同时根据上交所审核意见，公司会同相关中介机构对募集说明书等申请文件 中的相关内容进行了补充与修订，具体内容详见公司同日在上交所网站 （www.sse.com.cn）披露的《广东聚石化学股份有限公司 2022 年度向特定对象 发行 A 股股票募集说明书（申报稿）》等文件。 公司本次向特定对象发行 A 股股票事项尚需通过上交所审核，并获得中国 证券监督管理委员会（以下简称"中国证监会"）作出同意注册的决定后方可实施， 最终能否通过上交所审核并获得中国证监会同意注册的决定及其时间尚存在不 确定性。公司将根据该事项的进展情况及时履行信息披露义务，敬请广大投资者 注意投资风险。 特此公告。 1 广东聚石化学股份有限公司董事会 证券代码：688669 证券简称：聚石化学 公告编号：2023-052 广东聚石化学股份有限公司 关于向特定对象发行 A 股股票申请文件的审核问询 函回复及募集说明书等申请文件更新的提示性公告 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。 广东聚石化学股份有限公司（以下简称"公司"）于 2023 年 7 月 7 ...

［2023］海字第 051-1 号 中国·北京 北京市朝阳区建外大街甲14号广播大厦9/10/13/17层，邮政编码：100022 法律意见书 释 义 在本法律意见书中，除文义另有所指，下列简称具有如下含义： | 简称 | 指 | 对应全称或含义 | | --- | --- | --- | | 发行人、聚石化学、公司 | 指 | 广东聚石化学股份有限公司 | | 本次发行 | 指 | 发行人 年度向特定对象发行股票 2022 | | 石磐石 | 指 | 广州市石磐石投资管理有限公司，系发行人控股股东， | | | | 曾用名"广州市石磐石阻燃材料有限公司" | | 普塞呋 | 指 | 清远市普塞呋磷化学有限公司及其前身普塞呋（清远） | | | | 磷化学有限公司，系发行人全资子公司 | | 龙华化工 | 指 | 安徽龙华化工股份有限公司，系普塞呋控股子公司 | | 聚石环境、聚石投资 | 指 | 广东聚石环境科技有限公司，系发行人全资子公司，曾 | | | | 用名"广东聚石投资发展有限公司" | | 聚石生物 | 指 | 广东聚石生物科技有限公司，系聚石环境控股子公司 | | 聚马水产 | 指 | 海南聚 ...

广东聚石化学股份有限公司 PolyrocksChemicalCo.,Ltd. （广东省清远市高新技术产业开发区雄兴工业城 B6） 关于广东聚石化学股份有限公司 向特定对象发行股票申请文件的 审核问询函之回复 保荐机构（主承销商） （武汉东湖新技术开发区高新大道 446 号天风证券大厦 20 层） 二〇二三年八月 8-1-1 上海证券交易所： 贵所于 2023 年 7 月 7 日出具的《关于广东聚石化学股份有限公司向特定对 象发行股票申请文件的审核问询函》（上证科审（再融资）〔2023〕169 号）（以 下简称"审核问询函"）已收悉。广东聚石化学股份有限公司（以下简称"聚石化 学""发行人"或"公司"）与天风证券股份有限公司（以下简称"保荐机构"或"天风 证券"）、北京海润天睿律师事务所（以下简称"发行人律师"或"律师"）、中兴 华会计师事务所（特殊普通合伙）（以下简称"发行人会计师"或"会计师"）等相 关方就审核问询函所提问题逐条进行了认真讨论、核查和落实，现回复如下，请 予以审核。 说明： 一、如无特别说明，本回复使用的简称或名词的释义与《广东聚石化学股份 有限公司 2022 年度向特定对象发行 A 股股票 ...

