兴业证券股份有限公司 关于安徽华恒生物科技股份有限公司 核心技术人员离职的核查意见 刘志成先生因个人原因与公司协商一致解除劳动关系，离职后不再担任公司 任何职务。刘志成先生在公司任职期间恪尽职守、勤勉尽责，公司对刘志成先生 在任职期间为公司发展所做出的努力和贡献表示衷心感谢。 （一）核心技术人员的具体情况 刘志成先生， 1985 年生，中国国籍，无境外永久居留权，毕业于大连工业大 学轻工技术与工程专业，硕士学历；2015 年 4 月至今历任秦皇岛华恒技术员、公 司 MA 项目经理等职务。 截至本核查意见出具之日，刘志成先生直接持有公司 22,197 股股份，占公司 总股本的比例为 0.0089%。 离职后，刘志成先生将继续遵守《上海证券交易所科创板股票上市规则》等 相关法律法规的规定及在公司首次公开发行股票时所作的相关承诺。 （二）参与研发及知识产权情况 刘志成先生在职期间参与了公司的技术研发工作，目前已完成工作交接，公 司的产品与技术研发工作均正常进行。截至本核查意见出具之日，刘志成先生在 公司任职期间参与研发的知识产权均为职务成果，相关所有权均属于公司，不存 在涉及职务发明专利权属纠纷或潜在纠纷的情形，亦 ...

Core Viewpoint - The departure of core technical personnel Liu Zhicheng from Anhui Huaheng Biotechnology Co., Ltd. is not expected to impact the company's core competitiveness and ongoing operational capabilities [1] Group 1: Personnel Changes - Liu Zhicheng has left the company for personal reasons and will no longer hold any position within the company [1] - He held a 0.0089% stake in the company and will comply with relevant regulations and commitments post-departure [1] - The company has signed a confidentiality and non-competition agreement with him, and no breach has been identified [1] Group 2: Company Structure and R&D - As of June 30, 2025, the company has 286 R&D personnel, accounting for 13.42% of its workforce [1] - The company asserts that it does not rely on a single core technical personnel, indicating a robust structure to maintain its competitive edge [1] - The underwriter has conducted a review and found no objections regarding the impact of Liu's departure on the company [1]

Group 1 - The core viewpoint of the report indicates that the chemical industry is approaching the end of its current cycle, with a focus on demand recovery in 2024, particularly in infrastructure and exports, while the real estate cycle continues to decline [1][4] - From the demand side, infrastructure and export are expected to remain robust in 2024, with consumption showing resilience after two years of recovery [1][3] - On the supply side, global chemical capital growth is projected to turn negative in 2024, while domestic construction projects are seeing a rapid decline in growth, nearing a bottom by Q2 2024 [1][3] Group 2 - The report outlines various industry indicators, including valuation metrics, price indices, supply-side metrics, import/export contributions, downstream industry performance, and global macroeconomic indicators [2] - Specific recommendations for investment opportunities include sectors such as refrigerants, phosphates, amino acids, and organic silicon, with suggested companies for each sector [4][5] - The report emphasizes the need for companies to adapt to changing global trade dynamics, focusing on both internal production capabilities and external market opportunities [5]

安徽华恒生物科技股份有限公司 2025 年第二次临时股东大会会议资料 证券代码：688639 证券简称：华恒生物 安徽华恒生物科技股份有限公司 2025 年第二次临时股东大会 会议资料 中国合肥 二〇二五年九月 安徽华恒生物科技股份有限公司 2025 年第二次临时股东大会会议资料 2025 年第二次临时股东大会会议资料 目 录 | 年第二次临时股东大会会议须知 1 | 2025 | | --- | --- | | 年第二次临时股东大会会议议程 3 | 2025 | | 股股票并在香港联合交易所有限公司上市的议案 4 | 议案一：关于公司发行 H | | 股股票并在香港联合交易所有限公司上市方案的议案 | 议案二：关于公司发行 H | | 5 | | | 股股票募集资金使用计划的议案 9 | 议案三：关于公司发行 H | | 议案四：关于公司转为境外募集股份有限公司的议案 10 | | | H 股股票并在香港 | 议案五：关于授权董事会及其授权人士全权处理与本次发行 | | 联合交易所有限公司主板上市有关事项的议案 11 | | | 股股票前滚存利润分配方案的议案 12 | 议案六：关于公司发行 H | | 股 ...

