Core Viewpoint - The agricultural chemical industry is experiencing a recovery in the first quarter of 2024, with most companies reporting improved performance after a period of destocking in 2023 [1][5][6]. Group 1: Company Performance - As of April 28, 29 agricultural chemical companies have disclosed their Q1 reports, with 27 companies reporting profits and 16 showing year-on-year profit growth [1]. - Companies such as Lianhua Technology, Hunan Haili, and Lier Chemical reported net profit increases exceeding 100% year-on-year [2][3]. - Lianhua Technology's Q1 net profit grew over tenfold to 4971.56 million yuan, with a revenue of 15.1 billion yuan, marking a 3.02% increase [2]. - Hunan Haili achieved a revenue of 4.31 billion yuan, up 25.44%, and a net profit of 5661.02 million yuan, up 483.78% [3]. - Lier Chemical reported total revenue of 20.86 billion yuan, a 49.99% increase, and a net profit of 1.53 billion yuan, up 219.9% [3]. - Companies like Xianda Co. and Limin Co. turned losses into profits in Q1 due to increased sales and prices [4]. Group 2: Market Trends - The agricultural chemical market is entering its traditional peak season, with significant destocking observed since the beginning of the year [5][6]. - The market is showing signs of recovery, with an increase in terminal demand and replenishment in both domestic and foreign markets [6]. - The raw material price index for agricultural chemicals rose to 73.11 points, reflecting a 0.29% increase from the previous month [6]. - Industry experts express optimism for 2025, anticipating a stable recovery in the agricultural chemical sector [7].

Financial Performance Summary - WuXi AppTec reported a net profit of 3.672 billion yuan for Q1 2025, a year-on-year increase of 89.06% [5] - CICC announced a net profit of 2.042 billion yuan for Q1 2025, reflecting a year-on-year growth of 64.85% [9] - Jiangxi Copper achieved a net profit of 1.952 billion yuan for Q1 2025, up 13.85% year-on-year [3] - China Petroleum & Chemical Corporation (Sinopec) reported a net profit of 13.264 billion yuan for Q1 2025, a decrease of 27.6% year-on-year [13] - Shanghai Pharmaceuticals posted a net profit of 1.333 billion yuan for Q1 2025, down 13.56% year-on-year [8] - Transsion Holdings recorded a net profit of 490 million yuan for Q1 2025, a significant decline of 69.87% year-on-year [2] - Zhejiang Energy Power reported a net profit of 1.074 billion yuan for Q1 2025, down 40.81% year-on-year [2] - Shandong Gold achieved a net profit of 1.026 billion yuan for Q1 2025, an increase of 46.62% year-on-year [14] - New Hope Liuhe reported a net profit of 1.88 billion yuan for Q1 2025, a year-on-year increase of 116.18% [16] - Yunnan Baiyao posted a net profit of 1.935 billion yuan for Q1 2025, up 13.67% year-on-year [16] - Haitai Flavor reported a net profit of 2.202 billion yuan for Q1 2025, a year-on-year increase of 14.77% [11] - China Merchants Bank reported a net profit of 2.308 billion yuan for Q1 2025, reflecting a year-on-year growth of 6.97% [8] Corporate Actions - Saitex New Materials' chairman voluntarily waived his salary, and senior management agreed to a 20% salary reduction from April to December 2025 to optimize cost structure and enhance competitiveness [4] - Foton Motor plans to invest up to 2.5 billion yuan in subscribing to new shares of BAIC Blue Valley [12] - Jinwei Co. announced that some directors and senior management plan to increase their holdings in the company with an investment between 6 million to 7.7 million yuan [7] - China Merchants Life Science intends to increase its stake in Renfu Pharmaceutical by 0.5% to 1% within six months [10]

