Core Insights - Company is actively developing and collaborating with major domestic clients, focusing on innovative drug development and has a pipeline of clinically promising products in phases II and III [1] - The global CXO service market is projected to grow from approximately $79.4 billion in 2024 to $161.6 billion by 2031, with a CAGR of 10.9% from 2025 to 2031 [1] - Company has established itself as a significant competitor in the CRDMO sector, providing comprehensive services from drug discovery to commercialization [1] Financial Performance - In the first half of 2025, the company's pharmaceutical business revenue reached 1.018 billion yuan, a year-on-year increase of 42.8%, with a gross margin of 42.75% [2] - The company has successfully completed multiple key validation projects, laying a solid foundation for capacity and technology [2] R&D and Technological Advancements - Company has expanded its R&D capabilities beyond traditional small molecules to include amino acids, peptides, PROTAC/ADC linkers, and oligonucleotides, enhancing its market responsiveness [3] - In 2024, the company developed 12 tubular process projects, with 7 achieving continuous production delivery [2][3] - The CRO segment has built capabilities in various technologies, including PROTAC, linker synthesis, and enzyme catalysis, to meet diverse client needs [2][3] Strategic Partnerships and Market Position - Company has deepened R&D collaborations with two global pharmaceutical leaders and partnered with multiple domestic innovative drug companies [2][4] - As a leading provider in the CDMO market for crop protection, the company has established strategic partnerships with five major original research crop protection companies [4] - The company has identified several products with commercialization potential within 3-5 years, supporting long-term business growth [4] Industry Outlook - The company is well-positioned to capitalize on the ongoing recovery in the pharmaceutical R&D and production industry, aiming to strengthen its position in the CXO value chain [5]

Core Viewpoint - The company has established cooperation and close connections with several leading enterprises in the new energy sector, including battery manufacturers and electrolyte manufacturers [1] Group 1 - The company is actively engaging with top enterprises in the new energy industry [1] - Collaboration includes partnerships with both battery and electrolyte manufacturers [1]

证券日报网讯联化科技（002250）9月25日在互动平台回答投资者提问时表示，医药业务上半年度增长 显著，主要系集中发货所致。目前，公司医药事业部已与一批国内外优质客户建立稳定商业联系，业务 合作覆盖范围持续扩大。公司跟随客户业务管线布局公司产品管线，未来随着公司与客户业务的不断深 入，客户专利期内产品的持续推广，公司医药业务将能继续实现增长。 ...

（记者 曾健辉） 每经头条（nbdtoutiao）——"9·24"一周年，A股总市值破116万亿元！四大变革重塑中国资本市场新生 态 每经AI快讯，联化科技发布公告称，2025年9月24日，联化科技接受银河证券调研，公司高级副总裁、 董秘陈飞彪，证券事务代表戴依依参与接待，并回答了投资者提出的问题。 ...

Group 1: Pharmaceutical Business - The pharmaceutical business showed significant growth in the first half of the year, primarily due to concentrated shipments. The company continues to adhere to a major client strategy, focusing on CDMO business models and has established stable commercial relationships with several leading global pharmaceutical companies [1] - The company is actively expanding its client base, targeting strategic and high-viscosity clients, which is expected to drive further growth in the pharmaceutical sector as client product pipelines develop [1] Group 2: Agricultural Protection Business - The agricultural protection business is anticipated to recover in the second half of the year as the client inventory reduction cycle comes to an end. The business primarily focuses on CDMO, covering a range of products including insecticides, herbicides, and fungicides [1] - The company has over 20 years of experience in the agricultural protection industry and is recognized as a strategic partner by five major original research agricultural protection companies, providing comprehensive R&D, production, and supply chain solutions [1] Group 3: Overseas Subsidiaries - The UK subsidiary has improved its operational performance in the first half of the year, with increased capacity utilization and significant foreign exchange gains contributing to its revenue performance [2] - The Malaysian subsidiary is still under construction, with plans for it to focus on the production and sales of patented agricultural protection products once operational [2] Group 4: New Energy Business - The new energy business is expected to achieve significant progress this year, with collaborations established with several leading new energy companies, leading to stable supply and a substantial revenue breakthrough anticipated [2] - The company aims to optimize production and sales processes to reduce costs and enhance profitability in the new energy sector while also focusing on innovative product development [2] Group 5: Competitive Landscape - The company believes that Indian competitors cannot fully replace domestic suppliers, as clients seek to stabilize their supply chains through multi-regional sourcing [2] - China maintains a more comprehensive supply chain system, mature waste management processes, and a robust patent protection system, which provides a competitive edge in the international market [2]

