Core Viewpoint - Chenghe Technology has shown a net financing inflow of 16.32 million RMB last week, ranking 458th in the market, indicating a moderate interest from investors [1] Financing Data - Last week, Chenghe Technology had a total financing buy amount of 45.44 million RMB and a repayment amount of 29.12 million RMB [1] - Over the past 5 days, the main capital outflow was 10.78 million RMB, with a decline of 3.08% [1] - Over the past 10 days, the main capital outflow was 7.32 million RMB, with a decline of 1.18% [1] Company Profile - Chenghe Technology Co., Ltd. was established in 2002 and is located in Guangzhou, primarily engaged in the manufacturing of chemical raw materials and products [1] - The company has a registered capital of 1.35 billion RMB and a paid-in capital of 50 million RMB [1] - The legal representative of the company is Zhao Wenlin [1] Investment and Intellectual Property - Chenghe Technology has invested in 6 companies and participated in 505 bidding projects [1] - The company holds 8 trademark registrations and 48 patents, along with 40 administrative licenses [1]

Group 1 - The core announcement is about Chenghe Technology's ongoing supervision by CITIC Securities, with a new representative appointed due to a personnel change [1] - Zhang Yuanyuan is no longer responsible for the continuous supervision duties, and Yang Xian has been appointed as the new representative [1] - The continuous supervision period is set to last until December 31, 2025 [1]

呈和科技股份有限公司（以下简称"公司"）于近日收到中信证券股份有限公司（以下 简称"中信证券"）出具的《关于更换保荐代表人的函》。中信证券作为公司向特定对象发 行股票持续督导项目的保荐机构,原委派张远源女士和洪树勤先生作为保荐代表人履行持续 督导职责，持续督导期至 2025 年 12 月 31 日止。 证券代码：688625 证券简称：呈和科技 公告编号：2025-028 呈和科技股份有限公司 关于变更持续督导保荐代表人的公告 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。 现因张远源女士工作变动，不再负责对公司的持续督导工作。为保证持续督导工作有序 进行,中信证券现委派杨贤先生（简历见附件）接替张远源女士担任公司的保荐代表人，继续 履行持续督导职责。 本次变更后公司向特定对象发行股票持续督导项目的保荐代表人为洪树勤先生和杨贤先 生。本次变更不影响中信证券对公司的持续督导工作,公司董事会对张远源女士在担任公司保 荐代表人期间做出的贡献表示衷心感谢! 特此公告。 呈和科技股份有限公司董事会 2025 年 7 月 31 日 ...