Group 1 - In the first half of the year, 186 A-share listed companies in Anhui achieved a total operating income of 722.08 billion yuan and a total profit of 55.54 billion yuan, with 152 companies making profits, accounting for 81.72% [1][3] - 96 companies reported a year-on-year increase in operating profit, representing over 50% of the total [1][3] - As of September 15, 154 companies in the Anhui sector saw their stock prices rise since the beginning of the year, with 15 companies doubling their market value [3] Group 2 - The "2025 Anhui Listed Companies Investor Online Reception Day" was held, where 77 companies presented their performance and business layout for the first half of the year, responding to nearly a thousand investor inquiries [2][4] - Companies like Anhui Huabei Group are focusing on digital transformation in retail and standardization in agricultural product circulation, aiming to enhance core competitiveness [4] Group 3 - There is a strong investor interest in enhancing market value management, with many companies expressing a desire to improve their market value [5] - Several companies, including Yangguang Electric and Conch Cement, announced mid-term dividends, with Conch Cement planning a dividend payout of 1.266 billion yuan, representing a 29% payout ratio [5] Group 4 - Chip Microelectronics is progressing with its H-share listing application, indicating a significant step in its dual financing strategy [6][7] - The company has been experiencing strong production and sales growth, driven by the demand in AI computing and the electronicization of new energy vehicles [7]

Investment Rating - The investment rating for the company is "Buy" with expectations of a stock price increase of over 15% relative to the industry index in the next six months [5][20]. Core Viewpoints - The company is advancing its "Bio + AI" strategy to build a multi-dimensional product system, which includes amino acids, vitamins, and bio-based new material monomers. This diversification is expected to enhance profitability and growth potential as new products are gradually launched and technical upgrades are completed [9][10][11]. - The company reported a revenue of 1.489 billion yuan in the first half of 2025, a year-on-year increase of 46.54%, while the net profit attributable to the parent company was 115 million yuan, a decrease of 23.26% year-on-year [1][2]. Financial Performance Summary - **Revenue Growth**: The projected revenue for 2025 is 2.617 billion yuan, with a year-on-year growth rate of 20.1%. The revenue is expected to continue growing to 3.098 billion yuan in 2026 and 3.591 billion yuan in 2027 [1][11]. - **Net Profit**: The net profit attributable to the parent company is projected to be 240 million yuan in 2025, recovering to 298 million yuan in 2026 and 381 million yuan in 2027, with corresponding growth rates of 26.6%, 24.3%, and 27.6% respectively [1][11]. - **Profitability Ratios**: The return on equity (ROE) is expected to improve from 7.2% in 2024 to 12.2% in 2027, indicating a recovery in profitability [1][11]. - **Earnings Per Share (EPS)**: The EPS is projected to be 0.96 yuan in 2025, increasing to 1.19 yuan in 2026 and 1.52 yuan in 2027 [1][11]. Cash Flow and Financial Health - The net cash flow from operating activities in the first half of 2025 was 75 million yuan, a decrease of 9.93% year-on-year. The net cash flow from investing activities was -261 million yuan, an increase of 40.91% year-on-year, primarily due to reduced cash payments for fixed assets and intangible assets [3]. - The company’s cash and cash equivalents at the end of the period were 379 million yuan, a decrease of 3.63% year-on-year [3]. Market Conditions and Product Pricing - The overall gross profit margin for the first half of 2025 was 24.11%, a decline of 7.49 percentage points compared to the same period in 2024. This decline is attributed to rising costs of amino acids and vitamins, as well as a decrease in the prices of certain products [2][4]. - The price of L-alanine dropped approximately 42.86% from early 2025 to the end of June 2025, which has exerted pressure on the company's performance [4]. Strategic Initiatives - The company is focusing on enhancing its research and development capabilities, particularly in the integration of AI technology within its operations. This initiative aims to improve production efficiency and product quality, thereby supporting sustainable growth [10].

Investment Rating - The report maintains a "Positive" rating for the chemical industry [6][12]. Core Insights - The macroeconomic judgment indicates that non-OPEC countries are expected to lead an increase in oil production, with a significant overall supply growth anticipated. Global GDP growth is projected to remain at 2.8%, with stable oil demand, although the growth rate may slow due to tariff policies [6][7]. - The expectation of a Federal Reserve interest rate cut is likely to boost demand during the peak season of September and October. Additionally, the leakage incident of GFL R32 in India may enhance China's export opportunities [6][12]. - The report highlights the ongoing investigation into anti-dumping practices against imported semiconductor chips from the U.S., which may benefit domestic semiconductor materials [6][12]. Summary by Sections Macroeconomic Analysis - Oil supply is expected to increase significantly, driven by non-OPEC production, while demand remains stable despite potential slowdowns due to tariffs. Geopolitical factors, including U.S.-China tariff relief and the Russia-Ukraine situation, are influencing oil prices [6][7]. - Coal prices are anticipated to stabilize at a low level, and natural gas export facilities in the U.S. may accelerate, leading to lower import costs [6][7]. Chemical Sector Configuration - The report suggests a strategic focus on four areas: textile and apparel chain, agricultural chemicals, export chain, and sectors benefiting from "de-involution" policies. Specific companies are recommended for investment based on their market positions and growth potential [6][12]. Key Material Focus - Emphasis is placed on the importance of self-sufficiency in key materials, particularly in semiconductor and panel materials, with specific companies highlighted for their potential in these sectors [6][12]. Price Trends - Recent data indicates fluctuations in various chemical prices, with PTA prices down by 0.3% and MEG down by 2.0%. The report notes that the overall industrial product PPI has shown a year-on-year decline of 2.9% [12][13][16]. Company Valuations - A detailed valuation table is provided, showcasing various companies in the agricultural chemicals and chemical sectors, with ratings ranging from "Buy" to "Increase" based on their market performance and projected earnings [20].

