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 ...

2025 年 03 月 16 日 行业研究 评级：推荐(维持) 研究所： 证券分析师： 李永磊 S0350521080004 liyl03@ghzq.com.cn 证券分析师： 董伯骏 S0350521080009 dongbj@ghzq.com.cn 联系人 ： 仲逸涵 S0350123070022 zhongyh@ghzq.com.cn [Table_Title] 欧美 MDI 厂商发布涨价函，关注铬盐在军工领 域的应用 ——基础化工行业周报 最近一年走势 | 行业相对表现 | | | 2025/03/14 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 基础化工 | 4.1% | 0.5% | 9.7% | | 沪深 300 | 1.7% | 1.9% | 12.5% | 相关报告 《基础化工行业周报：振华股份铬盐价格上涨，中 策橡胶 IPO 过会（推荐）*基础化工*李永磊，董伯 骏》——2025-02-16 《基础化工行业周报：轮胎原材料价格指数走低， 赛轮轮胎拟扩建柬埔寨工厂（推荐）*基础化工*李 永磊，董伯骏》——2025-01-12 《基 ...

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 ...

证券代码：002250 证券简称：联化科技 公告编号：2025-011 联化科技股份有限公司 3、公司已在中国证券登记结算有限责任公司深圳分公司开立回购专用证券 账户。 4、公司董事、监事、高级管理人员、控股股东、实际控制人及其一致行动 人目前暂无明确的增减持公司股份计划，如后续新增减持股份计划，将按照相关 规定及时履行信息披露义务。 5、风险提示 （1）存在公司股票价格持续超出回购方案披露的价格区间，导致回购方案 无法实施的风险。 （2）存在回购期限内因对本公司股票交易价格产生重大影响的重大事项发 生或公司董事会决定终止本回购方案等可能导致本次回购无法实施或只能部分 实施的风险。 （3）存在因股权激励计划或员工持股计划未能经公司董事会或股东大会等 决策机构审议通过、股权激励对象放弃认购等原因，导致已回购股票无法全部授 出的风险；存在回购专户库存股有效期届满未能将回购股份过户至股权激励计划 或员工持股计划的风险。 回购报告书 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。 重要提示 1、本次拟回购联化科技股份有限公司（以下简称"公司"）发行的人民币普 通股 A ...

证券代码：002250 证券简称：联化科技 公告编号：2025-010 联化科技股份有限公司 关于回购股份事项前十名股东和前十名无限售条件股东持股情况的 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。 注：以上股东的持股数量为合并普通账户和融资融券信用账户后总持股数量。 二、前十名无限售条件股东持股情况 | 序号 | 股东名称 | 持股数量 | 持股比例 | | --- | --- | --- | --- | | | | （股） | （%） | | 1 | 牟金香 | 234,535,853 | 25.87 | | 2 | 香港中央结算有限公司 | 26,802,445 | 2.96 | | 3 | 张有志 | 21,835,482 | 2.41 | | 4 | 上海弘尚资产管理中心（有限合伙）－弘 | 13,600,000 | 1.50 | | | 尚资产弘利 2 号私募证券投资基金 | | | | 5 | 金莺 | 12,362,100 | 1.36 | | 6 | 中央汇金资产管理有限责任公司 | 12,034,956 | 1.33 | | 7 | ...