Group 1 - The 2025 annual meeting of the China Inorganic Salt Industry Association's Hydrotalcite Industry Branch was held in Golmud, Qinghai, highlighting the broad prospects of hydrotalcite in environmental protection, chemicals, and new energy sectors [1] - Experts emphasized the need to enhance product quality and stability, and to promote green production processes and high-end application development through industry-academia-research collaboration [1] - The president of the Hydrotalcite Industry Branch, Lin Yanjun, stated that strengthening industry communication, promoting technological innovation, and facilitating collaboration across the industrial chain will inject new momentum into high-quality industry development [1] Group 2 - Presentations during the meeting included insights on the new development opportunities for the hydrotalcite industry due to stricter environmental policies and the expansion of emerging applications [2] - Experts from various institutions provided new ideas for the development and application of hydrotalcite, focusing on structural regulation of hydrotalcite-based two-dimensional materials and high-value utilization of magnesium resources [2] - A company representative introduced innovative production methods that resulted in an annual production capacity of 20,000 tons of raw composite metal hydroxide (hydrotalcite), primarily producing five high-performance additive products [2]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [10][12]. Core Insights - The company is a leader in the domestic nucleating agent and synthetic hydrotalcite market, with strong competitiveness in antioxidant and NDO composite additives. The penetration rate of domestic nucleating agents and synthetic hydrotalcite remains low, indicating potential for continued growth in the company's main business. Projected net profits for 2025, 2026, and 2027 are estimated at 360 million, 439 million, and 518 million yuan respectively [3][10]. Company Overview - The company has been deeply engaged in the polymer material additive sector for over 20 years, establishing itself as a leader in nucleating agents and synthetic hydrotalcite. It has successfully developed and marketed nucleating agent products, gaining recognition from major downstream manufacturers and expanding into both domestic and international markets [6][22]. Nucleating Agents - The demand for nucleating agents is growing significantly, with domestic demand increasing from 4,600 tons in 2016 to 9,520 tons in 2022, reflecting a compound annual growth rate of 12.9%. In 2023, China's nucleating agent demand accounted for approximately 27% of the global market, second only to North America [7][61]. - The company benefits from a competitive edge as domestic nucleating agent prices are generally 1/3 to 1/2 lower than imported products, driven by lower production costs and reduced logistics expenses [7]. Synthetic Hydrotalcite - Synthetic hydrotalcite is primarily used as a heat stabilizer in PVC production and as a halogen absorber in polyolefin resin production. The demand for synthetic hydrotalcite has maintained rapid growth, with domestic leading companies achieving technological breakthroughs and accelerating import substitution [8][24]. Antioxidants - In 2023, the company entered the antioxidant sector through acquisitions, enhancing its product line. The antioxidant products are primarily specialized hindered phenolic antioxidants, widely used in various applications including nylon and polyurethane [9][10]. Financial Analysis - The company has shown steady revenue growth, with significant contributions from its core products, particularly nucleating agents. From 2018 to 2024, the sales volume of nucleating agents increased from 2,349 tons to 9,728 tons, a growth rate exceeding 314% [38][43]. - The company maintains a high gross margin, consistently above 40%, and has optimized its expense structure, enhancing its market competitiveness and profitability [45][52]. Investment Recommendations - Given the company's strong market position, growth potential in nucleating agents and synthetic hydrotalcite, and the recent expansion into antioxidants, the report recommends a "Buy" rating for investors looking for opportunities in the polymer additive sector [10][12].

Core Viewpoint - The company Chenghe Technology (688625) experienced a slight decline in stock price, closing at 30.98 yuan, with a trading volume of 18,000 shares and a total transaction amount of 56.32 million yuan on July 23, 2025 [1]. Group 1: Company Performance - The stock price of Chenghe Technology decreased by 1.96% on July 23, 2025 [1]. - The trading turnover rate was recorded at 0.95% [1]. - The net outflow of main funds was 742.97 million yuan, accounting for 13.19% of the total transaction amount [2]. Group 2: Investor Relations - In response to an investor inquiry, the company confirmed that its nucleating agent products possess independent intellectual property rights and meet international standards [1]. - The company has established a strong customer base, including major domestic and international energy and chemical enterprises such as Sinopec, PetroChina, and Shell [1]. - The company emphasized its capability for innovative product development and customized analytical services to meet client needs [1]. Group 3: Market Dynamics - On the same day, retail investors contributed a net inflow of 491.32 million yuan, representing 8.72% of the total transaction amount [2]. - Speculative funds saw a net inflow of 251.65 million yuan, making up 4.47% of the total transaction amount [2].

Core Viewpoint - The major shareholder of Chenghe Technology Co., Ltd., Shanghai Kehui Investment Management Co., Ltd., plans to reduce its shareholding due to personal funding needs, with a total reduction not exceeding 5,649,628 shares, which is 3% of the company's total share capital [1][2][3] Shareholder Holding Situation - As of the announcement date, Kehui Investment holds 23,730,000 shares, accounting for 12.60% of the total share capital of the company [1][2] - The shares were acquired before the company's initial public offering (IPO) and through capital reserve conversion [1][3] Reduction Plan Details - The reduction will be executed through centralized bidding and block trading, with a maximum of 1,883,209 shares (1% of total share capital) through centralized bidding and 3,766,419 shares (2% of total share capital) through block trading [1][3] - The reduction period is set from August 1, 2025, to October 31, 2025, starting 15 trading days after the announcement [1][3] Adjustments to Reduction Plan - If there are any changes in the company's shares due to stock dividends, capital increases, or buybacks during the reduction period, the reduction quantities will be adjusted accordingly [2][3]