证券代码：688669 证券简称：聚石化学 广东聚石化学股份有限公司 PolyrocksChemicalCo.,Ltd. （广东省清远市高新技术产业开发区雄兴工业城 B6） 2022 年度向特定对象发行 A 股股票募 集说明书 （申报稿） 保荐机构（主承销商） （武汉东湖新技术开发区高新大道 446 号天风证券大厦 20 层） 二〇二三年八月 1-1-1 声明 1、本公司及全体董事、监事、高级管理人员承诺募集说明书及其他信息披 露资料不存在任何虚假记载、误导性陈述或重大遗漏，并对其真实性、准确性 及完整性承担相应的法律责任。 2、公司负责人、主管会计工作负责人及会计机构负责人保证募集说明书中 财务会计资料真实、完整。 3、中国证券监督管理委员会、上海证券交易所对本次发行所作的任何决定 或意见，均不表明其对申请文件及所披露信息的真实性、准确性、完整性作出 保证，也不表明其对发行人的盈利能力、投资价值或者对投资者的收益作出实 质性判断或保证。任何与之相反的声明均属虚假不实陈述。 4、根据《证券法》的规定，证券依法发行后，发行人经营与收益的变化， 由发行人自行负责。投资者自主判断发行人的投资价值，自主作出投资决策， ...

Financial Performance - The company's operating revenue for 2022 was ¥3,957,415,541.72, representing a 55.70% increase compared to ¥2,541,722,649.58 in 2021[20]. - The net profit attributable to shareholders decreased by 45.77% to ¥45,048,409.19 from ¥83,075,841.07 in the previous year[20]. - The net cash flow from operating activities increased by 105.15% to ¥87,059,619.40, up from ¥42,437,020.71 in 2021[20]. - The total assets grew by 13.92% to ¥4,084,955,686.29, compared to ¥3,585,725,162.43 at the end of 2021[20]. - Basic earnings per share decreased by 47.25% to ¥0.48 from ¥0.91 in 2021[22]. - The proportion of R&D expenses to operating revenue decreased to 3.24% from 3.84% in the previous year[22]. - The company achieved operating revenue of 3.957 billion RMB in 2022, a year-on-year increase of 55.70%[34]. - Operating costs rose to 3.479 billion RMB, reflecting a 63.67% increase compared to the previous year[34]. - The company reported a total revenue of 1.2 billion in 2022, representing a year-over-year growth of 15%[171]. - The total revenue for the year 2022 reached 9,660,550,000, with a net profit of 1,092,310,000[172]. Investment and R&D - The company achieved a total R&D expenditure of ¥128,219,072.41 in the reporting period, representing a 31.49% increase compared to ¥97,511,267.43 in the previous year[64]. - The company applied for 53 new intellectual property projects during the reporting period, including 35 invention patents, and received 63 new authorizations, with 31 being invention patents[62]. - The company has made substantial investments in R&D to develop advanced technologies in flame retardants and modified plastics, enhancing its innovation capabilities[55]. - The company invested 200 million in R&D for new technologies, focusing on AI and machine learning applications[171]. - The company is investing $50 million in R&D for new technologies aimed at enhancing product efficiency[174]. Market Expansion and Product Development - The company is focused on expanding its market presence and developing new products and technologies, although specific figures and timelines are not provided in the extracted content[6]. - The company is actively developing a new materials recycling industrial park, with an initial phase producing 5,000 tons of EPP completed in February 2023[35]. - The company is expanding its market share in automotive lightweight components and flame-retardant parts to meet increasing market demand[155]. - The company plans to expand its market presence in agriculture and environmental sectors through research and demonstration applications of its products[72]. - The company is exploring potential acquisitions to strengthen its market position, with a budget of $100 million allocated for this purpose[174]. Corporate Governance - The report includes a standard unqualified audit opinion from Zhongxinghua Certified Public Accountants, ensuring the reliability of the financial statements[5]. - The company has not reported any non-operational fund occupation by controlling shareholders or related parties, indicating sound governance practices[7]. - There are no special arrangements for corporate governance, suggesting a standard governance structure is in place[8]. - The company maintained independence from its controlling shareholder in terms of assets, personnel, finance, and operations, with no