致：联化科技股份有限公司 北京BEIJING·上海SHANGHAI·深圳SHENZHEN·香港HONG KONG·广州GUANGZHOU·西安XI'AN 北京市嘉源律师事务所 关于联化科技股份有限公司 2025年第二次临时股东会的 法律意见书 西城区复兴门内大街 158 号远洋大厦 4 楼 中国·北京 2025年第二次临时股东会的 法律意见书 嘉源(2025)-04-761 北京市嘉源律师事务所（以下简称"本所"）接受联化科技股份有限公司（以 下简称"公司"）的委托，根据《中华人民共和国公司法》（以下简称"《公司法》"）、 《中华人民共和国证券法》（以下简称"《证券法》"）、《上市公司股东会规则》 （以下简称"《股东会规则》"）等现行有效的法律、行政法规、部门规章、规范 性文件（以下简称"法律法规"）以及《联化科技股份有限公司章程》（以下简称 "《公司章程》"）的有关规定，指派本所律师对公司2025年第二次临时股东会（以 下简称"本次股东会"）进行见证，并依法出具本法律意见书。 为出具本法律意见书，本所指派律师现场见证了本次股东会，查阅了公司提 供的与本次股东会有关的文件和资料，并进行了必要的核查和验证。在前 ...

Core Insights - The company reported a significant increase in net profit for the first three quarters of 2025, reaching 316 million yuan, a year-on-year growth of 871.65% [1] - Total operating revenue for the same period was 4.718 billion yuan, reflecting an 8.25% year-on-year increase, with Q3 revenue alone at 1.569 billion yuan, up 13.61% [1] - The growth is attributed to a diversified business model, with the pharmaceutical sector being a key driver [1] Business Performance - The pharmaceutical business has become a crucial growth engine, with revenue reaching 1.018 billion yuan in the first half of 2025, a 42.80% increase year-on-year [1] - The subsidiary, Lianhua Angjian, reported revenue of 1.118 billion yuan and a net profit of 270 million yuan, marking a 90.4% increase [1] - The agricultural protection business is showing signs of recovery as the inventory destocking phase ends, contributing positively to overall performance [1] International Expansion - The company is making steady progress in its overseas operations, particularly with the Malaysia project aimed at producing and selling patented agricultural products [2] - The UK subsidiary has shown significant improvement, achieving a net profit of 67.97 million yuan in the first half of 2025, marking a turnaround from previous losses [2] Technological Advancements - The company is focusing on enhancing its production efficiency through technological breakthroughs, including the development of green adsorption technology to reduce energy consumption [2] - Progress has been made in biotechnology, with multiple green enzyme catalysis projects completed and a fermentation platform established for developing biopesticides and biofertilizers [2] Governance and Strategy - A new board of directors was elected in September 2025, led by Chairwoman Wang Ping, which is expected to strengthen the company's governance structure [2] - The company believes that its comprehensive supply chain and mature waste management systems provide a competitive edge in the international market [3] - The recent quarterly results signal strong confidence in the company's resilience and competitive ability amid fluctuating industry cycles and complex international environments [3]

Core Viewpoint - The company has reported strong financial performance in Q3 2025, with significant year-on-year growth in both revenue and net profit, indicating a positive outlook for its business segments [1]. Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 4.718 billion yuan, representing a year-on-year increase of 8.25%. The net profit attributable to shareholders was 316 million yuan, up 871.78% year-on-year, while the non-recurring net profit reached 300 million yuan, reflecting a year-on-year increase of 1504.77% [1]. - In Q3 2025, the company reported a revenue of 1.569 billion yuan, which is a quarter-on-quarter decrease of 4.34%. The net profit attributable to shareholders was 92 million yuan, down 47.26% quarter-on-quarter, and the non-recurring net profit was 91 million yuan, down 43.06% quarter-on-quarter [1]. Development Trends - The price of lithium hexafluorophosphate has increased significantly, from 49,300 yuan per ton in July to 99,000 yuan per ton by October 27. Similarly, the price of lithium bis(fluorosulfonyl)imide (LIFSI) rose from 67,500 yuan per ton in mid-September to 72,000 yuan per ton [2]. - The company has a planned production capacity of 20,000 tons per year for lithium hexafluorophosphate and 10,000 tons per year for LIFSI. The previous low prices had limited the company's production capacity in the new energy chemical business, but the recent price increases are expected to improve profitability [2]. Industry Outlook - The agricultural and pharmaceutical sectors are expected to continue their upward trend. The company's major client, FMC, has consistently exceeded earnings expectations, and the agricultural chemical market is entering a new growth cycle as inventory levels normalize [3]. - The company has acquired a 20% stake in its subsidiary, JunTai Pharmaceutical, for 25 million yuan, which has a production capacity of 100 tons for a key intermediate in pharmaceuticals. The ongoing development of the company's pharmaceutical CDMO business is anticipated to yield positive results [3]. Profit Forecast and Valuation - The company maintains its net profit forecasts for 2025 and 2026 at 500 million yuan and 620 million yuan, respectively. The current stock price corresponds to a P/E ratio of 22.2x for 2025 and 17.8x for 2026 [4]. - The target price is set at 14.0 yuan, maintaining an "outperform industry" rating, which corresponds to a P/E ratio of 25.6x for 2025 and 20.5x for 2026, indicating a potential upside of 15.5% from the current stock price [4].

