证券代码：002250 证券简称：联化科技 公告编号：2026-008 鉴于上海宝丰2025年已暂按15%的税率预缴了企业所得税，因此，本事项不 会影响公司2025年度相关财务数据。 特此公告。 联化科技股份有限公司董事会 联化科技股份有限公司 关于子公司通过高新技术企业重新认定的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 联化科技股份有限公司（以下简称"公司"）子公司上海宝丰机械制造股份 有限公司（以下简称"上海宝丰"）于近日收到由上海市科学技术委员会、上海市 财政局、国家税务总局上海市税务局联合批准颁发的高新技术企业证书，上海宝 丰被认定为高新技术企业（编号：GR202531003128），发证日期为2025年12月25 日，认定有效期为三年。 本次系上海宝丰原高新技术企业证书有效期届满所进行的重新认定。根据相 关规定，上海宝丰自本次通过高新技术企业重新认定后三年内（2025年至2027 年）继续享受国家关于高新技术企业的相关优惠政策，即按15%的税率缴纳企业 所得税。 二〇二六年三月二十一日 ...

证券代码：002250 证券简称：联化科技 公告编号：2026-007 联化科技股份有限公司 关于与关联人共同投资暨关联交易的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、对外投资暨关联交易概述 3、类型：其他股份有限公司（非上市） 4、法定代表人：樊小彬 5、注册资本：人民币1500.0000万元整 6、成立日期：2026年03月13日 7、住所：上海市宝山区蕰川路5475号4幢部分 联化科技股份有限公司（以下简称"公司"）于2026年3月11日召开了第九届 董事会第五次会议，审议并通过《关于与关联人共同投资暨关联交易的议案》， 关联董事樊小彬先生回避表决。公司同意全资子公司台州市联化股权投资有限公 司（以下简称"联化投资"）与公司董事、高级副总裁樊小彬先生共同投资设立 联化睿拓（上海）生物技术股份有限公司（以下简称"联化睿拓"），注册资本为 人民币1,500万元，其中联化投资以货币方式出资人民币1,200万元，占注册资本 的80%，樊小彬先生以货币方式出资人民币300万元，占注册资本的20%。 具体详见公司2026年3月12日刊登于《证券时 ...

证券代码：002250 证券简称：联化科技 公告编号：2026-006 联化科技股份有限公司 关于与关联人共同投资暨关联交易的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、对外投资暨关联交易概述 1、对外投资基本情况 联化科技股份有限公司（以下简称"公司"）全资子公司台州市联化股权投 资有限公司（以下简称"联化投资"）拟与公司董事、高级副总裁樊小彬先生共 同投资设立联化睿拓（上海）生物技术股份有限公司（以下简称"联化睿拓"）， 注册资本为人民币1,500万元，其中联化投资以货币方式出资人民币1,200万元， 占注册资本的80%，樊小彬先生以货币出资人民币300万元，占注册资本的20%。 截至本公告披露日，上述双方尚未签署《投资合作协议》。本次共同投资设 立标的公司符合公司发展战略和长远利益。 2、关联交易说明 樊小彬先生为公司董事、高级副总裁，根据《深圳证券交易所股票上市规则》 的相关规定，樊小彬先生为公司关联方，本次共同投资事项构成关联交易。 3、审议程序 公司于2026年3月11日召开了第九届董事会第五次会议，以6票同意，0票反 对，0票弃权的 ...

一、会议以6票同意，0票反对，0票弃权的表决结果，审议并通过《关于与 关联人共同投资暨关联交易的议案》，关联董事樊小彬先生回避表决。 此议案已经独立董事专门会议审议通过。 具体详见公司同日刊登于《证券时报》《上海证券报》和巨潮资讯网 （www.cninfo.com.cn）的《关于与关联人共同投资暨关联交易的公告》（公告编 号：2026-006）。 特此公告。 联化科技股份有限公司董事会 证券代码：002250 证券简称：联化科技 公告编号：2026-005 联化科技股份有限公司 第九届董事会第五次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 联化科技股份有限公司（以下简称"公司"、"联化科技"）第九届董事会第 五次会议通知于2026年3月6日以电子邮件方式通知各董事。会议于2026年3月11 日在联化科技会议室以现场与通讯表决相结合的方式召开。会议应出席董事7人， 实际出席董事7人。公司高级管理人员列席了本次会议，会议由董事长王萍女士 召集和主持，符合《公司法》《证券法》等法律法规、部门规章、规范性文件及 《公司章程》的有关规定。会议形成如下决 ...

