Dividend Distribution - The company plans to distribute a cash dividend of 0.2 RMB per 10 shares to all shareholders, based on the total share capital excluding repurchased shares[4]. - The board of directors has approved the profit distribution plan, which will be executed on the share registration date[4]. - The company reported a cash dividend total of ¥97,812,841.16, which represents 100% of the total profit distribution amount[197]. - The distributable profit available for shareholders was ¥2,312,322,240.24, with a net profit of ¥156,917,873.10 for the fiscal year 2024[197]. - The company aims to maintain a minimum cash dividend ratio of 80% during profit distribution, reflecting its mature development stage[197]. - The cash dividend policy is compliant and transparent, with clear decision-making processes in place[196]. - The company has ensured that minority shareholders have opportunities to express their opinions and that their rights are protected[196]. Financial Performance - The company's operating revenue for 2024 was approximately ¥5.68 billion, a decrease of 11.88% compared to ¥6.44 billion in 2023[22]. - The net profit attributable to shareholders for 2024 was ¥103.14 million, a significant turnaround from a loss of ¥465.24 million in 2023, representing a 122.17% increase[22]. - The net profit after deducting non-recurring gains and losses for 2024 was ¥121.38 million, up 134.31% from a loss of ¥353.82 million in 2023[22]. - The net cash flow from operating activities increased by 14.83% to ¥1.24 billion in 2024, compared to ¥1.08 billion in 2023[22]. - The company's total assets at the end of 2024 were approximately ¥13.80 billion, a slight decrease of 0.80% from ¥13.91 billion at the end of 2023[22]. - The company's weighted average return on equity improved to 1.51% in 2024, compared to -6.68% in 2023, marking an increase of 8.19 percentage points[22]. - The company's financial expenses increased by 249.17% to ¥73,601,547.13, primarily due to reduced foreign exchange gains[120]. - The research and development expenses decreased by 22.53% to ¥291,064,608.45[120]. - R&D investment decreased by 22.53% from 375,716,722.56 CNY in 2023 to 291,064,608.45 CNY in 2024, representing 5.13% of revenue[122]. - The number of R&D personnel decreased by 11.30% from 761 in 2023 to 675 in 2024, with a notable decline in those under 30 years old by 16.34%[122]. - The company's cash flow from financing activities decreased by 49.82%, from 3,928,464,301.60 CNY in 2023 to 1,971,308,652.69 CNY in 2024[125]. - The total amount of accounts receivable increased by 0.87%, from 1,113,422,910.64 CNY in 2023 to 1,225,529,334.94 CNY in 2024[124]. Market Trends and Projections - The global crop protection industry is projected to reach a market size of approximately $75 billion in 2024, with a compound annual growth rate of 2.6% over the next five years[30]. - The global pharmaceutical market is projected to reach $1,718.8 billion by 2025 and $2,114.8 billion by 2030, with a compound annual growth rate (CAGR) of 4.2%[38]. - The global innovative drug market is expected to grow to $1,222.7 billion in 2025 and $1,545.5 billion in 2030, indicating a significant market share increase[38]. - China's pharmaceutical market is forecasted to reach ¥2,064.5 billion by 2025 and ¥2,739.0 billion by 2030, with a CAGR of 5.8%[39]. - The global CDMO market is anticipated to grow to $124.3 billion by 2025 and $231.0 billion by 2030, with a CAGR of 13.2%[40]. - China's CDMO market is projected to reach ¥157.1 billion by 2025, accounting for 19.6% of the global market, and ¥355.9 billion by 2030, representing 23.9% of the global market[40]. - The personal care and cosmetics market in China is expected to grow from ¥182.5 billion in 2014 to ¥435.7 billion in 2024, with a CAGR of 9.09%[46]. Research and Development - The company has established multiple R&D platforms to meet diverse customer needs across different stages of product development, enhancing its competitive edge in the agricultural protection sector[51]. - The company is actively expanding its CDMO and CRO services in the pharmaceutical sector, focusing on collaboration with major global pharmaceutical companies[56]. - The company aims to develop a series of specialized solvents and functional additives for the new energy market, leveraging its technological advantages in fine chemicals[58]. - The company has a strong technical innovation and incubation capability, recognized by global leading companies in the plant protection and pharmaceutical sectors[70]. - The company has accumulated rich technical reserves and process development experience over years of exploration in the chemical field[71]. - The company is focusing on R&D cooperation projects in the plant protection sector, aiming to enhance core competitiveness through resource integration and product development[76]. - The company has successfully applied efficient ligand catalysis and palladium recovery technology in commercial production, reducing precious metal usage and production costs[76]. - The company has upgraded