incidents of fund misappropriation reported[164]. - The company emphasized investor relations through various channels, including shareholder meetings and dedicated platforms, to enhance communication and protect investor rights[163]. Risk Management - The company has detailed various operational risks and corresponding mitigation measures in the report, highlighting a proactive approach to risk management[4]. - The report emphasizes the importance of forward-looking statements and the associated investment risks, advising investors to exercise caution[6]. - The company faces risks related to the concentration of customers in the optical display products segment, with major clients accounting for 22.85% and 42.57% of sales in 2022[86]. - The company is exposed to risks from raw material price volatility, which could affect profit margins if costs cannot be passed on to customers[86]. Sustainability and Environmental Initiatives - The company is committed to addressing plastic pollution through the innovation of fully biodegradable composite materials, with a key project budget of 300 million RMB[20]. - The market for recyclable plastic products is expected to grow significantly due to national policies promoting green packaging and circular economy initiatives[50]. - The company is focusing on halogen-free modified plastics as a key development area, driven by safety concerns related to toxic gas emissions during fires[152]. - The company is actively following policies aimed at reducing plastic pollution and promoting the recycling of plastic materials[126]. Strategic Partnerships and Collaborations - The company has established strategic partnerships with numerous well-known domestic and international enterprises to enhance its competitiveness and risk resistance[39]. - The company formed strategic partnerships with major clients, including Akzo Nobel and Samsung Electronics, enhancing its market presence and brand reputation[81]. - The company has established a comprehensive quality management system, adhering to ISO9001:2015 and IATF16949:2016 standards, ensuring product quality across all processes[79]. Employee and Management Structure - The total number of employees in the company and its main subsidiaries is 1,855, with 464 in the parent company and 1,391 in subsidiaries[196]. - The company has implemented a training program that includes systematic onboarding and ongoing training, collaborating with local professional institutions to develop skilled talent[198]. - The company’s R&D team includes 1 PhD, 38 master's degree holders, and 84 bachelor's degree holders, indicating a strong educational background[76]. - The number of R&D personnel increased to 331 from 297, accounting for 18.01% of the total workforce, down from 19.94%[74]. Financial Management and Cash Flow - The company reported a foreign exchange loss of CNY 2,474.64 million due to currency fluctuations, impacting its financial results[92]. - The company’s financing activities resulted in a net cash flow of 222.35 million RMB, a decrease of 74.92% compared to the previous year[96]. - The company reported a net cash flow from investing activities of -476.84 million RMB, an improvement of 28.40% from the previous year[96]. - Operating cash flow increased by 105.15% to 8,705.96 million RMB, primarily due to business expansion and increased customer payments[114].

证券代码：688669 证券简称：聚石化学 公告编号： 2023-030 广东聚石化学股份有限公司 关于召开 2022 年度暨 2023 年第一季度业绩说明会 的公告 一、 说明会类型 广东聚石化学股份有限公司（以下简称"公司"）分别于 2023 年 3 月 28 日、 2023 年 4 月 28 日在上海证券交易所网站（www.sse.com.cn）披露了《2022 年年 度报告》《2023 年第一季度报告》，为便于广大投资者更加全面深入地了解公司 经营业绩、发展战略等情况，公司定于 2023 年 6 月 2 日（星期五）15:00-16:30 会议召开时间：2023 年 6 月 2 日(星期五) 15:00-16:30 会议召开地点：价值在线（www.ir-online.cn） 会议召开方式：网络互动方式 在"价值在线"（www.ir-online.cn）举办公司 2022 年度暨 2023 年第一季度业 绩说明会，与投资者进行沟通和交流，广泛听取投资者的意见和建议。 二、 说明会召开的时间、地点 （一） 会议召开时间：2023 年 6 月 2 日 15:00-16:30 （二） 会议召开地点：价值在线（ ...

