Core Viewpoint - The agricultural chemical sector experienced a decline of 0.38% on October 13, with Fengshan Group leading the losses. The Shanghai Composite Index closed at 3889.5, down 0.19%, while the Shenzhen Component Index closed at 13231.47, down 0.93% [1]. Group 1: Stock Performance - Chengxing Co., Ltd. (600078) saw a significant increase of 10.00%, closing at 9.02 with a trading volume of 331,000 shares and a turnover of 281 million yuan [1]. - Bluefeng Biochemical (002513) also performed well, rising by 9.98% to close at 9.26, with a trading volume of 1.142 million shares and a turnover of 983 million yuan [1]. - Limin Co., Ltd. (002734) increased by 7.77%, closing at 20.80, with a trading volume of 689,300 shares and a turnover of 1.38 billion yuan [1]. - Fengshan Group (603810) was the biggest loser, falling by 3.80% to close at 15.96, with a trading volume of 94,100 shares and a turnover of 150 million yuan [2]. Group 2: Capital Flow - The agricultural chemical sector saw a net inflow of 67.16 million yuan from institutional investors, while retail investors experienced a net outflow of 99.30 million yuan [2][3]. - Bluefeng Biochemical (002513) had a net outflow of 37.75 million yuan from retail investors, indicating a negative sentiment among smaller investors [3]. - Limin Co., Ltd. (002734) also faced a net outflow of 46.75 million yuan from retail investors, reflecting a similar trend [3].

Core Insights - Lianhua Technology's stock price increased by 5.27% on October 13, reaching 11.98 CNY per share, with a trading volume of 645 million CNY and a turnover rate of 6.21%, resulting in a total market capitalization of 10.918 billion CNY. The stock has risen for four consecutive days, with a cumulative increase of 8.38% during this period [1] Company Overview - Lianhua Technology Co., Ltd. is located in Taizhou, Zhejiang Province, and was established on September 14, 1998. The company was listed on June 19, 2008. Its main business is divided into three sectors: pesticides, pharmaceuticals, and functional chemicals. The pesticide sector focuses on the production and sales of pesticide raw materials and intermediates, as well as providing custom production, research, and technical services for international pesticide companies. The pharmaceutical sector is involved in the production and sales of raw materials and intermediates, along with custom production and research services for international pharmaceutical companies. The functional chemicals sector produces and sells fine chemicals and functional chemicals, also offering custom production and research services [1] Revenue Composition - The revenue composition of Lianhua Technology is as follows: pesticides account for 54.03%, pharmaceuticals 32.32%, functional chemicals 8.42%, equipment and engineering services 4.88%, and other supplementary services 0.36% [1] Fund Holdings - According to data from the top ten holdings of funds, one fund under Guotai Fund holds Lianhua Technology shares. The Guotai CSI 2000 ETF (561370) held 2,200 shares in the second quarter, representing 0.25% of the fund's net value, ranking as the tenth largest holding. The estimated floating profit today is approximately 1,320 CNY, with a total floating profit of 1,936 CNY during the four-day increase [2] Fund Performance - The Guotai CSI 2000 ETF (561370) was established on September 13, 2023, with a latest scale of 9.7484 million CNY. Year-to-date, it has achieved a return of 32.72%, ranking 1,603 out of 4,220 in its category. Over the past year, the return is 45.84%, ranking 892 out of 3,855, and since inception, the return is 33.36% [2] Fund Manager Information - The fund managers of Guotai CSI 2000 ETF (561370) are Ma Yiwen and Liu Fangyuan. As of the report, Ma Yiwen has a cumulative tenure of 2 years and 68 days, managing assets totaling 6.894 billion CNY, with the best fund return during this period being 92.39% and the worst being -3.91%. Liu Fangyuan has a tenure of 186 days, managing assets of 2.677 billion CNY, with the best return of 47.82% and the worst of -0.34% [3]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the company's stock will outperform the benchmark index by more than 20% over the next 6-12 months [2][7]. Core Views - The company has experienced a significant year-on-year increase in net profit attributable to the parent company, with a growth of 1,481.94% in the first half of 2025. This is attributed to cost reduction and efficiency improvements, alongside a recovery in the agricultural protection industry [2][10]. - The report highlights the company's strategic positioning within the agricultural protection sector, which is seeing a recovery in market demand, and notes the orderly advancement of its product layout [2][7]. Financial Performance Summary - For the first half of 2025, the company achieved revenue of 3.15 billion RMB, a year-on-year increase of 5.76%, and a net profit of 224 million RMB, reflecting a substantial increase of 1,481.94% [10][11]. - In the second quarter of 2025, revenue reached 1.64 billion RMB, up 8.43% year-on-year, with a net profit of 174 million RMB, marking a year-on-year increase of 1,419.69% [12]. - The company's gross margin improved to 26.72% in the first half of 2025, up 3.56 percentage points year-on-year, while the net margin reached 8.36%, an increase of 6.91 percentage points [10]. Business Segment Performance - The agricultural protection business generated revenue of 1.70 billion RMB in the first half of 2025, with a gross margin of 24.99%, an increase of 9.48 percentage points year-on-year [10]. - The pharmaceutical business reported revenue of 1.02 billion RMB, a year-on-year increase of 42.80%, with a gross margin of 42.75% [10]. - The fine and functional chemicals segment achieved revenue of 265 million RMB, a significant increase of 109.18% year-on-year, although it reported a negative gross margin of -19.05% [10]. Profit Forecast and Valuation - The report adjusts profit forecasts for 2025-2027, projecting net profits of 318 million RMB, 421 million RMB, and 530 million RMB, respectively. Corresponding earnings per share are expected to be 0.35 RMB, 0.46 RMB, and 0.58 RMB, with price-to-earnings ratios of 32.6, 24.6, and 19.6 times [7][9].