its production technology, achieving breakthroughs in continuous nitration, diazotization, and photochemical reactions, improving safety and yield[80]. - The company aims to develop green enzyme catalysis technology and has made significant progress in establishing a fermentation platform for biopesticides and biofertilizers, with potential for large-scale production by 2025[76]. Operational Strategy - The company is expanding its market presence in the petrochemical, coal chemical, and new energy sectors by enhancing technical applications and product upgrades, transitioning from a single equipment manufacturer to a multi-solution provider[82]. - The company has established a comprehensive international management system, integrating safety, quality, environmental protection, and supply chain management, which has created a high management barrier in the industry[83]. - The company is committed to continuous investment in technology innovation and global supply chain layout to maintain its leading position in the industry[52]. - The company is constructing a new facility in Malaysia to diversify its supply chain and mitigate potential risks, with plans to provide more diversified solutions based on product lifecycle[90]. - The company is focusing on technological innovation and lean management to reduce manufacturing costs and improve operational efficiency[90]. - The company will continue to focus on sustainable development and enhance its SHEQ&C management system across various sectors, including agriculture, pharmaceuticals, and fine chemicals[150]. - The company acknowledges risks from macroeconomic fluctuations and environmental regulations, implementing strategies to mitigate these risks and enhance competitiveness[159][160]. - The company faces significant raw material cost fluctuations due to ongoing global conflicts and environmental issues, impacting operational performance[162]. - To mitigate risks, the company will enhance supply chain management and diversify product types to reduce reliance on single raw materials[162]. Governance and Management - The company has established a governance structure that complies with relevant laws and regulations, ensuring strong independence and standardized operations[170]. - The board consists of seven directors, with three independent directors, meeting legal requirements and ensuring diverse expertise[171]. - The company maintains complete independence from its controlling shareholder in terms of business, personnel, assets, and finance, ensuring autonomous operations[174]. - The company has implemented a stock incentive plan for subsidiaries to align interests between shareholders and key personnel, promoting long-term stability[171]. - The company has a dedicated financial department with an independent accounting system, ensuring financial decision-making autonomy[174]. - The company has a robust information disclosure system, ensuring timely and accurate communication with investors and regulatory bodies[173]. - The company has established a transparent performance evaluation and incentive mechanism for management, enhancing accountability and alignment with corporate goals[171]. - The total number of shares held by the board and management reflects a strong commitment to the company, with significant personal investments noted[178]. - The company’s governance structure includes a mix of experienced professionals from various industries, enhancing its strategic decision-making capabilities[179][180]. Employee Engagement and Training - The total number of employees at the end of the reporting period is 5,403, with 958 in the parent company and 4,445 in major subsidiaries[190]. - The company conducted 5,222 internal offline training sessions in 2024, totaling 7,032 hours and reaching 85,279 participants[193]. - The company offers 188 online learning courses, with 1,238 participants in 2024[193]. - The company has 39 employees with doctoral degrees and 230 with master's degrees, reflecting a diverse educational background[190]. - The company emphasizes internal fairness in its compensation management, aligning salaries with job responsibilities and market conditions[191]. - The company has implemented a performance evaluation system to determine variable bonuses based on employee contributions[191]. Compliance and Risk Management - The company has established a comprehensive internal control system covering itself and 15 subsidiaries, ensuring effective governance and compliance[200]. - The internal control evaluation process included interviews, discussions, and sampling to identify and rectify deficiencies[200]. - Currency fluctuations, particularly in USD, can impact profits, and the company will continue to execute foreign exchange hedging strategies to mitigate this risk[165]. - The company has a comprehensive value management system and is focused on enhancing valuation through strategic initiatives[168]. - The company has disclosed its "Quality and Return Dual Improvement" action plan to enhance operational quality and shareholder returns[168].