内容概要：近年来，随着PTT纤维、化妆品、医药、聚氨酯等等下游市场的飞速发展，带动1,3-丙二醇 （PDO）市场需求持续增长，据统计，2024年我国1,3-丙二醇（PDO）需求量达7.54万吨，为满足日益 增长的市场需求，我国1,3-丙二醇（PDO）生产企业纷纷扩大产能，据统计，2024年我国1,3-丙二醇 （PDO）产能达11.2万吨，同年产量达3.23万吨，产能利用率为28.84%，未来，除了传统应用领域外， 1,3-丙二醇将在新型材料和生物医学领域展现出更大的潜力，如作为生物可降解塑料的单体或药物载体 等，将为行业带来新的增长点。 上市企业：华恒生物（688639）、东方盛虹（000301） 相关企业：华峰集团有限公司、广东清大智兴生物技术有限公司、张家港美景荣化学工业有限公司 关键词：1,3-丙二醇（PDO）生产工艺、1,3-丙二醇（PDO）市场政策汇总、1,3-丙二醇（PDO）产业 链、1,3-丙二醇（PDO）供需现状、1,3-丙二醇（PDO）竞争格局、1,3-丙二醇（PDO）发展趋势 一、概述 1,3-丙二醇（1,3-Propanediol，简称1,3-PDO）是一种无色无味的黏稠状液体，可溶于水 ...

Group 1 - The core viewpoint highlights the stable growth of the main business while actively exploring new opportunities in semiconductors and embodied intelligence [3][6] - The company achieved a revenue of 1.099 billion yuan in H1 2025, a decrease of 2.4% year-on-year, with a net profit attributable to shareholders of 93 million yuan, an increase of 0.9% [3][4] - The sales gross margin improved to 26.07%, up 0.14 percentage points year-on-year, indicating effective product structure optimization [3][4] Group 2 - The report indicates that Sinopec's revenue for H1 2025 was 1.4091 trillion yuan, a decrease of 10.6% year-on-year, with a net profit of 21.5 billion yuan, down 39.83% [8][9] - The company achieved a historical high in domestic oil and gas equivalent production, reaching 262.81 million barrels, a year-on-year increase of 2.0% [11][12] - The refining segment faced challenges due to fluctuating international oil prices and declining demand for gasoline and diesel [13][39] Group 3 - The report on Ruihua Tai indicates a revenue of 182 million yuan in H1 2025, a year-on-year increase of 37.86%, with a net profit loss of 34 million yuan, showing a reduction in losses [17][18] - The company is gradually ramping up production capacity at its Jiaxing base, with new product development in the semiconductor and renewable energy sectors [21][19] Group 4 - Yanggu Huatai reported a revenue of 1.722 billion yuan in H1 2025, an increase of 2.09% year-on-year, but a net profit decrease of 8.43% [25][26] - The company is actively pursuing the acquisition of Bomi Technology, which specializes in semiconductor materials, indicating a strategic expansion into the electronic chemicals sector [28][29] Group 5 - Xinxiang Chemical Fiber reported a revenue of 3.738 billion yuan in H1 2025, a decrease of 1.52% year-on-year, with a significant drop in net profit by 58.58% [32][33] - The company maintains a leading position in the production of biomass cellulose filament, leveraging unique technology to enhance supply chain security [35][36] Group 6 - Hengyi Petrochemical's revenue for H1 2025 was 55.96 billion yuan, a decrease of 13.59% year-on-year, with a net profit of 227 million yuan, down 47.32% [38][39] - The company is set to launch a new nylon project in the second half of 2025, which is expected to strengthen its market position [40][41] Group 7 - Dongfang Shenghong reported a revenue of 60.916 billion yuan in H1 2025, a decrease of 16.36% year-on-year, but a net profit increase of 21.24% [43] - The company’s refining segment turned profitable, indicating resilience amid challenging market conditions [43]

Core Viewpoint - Huaheng Biological announced the approval of multiple proposals, including the issuance of H-shares and listing on the Hong Kong Stock Exchange during the 23rd meeting of its fourth board of directors [2] Group 1 - The company has passed a resolution to issue H-shares [2] - The listing will take place on the Hong Kong Stock Exchange [2]