Financial Performance - The company's operating revenue for Q1 2023 was ¥829,954,719.82, representing a decrease of 12.06% compared to the same period last year[5]. - The net profit attributable to shareholders was ¥14,513,221.74, down 14.38% year-on-year[5]. - The net profit after deducting non-recurring gains and losses was ¥12,974,683.95, an increase of 11.23% compared to the previous year[5]. - The net cash flow from operating activities was -¥39,481,464.73, indicating a significant cash outflow[5]. - Total operating revenue for Q1 2023 was ¥829,954,719.82, a decrease of 12.06% compared to ¥943,789,396.16 in Q1 2022[19]. - Net profit for Q1 2023 was ¥12,895,607.45, a decline of 49.3% from ¥25,456,693.27 in Q1 2022[20]. - The total comprehensive income for Q1 2023 was ¥17,189,978.84, down from ¥27,717,711.02 in Q1 2022, a decrease of 38.0%[21]. Assets and Liabilities - Total assets at the end of the reporting period were ¥4,052,139,980.91, a decrease of 0.80% from the end of the previous year[6]. - The company's total liabilities decreased to ¥2,309,607,440.08 in Q1 2023 from ¥2,359,839,934.46 in Q1 2022, a reduction of 2.12%[18]. - The company's current assets totaled CNY 2,268,227,512.25, down from CNY 2,377,986,347.47, indicating a decline of about 4.6% year-over-year[16]. - The company reported a total current liability of CNY 821,239,982.98, compared to CNY 806,309,836.08 in the previous period, showing an increase of about 1.2%[16]. - The total non-current assets amounted to CNY 1,783,912,468.66, up from CNY 1,706,969,338.82, representing an increase of approximately 4.5%[16]. Cash Flow - Cash flow from operating activities increased to ¥823,602,103.99 in Q1 2023, compared to ¥772,722,094.90 in Q1 2022, reflecting a growth of 6.58%[23]. - Total cash inflow from operating activities was 866,762,559.87, compared to 822,534,954.20 in the same period last year, reflecting a year-over-year increase of approximately 5.2%[24]. - Cash outflow from operating activities totaled 906,244,024.60, down from 945,195,139.14, indicating a decrease of about 4.1%[24]. - The net cash flow from investing activities was -161,587,722.63, worsening from -72,537,792.28 year-over-year[24]. - The net cash flow from financing activities was 85,499,213.69, down from 119,163,492.52 in the previous year[25]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 6,204[10]. - The largest shareholder, Guangzhou Shipanshi Investment Management Co., Ltd., held 39.43% of the shares[11]. Research and Development - Research and development expenses totaled ¥29,097,963.72, accounting for 3.51% of operating revenue, an increase of 0.38 percentage points[6]. - Research and development expenses for Q1 2023 were ¥29,097,963.72, slightly down from ¥29,526,204.70 in Q1 2022[19]. Other Financial Metrics - The weighted average return on net assets was 0.93%, a decrease of 0.57 percentage points[6]. - The company reported non-recurring gains of ¥1,538,537.79 for the period[8]. - The company's other comprehensive income after tax for Q1 2023 was ¥4,294,371.39, compared to ¥2,261,017.75 in Q1 2022, an increase of 89.73%[21]. - The company experienced a negative impact of -4,481,980.79 from exchange rate fluctuations on cash and cash equivalents[25].

Financial Performance - The company's operating revenue for 2022 reached CNY 3,957,415,541.72, representing a year-on-year increase of 55.7%[20]. - The net profit attributable to shareholders decreased by 45.77% to CNY 45,048,409.19, primarily due to new business development and a decline in sales of modified plastic particles[22]. - The cash flow from operating activities increased by 105.15% to CNY 87,059,619.40, attributed to business expansion and increased customer payments[20]. - The total assets grew by 13.92% to CNY 4,084,955,686.29, driven by increases in accounts receivable and inventory[20]. - Basic earnings per share fell by 47.25% to CNY 0.48, reflecting the decrease in net profit attributable to shareholders[21]. - The company achieved a revenue of 3.957 billion RMB in 2022, representing a 55.70% increase year-over-year[32]. - Operating costs rose to 3.479 billion RMB, an increase of 63.67% compared to the previous year[32]. - The company reported a decrease in gross margin for chemical raw materials by 16.52 percentage points, with a gross margin of 7.49%[93]. - The gross margin for new chemical materials decreased by 1.04 percentage points to 13.52%[93]. Dividend and Capital Structure - The company plans to distribute a cash dividend of RMB 1.00 per 10 shares (including tax) and to increase capital by 3 shares for every 10 shares held, resulting in a total cash dividend of RMB 9,333,333.40 (including tax) based on a total share capital of 93,333,334 shares, with a cash dividend payout ratio of 20.72% for 2022[5]. - The company has a total share capital of 93,333,334 shares as of December 31, 2022, reflecting its capital