Core Viewpoint - Lianhua Technology's stock closed at 6.24 yuan, with a market capitalization of 5.687 billion yuan, and the company has shown a significant increase in net profit despite a decline in revenue [1] Group 1: Company Overview - Lianhua Technology specializes in fine chemicals and engineering services, with key segments including crop protection, pharmaceuticals, and functional chemicals [1] - The company has established itself as a strategic supplier for major international agricultural and pharmaceutical companies, being recognized as a key high-tech enterprise under the National Torch Program [1] Group 2: Financial Performance - For the third quarter of 2024, Lianhua Technology reported revenue of 4.359 billion yuan, a year-on-year decrease of 13.14%, while net profit reached 32.5038 million yuan, reflecting a year-on-year increase of 143.13% [1] - The company's gross profit margin stood at 22.71% [1] Group 3: Market Position - As of the third quarter of 2024, 129 institutions hold shares in Lianhua Technology, with a total holding of 32.6383 million shares valued at 180 million yuan [1] - The company's price-to-earnings ratio (TTM) is -15.91, and its price-to-book ratio is 0.89, indicating a lower valuation compared to industry averages [2]

Investment Rating - The industry investment rating is "Recommended" (maintained) [1] Core Viewpoints - The chemical industry is expected to enter a replenishment cycle in 2025 due to several factors, including decreasing inventory levels, bottoming out of profits, and institutional holdings reaching a low point [8][30] - The supply-demand tension in phosphate rock is likely to continue, with a potential revaluation of its value, particularly focusing on the capacity expansion of Batian Co., Ltd [4][6] - The impact of the new round of tariffs imposed by the U.S. on Chinese chemical enterprises is expected to be limited, as the U.S. still needs to import a significant amount of chemical products from China [4] Summary by Sections Market Performance - The basic chemical sector showed a performance of 0.0% over the last month, 8.4% over the last three months, and 1.2% over the last year, compared to the CSI 300 index which had performances of -0.7%, 2.3%, and 8.2% respectively [2] Investment Suggestions - Focus on companies with low-cost expansion opportunities, such as Wanhu Chemical, and those in the tire and fertilizer sectors [8] - Highlight the potential for increased demand in phosphate fertilizers and lithium iron phosphate batteries, with ongoing projects in fine phosphate chemicals [4][6] - Emphasize high dividend yield opportunities in state-owned enterprises within the chemical sector, including China Petroleum and China National Offshore Oil Corporation [10] Key Company Tracking - Batian Co., Ltd. plans to expand its phosphate rock production capacity from 900,000 tons/year to 2 million tons/year, with additional projects underway [6] - The chemical industry is expected to benefit from rising prices in sulfuric acid, acrylic acid, and synthetic ammonia, with a focus on companies like Batian Co., Ltd. and others in the phosphate sector [7][9] Price Trends - As of April 3, 2025, the price of phosphate rock was 1,038 CNY/ton, with slight fluctuations in related fertilizer prices [19] - The Brent and WTI crude oil prices were reported at 66.06 and 62.32 USD/barrel, respectively, indicating a week-on-week decrease of approximately 9.98% and 9.73% [12]

Core Viewpoint - Lianhua Technology's stock closed at 7.04 yuan on April 1, with a market capitalization of 6.416 billion yuan, reflecting a net inflow of 410,000 yuan in main funds on the same day, although it has seen a total outflow of 7.0118 million yuan over the past five days [1] Company Overview - Lianhua Technology Co., Ltd. specializes in fine chemicals and equipment and engineering services, with key segments including crop protection raw materials, pharmaceuticals, and functional chemicals [1] - The company has established itself as a strategic supplier for major international agricultural and pharmaceutical companies, being recognized as a key high-tech enterprise under the National Torch Program [1] Financial Performance - For the third quarter of 2024, Lianhua Technology reported revenue of 4.359 billion yuan, a year-on-year decrease of 13.14%, while net profit reached 32.5038 million yuan, showing a significant increase of 143.13% [1] - The company's gross profit margin stands at 22.71% [1] Valuation Metrics - Lianhua Technology has a price-to-earnings (PE) ratio of -17.95 (TTM) and a price-to-book (PB) ratio of 1.01, with a total market value of 6.416 billion yuan [2] - The industry average PE is 47.12, while the industry median PE is 33.32, indicating that Lianhua Technology's valuation metrics are significantly lower than the industry averages [2]

