chemical sector increased, while 11 decreased, with textile chemicals (+6.07%) and modified plastics (+4.8%) leading the gains [15] - The report notes significant fluctuations in product prices, with liquid chlorine experiencing a drastic drop of -62.28% [20][39] Price and Spread Trends - The report lists the top five products with the highest weekly price increases, including trichloroethylene (+16.28%) and WTI crude oil (+7.67%) [20] - It also highlights the top five products with the largest price spread increases, such as ethylene glycol (+1154%) and naphtha (+32.58%) [39] Inventory Changes - Notable inventory changes include polyester chips (+17.14%) and polyester filament (+14.11%) showing significant increases [60]

Summary of Conference Call Company and Industry Involved - The conference call primarily discusses the chemical industry, focusing on the company Chenghe Technology and its products, particularly the Chenghe agent used in polymer materials [1][4]. Core Points and Arguments 1. **Impact of US-China Tariff Policies**: Recent tariff policies have exceeded expectations, significantly affecting the market. The chemical industry faces both risks and opportunities, particularly for Chenghe Technology, which may benefit from these changes [1]. 2. **Domestic Replacement Trends**: Due to the tariffs, overseas manufacturers of Chenghe agents may increase prices, leading to higher procurement costs for downstream buyers. This situation may accelerate the domestic replacement of similar products in China, with an expected annual growth in domestic Chenghe agent orders increasing from 20% to 40% [2][3]. 3. **Financial Projections**: Chenghe Technology's projected revenue for 2025 is estimated to reach 460 million yuan, with a target market valuation exceeding 12 billion yuan, indicating a potential 100% increase from its current market value [3]. 4. **Chenghe Agent Characteristics**: Chenghe agents enhance the crystallinity of polymers like polyethylene and polypropylene, improving optical properties, mechanical strength, and thermal stability. They are applicable in various sectors, including food safety, medical materials, and automotive components [4]. 5. **Market Growth and Competition**: The production of engineering plastics in China has grown from 15.63 million tons in 2016 to 26.5 million tons in 2021, with a compound annual growth rate of 11.14%. The demand for Chenghe agents is expected to reach 14,000 tons by 2025 [5]. 6. **Market Share and Global Competition**: Major global manufacturers of Chenghe agents, such as Milliken and Eastman, hold approximately 61% of the market share, with North America being the largest market [5]. 7. **Production Capacity**: Chenghe Technology currently has a production capacity of 35,540 tons, with plans to expand to 57,600 tons by the end of 2024 through the new Nansha plant [7]. 8. **Risks and Recommendations**: If the Nansha plant underperforms, it could negatively impact the company's sales and overall performance. However, the company is recommended as a leading player in the domestic market, with the potential to increase its market share from below 30% to 50-60% in the coming years [8]. Other Important but Potentially Overlooked Content - The conference emphasized the importance of domestic production in light of international pricing pressures and the potential for increased procurement of domestic products by downstream manufacturers [6]. - The call concluded with an invitation for further inquiries, indicating a willingness to engage with investors and stakeholders for additional insights [9].

出品：新浪财经上市公司研究院 据并购公告披露，映日科技专业从事高性能溅射靶材的研发、生产及销售，其客户包括京东方、华星光 电、惠科光电、彩虹光电等显示面板企业。据招股说明书所披露的历史业绩，其2019年到2022年上半年 分别实现营收1.13亿元、1.48亿元、3.15亿元、2.08亿元，实现归母净利润1235.42万元、2661.75万元、 8407.00万元、4798.74万元，业绩成长性显著，且其88%营收都来自显示领域。 呈和科技表示，此次收购映日科技后将在多个方面实现优势互补，具体包括： 作者：光心 2025年4月9日，呈和科技发布公告，拟以现金方式收购芜湖映日科技股份有限公司（下称"标的公 司"或"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 标的公司的控股。 据悉，标的公司的主要产品高性能溅射靶材作为电子设备制造行业的重要基础材料之一，其所在的显示 领域对有机材料有着广泛且重要的需求。而呈和科技成核剂产品具有提升显示面板材料性能的作用，二 者可在客户资源共享、品牌影响力相互促进等方面发挥协同效应。 从业绩表现上看，根据业绩快报数据，2024年呈和科技 ...