Group 1 - The company's stock price experienced an abnormal fluctuation, with a cumulative increase of over 20% in closing prices over three consecutive trading days (May 27, 28, and 29, 2025) [1] - The company operates under a CDMO business model, providing advanced intermediates of chlorantraniliprole to a long-term partner, with no notification of increased demand from this customer [1] - The company has not identified any significant undisclosed information in public media that could have impacted its stock price [1] Group 2 - The board confirmed that there are no undisclosed matters that should be reported according to the Shenzhen Stock Exchange listing rules, nor any related negotiations or agreements [2] - The company has not found any need to correct or supplement previously disclosed information [2]

证券代码：002250 证券简称：联化科技 公告编号：2025-030 联化科技股份有限公司 关于股票交易异常波动的公告 6、公司不存在违反公平信息披露规定的情形。 三、是否存在应披露而未披露信息的说明 二、公司关注并核实相关情况 针对公司股票交易异常波动，公司对有关事项进行了核查，并问询了公司控 股股东、实际控制人，现将有关情况说明如下： 1、公司前期披露的信息不存在需要更正、补充之处。 2、公司关注到近期公共传媒报道了公司涉及生产氯虫苯甲酰胺的相关内容。 公司目前以CDMO业务模式为客户提供氯虫苯甲酰胺的高级中间体，公司与该客 户是长期合作伙伴关系，产品仅向该客户出售，产品定价模式为成本加成，截至 目前公司尚未收到该客户关于相关产品需求增加的通知。因此，相关事项对公司 整体影响有限。除前述事项外，公司未发现近期公共传媒报道可能或已经对公司 股票交易价格产生较大影响的未公开重大信息。 3、近期公司生产经营情况正常，公司经营情况及内外部经营环境未发生重 大变化。 4、公司、控股股东和实际控制人不存在关于公司的应披露而未披露的重大 事项，或处于筹划阶段的重大事项。 5、在公司股票异常波动期间，公司控股股东、实际 ...

Core Viewpoint - The company, Lianhua Technology (002250), has announced that its stock trading has experienced unusual fluctuations, but the overall impact on the company is limited due to the nature of its business model and current operational status [1] Group 1: Business Model and Operations - The company operates under a CDMO (Contract Development and Manufacturing Organization) business model, providing advanced intermediates of chlorantraniliprole exclusively to a single client [1] - The pricing model for the products is based on a cost-plus approach, ensuring stable revenue from the client [1] - As of now, the company has not received any notification from the client regarding an increase in demand for the related products, indicating stable demand [1] Group 2: Market and External Factors - The company has not identified any significant undisclosed information that may have impacted its stock trading price, despite recent media reports [1] - The company's production and operational conditions remain normal, with no significant changes in the internal or external business environment [1]

Investment Rating - The report upgrades the investment rating of the company to "Buy" from "Hold" due to the expected recovery in profitability and industry demand [2][7]. Core Views - The company is projected to turn a profit in 2024, with a significant year-on-year increase in net profit in Q1 2025. The report expresses optimism regarding the recovery of the agricultural protection industry and the orderly advancement of the company's product layout [2][10]. - The company plans to distribute a cash dividend of 0.2 RMB per 10 shares to all shareholders, indicating a commitment to returning value to investors [5][10]. Financial Performance Summary - In 2024, the company achieved revenue of 5.68 billion RMB, a decrease of 11.88% year-on-year, but net profit reached 103 million RMB, a substantial increase of 122.17% [10][11]. - For Q4 2024, the company reported revenue of 1.32 billion RMB, down 7.44% year-on-year, but net profit turned positive at 71 million RMB, a significant recovery from losses [12]. - In Q1 2025, the company recorded revenue of 1.51 billion RMB, a 3.02% increase year-on-year, and net profit soared to 50 million RMB, reflecting a remarkable growth of 1747.04% [13]. Business Segment Performance - The agricultural protection segment generated revenue of 3.59 billion RMB in 2024, down 15.39% year-on-year, but showed an increase in production and sales volume [10]. - The pharmaceutical business achieved revenue of 1.29 billion RMB, a decrease of 13.32% year-on-year, with ongoing efforts to expand client relationships and project validation [10]. - The functional chemicals segment saw a revenue increase of 61.82% year-on-year, reaching 306 million RMB, driven by growth in personal care and new energy products [10]. Profitability Metrics - The company's gross margin improved to 26.06% in 2024, up 6.20 percentage points year-on-year, while the net margin reached 2.67%, an increase of 9.33 percentage points [10]. - For Q1 2025, the gross margin was 26.15%, reflecting a slight year-on-year increase, while the net margin improved to 4.63% [10]. Future Projections - The report forecasts net profits for 2025, 2026, and 2027 to be 279 million RMB, 400 million RMB, and 514 million RMB respectively, with corresponding earnings per share of 0.31 RMB, 0.44 RMB, and 0.56 RMB [7][9].

