Core Viewpoint - The company is currently focused on selling LiFSI and is still in the technical improvement phase for lithium hexafluorophosphate, with no large-scale sales yet [1] Group 1 - The company has received inquiries regarding the mass production of lithium hexafluorophosphate and lithium bis(fluorosulfonyl)imide [1] - The company confirmed that the lithium hexafluorophosphate project is still undergoing technical improvements [1] - There has been no large-scale sales generated from the lithium hexafluorophosphate project as of now [1]

Group 1 - The company, Lianhua Technology, announced that on October 30, 2025, it will accept an investor survey conducted by Bank of China Securities, with senior vice president and secretary Chen Feibiao participating in the reception and addressing investor questions [1] - There have been reports of "negative electricity prices" in multiple regions, raising questions about why power plants are reluctant to shut down despite not making profits from selling electricity [1]

Core Viewpoint - Company is leveraging its long-term expertise in chemical synthesis to enter the new energy sector, focusing on products like electrolytes and advancing customer communication, project development, and quality system construction [1] Group 1 - Company has initiated a review and upgrade of its pipeline product technology to enhance commercial production capacity [1] - The new energy business is expected to achieve significant revenue breakthroughs by 2025 [1] - Future growth will be driven by a large customer strategy, production capacity development, and strengthened quality management [1]

Group 1: New Energy Business Development - The company has focused on chemical synthesis since its establishment and is now entering the new energy sector, leveraging its competitive commercialization capabilities [1] - Current products in the new energy business include electrolytes, with plans for customer communication, project development, and quality system construction [1] - The company aims to achieve a breakthrough in new energy business revenue in 2025, focusing on large customer strategies, enhancing production capabilities, and strengthening quality management [1] Group 2: Pharmaceutical Business Growth - The pharmaceutical business is rapidly developing, primarily through a CDMO model, with partnerships established with several leading global pharmaceutical companies [2] - The company is actively expanding its client base and focusing on strategic, high-viscosity customers, which is expected to drive future growth [2] Group 3: Malaysia Base Development - The product planning for the Malaysia base is centered on crop protection products, with positive feedback from clients regarding the overseas base construction [3] - The Malaysia base is currently in the construction phase, primarily intended for the production of patented crop protection products [3] Group 4: Impact of Tariff Changes - Tariff policies have a limited impact on the company's overall operations, as the export business to the U.S. constitutes a small portion of total operations [4] - The company maintains proactive communication with clients regarding supply chain stability and tax optimization in response to tariff changes [4] Group 5: Capital Expenditure and Funding - Current capital expenditures are focused on the coastal and Malaysia bases, with a net cash flow from operating activities of approximately 900 million yuan in the first three quarters of 2025 [5] - The company aims to gradually reduce its debt-to-asset ratio to lower operational risks and ensure stable operations [5] Group 6: K Amine Product Update - The company continues to provide the advanced intermediate K Amine for chlorantraniliprole under a CDMO model, maintaining a long-term partnership with the client [6] - A long-term framework agreement has been signed for related advanced intermediates, with a pricing model based on cost-plus for stable processing fees [6]

Group 1 - The core point of the announcement is the resolutions passed during the second extraordinary general meeting of shareholders held on October 28, 2025, which included the approval of several key proposals [6][10]. - The meeting was conducted in compliance with relevant laws and regulations, with a combination of on-site and online voting methods [3][5]. - A total of 406 shareholders participated in the voting, representing 33.1097% of the company's total voting shares [4]. Group 2 - The first resolution approved was the change of the purpose of repurchased shares and their cancellation, which received over two-thirds of the votes [6][8]. - The second resolution involved reducing the registered capital and amending the company's articles of association, also passing with over two-thirds support [6][8]. - The company plans to cancel 11,459,900 shares that were repurchased, reducing the registered capital from 911,333,117 yuan to 899,873,217 yuan [12][13]. Group 3 - The company has notified creditors about the reduction in registered capital, allowing them 45 days to request debt repayment or guarantees [13]. - The legal opinions provided by the law firm confirm that the meeting's procedures and voting results are valid and comply with the law [9].