Group 1: Business Expansion and Strategy - The company entered the new energy sector based on its long-term chemical synthesis capabilities and commercial delivery abilities, achieving revenue breakthrough in this area in 2025 [1] - The company plans to continue strengthening its existing products, including LiFSI, cathode materials, and electrolyte products, with expectations for improved revenue and profit in 2026 [1] - The Malaysian base is planned to be built with an investment of $200 million, focusing on CDMO business for new products, with the first phase expected to be completed by the end of 2026 [2] Group 2: Pharmaceutical Business Development - The pharmaceutical business has shown steady growth, focusing on a large customer strategy and CDMO business model, with stable partnerships established with leading global pharmaceutical companies [3] - The company aims to expand its service offerings in the pharmaceutical sector, including small molecule CDMO, starting materials, and GMP intermediates, while also investing in emerging business areas such as peptide products and radioactive drugs [4][5] Group 3: Customer Dependency and Market Strategy - The company acknowledges a high customer concentration but emphasizes the importance of maintaining strong relationships with existing clients while actively seeking new customers across various sectors [7] - The company believes that focusing on existing customers and expanding the client base will foster mutual trust and long-term cooperation, ensuring sustainable business growth [7] Group 4: Financial Performance and Capital Expenditure - The company reported a net cash flow of approximately 900 million yuan from operating activities in the first three quarters of 2025, indicating sufficient self-funding for planned capital expenditures [8] - There are no immediate plans for capital operations centered on secondary market financing, with current capital expenditures focused on the construction of the coastal base and the Malaysian base [8] Group 5: Currency Exchange Impact - The company anticipates ongoing impacts from foreign exchange gains and losses due to significant USD revenues and the need for hedging strategies [9][10]

Group 1: Business Operations - The company's plant protection business has reached a bottom in inventory reduction, and future operations are expected to stabilize [1] - The company maintains a long-term partnership with clients, focusing on a CDMO business model for the production of advanced intermediates [1] - The company plans to invest $200 million in the construction of its Malaysia base, with the first phase expected to be completed by the end of 2026 [4] Group 2: New Energy Sector - The company primarily sells LiFSI, cathode materials, and electrolyte products, with plans to strengthen existing products in 2026 [3] - The lithium hexafluorophosphate product is undergoing technical improvements, with commercialization expected in 2026 [3] - The company aims to expand its new energy product range and market presence, leveraging its R&D and production capabilities [3] Group 3: Pharmaceutical Business - The pharmaceutical sector has shown steady growth, with a focus on large clients and CDMO business models [5] - The company is actively expanding its client base and developing new projects in the pharmaceutical sector [5] - The company is investing in R&D to enhance its technical capabilities, exploring new areas such as amino acids and peptides [6] Group 4: Client Dependency and Market Strategy - The company acknowledges a high client concentration but emphasizes the importance of maintaining strong relationships with existing clients while seeking new ones [6][7] - The company believes that focusing on existing clients and expanding the customer base fosters mutual trust and sustainable cooperation [7] Group 5: Financial Outlook and Capital Expenditure - The company has no immediate plans for capital operations in the secondary market, focusing instead on investments in its coastal and Malaysian bases [7] - The net cash flow from operating activities for the first three quarters of 2025 is approximately 1 billion, sufficient to support planned capital expenditures [7] - Exchange rate gains and losses are expected to continue affecting net profits, with significant USD revenues and hedging activities in place [7]