structure[5]. - The total dividend amount distributed, including cash and stock dividends, is 45,048,409.19 RMB, accounting for 20.72% of the net profit attributable to ordinary shareholders[200]. - The company issued 3 additional shares for every 10 shares held as a stock dividend[200]. Research and Development - Research and development expenses accounted for 3.24% of operating revenue, a decrease from the previous year[21]. - The company achieved a total R&D expenditure of ¥128,219,072.41 in 2022, representing a 31.81% increase compared to ¥97,274,036.23 in the previous year[62]. - The company added 31 domestic invention patents, 29 utility model patents, and 2 design patents during the reporting period, bringing the total to 312 patents, including 153 domestic invention patents[74]. - The company has established the Jushi Research Institute to support various business lines and is focusing on biodegradable materials, biopharmaceutical films, and graphene applications among other advanced technologies[35]. - The company is focusing on the development of new materials and technologies, as indicated by recent government policies supporting the chemical industry[122]. Operational Risks and Compliance - The company has detailed various operational risks and corresponding mitigation measures in the report, highlighting a proactive approach to risk management[4]. - The company has confirmed that there are no non-operating fund occupations by controlling shareholders or related parties, ensuring financial integrity[7]. - The company has not reported any violations of decision-making procedures regarding external guarantees, ensuring compliance with regulatory standards[8]. - The company has a robust quality control system in place, adhering to various international standards such as ISO9001:2015 and IATF16949:2016, ensuring product quality throughout the entire process[77]. Market Position and Strategy - The company has established strategic partnerships with numerous well-known domestic and international enterprises to enhance its market position[37]. - The company is actively integrating its upstream and downstream supply chains, achieving 577 million RMB in revenue from liquefied petroleum gas business[34]. - The company is transitioning from low-end processing to high-end R&D and manufacturing, reducing reliance on imported high-end modified plastics[52]. - The company has been recognized as a national-level "specialized, refined, distinctive, and innovative" small giant enterprise in 2022[35]. - The company is focusing on the development of biodegradable plastics and circular economy initiatives in line with government regulations[124]. Future Outlook and Growth Plans - The company plans to continue expanding its business and developing new products to stabilize revenue streams[22]. - The company anticipates a strong rebound in demand for LCD TV panels, with a projected 19% year-on-year growth in orders by Q2 2023[45]. - The company aims for continuous high-speed revenue growth in 2023 while enhancing operational efficiency to improve profit margins[153]. - The company plans to launch new products in Q3 2023, targeting a revenue increase of 15% from these innovations[169]. - The company is exploring partnerships to enhance distribution channels and improve customer reach[169]. Employee and Governance - The company has a total of 1,855 employees, with 464 in the parent company and 1,391 in major subsidiaries[191]. - The total remuneration for all directors, supervisors, and senior management personnel at the end of the reporting period amounted to 6.98 million RMB[178]. - The company has established a training program for employees, focusing on systematic training for new hires and ongoing professional development[193]. - The company has implemented a strict insider information management system to minimize the number of individuals with access to sensitive information[159]. Financial Integrity and Audit - The company has received a standard unqualified audit report from Zhongxinghua Accounting Firm, reinforcing the reliability of its financial statements[5]. - The company’s asset-liability ratio stands at 57.77%, indicating a moderate level of financial leverage[89]. - The company reported a foreign exchange loss of 2,474.64 million yuan due to currency fluctuations, with foreign sales accounting for 33.44% of total revenue[87].

2022 年第三季度报告 证券代码：688669 证券简称：聚石化学 广东聚石化学股份有限公司 2022 年第三季度报告 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、准确性和完整性依法承担法律责任。 重要内容提示： 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整， 不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务 信息的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、 主要财务数据 (一)主要会计数据和财务指标 单位：元 币种：人民币 | 项目 | 本报告期 | 本报告期 比上年同 | 年初至报告期末 | 年初至报告 期末比上年 | | --- | --- | --- | --- | --- | | | | 期增减变 | | 同期增减变 | | | | 动幅度(%) | | 动幅度(%) | | 营业收入 | 1,102,453,259.1 | 72.63 | 3,221,967,677.07 | 72.8 ...