Mergers and Acquisitions - Dajia Weikang plans to acquire 60.85% equity of Anhui Dajia Weikang Health Pharmacy for a transaction price of 116 million yuan, making it a subsidiary post-transaction [1] - Jizhong Energy intends to purchase 49% equity of Jingneng Xilin Gol Energy for 669 million yuan, with the target company having a construction scale of 2×660MW efficient supercritical indirect air-cooled units [2] - Bomin Electronics has terminated its acquisition plan for Benchuang Electronics due to failure to reach consensus on key transaction terms [3] Shareholding Changes - Jingbeifang's employee shareholding platform plans to reduce its stake by up to 3% of the company's total shares, equating to a maximum of 26 million shares [4] - Sichuan Shuangma's major shareholders plan to collectively reduce their holdings by up to 2.92% of the company's total shares, amounting to approximately 1.11 million shares [5] - Chenghe Technology's shareholder, Shanghai Kehui Investment, intends to reduce its stake by up to 3% of the company's total shares, which is approximately 564,960 shares [6] Earnings Disclosure - China Merchants Heavy Industry expects a significant decline in net profit attributable to shareholders, projecting a decrease of 90.16% to 91.95%, with an estimated profit of 9 million to 11 million yuan [7] - Dongpeng Beverage anticipates a net profit increase of 33.48% to 41.57%, estimating a profit range of 2.31 billion to 2.45 billion yuan for the first half of 2025 [8] - Shuanglu Pharmaceutical forecasts a substantial net profit growth of 237.95% to 356.24%, estimating a profit of 100 million to 135 million yuan for the first half of 2025, primarily due to changes in the fair value of financial assets [10]

证券代码：688625 证券简称：呈和科技 公告编号：2025-027 呈和科技股份有限公司 关于持股 5%以上股东减持股份计划公告 本公司董事会、全体董事及相关股东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、准确性和完整性依法承担法律责任。 重要内容提示： 股东持股的基本情况 截至本公告披露日，呈和科技股份有限公司（以下简称 "公司"）股东上海科汇投资管 理有限公司（以下简称"科汇投资"）持有公司股份 23,730,000 股，占公司总股本的 12.60%。 上述股份来源为公司首次公开发行前和资本公积金转增股本取得的股份，并已上市流通。 减持计划的主要内容 公司股东科汇投资因自身资金需求，拟通过集中竞价、大宗交易的方式，减持其所持有 的公司股份合计不超过 5,649,628 股，减持比例不超过公司总股本的 3%。其中，通过集中竞 价交易方式减持股份不超过 1,883,209 股，减持比例不超过公司总股本的 1%；通过大宗交易 方式减持股份不超过 3,766,419 股，减持比例不超过公司总股本的 2%。减持期间自本公告披 露之日起 15 个交易日后的 3 个月内（即 20 ...

Core Viewpoint - Shareholder Shanghai Kehui Investment Management Co., Ltd. plans to reduce its stake in the company by up to 5.6496 million shares, representing 3% of the total share capital, due to its own funding needs [1] Summary by Relevant Sections - **Share Reduction Details** - The planned reduction includes a maximum of 1.8832 million shares through centralized bidding, accounting for 1% of the total share capital [1] - Additionally, up to 3.7664 million shares will be reduced through block trading, representing 2% of the total share capital [1] - The reduction period is set from August 1, 2025, to October 31, 2025 [1] - **Current Shareholding and Impact** - Kehui Investment currently holds 12.60% of the company's shares [1] - The planned reduction will not affect the company's governance structure or its ongoing operations [1]