Core Viewpoint - The company has successfully completed a share buyback program, acquiring 11,459,900 shares, which represents 1.26% of its total share capital, in accordance with the approved buyback plan [2][3]. Buyback Implementation - The buyback plan was approved on February 28, 2025, with a maximum price of 9.50 RMB per share and a total fund allocation between 40 million RMB and 80 million RMB [1]. - As of March 25, 2025, the company had repurchased 9,804,800 shares at a total cost of approximately 68.22 million RMB, with prices ranging from 6.92 to 6.99 RMB per share [2]. - The final total of shares repurchased reached 11,459,900, with a total expenditure of approximately 80 million RMB, maintaining compliance with the buyback price cap [3]. Compliance and Impact - The buyback was conducted in accordance with relevant regulations and did not deviate from the approved buyback plan [4][3]. - The buyback is not expected to significantly impact the company's operations, finances, or future development, nor will it alter the control of the company [3]. Share Structure Changes - The repurchased shares are intended for employee stock ownership plans or equity incentives, with no change in total share capital anticipated if these plans are successfully implemented [5]. - The preliminary calculations indicate that the proportion of restricted shares would increase from 0.53% to 1.78% post-buyback, while unrestricted shares would decrease from 99.47% to 98.22% [5]. Handling of Repurchased Shares - The repurchased shares will be held in a dedicated account and will not confer any shareholder rights during the holding period [6]. - The company has not yet established a specific employee stock ownership plan or equity incentive program, but will adhere to regulations and disclose information as required [6].

证券代码：002250 证券简称：联化科技 公告编号：2025-014 联化科技股份有限公司 关于回购股份比例达到 1%暨回购完成的公告 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。 联化科技股份有限公司（以下简称"公司"）于 2025 年 2 月 28 日召开了第 八届董事会第二十二次会议，审议通过了《关于回购股份方案的议案》，同意公 司回购发行的人民币普通股 A 股股份，并将于未来适宜时机用于员工持股计划 或股权激励，拟回购股份价格上限不高于 9.50 元/股（含），资金总额不低于人民 币 4,000.00 万元（含），不超过人民币 8,000.00 万元（含），回购期限自公司董事 会审议通过本次回购方案之日起不超过 12 个月，具体回购数量以回购期满时实 际回购的股份数量为准。本次回购股份的资金来源为公司自有资金或自筹资金。 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《关于回购股份方案的公告》（公告编号：2025-008）和《回购报告书》（公告 编号：2025-011）。 截至 2025 年 3 ...

Investment Rating - The report does not explicitly provide an investment rating for the agricultural chemicals and veterinary drugs industry [1]. Core Insights - The agricultural chemicals industry is nearing the end of a "de-inventory" phase, with signs of order volume recovery observed in Q4 2024. The company plans to maintain its "major client strategy" while expanding its customer base and exploring new product directions [18]. - The pharmaceutical business is progressing as planned, with stable development expected. The company is focusing on deepening relationships with existing major clients and enhancing R&D capabilities [19]. - The renewable energy business is advancing, with plans to enter the market with products like electrolytes. The company aims for revenue breakthroughs in 2025 while optimizing technology and operational efficiency to remain competitive [20]. - The establishment of operations in the UK and Malaysia is intended to provide a stable supply chain and enhance service quality for clients, countering trends of industry chain relocation [20]. - The impact of U.S. tariff policies on the company's business is limited, as the share of products delivered to U.S. ports is small [20]. - The rise of Indian CDMO companies is acknowledged, but the company believes that its competitive edge in proprietary drugs remains intact due to concerns over supply chain integrity and IP protection in India [21]. Summary by Sections 1. Basic Research Information - The research focused on the company "Lianhua Technology" within the agricultural chemicals and veterinary drugs industry, conducted on March 12, 2025, with participation from various financial institutions [13]. 2. Detailed Research Institutions - The research involved institutions such as Kaiyuan Securities, Tianfeng Securities, Haitong Asset Management, and Industrial Bank [14]. 3. Research Institution Proportions - The report does not provide specific data on the proportions of research institutions involved [16]. 4. Main Content Information - The company is actively managing its inventory levels in the agricultural sector and is optimistic about future order volumes. It is also expanding its pharmaceutical and renewable energy businesses while maintaining a focus on major clients and operational efficiency [18][19][20].

