联化科技股份有限公司投资者关系活动记录表 证券代码：002250 证券简称：联化科技 编号：20160519 | --- | --- | --- | --- | --- | |----------------------------------------------------|---------------------------------------------|--------------|-----------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------| | 投资者关系活动类别 \n \n参与单位名称及人员 姓名 | √特定对象调研 \n南方基金 杜冬松 周 方正证券 | \n 郭艳红 | □分析师会议 \ ...

联化科技股份有限公司投资者关系活动记录表 证券代码：002250 证券简称：联化科技 编号：20160304 | --- | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------|----------------------------|-------------|--------------------|--------------------|----------------------------------------------------|-------|-------|--------------------------| | | | | | | | | | | | 投资者关系活动类别 | √特定对象调研 | | | | □分析师会议 | | | | | | | | | | □媒体采访 □业绩说明会 | | | | | | | | | | □新闻发布会 □路演活动 | | | | | | | | | | √现场参观 □其他（投资者接待日活动） | | | | | | 兴业证券 唐 | | 婕 | | 兴证资产管 ...

联化科技股份有限公司投资者关系活动记录表 证券代码：002250 证券简称：联化科技 编号：20160315 | --- | --- | --- | --- | --- | --- | --- | --- | --- | |--------------------|--------------------------|-------|--------|-------------|------------------------------------------------------------|---------------|--------|--------------------------| | | | | | | | | | | | 投资者关系活动类别 | □特定对象调研 | | | | □分析师会议 | | | | | | □媒体采访 □业绩说明会 | | | | | | | | | | □新闻发布会 □路演活动 | | | | | | | | | | | | | | □现场参观 √其他（投资者接待日活动） | | | | | 参与单位名称及人员 | 机构投资者： | | | | | | | | ...

联化科技股份有限公司投资者关系活动记录表 证券代码：002250 证券简称：联化科技 编号：20170510 | --- | --- | --- | --- | --- | --- | --- | |--------------------|-----------------------------------------|--------|--------------------------|-------|---------------------|----------------------------------------------------------| | | | | | | | | | | | | | | | | | 投资者关系活动类别 | □特定对象调研 | | □分析师会议 | | | | | | □媒体采访 □业绩说明会 | | | | | | | | □新闻发布会 □路演活动 | | | | | | | | □现场参观 √其他（投资者接待日活动） | | | | | | | 参与单位名称及人员 | 兴业证券 徐留明、庄伟彬 巨衫资产 张力磁 | | | | | | | 姓名 | 大 ...

联化科技股份有限公司投资者关系活动记录表 证券代码：002250 证券简称：联化科技 编号：20170420 | --- | --- | --- | --- | --- | --- | |--------------------|--------------------------|----------------------------|-------------|------------------------------------------------------|----------------------------------------------------------------| | 投资者关系活动类别 | √特定对象调研 | | □分析师会议 | | | | | □媒体采访 □业绩说明会 | | | | | | | □新闻发布会 □路演活动 | | | | | | | | | | □现场参观 □其他（投资者接待日活动） | | | 参与单位名称及人员 | | | | 东北证券 邹兰兰、王栋 中泰证券 康海涛 | | | | 大平基金 | 张翼翔 | | 浙商证券 邓胜、曹承安 | | ...

Group 1: Agricultural Business Insights - The cyclical nature of the pesticide industry has led to a decrease in overall demand for pesticide intermediates in 2016, but communication with clients indicates that business in 2017 is expected to improve significantly compared to 2016 [1] - Mergers and restructuring among upstream clients, such as DuPont and Dow's merger, are likely to reduce and optimize the supplier list, which could benefit the company as a preferred supplier due to its competitive advantages in customized services [1] - The company currently has no plans to expand into the pesticide or pharmaceutical formulation fields, despite recognizing significant growth potential in the custom services for intermediates and active ingredients [1] Group 2: Pharmaceutical Business Strategy - The global market for pharmaceuticals is large, and the company's strategy focuses on the production of advanced intermediates and active pharmaceutical ingredients, aligning with client expectations [2] - The company targets innovative pharmaceutical companies rather than generic drug firms, emphasizing the importance of innovation and reliability as key supplier characteristics [2] - Many clients have chosen the company as their preferred strategic partner, entrusting it with the production of their marketed products and involving it in their R&D efforts, ensuring stable future business development [2] Group 3: Operational Challenges and Market Dynamics - The Texas facility's production halt due to a safety incident has impacted the company's performance, but production is being restored in an orderly manner, with expectations to return to normal levels by the end of November [2] - Fluctuations in raw material prices can affect profit margins for the company's proprietary products; however, for the custom processing business, which charges processing fees, the impact is minimal due to many products being under patent protection [2] - The company has established three major divisions for functional chemicals, aiming to integrate existing resources and expand product offerings, balancing custom processing and proprietary product development [2]