Core Points - The company guarantees the authenticity, accuracy, and completeness of the information disclosed in the quarterly report, with no false records or misleading statements [2][8][9] Financial Data - The third-quarter financial report has not been audited [3][7] - There are no adjustments or restatements of previous accounting data required [3] - The company does not have any non-recurring profit and loss items applicable [3][4] Shareholder Information - The total number of ordinary shareholders and the situation of the top ten shareholders are not disclosed in detail [5] - There are no changes in the top ten shareholders due to securities lending activities [5] Board Meeting - The third meeting of the ninth board of directors was held on October 27, 2025, with all seven directors present [8] - The meeting approved the third-quarter report with unanimous consent [8][9]

Core Insights - The company reported a revenue of 1.569 billion yuan for Q3 2025, representing a year-on-year growth of 13.61% [1] - The net profit for Q3 2025 was 91.8863 million yuan, showing a significant year-on-year increase of 400.80% [1] - For the first three quarters of 2025, the total revenue reached 4.718 billion yuan, with a year-on-year growth of 8.25% [1] - The net profit for the first three quarters was 316 million yuan, reflecting a substantial year-on-year increase of 871.65% [1]

Core Insights - The company reported a revenue of 4,718,368,406.82 yuan for the first three quarters of 2025, representing a year-on-year growth of 8.25% [1] - The net profit attributable to shareholders reached 315,822,975.11 yuan, showing a significant year-on-year increase of 871.65% [1] Financial Performance - Revenue for the first three quarters of 2025: 4.72 billion yuan [1] - Year-on-year revenue growth: 8.25% [1] - Net profit for the first three quarters of 2025: 315.82 million yuan [1] - Year-on-year net profit growth: 871.65% [1]

Core Viewpoint - Lianhua Technology (SZ 002250) reported significant growth in its Q3 performance for 2025, with notable increases in revenue and net profit, indicating strong operational performance and potential investment opportunities [1]. Financial Performance - Revenue for the first three quarters of 2025 reached approximately 4.718 billion yuan, representing a year-on-year increase of 8.25% [1]. - The net profit attributable to shareholders was around 316 million yuan, showing a substantial year-on-year increase of 871.65% [1]. - Basic earnings per share were reported at 0.3466 yuan, reflecting an impressive year-on-year growth of 884.66% [1]. - As of the report date, Lianhua Technology's market capitalization stood at 11 billion yuan [1].

智通财经APP讯，联化科技(002250.SZ)发布2025年三季度报告，前三季度，公司实现营业收入47.18亿 元，同比增长8.25%。归属于上市公司股东的净利润3.16亿元，同比增长871.65%。归属于上市公司股东 的扣除非经常性损益的净利润3亿元，同比增长1504.44%。 ...

格隆汇10月27日丨联化科技(002250.SZ)公布三季度报告，前三季营业收入47.18亿元，同比增长8.25%， 归属于上市公司股东的净利润3.16亿元，同比增长871.65%，归属于上市公司股东的扣除非经常性损益 的净利润3亿元，同比增长1,504.44%。 ...

人民财讯10月27日电，联化科技(002250)10月27日发布2025年三季报，公司第三季度营业收入15.69亿 元，同比增长13.61%；归母净利润9188.63万元，同比增长400.8%。2025年前三季度营业收入47.18亿 元，同比增长8.25%；归母净利润3.16亿元，同比增长871.65%。 转自：证券时报 ...