Group 1: Company Performance Highlights - Youfa Group reported a revenue of 11.40 billion yuan in Q1, a year-on-year increase of 6.06%, with a net profit of 133 million yuan, up 9680.17% due to increased sales volume and improved gross margin [2][3] - Ruijie Networks achieved a revenue of 2.54 billion yuan, growing 18.14% year-on-year, and a net profit of 107 million yuan, up 4543.67%, driven by accelerated orders and effective cost management [4][5] - Weidong Nano recorded a revenue of 510 million yuan, a significant increase of 198.95%, with a net profit of 84 million yuan, up 2253.57%, attributed to project implementation and acceptance [6][7] - Aoto Electronics reported a revenue of 185 million yuan, a 2.72% increase, and a net profit of 13.60 million yuan, up 2139.84%, due to reduced credit impairment losses and lower expenses [8][9] - Lianhua Technology posted a revenue of 1.51 billion yuan, a 3.02% increase, with a net profit of 49.72 million yuan, up 1747.04% [10][11] - Hongtong Gas achieved a revenue of 666 million yuan, a 43.98% increase, and a net profit of 22.54 million yuan, up 951.01%, driven by increased LNG sales [12][13] - Shengyi Electronics reported a revenue of 1.58 billion yuan, an increase of 78.55%, with a net profit of 200 million yuan, up 656.87%, due to optimized product structure and cost reduction measures [14] - CIMC reported a revenue of 36.03 billion yuan, a year-on-year increase of 11.04%, with a net profit of 544 million yuan, up 550.21% [15] - Hunan Haili achieved a revenue of 431 million yuan, a 25.44% increase, with a net profit of 56.61 million yuan, up 483.78%, primarily due to increased revenue and a low base from the previous year [16][17]

Financial Performance - The company's revenue for Q1 2025 was CNY 1,509,820,847.64, representing a 3.02% increase compared to CNY 1,465,597,404.32 in the same period last year[5] - Net profit attributable to shareholders reached CNY 49,715,553.49, a significant increase of 1,747.04% from CNY 2,691,631.55 in the previous year[5] - The net profit after deducting non-recurring gains and losses was CNY 47,786,202.06, up 318.63% from CNY 11,415,035.96 year-on-year[5] - Basic and diluted earnings per share were both CNY 0.0546, reflecting a 1,720.00% increase from CNY 0.003 in the previous year[5] - Operating profit increased to ¥96,419,913.66, up 79.4% from ¥53,856,081.75 in the prior period[18] - Net profit for the current period was ¥69,884,038.49, representing a significant increase of 188.5% compared to ¥24,235,708.40 from the previous period[18] Cash Flow - The net cash flow from operating activities was CNY 9,723,372.25, an increase of 141.53% compared to CNY 4,025,709.35 in the same period last year[5] - Cash flow from operating activities generated a net amount of ¥9,723,372.25, a substantial increase from ¥4,025,709.35 in the last period[19] - Investment activities resulted in a net cash outflow of ¥108,490,185.06, an improvement from a larger outflow of ¥264,620,183.35 in the prior period[19] - Net cash flow from financing activities was -$113.56 million, compared to $321.45 million in the previous period[20] Assets and Liabilities - Total assets at the end of the reporting period were CNY 13,685,205,233.59, a decrease of 0.80% from CNY 13,795,078,251.29 at the end of the previous year[5] - Total liabilities were CNY 6,836,840,997.86, down from CNY 6,918,771,100.14[15] - Current assets totaled CNY 5,561,061,381.99, showing a slight increase from CNY 5,456,943,622.05[14] - The company's cash and cash equivalents decreased to CNY 1,007,375,287.30 from CNY 1,202,166,591.32[14] - Accounts receivable rose to CNY 1,499,783,951.05 from CNY 1,225,529,334.94, indicating a significant increase[14] - Inventory decreased to CNY 2,397,206,767.43 from CNY 2,454,145,542.26, reflecting a reduction in stock levels[14] - The non-current assets totaled CNY 8,124,143,851.60, down from CNY 8,338,134,629.24[15] Shareholder Information - Shareholders' equity attributable to the parent company was CNY 6,425,823,472.81, down 0.74% from CNY 6,473,934,873.23 at the end of the previous year[5] - The company reported a decrease in total equity to CNY 6,848,364,235.73 from CNY 6,876,307,151.15[16] - The total number of ordinary shareholders at the end of the reporting period was 38,284[10] Expenses - Financial expenses decreased by 60.86% to CNY 15,796,285.38, primarily due to increased exchange gains compared to the previous year[8] - Total operating costs rose to ¥1,408,599,103.79, an increase of 1.8% from ¥1,385,254,663.45 in the previous period[17] - Research and development expenses were ¥74,406,430.75, slightly up from ¥72,185,914.55 in the prior period[17] Other Information - Other comprehensive income after tax showed a loss of ¥17,830,315.91, compared to a gain of ¥1,735,453.81 in the previous period[18] - The company disposed of fixed assets, generating cash inflow of ¥10,000,000.00, with no comparable inflow in the previous period[19] - Cash and cash equivalents at the end of the period totaled $779.39 million, down from $656.60 million year-over-year[20] - The impact of exchange rate changes on cash and cash equivalents was $4.29 million, compared to -$139,708.12 in the previous period[20] - The company did not pay dividends or profits to minority shareholders during the reporting period[20] - The first quarter report was not audited[21] - The company will implement new accounting standards starting from 2025[22]