证券代码：002250 证券简称：联化科技 公告编号：2026-004 联化科技股份有限公司 关于公司为子公司提供担保的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、对外担保情况概述 联化科技股份有限公司（以下简称"公司"、"联化科技"）分别于2025年10 月9日召开了第九届董事会第二次会议和2025年10月28日召开了2025年第二次临 时股东会，审议通过了《关于公司为子公司提供担保额度预计的议案》，同意公 司为子公司新增担保额度70,000万元，其中为最近一期资产负债率低于70%的控 股子公司新增担保额度不超过50,000万元，为最近一期资产负债率高于70%的控 股子公司新增担保额度不超过等值人民币20,000万元。关于担保额度的情况，具 体详见公司刊登于《证券时报》《上海证券报》和巨潮资讯网（www.cninfo.com.cn） 的《关于公司为子公司提供担保额度预计的公告》（公告编号：2025-047）。 二、担保进展情况 汇丰银行（中国）有限公司宁波分行近日向公司出具了《进口信用证改证通 知》（信用证编号：SDZNGB174643）， ...

Group 1: China Ping An - The core strategy of China Ping An is "comprehensive finance + medical care and elderly care," which aims to create a new value growth pole through a "product + service" model, leading to long-term stable profit growth [3][4] - The report suggests that the current market valuation of China Ping An is low, with a PEV of 0.75, and recommends a target market value of 1.6 trillion yuan, corresponding to a target price of 88.53 yuan per share [3][4] - The aging population in China and the increasing importance of commercial health insurance in medical payments are expected to enhance the effectiveness of the "product + service" model, positioning it as a new growth driver for the company [3][4] Group 2: Steel Research High Temperature Alloy - Steel Research High Temperature Alloy is a leading company in the high-temperature alloy sector, benefiting from strong demand in the aerospace industry and the trend towards technological self-sufficiency [5][6] - The company is expected to achieve steady growth in net profit, with forecasts of 132 million yuan, 152 million yuan, and 172 million yuan for 2025 to 2027, respectively [5][6] - The report highlights the resilience of the high-temperature alloy industry, driven by increasing defense budgets and the upgrade of aerospace equipment, which supports long-term demand [6][7] Group 3: CSPC Pharmaceutical Group - CSPC Pharmaceutical Group is recognized for its strong innovation capabilities, with a focus on oncology and chronic disease treatment pipelines, and has established an international business development ecosystem [8][9] - The company has entered a strategic collaboration with AstraZeneca to develop innovative long-acting peptide drugs, which is expected to generate significant revenue potential [9][10] - The report predicts EPS growth of 48%, 36%, and -7% for 2025 to 2027, with a target price of 16.58 HKD per share [8][9] Group 4: Real Estate Market - The real estate market in China is currently in a deep adjustment phase, with only 19% of cities showing signs of bottoming out as of Q4 2025 [18][19] - New home prices are experiencing significant fluctuations, particularly in first-tier cities, while second-hand home prices are generally declining [19][20] - The report indicates that the inventory clearance cycle is extending, with first-tier cities reaching 19-28 months and some second-tier cities exceeding 38 months [20] Group 5: Robotics and Automation - The company is actively expanding into the humanoid robotics sector, with new product launches expected to drive growth [21][22] - The report forecasts EPS of 1.14, 1.47, and 1.83 yuan for 2025 to 2027, with a target price of 147.00 yuan per share [21][22] - The company is leveraging its expertise in micro-drive systems to enhance its competitive position in the robotics market [22][23] Group 6: Energy Storage Sector - The energy storage sector is anticipated to see significant growth, with the introduction of capacity pricing mechanisms in provinces like Qinghai [36][37] - The report suggests that the demand for energy storage systems and batteries will increase, recommending several key stocks in this sector [36][37] - The expected growth rate for energy storage demand in 2026 is projected to be around 50% [38]