证券代码：002250 证券简称：联化科技 公告编号：2025-052 联化科技股份有限公司 2025 年第二次临时股东会决议公告 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。 特别提示： 1、本次股东会无否决议案的情形。 2、本次股东会不涉及变更以往股东会已通过的决议。 一、会议召开和出席情况 （一）会议召开情况 1、会议时间：2025年10月28日（星期二）15时00分 2、会议地点：上海市黄浦区九江路333号金融广场27楼联化科技会议室 3、会议召集人：联化科技股份有限公司董事会 4、会议方式：现场投票与网络投票相结合的方式 5、会议主持人：董事长王萍女士 6、会议的召集、召开与表决程序符合《公司法》《上市公司股东会规则》《深圳 证券交易所股票上市规则》等法律、法规及规范性文件和《公司章程》的规定。 （二）会议出席情况 出席现场会议的股东共3名，代表有表决权的股份数964,100股，占公司有表决 权股份总数的0.1071%；参加网络投票的股东共403名，代表有表决权的股份数 296,980,936股，占公司有表决权股份总数的33.0025%；参加现场与 ...

联化科技股份有限公司 关于注销已回购股份减少注册资本暨通知债权人的公告 证券代码：002250 证券简称：联化科技 公告编号：2025-053 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"）分别于2025年10月9日和2025 年10月28日召开第九届董事会第二次会议和2025年第二次临时股东会，审议通过 了《关于变更回购股份用途并注销的议案》。 公司于2025年3月26日完成回购，公司通过回购专用账户以集中竞价方式累 计回购11,459,900股，占公司总股本的1.26%，成交总金额为79,996,638.00元人民 币（不含交易费用），详见公司于2025年3月28日披露的《关于回购股份比例达到 1%暨回购完成的公告》（公告编号：2025-014）。 本次公司注销已回购股票将涉及公司注册资本减少，根据《中华人民共和国 公司法》（以下简称"《公司法》"）等相关法律、法规的规定，公司特此通知债权 人，债权人自本公告之日起四十五日内，有权要求本公司清偿债务或者提供相应 担保。公司各债权人如要求本公司清偿债务或者提供相应担保 ...

致：联化科技股份有限公司 北京BEIJING·上海SHANGHAI·深圳SHENZHEN·香港HONG KONG·广州GUANGZHOU·西安XI'AN 北京市嘉源律师事务所 关于联化科技股份有限公司 2025年第二次临时股东会的 法律意见书 西城区复兴门内大街 158 号远洋大厦 4 楼 中国·北京 2025年第二次临时股东会的 法律意见书 嘉源(2025)-04-761 北京市嘉源律师事务所（以下简称"本所"）接受联化科技股份有限公司（以 下简称"公司"）的委托，根据《中华人民共和国公司法》（以下简称"《公司法》"）、 《中华人民共和国证券法》（以下简称"《证券法》"）、《上市公司股东会规则》 （以下简称"《股东会规则》"）等现行有效的法律、行政法规、部门规章、规范 性文件（以下简称"法律法规"）以及《联化科技股份有限公司章程》（以下简称 "《公司章程》"）的有关规定，指派本所律师对公司2025年第二次临时股东会（以 下简称"本次股东会"）进行见证，并依法出具本法律意见书。 为出具本法律意见书，本所指派律师现场见证了本次股东会，查阅了公司提 供的与本次股东会有关的文件和资料，并进行了必要的核查和验证。在前 ...