Group 1: Innovation in Pharmaceuticals - The State Council has introduced regulations to standardize clinical research and application of biomedical technologies, promoting innovation and ensuring medical quality and safety [1] - The innovative pharmaceutical industry is experiencing positive fundamentals, with overseas licensing amounts exceeding $66.8 billion by mid-2025, and 31% of innovative drugs introduced by international pharmaceutical companies originating from China [1] Group 2: Infrastructure Development - Seven departments, including the Ministry of Industry and Information Technology, have released a plan to enhance new information infrastructure, focusing on the integration of "5G + industrial internet" and the development of computing power infrastructure [2] - The plan aims to promote the resourceization and assetization of industrial data, and to integrate artificial intelligence technologies with service-oriented manufacturing [2] Group 3: Financial Standards - The China Securities Regulatory Commission has published three financial industry standards related to securities exchanges and asset securitization, effective immediately [3] Group 4: Housing and Urban Development - The Ministry of Housing and Urban-Rural Development is deepening reforms in the housing and real estate sectors during the 14th Five-Year Plan, aiming to establish a new model for real estate development and improve the housing supply system [4] Group 5: Healthcare Pricing Regulation - The National Healthcare Security Administration has initiated a special rectification of "dual pricing" practices in designated retail pharmacies, emphasizing the need for fair pricing for insured patients [5][6] Group 6: Cloud Computing Standards - The Ministry of Industry and Information Technology and the National Standardization Administration have issued guidelines for the construction of a comprehensive cloud computing standardization system, aiming to establish over 30 new national and industry standards by 2027 [7] Group 7: Company News - Nengke Technology plans to raise up to 1 billion yuan for the development of its AI training platform [8] - Various companies reported significant year-on-year profit increases, with notable growth from Dao Shi Technology (408.27%) and Dongyangguang (171.08% - 199.88%) [8]

Group 1 - The company's new energy products are primarily concentrated in the Texas and Linhai bases, with Texas focusing on electrolyte raw materials and Linhai on the production of other products [2] - The main product sold from the Texas base is liquid LiFSI [2]