Core Insights - Despite an 11.88% year-on-year decline in revenue to 5.677 billion yuan, the company achieved a significant profit rebound, with total profit increasing by 159.94% to 241 million yuan and net profit attributable to shareholders rising by 122.17% to 103 million yuan, successfully reversing previous losses [1] - The company aims to become a global leader in chemical and technology solutions, focusing on differentiated development and enhancing core competitiveness through a strategy of "focus, foresight, and alliances" [1] Business Segments - The crop protection segment remains the core pillar, contributing 3.590 billion yuan, accounting for 63.25% of total revenue. The company has established a supply chain system covering the entire product lifecycle through its production bases in China, the UK, and Malaysia [2] - The pharmaceutical CDMO segment generated revenue of 1.285 billion yuan, benefiting from the growing demand for outsourced R&D in innovative drugs. The company has formed partnerships with several leading pharmaceutical firms and is expanding its CRO platform [2] Future Strategy - The company plans to expand mature businesses, including small molecule CDMO, starting materials, GMP intermediates, and advanced raw materials. It will also invest in emerging businesses such as peptide CDMO and radioactive drug-related CDMO [3] - Despite revenue pressures, the company maintains a strong commitment to R&D, with R&D expenses reaching 291 million yuan, accounting for 5.13% of revenue. The company holds 160 domestic and international invention patents [3] International Strategy - The company's overseas strategy is proactive, with the UK base serving as a gateway to the European market and the Malaysian project as a key foothold in Southeast Asia. This multi-regional capacity configuration reduces geopolitical risks and allows for customized solutions based on client needs [3] Shareholder Returns - The company returned nearly 98 million yuan to shareholders through cash dividends and share buybacks, representing 94.84% of net profit, demonstrating management's commitment to investor returns [4] - The company has implemented a mechanism for shared interests between shareholders and employees, binding core talent through capital increases and employee stock ownership plans [4] Outlook - The company is positioned for a higher quality leap as a "chemical solutions provider," warranting continued market attention [5]

联化科技股份有限公司 独立董事2024年度述职报告 ——Zhang Yun 作为联化科技股份有限公司（以下简称"公司"或"联化科技"）第八届董事会 独立董事，本人根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公 司独立董事管理办法》等法律、法规以及《公司章程》、《独立董事制度》的相关规 定，在2024年度充分发挥独立董事的监督作用，忠实履行各项职责，积极出席相关会 议，并以谨慎的态度对相关议案发表了表决意见，维护了公司的整体利益和中小股东 的合法利益。现将2024年度工作述职如下： 一、基本情况 作为公司的独立董事，经自查，本人符合《上市公司独立董事管理办法》《深 圳证券交易所上市公司自律监管指引第1号——主板上市公司规范运作》等相关法律 法规中对独立董事独立性的相关要求，不存在影响独立性的情况。 二、2024年度履职情况 2024年度，本人认真参加了公司的董事会和股东大会，履行了独立董事勤勉尽 责义务。具体出席会议情况如下： | | 独立董事出席董事会情况 | | | | | | --- | --- | --- | --- | --- | --- | | 独立董事姓名 会召开次数 | 本报告期董 ...