Market Overview - On May 28, the Shanghai Composite Index fell by 0.02%, the Shenzhen Component Index decreased by 0.26%, and the ChiNext Index dropped by 0.31% [2] - A total of 43 stocks appeared on the "Dragon and Tiger List" due to unusual trading activity, with the highest net inflow of funds being 175 million yuan into Xue Ren Co., Ltd. (002639.SZ) [2][4] Stock Performance - Xue Ren Co., Ltd. saw a closing price increase of 9.98% with a turnover rate of 51.98%, and it accounted for 4.68% of the total trading volume [4][6] - The stock with the highest net outflow was Guangju Energy (000096.SZ), which experienced a net sell of 110 million yuan, representing 10.6% of its total trading volume, and closed down by 9.97% [4][6] Institutional Activity - On the same day, 21 stocks on the Dragon and Tiger List showed institutional involvement, with institutions net selling a total of 104 million yuan [6][10] - The stock with the highest net purchase by institutions was Qingdao Jinwang (002094.SZ), which closed down by 1.11% with a turnover rate of 43.87% [7][10] Northbound Capital - Northbound funds participated in 9 stocks on the Dragon and Tiger List, with a total net purchase of 205 million yuan [11] - The highest net purchase by northbound funds was also in Xue Ren Co., Ltd., amounting to 45.2 million yuan, which constituted 1.21% of its total trading volume [11][13] Summary of Institutional and Northbound Fund Actions - Institutions and northbound funds jointly net bought stocks such as Yuhua Tian, Huanle Jia, and Guangju Energy, while they jointly net sold stocks like Antong Holdings and Lianhua Technology [13] - There was a divergence in the trading of Shuiyang Co., with institutions net selling 10.5 million yuan while northbound funds net bought 38.3 million yuan [13]

Market Overview - The A-share market experienced a five-day decline across major indices, with a total trading volume of 1.03 trillion yuan and nearly 3,500 stocks rising [1] - Market focus shifted towards nuclear power, controllable nuclear fusion, and dairy sectors, while the fertilizer sector saw a decline [1] Stock Performance - A total of 57 stocks hit the daily limit up, with 17 stocks achieving consecutive limit ups, and a limit up rate of 71% (excluding ST and delisted stocks) [3] - Notable performers included Yong'an Pharmaceutical, which achieved 7 limit ups in 11 days, and Binhai Energy with 6 limit ups in 8 days [3] Key Stocks and Their Movements - **Yong'an Pharmaceutical**: Price increased by 10.00% to 24.63 yuan, with a trading volume of 20.52 billion yuan and a turnover rate of 34.68% [15][16] - **Youfu Co., Ltd.**: Price rose by 9.98% to 10.69 yuan, with a trading volume of 22.33 billion yuan and a turnover rate of 21.46% [13][14] - **Shangwei Co., Ltd.**: Price increased by 9.96% to 9.05 yuan, with a trading volume of 14.65 billion yuan and a turnover rate of 26.49% [4] Sector Highlights - The nuclear power sector saw significant interest, with stocks like Shangwei Co., Ltd. and Rongfa Nuclear Power achieving multiple limit ups due to positive market sentiment around nuclear energy [4][10] - The fertilizer and chemical sectors faced downward pressure following an explosion incident at a chemical plant, which affected market sentiment [17] Institutional and Retail Investor Activity - The top net purchases on the trading board were from Snowman Co., Ltd., Youfu Co., Ltd., and Yong'an Pharmaceutical, with net purchases of 175 million yuan, 161 million yuan, and 92.96 million yuan respectively [6] - Conversely, the top net sales were from Guangju Energy, Suzhou Longjie, and Zhongqi Co., Ltd., with net sales of 110 million yuan, 106 million yuan, and 98.75 million yuan respectively [7] Notable News and Developments - Yong'an Pharmaceutical announced a significant increase in its sales volume for 2024, projected to reach 49,700 tons, a year-on-year increase of 16.32% [15] - The controllable nuclear fusion sector is gaining traction, with reports indicating that 26 out of 37 surveyed companies believe the first nuclear fusion unit will be operational by 2035 [9]