Core Viewpoint - Lianhua Technology (SZ 002250) announced a total guarantee amount of approximately RMB 48.43 billion, which accounts for 74.8% of the company's latest audited net assets as of the announcement date [1] Group 1: Guarantee Amounts - As of September 30, 2025, the company's guarantee balance is approximately RMB 11.99 billion, representing 18.51% of the latest audited net assets [1] - After the approval of the second extraordinary shareholders' meeting in 2025, the total guarantee amount will increase to approximately RMB 58.43 billion, which will account for 90.25% of the latest audited net assets [1] - The company provides a guarantee amount of RMB 6 million for entities outside the consolidated financial statements, which is 9.27% of the latest audited net assets [1] Group 2: Revenue Composition - For the first half of 2025, Lianhua Technology's revenue composition shows that industrial revenue accounts for 99.64%, while other business segments contribute 0.36% [1] Group 3: Market Capitalization - As of the report date, Lianhua Technology has a market capitalization of RMB 10.4 billion [1]

Core Viewpoint - The company, Lianhua Technology, has announced the acquisition of a 20% stake in Hubei JunTai Pharmaceutical Chemical Co., Ltd., which will result in the company holding 100% ownership of JunTai Pharmaceutical after the transaction is completed [1]. Group 1 - On October 9, the company signed a share transfer agreement with several sellers [1]. - The total amount for the stake acquisition is 25 million yuan [1]. - The acquisition will be funded using the company's own funds [1].

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。 联化科技股份有限公司（以下简称"公司"）第九届董事会第二次会议通知 于2025年9月28日以电子邮件方式通知各董事。会议于2025年10月9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。会议形成如下决议： 一、会议以7票同意，0票反对，0票弃权的表决结果，审议并通过了《关于 受让控股子公司郡泰医药20%股权的议案》。 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《关于受让控股子公司郡泰医药20%股权的公告》（公 告编号：2025-044）。 证券代码：002250 证券简称：联化科技 公告编号：2025-043 联化科技股份有限公司 第九届董事会第二次会议决议公告 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 ...

证券代码：002250 证券简称：联化科技 公告编号：2025-045 联化科技股份有限公司 关于变更回购股份用途并注销的公告 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。 为增加公司长期投资价值，提高每股收益水平，并进一步增强投资者信心， 结合公司实际发展情况，公司拟将2025年回购股份方案的回购股份用途由"用于 员工持股计划或股权激励"变更为"用于注销并相应减少注册资本"，即对回购 专用证券账户中2025年公司已回购的合计11,459,900股进行注销并相应减少公司 注册资本。 三、本次回购注销后公司股本变动情况 本次拟变更用途的回购股份合计11,459,900股将予以注销，注销完成后，公 司总股本将由911,333,117股减少至899,873,217股，具体情况如下： 联化科技股份有限公司（以下简称"公司"）于2025年10月9日召开的第九届 董事会第二次会议，审议通过了《关于变更回购股份用途并注销的议案》，同意 公司对2025年已回购的股份用途进行变更，回购股份用途由原方案"用于员工持 股计划或股权激励"变更为"用于注销并相应减少注册资本"，即对回 ...

联化科技股份有限公司 章程（草案） 二〇二五年十月 | | | | 第一章 | 总 | 则 | | | | | 1 | | --- | --- | --- | --- | --- | --- | --- | --- | | 第二章 | | 经营宗旨和范围 2 | | | | | | | 第三章 | 股 | 份 | | | | | 3 | | 第一节 | | 股份发行 3 | | | | | | | 第二节 | | 股份增减和回购 4 | | | | | | | 第三节 | | 股份转让 5 | | | | | | | 第四章 | 股 | 东 | | | | | 5 | | 第一节 | | 东 | | | 股 | | 5 | | 第二节 | | 控股股东及实际控制人 8 | | | | | | | 第三节 | | 关联交易 9 | | | | | | | 第五章 | | | | | | 股东会 | 10 | | 第一节 | | 一般规定 10 | | | | | | | 第二节 | | 会议召集 12 | | | | | | | 第三节 | | 会议通知和登记 13 | | | | | | | 第四节 | | ...