联化科技股份有限公司董事会 2025 年 4 月 23 日 联化科技股份有限公司董事会 关于独立董事保持独立性情况的专项意见 根据《上市公司独立董事管理办法》《深圳证券交易所上市公司自律监管指引第1 号——主板上市公司规范运作》等相关规定，联化科技股份有限公司（以下简称"公 司"）董事会就公司在任独立董事蒋萌女士、俞寿云先生、Zhang Yun先生的独立性 情况进行评估并出具如下专项意见： 经核查独立董事蒋萌女士、俞寿云先生、Zhang Yun先生的任职经历以及签署 的相关自查文件等内容，公司董事会认为上述人员未在公司担任独立董事以外的任 何职务，也未在公司主要股东担任任何职务，与公司以及主要股东之间不存在利害 关系或其他可能妨碍其进行独立客观判断的关系，不存在其他影响独立董事独立性 的情况，因此，公司独立董事符合《上市公司独立董事管理办法》《深圳证券交易所 上市公司自律监管指引第1号——主板上市公司规范运作》等相关法律法规中对独立董 事独立性的相关要求。 ...

联化科技股份有限公司 独立董事2024年度述职报告 作为联化科技股份有限公司（以下简称"公司"或"联化科技"）第八届董事会 独立董事，本人根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公 司独立董事管理办法》等法律、法规以及《公司章程》、《独立董事制度》的相关规 定，在2024年度充分发挥独立董事的监督作用，忠实履行各项职责，积极出席相关会 议，并以谨慎的态度对相关议案发表了表决意见，维护了公司的整体利益和中小股东 的合法利益。现将2024年度工作述职如下： 一、基本情况 （一）工作履历、专业背景及兼职情况 本人俞寿云，男，1978年11月出生，博士，已取得独立董事资格证书。历任南 京大学化学化工学院副教授，现任南京大学化学化工学院教授、副院长、常州丰盛 光电科技股份有限公司独立董事、联化科技独立董事。 2022年9月21日，公司召开的2022年第三次临时股东大会选举本人为公司第八届 董事会独立董事。 （二）不存在影响独立性的情况 作为公司的独立董事，经自查，本人符合《上市公司独立董事管理办法》《深 圳证券交易所上市公司自律监管指引第1号——主板上市公司规范运作》等相关法律 法规中对独立董事独立性 ...

作为联化科技股份有限公司（以下简称"公司"或"联化科技"）第八届董事会 独立董事，本人根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公 司独立董事管理办法》等法律、法规以及《公司章程》、《独立董事制度》的相关规 定，在2024年度充分发挥独立董事的监督作用，忠实履行各项职责，积极出席相关会 议，并以谨慎的态度对相关议案发表了表决意见，维护了公司的整体利益和中小股东 的合法利益。现将2024年度工作述职如下： 一、基本情况 （一）工作履历、专业背景及兼职情况 本人蒋萌，女，1980年1月出生，学士，已取得独立董事资格证书。历任山东琴 岛律师事务所项目运营及工程建设法律部专职律师、合伙人、高级合伙人，现任山 东国曜琴岛（青岛）律师事务所权益合伙人、联化科技独立董事。 2022年9月21日，公司召开的2022年第三次临时股东大会选举本人为公司第八届 董事会独立董事。 联化科技股份有限公司 独立董事2024年度述职报告 ——蒋萌 （二）不存在影响独立性的情况 作为公司的独立董事，经自查，本人符合《上市公司独立董事管理办法》《深 圳证券交易所上市公司自律监管指引第1号——主板上市公司规范运作》等相关法律 法 ...

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。 证券代码：002250 证券简称：联化科技 公告编号：2025-024 联化科技股份有限公司 关于召开 2024 年度股东大会的通知 网络投票时间为：2025年6月9日 其中，通过深圳证券交易所交易系统进行网络投票的具体时间为：2025年6 月9日9:15至9:25，9:30至11:30和13:00至15:00；通过深圳证券交易所互联网投票 系统投票的具体时间为：2025年6月9日9:15至15:00。 一、召开会议基本情况 1、股东大会届次：2024年度股东大会 2、股东大会的召集人：联化科技股份有限公司（以下简称"公司"、"联化 科技"）第八届董事会第二十三次会议决议提请召开股东大会。 3、会议召开的合法、合规性：本次股东大会会议的召集、召开符合有关法 律、行政法规、部门规章、规范性文件和《公司章程》的规定。 4、会议召开的日期、时间： 现场会议时间为：2025年6月9日（星期一）13时30分 （1）截至2025年6月3日下午收市后在中国证券登记结算公司深圳分公司登 5、会议的召开方式：本次股东大会以现场表决 ...