Financial Performance - The company's operating revenue for the first half of 2022 reached ¥2,119,514,417.97, representing a 73.02% increase compared to ¥1,225,029,971.19 in the same period last year[17]. - The net profit attributable to shareholders of the listed company was ¥58,240,350.05, an increase of 8.09% from ¥53,880,494.64 in the previous year[17]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥55,418,450.26, up 10.59% from ¥50,111,610.65 in the same period last year[17]. - The total assets at the end of the reporting period were ¥3,986,172,925.31, an increase of 11.17% from ¥3,585,725,162.43 at the end of the previous year[17]. - The net assets attributable to shareholders of the listed company were ¥1,543,627,468.18, reflecting a 3.14% increase from ¥1,496,562,445.95 at the end of the previous year[17]. - The report period covers January 1, 2022, to June 30, 2022, providing a comprehensive overview of the company's performance during this timeframe[10]. - Revenue increased by 73.02% year-on-year, primarily driven by growth in phosphate chemicals, liquefied petroleum gas processing, and modified plastic products[20]. - Net profit attributable to shareholders grew by 8.09% year-on-year, mainly due to the acquisition of Longhua Chemical and Guanzhen Technology, as well as foreign exchange gains from sales settled in USD[20]. - Basic and diluted earnings per share increased to CNY 0.62, reflecting a 3.33% rise compared to the same period last year[19]. - The weighted average return on equity decreased to 3.83%, down by 0.24 percentage points year-on-year[19]. Cash Flow and Assets - The net cash flow from operating activities was -¥126,295,954.04, compared to -¥118,768,346.44 in the previous year, indicating a decline[17]. - Cash and cash equivalents at the end of the period amounted to ¥485,953,977.16, representing 12.19% of total assets, an increase of 3.75% compared to the previous year[88]. - Accounts receivable reached ¥824,597,026.14, accounting for 20.69% of total assets, with a year-on-year increase of 12.87%[88]. - Inventory increased significantly to ¥631,172,472.02, making up 15.83% of total assets, reflecting a 38.06% growth due to rapid business expansion[88]. - Total liabilities reached ¥2,264,446,283.98, up from ¥1,913,882,900.12, indicating an increase of around 18.3%[189]. - Owner's equity totaled ¥1,721,726,641.33, compared to ¥1,671,842,262.31, showing a growth of about 2.99%[189]. Research and Development - The total R&D expenditure for the first half of 2022 was ¥55,176,359.14, representing a 15.18% increase compared to ¥47,902,718.14 in the same period last year[55]. - R&D expenditure as a percentage of operating income decreased from 3.91% to 2.60%, a reduction of 1.31 percentage points[56]. - The company obtained 16 new domestic invention patents and 1 overseas invention patent during the reporting period, bringing the total number of invention patents to 136[53]. - The company has established a research institute to support laboratory research and industrialization, focusing on strategic technology areas[67]. - The company aims to enhance its market competitiveness through continuous R&D investment and product innovation[66]. Market and Product Development - The company’s main business includes phosphate chemicals and modified plastic particles, classified under the rubber and plastic products industry[26]. - The company is developing a rental business for circular packaging boxes and scaffolding, enhancing its service offerings in logistics and construction[40]. - The company has established a core technology system covering the "phosphorus chemical - modified plastic particles - plastic products" integrated industrial chain, with all core technologies being self-developed[47]. - The company has improved production efficiency by over 30% by adopting a one-step method for synthesizing triazine organic compounds, replacing the traditional multi-step method[49]. - The company has developed halogen-free flame retardants with enhanced thermal stability and compatibility, suitable for various applications including microwaves and washing machines[49]. Environmental and Regulatory Compliance - The company was recognized as a key pollutant discharge unit by the Chizhou Ecological Environment Bureau in April 2022, with major pollutants including waste gas, wastewater, solid waste, and noise[108]. - The company’s waste gas treatment system includes a water absorption unit and two-stage electrostatic mist removal, ensuring compliance with local air pollution discharge standards[111]. - The wastewater treatment system meets the national discharge standards, with all wastewater processed before being released[111]. - The company strictly adheres to solid waste management regulations, entrusting qualified disposal units for hazardous waste treatment[111]. - Jushi Chemical was fined RMB 180,000 for exceeding the total phosphorus discharge limit by 3.87 times[117]. Shareholder and Governance Matters - The company reported a 36-month lock-up period for major shareholders, during which they cannot transfer or manage their shares[128]. - Major shareholders are restricted from transferring their shares for 12 months following the company's listing on the Shanghai Stock Exchange[129]. - The company has established a clear framework for managing share transfers and lock-up periods for its directors and senior management[129]. - The company is committed to adhering to the rules set forth by the Shanghai Stock Exchange regarding shareholder and management share transfers[129]. - The company has committed to a more robust and transparent profit distribution policy, ensuring shareholder returns post-IPO[138].