Group 1 - The pesticide sector continues to show strong performance with stocks like Hailier, Huillong, Lianhua Technology, and Lier Chemical hitting the daily limit up [1] - On May 27, a major explosion occurred at Shandong Youdao Chemical, the largest producer of chlorantraniliprole raw materials globally, which significantly impacts domestic production capacity [1] - Shandong Youdao Chemical's chlorantraniliprole raw materials account for a substantial portion of the domestic market, leading to increased stock prices for related companies [1]

Group 1: Company Performance and Financials - The company's pharmaceutical production line has a low capacity utilization rate due to the inclusion of historical cooperative production orders in the reported capacity, leading to a discrepancy between reported and actual utilization rates. However, the actual utilization is at a good level, with stable revenue and profit from the pharmaceutical sector [1] - In Q1 2025, the company experienced significant improvement in operations, with the agricultural protection sector stabilizing its gross margin and the pharmaceutical sector developing steadily. This was aided by an increase in foreign exchange gains and a turnaround from losses to profits in foreign exchange hedging derivatives, resulting in a notable increase in net profit [1] - The company anticipates a breakthrough in revenue from its new energy business in 2025, despite facing pressure from intense market competition and depreciation costs from fixed assets [1] Group 2: Business Development and Strategy - The pharmaceutical business is expected to grow in 2025, focusing on "key customers," primarily leading global pharmaceutical companies based in Europe. The company is enhancing existing partnerships while developing new clients and strengthening R&D capabilities [2] - The company is actively communicating with clients and developing projects in the new energy sector, with plans to introduce products like electrolytes and additives to the market [4] - The UK and Malaysia factories are part of a strategy to provide stable supply chains and comprehensive product delivery capabilities. The UK factory is expected to see improved capacity utilization and profitability in 2025, while the Malaysia factory is still in the construction phase [5][6] Group 3: R&D and Product Development - The development cycle for new agricultural protection products is generally shorter than that for pharmaceutical products, with the company providing kilogram-scale samples after clients complete molecular efficacy validation [3] - The company has invested significantly in R&D across agricultural protection, pharmaceuticals, and functional chemicals, achieving partial commercialization of products and production lines in 2024. Future R&D efforts will focus on optimizing existing products and extending advantageous technologies based on client needs [6]

Summary of Key Points Core Viewpoint - The company has approved a guarantee limit of 128 million yuan for its subsidiaries, with specific limits based on their asset-liability ratios, and has signed a guarantee contract with a bank for one of its subsidiaries [1][2]. Group 1: Guarantee Overview - The company has agreed to provide a guarantee limit of 128 million yuan for certain subsidiaries, with a maximum of 108 million yuan for subsidiaries with an asset-liability ratio below 70% and 20 million yuan for those above [1]. - The guarantee limit is effective from the date of approval at the third extraordinary shareholders' meeting until the annual shareholders' meeting in 2024 [1]. Group 2: Guarantee Progress - The company has signed a guarantee contract with China Bank for its subsidiary, providing joint liability for various financial agreements [2]. - This guarantee is within the approved limit and does not require further approval from the board or shareholders [2]. Group 3: Guarantee Details - The guarantee covers principal amounts, interest, penalties, and other costs related to the debts of the subsidiary [2]. - The debt performance period is set for three years from the maturity date [2]. Group 4: Total Guarantee Amount - As of the announcement date, the total external guarantee amount provided by the company and its subsidiaries is 156.42 million yuan, representing 24.16% of the company's latest audited net assets [3]. - There are no overdue guarantees or litigation related to guarantees reported by the company or its subsidiaries [3].

证券代码：002250 证券简称：联化科技 公告编号：2025-029 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2024年11月 22日召开了第八届董事会第二十次会议和2024年12月9日召开了2024年第三次临 时股东大会，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 为公司部分子公司提供128,000万元的担保额度，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108,000万元，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。本次担保额度 预计期限自公司2024年第三次临时股东大会审议通过之日起至公司2024年度股 东大会。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《关于公司为子公司提供担保额度预计的公告》（公告 编号：2024-052）。 在符合规定的条件下，公司可根据需要 ...