Core Insights - The company reported a significant increase in net profit for the first three quarters of 2025, reaching 316 million yuan, a year-on-year growth of 871.65% [1] - Total operating revenue for the same period was 4.718 billion yuan, reflecting an 8.25% year-on-year increase, with Q3 revenue alone at 1.569 billion yuan, up 13.61% [1] - The growth is attributed to a diversified business model, with the pharmaceutical sector being a key driver [1] Business Performance - The pharmaceutical business has become a crucial growth engine, with revenue reaching 1.018 billion yuan in the first half of 2025, a 42.80% increase year-on-year [1] - The subsidiary, Lianhua Angjian, reported revenue of 1.118 billion yuan and a net profit of 270 million yuan, marking a 90.4% increase [1] - The agricultural protection business is showing signs of recovery as the inventory destocking phase ends, contributing positively to overall performance [1] International Expansion - The company is making steady progress in its overseas operations, particularly with the Malaysia project aimed at producing and selling patented agricultural products [2] - The UK subsidiary has shown significant improvement, achieving a net profit of 67.97 million yuan in the first half of 2025, marking a turnaround from previous losses [2] Technological Advancements - The company is focusing on enhancing its production efficiency through technological breakthroughs, including the development of green adsorption technology to reduce energy consumption [2] - Progress has been made in biotechnology, with multiple green enzyme catalysis projects completed and a fermentation platform established for developing biopesticides and biofertilizers [2] Governance and Strategy - A new board of directors was elected in September 2025, led by Chairwoman Wang Ping, which is expected to strengthen the company's governance structure [2] - The company believes that its comprehensive supply chain and mature waste management systems provide a competitive edge in the international market [3] - The recent quarterly results signal strong confidence in the company's resilience and competitive ability amid fluctuating industry cycles and complex international environments [3]

Core Viewpoint - The company has reported strong financial performance in Q3 2025, with significant year-on-year growth in both revenue and net profit, indicating a positive outlook for its business segments [1]. Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 4.718 billion yuan, representing a year-on-year increase of 8.25%. The net profit attributable to shareholders was 316 million yuan, up 871.78% year-on-year, while the non-recurring net profit reached 300 million yuan, reflecting a year-on-year increase of 1504.77% [1]. - In Q3 2025, the company reported a revenue of 1.569 billion yuan, which is a quarter-on-quarter decrease of 4.34%. The net profit attributable to shareholders was 92 million yuan, down 47.26% quarter-on-quarter, and the non-recurring net profit was 91 million yuan, down 43.06% quarter-on-quarter [1]. Development Trends - The price of lithium hexafluorophosphate has increased significantly, from 49,300 yuan per ton in July to 99,000 yuan per ton by October 27. Similarly, the price of lithium bis(fluorosulfonyl)imide (LIFSI) rose from 67,500 yuan per ton in mid-September to 72,000 yuan per ton [2]. - The company has a planned production capacity of 20,000 tons per year for lithium hexafluorophosphate and 10,000 tons per year for LIFSI. The previous low prices had limited the company's production capacity in the new energy chemical business, but the recent price increases are expected to improve profitability [2]. Industry Outlook - The agricultural and pharmaceutical sectors are expected to continue their upward trend. The company's major client, FMC, has consistently exceeded earnings expectations, and the agricultural chemical market is entering a new growth cycle as inventory levels normalize [3]. - The company has acquired a 20% stake in its subsidiary, JunTai Pharmaceutical, for 25 million yuan, which has a production capacity of 100 tons for a key intermediate in pharmaceuticals. The ongoing development of the company's pharmaceutical CDMO business is anticipated to yield positive results [3]. Profit Forecast and Valuation - The company maintains its net profit forecasts for 2025 and 2026 at 500 million yuan and 620 million yuan, respectively. The current stock price corresponds to a P/E ratio of 22.2x for 2025 and 17.8x for 2026 [4]. - The target price is set at 14.0 yuan, maintaining an "outperform industry" rating, which corresponds to a P/E ratio of 25.6x for 2025 and 20.5x for 2026, indicating a potential upside of 15.5% from the current stock price [4].