Core Viewpoint - The company is actively focusing on the development of cutting-edge products in the new energy sector, aligning with customer demands and optimizing its services and technology to reduce costs and promote innovation [1] Group 1 - The company is responding to customer needs in its new energy business [1] - The company is committed to product planning and service optimization [1] - The company aims to lower costs and foster innovation for future growth [1]

证券日报网讯联化科技（002250）9月15日在互动平台回答投资者提问时表示，公司医药业务主要为 CDMO模式，公司会积极做好商务拓展，推动公司业务持续发展。 ...

Company Overview - Lianhua Technology Co., Ltd. is located in Taizhou, Zhejiang Province, established on September 14, 1998, and listed on June 19, 2008 [2] - The company operates in three main sectors: pesticides, pharmaceuticals, and functional chemicals, with revenue contributions of 54.03%, 32.32%, 8.42%, and 4.88% from equipment and engineering services, respectively [2] - As of June 30, the number of shareholders increased to 72,300, with an average of 12,533 circulating shares per person, a decrease of 47.07% [2] Financial Performance - For the first half of 2025, Lianhua Technology achieved 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, a significant increase of 1481.94% [2] - The company has distributed a total of 960 million yuan in dividends since its A-share listing, with 129 million yuan distributed in the last three years [3] Stock Performance - On September 15, Lianhua Technology's stock price rose by 2.13% to 11.52 yuan per share, with a trading volume of 407 million yuan and a turnover rate of 3.98%, bringing the total market capitalization to 10.499 billion yuan [1] - The stock has increased by 109.84% year-to-date, with a slight increase of 0.44% over the last five trading days and a 12.94% increase over the last 20 days, while it has decreased by 10.90% over the last 60 days [1] - The company has appeared on the trading leaderboard nine times this year, with the most recent appearance on June 25, where it recorded a net buy of -46.85 million yuan [1] Shareholding Structure - As of June 30, the second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 40.3583 million shares, an increase of 21.3384 million shares from the previous period [3] - The fund "Noan Pioneer Mixed A" has exited the list of the top ten circulating shareholders [3]

Group 1 - The company is experiencing a gradual recovery in its plant protection business [2] - An investor inquired about the sufficiency of the company's plant protection business orders for the second half of the year [2] - The company responded positively regarding the current state of its plant protection business [2]

Group 1 - The company has a planned production capacity of LiFSI (lithium bis(fluorosulfonyl)imide) for new energy batteries at 10,000 tons per year [2] - Currently, the company supplies LiFSI in liquid form [2]

Core Viewpoint - The company has outlined its production capacity plans for lithium bis(fluorosulfonyl)imide (LiFSI) and cathode materials for new energy batteries, indicating a planned capacity of 10,000 tons per year for LiFSI [2]. Group 1 - The company responded to an investor inquiry regarding the production capacity of LiFSI, stating it is planned at 10,000 tons per year [2]. - The cathode materials are described as customized processing products, with specific production data not disclosed [2].

Core Viewpoint - The company has achieved stable supply and increasing production of electrolyte products, indicating a strong position in the growing new energy sector [1] Group 1: Company Developments - The company has successfully stabilized the supply of electrolyte products and is gradually increasing production [1] - The company has also achieved stable commercial delivery of its new energy series products, including main salt products and cathode materials [1] Group 2: Industry Outlook - The company believes that the new energy industry has long-term development potential and a large market scale [1] - The new energy sector aligns well with the company's values and capabilities, suggesting a strong fit for future growth [1] - The company is confident that its accumulated capabilities will enable it to gain a competitive advantage in the new energy industry [1]

Group 1 - The stock price of Lianhua Technology increased by 2.06% on September 5, reaching 10.90 CNY per share, with a trading volume of 252 million CNY and a turnover rate of 2.59%, resulting in a total market capitalization of 9.934 billion CNY [1] - Year-to-date, Lianhua Technology's stock price has risen by 98.54%, with a recent decline of 4.22% over the last five trading days and a 10.10% increase over the last 20 days [1] - The company 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 -46.854 million CNY [1] Group 2 - Lianhua Technology, established on September 14, 1998, and listed on June 19, 2008, operates in three main sectors: pesticides, pharmaceuticals, and functional chemicals, with pesticide revenue accounting for 54.03% of total income [2] - As of June 30, 2025, Lianhua Technology reported a revenue of 3.150 billion CNY, representing a year-on-year growth of 5.76%, and a net profit of 224 million CNY, showing a significant increase of 1481.94% [2] - The company has distributed a total of 960 million CNY in dividends since its A-share listing, with 129 million CNY distributed in the last three years [3] Group 3 - As of June 30, 2025, the number of shareholders in Lianhua Technology increased to 72,300, up by 88.92%, while the average circulating shares per person decreased by 47.07% to 12,533 shares [2] - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 40.3583 million shares, an increase of 21.3384 million shares compared to the previous period [3]