联化科技股份有限公司 关于首次回购公司股份的公告 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。 联化科技股份有限公司（以下简称"公司"）于 2025 年 2 月 28 日召开了第 八届董事会第二十二次会议，审议通过了《关于回购股份方案的议案》，同意公 司回购发行的人民币普通股 A 股股份，并将于未来适宜时机用于员工持股计划 或股权激励，拟回购股份价格上限不高于 9.50 元/股（含），资金总额不低于人民 币 4,000.00 万元（含），不超过人民币 8,000.00 万元（含），回购期限自公司董事 会审议通过本次回购方案之日起不超过 12 个月，具体回购数量以回购期满时实 际回购的股份数量为准。本次回购股份的资金来源为公司自有资金或自筹资金。 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《关于回购股份方案的公告》（公告编号：2025-008）和《回购报告书》（公告 编号：2025-011）。 根据《上市公司股份回购规则》《深圳证券交易所上市公司自律监管指引第 9 号——回购股份》等相关规定，公司应当在首 ...

Group 1: Agricultural Protection Business - The "de-inventory" situation in the agricultural protection business is nearing completion, with signs of order volume recovery in Q4 2024 [1] - The company will continue to implement a "major customer strategy" while actively expanding new customers and products to explore new growth points [1] - The company aims to optimize production operations in the UK and establish a factory in Malaysia to enhance global competitiveness [1] Group 2: Pharmaceutical Business - The pharmaceutical business is progressing as planned, with expectations for stable development [2] - The company collaborates with leading pharmaceutical companies and focuses on expanding new customers and enhancing R&D capabilities [2] - Plans are in place to build new pharmaceutical workshops to meet future business needs [2] Group 3: New Energy Business - The new energy business is advancing with customer communication, project R&D, and quality system construction [3] - The company is entering the new energy sector with products like electrolytes, aiming for revenue breakthroughs in 2025 [3] - The competitive landscape is challenging, necessitating continuous optimization of technology, quality, and operational efficiency [3] Group 4: International Expansion and Market Dynamics - Investments in the UK and Malaysia are aimed at providing stable supply chains and enhancing service quality [4] - The impact of U.S. tariff policy changes on the company's business is limited due to the small proportion of deliveries to U.S. ports [4] - The rise of Indian CDMO companies poses competition, but their strengths in the generic drug sector do not yet extend to patented drugs [5]

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、回购股份方案的基本情况 联化科技股份有限公司（以下简称"公司"）于 2025 年 2 月 28 日召开了第 八届董事会第二十二次会议，审议通过了《关于回购股份方案的议案》，同意公 司回购发行的人民币普通股 A 股股份，并将于未来适宜时机用于员工持股计划 或股权激励，拟回购股份价格上限不高于 9.50 元/股（含），资金总额不低于人民 币 4,000.00 万元（含），不超过人民币 8,000.00 万元（含），回购期限自公司董事 会审议通过本次回购方案之日起不超过 12 个月。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《关于回购股份方案 的公告》（公告编号：2025-008）和《回购报告书》（公告编号：2025-011）。 二、贷款承诺函的主要内容 近日，公司取得中国农业银行台州黄岩支行出具的《贷款承诺函》，主要内 容如下： 1、贷款额度：人民币 6,400.00 万元； 证券代码：002250 证券简称：联化科技 公告编号：2025-012 联化科技 ...