Group 1: Investor Relations Activities - The investor relations activity was a targeted research event held on November 22, 2016, at the company's Shanghai office [1] - Participants included representatives from various funds and securities firms, indicating a diverse interest in the company's performance [1] Group 2: Agricultural Chemicals Business - The company's agricultural chemicals business primarily serves international clients, with domestic sales being relatively small [1] - Demand for agricultural intermediates is expected to improve in 2017, as customer inventory levels have bottomed out [1] - The cyclical nature of the agricultural industry and customer inventory adjustments have led to a weakened overall demand in 2016 [1] Group 3: Pharmaceutical Business Strategy - The pharmaceutical market is large, and the company aims to focus on the production of high-end intermediates and active pharmaceutical ingredients [2] - The company is targeting innovative pharmaceutical companies rather than generic drug firms [2] Group 4: Mergers and Acquisitions - The company is actively seeking quality acquisition targets, focusing on pharmaceutical intermediates and active pharmaceutical ingredients [2] - There is a noted gap in quality control systems between Chinese companies and international pharmaceutical giants, affecting trust and supplier relationships [2] - The establishment of a mergers and acquisitions department is seen as a key strategy for future growth [2] Group 5: Production Recovery and Capital Expenditure - The production at the Texas facility is being restored in an orderly manner, with full recovery expected by the end of November 2016 [2] - The company has made significant investments in infrastructure in recent years, with future capital expenditures expected to be lower as expansions will primarily involve building and upgrading facilities [2] Group 6: Impact of Industry Consolidation - The acquisition of Syngenta by ChemChina is not expected to rapidly change the supply chain, and the company is confident in maintaining its competitive position [3] - The merger of DuPont and Dow is anticipated to enhance the company's status as a preferred supplier in the agricultural sector [3]

Group 1: Company Strategy and Leadership - The company has been pursuing an international development strategy since 2015, with a significant acquisition in February 2017 of a UK-based advanced R&D and production custom processing company [1] - Andreas Winterfeldt was appointed as the new CEO due to his extensive experience in multinational corporations and strong leadership demonstrated during his tenure in the pharmaceutical division [1] Group 2: Environmental Considerations - Recent increases in environmental fees due to stricter national policies may impact future development, but the company prioritizes environmental governance and aims to enhance its core competitiveness in this area [2] - The company’s factories are located in chemical parks, and it is committed to maintaining high levels of environmental investment [2] Group 3: Acquisition Rationale - The target company has negative net assets and profits primarily due to high capital costs, but it possesses certain gross margins that could improve post-acquisition through integration with the company [2] - The acquisition of FINE ORGANICS is expected to create synergies, as it focuses on early product lifecycle stages, complementing the company’s strengths in later stages [2] Group 4: Market Position and Future Prospects - The acquisition will transition the company from a regional player to an international competitor, enhancing market reach and strategic partnerships [3] - Recent mergers among multinational companies in the pesticide sector may favor the company as a preferred supplier due to its competitive advantages in customized services [3] - The successful FDA certification of the Jiangkou factory signifies a high-quality cGMP system, which will attract more strategic partnerships and positively impact future business performance [3]

Group 1: Company Operations and Strategy - The production at Texas Lianhua has fully resumed since early December 2016, and it will not impact the business in 2017 [1] - The establishment of a subsidiary in Singapore is a key step in the company's internationalization strategy, aimed at accumulating operational experience for future expansions outside China [1] - The company is actively seeking high-quality acquisition targets, focusing on intermediates and raw materials [1] Group 2: Market Dynamics and Challenges - The quality control systems of Chinese pharmaceutical companies still lag behind those of European and American clients, leading to a trust gap with international pharmaceutical giants [1] - Currently, Chinese pharmaceutical intermediates are small in scale and often serve as supplementary suppliers, with prices being 20%-30% higher than foreign products [1] - The global demand for agricultural intermediates weakened in 2016 due to the cyclical nature of the agricultural industry and inventory adjustments by clients [2] Group 3: Future Outlook and Financial Considerations - International agricultural giants have completed their destocking phase and are entering a restocking phase, which is expected to boost global agricultural demand in the coming years [2] - The company has made significant investments in its bases, such as the Duqiao base, and future capital expenditures are expected to decrease, potentially allowing for an increase in dividend payouts [2]

联化科技股份有限公司投资者关系活动记录表 证券代码：002250 证券简称：联化科技 编号：20170302 | --- | --- | --- | |-------------------------|-------------------------------------------------------------|-----------------------------------------------------------------------------------------------------------| | 投资者关系活动类别 | √特定对象调研 | □分析师会议 | | | | □媒体采访 □业绩说明会 | | | □新闻发布会 □路演活动 | | | | | □现场参观 □其他（投资者接待日活动） | | 参与单位名称及人员 姓名 | 银河基金 中融信托 圆信永丰 银华基金 薄官辉 兴全基金 | 张瑞 招商基金 吴锡雄 曹翔 中国人寿 阳宜洋 张一苇 远策投资 谢利 国泰基金 金烨 朱璘 富国基金 燕云 | | 时间 | 2017 年 3 月 2 日 | | | 地点 ...