Group 1: Lianhua Technology - The company expects significant profit growth in the first half of 2025, driven by cost reduction, efficiency improvement, increased capacity in the plant protection business, optimized product structure, and concentrated shipments in the pharmaceutical business, along with increased foreign exchange gains [1] - The pharmaceutical segment focuses on a major client strategy, expanding its coverage of high-quality domestic and international clients [1] - The UK subsidiary has improved capacity utilization and operational performance due to increased foreign exchange gains [1] - The new energy business has achieved stable commercial delivery of electrolyte, electrolyte main salt, and cathode materials, with revenue expected to exceed in 2025 [1] - The company is actively exploring cutting-edge technologies like solid-state batteries and believes it has competitive advantages in supply chain, environmental protection, and intellectual property rights against Indian competitors [1] Group 2: Ju Guang Technology - The company views the existing PPP policy as positively impacting its operations and is in communication with the government for implementation [2] - The repayment trend in July and August is slightly better than the first half of the year, with good repayment from laboratory instruments, although the environmental protection sector still faces significant pressure [2] - The company has announced a share repurchase plan of 100 million to 150 million, intended for equity incentives or employee stock ownership plans [2] - Overall market demand remains stable, but some large project procurements may be postponed until the fourth quarter [2] - The domestic substitution policy focuses on "first sets" and "two new and two heavy" without new policies currently; awareness of the "first set" policy is increasing and implementation is progressing [2] - Domestic high-end instruments still have gaps in adaptability and method validation in complex scenarios, requiring time for accumulation [2] - Core components can be self-manufactured domestically, with cost reduction potential as scale and processes improve [2]

Core Viewpoint - Lianhua Technology (002250) has experienced significant profit growth in the first half of 2025, driven by cost reduction, operational efficiency improvements, and favorable exchange rate gains [1] Group 1: Profit Growth Reasons - The company's profit in the first half of 2025 increased significantly compared to the same period last year due to continuous cost reduction and efficiency enhancement [1] - The utilization rate of the plant protection business improved, and the product structure was adjusted, leading to an increase in gross margin [1] - The pharmaceutical business saw notable growth due to concentrated shipments and substantial exchange rate gains [1] Group 2: Pharmaceutical Business Developments - The pharmaceutical business growth is attributed to a focus on major clients, with partnerships established with several leading global pharmaceutical companies [1] - The company is actively expanding its client base, particularly targeting strategic and high-viscosity clients [1] - Collaborations have been established with a number of high-quality domestic and international clients [1] Group 3: Plant Protection Business Factors - The company follows a customer-centric strategy, providing a stable supply chain, comprehensive product delivery capabilities, and high-quality services [1] - The UK subsidiary improved its capacity utilization and operational performance in the first half of the year [1] - The UK subsidiary also achieved significant exchange rate gains, enhancing overall performance [1] Group 4: New Energy Project Progress - The company has achieved stable supply and gradual production increases for electrolyte products [1] - New energy products, including main salt products and cathode materials, have achieved stable commercial delivery [1] - The company anticipates that revenue from the new energy business will exceed expectations in 2025 [1] Group 5: Solid-State Battery Strategy - The company is actively monitoring industry trends and developing products in response to customer needs [1] - There is a focus on optimizing services and technology to reduce costs and promote innovation [1] Group 6: Competitive Landscape in India - Indian companies have entered the CDMO field, primarily focusing on generic drug supply chains, with unclear competitiveness in patented drugs [1] - While India has advantages in compliance and labor costs, China possesses a more comprehensive supply chain and a mature waste treatment system [1] - The company believes that maintaining its competitive edge will allow it to sustain market share and profitability despite emerging competitors [1]