Group 1 - The core viewpoint of the article highlights the production capacity and market dynamics of lithium hexafluorophosphate and lithium bis(fluorosulfonyl)imide, indicating that companies are facing limited output due to market conditions [2][4] - Lianhua Technology has a planned production capacity of 20,000 tons/year for lithium hexafluorophosphate and 10,000 tons/year for lithium bis(fluorosulfonyl)imide, with strategic partnerships formed with leading domestic and international manufacturers to provide customized products [2] - Tianji Co., Ltd. reports that all three of its lithium hexafluorophosphate plants are operating at full capacity, with low inventory levels and rising prices, and expects continued full production in the second half of the year [4] Group 2 - The article mentions that Tianji Co., Ltd. currently has a production capacity of 37,000 tons/year for lithium hexafluorophosphate [4] - The meeting details indicate that the event is organized by Xinluo Information and will take place in Shanghai on November 12-13, 2025 [5][6] - The company emphasizes the importance of strategic cooperation and the development of competitive chemical products to support customer growth [2]

格隆汇9月23日丨联化科技(002250.SZ)在投资者互动平台表示，公司已成为植保行业前5大公司重要的 战略供应商，公司亦成功地成为了多家国际医药巨头的战略供应商及诸多医药前20大公司的合作伙伴， 这使得公司拥有了被行业普遍认可的产品优势及广阔的市场机会。公司功能化学品事业部以自产自销产 品为主，主要覆盖个人护理、电池等领域。 ...

Core Viewpoint - Lianhua Technology's stock price has experienced significant fluctuations, with a year-to-date increase of 90.53% but a recent decline in the last five trading days by 6.52% [2] Company Overview - Lianhua Technology, established on September 14, 1998, and listed on June 19, 2008, is located in Taizhou, Zhejiang Province. The company operates in three main sectors: pesticides, pharmaceuticals, and functional chemicals [2] - The revenue composition of Lianhua Technology is as follows: pesticides 54.03%, pharmaceuticals 32.32%, functional chemicals 8.42%, equipment and engineering services 4.88%, and others 0.36% [2] Financial Performance - For the first half of 2025, Lianhua Technology reported revenue of 3.15 billion yuan, a year-on-year increase of 5.76%, and a net profit attributable to shareholders of 224 million yuan, reflecting a substantial growth of 1481.94% [3] - The company has distributed a total of 960 million yuan in dividends since its A-share listing, with 129 million yuan distributed over the past three years [4] Shareholder Information - As of June 30, 2025, Lianhua Technology had 72,300 shareholders, an increase of 88.92% from the previous period, with an average of 12,533 circulating shares per shareholder, a decrease of 47.07% [3] - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 40.36 million shares, which is an increase of 21.34 million shares from the previous period [4] Market Activity - On September 23, Lianhua Technology's stock price fell by 2.06%, trading at 10.46 yuan per share, with a total transaction volume of 67.35 million yuan and a turnover rate of 0.70% [1] - The stock has appeared on the "Dragon and Tiger List" nine times this year, with the most recent appearance on June 25, where it recorded a net buy of -46.85 million yuan [2]

Core Insights - The company has a planned production capacity of 20,000 tons/year for lithium hexafluorophosphate and 10,000 tons/year for lithium bis(fluorosulfonyl)imide, but production is limited due to market conditions [2] - The company does not produce PVDF-HFP water-based adhesives or sulfide electrolyte materials [2] - The company has formed strategic partnerships with leading domestic and international manufacturers to provide differentiated and customized product services, leveraging its technical expertise and production resources [2]

Group 1 - The company, Linghua Technology (002250.SZ), confirmed on September 22 that it does not have any business related to photoresist [1]