Investment Rating - The report initiates coverage with a "Buy" rating and sets a target price of 24.00 CNY [5][11]. Core Insights - The company has shown significant growth in its pharmaceutical business, with enhanced R&D capabilities. The new energy sector and the overseas base in Malaysia are emerging as new growth drivers [2][11]. - The company is a leading player in fine chemicals, focusing on customized R&D and production services across various sectors, including plant protection, pharmaceuticals, and functional chemicals [11][13]. - The projected EPS for 2025-2027 is 0.44, 0.60, and 0.73 CNY, with growth rates of 281.4%, 37.5%, and 20.8% respectively [11][14]. Financial Summary - Total revenue is forecasted to decline from 6,442 million CNY in 2023 to 5,677 million CNY in 2024, before recovering to 6,408 million CNY in 2025, and reaching 8,826 million CNY by 2027 [4][12]. - Net profit (attributable to the parent) is expected to turn from a loss of 465 million CNY in 2023 to a profit of 103 million CNY in 2024, and further increase to 654 million CNY by 2027 [4][12]. - The company’s gross margin is projected to improve, with the pharmaceutical segment expected to maintain a gross margin of 43% from 2025 to 2027 [14][15]. Business Segments - The plant protection and intermediates segment is expected to generate revenues of 4,243 million CNY in 2023, declining to 3,590 million CNY in 2024, and then stabilizing around 3,859 million CNY by 2027 [15]. - The pharmaceutical intermediates segment is projected to grow from 1,482 million CNY in 2023 to 2,579 million CNY by 2027, with a gross margin of 43% [15]. - The functional chemicals segment is anticipated to see significant growth, with revenues expected to rise from 189 million CNY in 2023 to 2,019 million CNY by 2027, although it will initially experience negative gross margins [15]. Market Position - The company is positioned as a key strategic supplier in the plant protection CDMO sector, ranking among the top five companies in the industry and partnering with major global pharmaceutical firms [13][14]. - The CDMO industry is experiencing robust growth, with the Chinese market projected to reach 157.1 billion CNY by 2025, representing 19.6% of the global market share [13].

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 24.00 CNY [5][11]. Core Insights - The company has shown significant growth in its pharmaceutical business, with enhanced R&D capabilities. The new energy business and the overseas base in Malaysia are emerging as new growth points [2][11]. - The company is a leading player in fine chemicals, covering areas such as plant protection, pharmaceuticals, and functional chemicals. It operates primarily through customized R&D and production services [11][13]. - The projected EPS for 2025-2027 is 0.44, 0.60, and 0.73 CNY, with growth rates of 281.4%, 37.5%, and 20.8% respectively [11][14]. Financial Summary - Total revenue is forecasted to decline from 6,442 million CNY in 2023 to 5,677 million CNY in 2024, before recovering to 6,408 million CNY in 2025, and reaching 8,826 million CNY by 2027 [4][12]. - Net profit (attributable to the parent company) is expected to turn from a loss of 465 million CNY in 2023 to a profit of 103 million CNY in 2024, and further increase to 654 million CNY by 2027 [4][12]. - The company’s gross margin is projected to improve, with the pharmaceutical segment expected to maintain a gross margin of 43% from 2025 to 2027 [14][15]. Business Segments - The plant protection and intermediates segment is expected to generate revenues of 4,243 million CNY in 2023, declining to 3,590 million CNY in 2024, and then stabilizing [15]. - The pharmaceutical intermediates segment is projected to grow from 1,482 million CNY in 2023 to 1,985 million CNY in 2025, with a gross margin of 43% [15]. - The functional chemicals segment is anticipated to see significant growth, with revenues expected to rise from 189 million CNY in 2023 to 673 million CNY in 2025 [15]. Market Position - The company is recognized as a strategic supplier for major players in the plant protection and pharmaceutical industries, benefiting from a strong competitive position in the domestic market [13][14]. - The CDMO industry is experiencing robust growth, with the Chinese market projected to reach 157.1 billion CNY by 2025, indicating a favorable environment for the company's operations [13].