Investment Rating - The report maintains a "Recommended" rating for the chemical industry [1] Core Insights - The chemical industry is expected to benefit from a shift in supply chain dynamics due to geopolitical tensions, particularly in semiconductor materials, leading to accelerated domestic replacements [5][6] - The chromium salt industry is experiencing a value reassessment driven by increased demand from AI data centers and commercial aircraft engines, with significant price increases noted [8][9] - The report highlights a potential upturn in the chemical industry as supply-side constraints and rising demand could enhance profitability and dividend yields for leading companies [6][10] Summary by Sections Industry Performance - The basic chemical sector has shown a 24.0% increase over the past 12 months, outperforming the CSI 300 index, which increased by 16.9% [3] Key Opportunities - Focus on low-cost expansion opportunities in companies such as Wanhua Chemical and Hualu Hengsheng, as well as sectors like tire manufacturing and pesticide formulations [6][9] - Emphasis on sectors with improving market conditions, including chromium salts, phosphate rock, and polyester filament [9][10] Price Trends - Recent price increases for key products include chromium oxide green at 35,500 CNY/ton and metallic chromium at 84,000 CNY/ton, both up by 1,000 CNY/ton from the previous week [8][16] - The report notes a tightening supply for isooctanol, with prices rising due to increased demand and production disruptions [13] Company Focus - The report identifies several key companies for investment, including Dongfang Shenghong, Hubei Yihua, and Wanhua Chemical, with positive earnings forecasts and attractive price-to-earnings ratios [28]

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002250 证券简称：联化科技 公告编号：2025-056 联化科技股份有限公司 关于受让郡泰医药20%股权并完成工商变更登记的公告 1、郡泰医药营业执照； 2、变更（备案）信息。 特此公告。 2025年10月9日，联化科技股份有限公司（以下简称"公司"）与张立清、乐和友、董伙祥、陈川、阮建 奇和张涛签订了《股权转让合同》，决定以自有资金受让上述人员所持有的湖北郡泰医药化工有限公司 （以下简称"郡泰医药"）20%股权，受让总金额为2,500.00万元人民币（以下简称"本次受让"）。本次 股权受让完成后，公司将直接持有郡泰医药100%股权。本次受让已经公司第九届董事会第二次会议审 议批准，无需提交公司股东会审议。具体详见公司2025年10月11日刊登于《证券时报》《上海证券报》 和巨潮资讯网（www.cninfo.com.cn）的《关于受让控股子公司郡泰医药20%股权的公告》（公告编号： 2025-044）。 二、进展情况 公司按照《股权转让合同》约定，已支付全部股权转让价款。郡泰医药已于2025年11月27日完成本次股 权转让的工商变更登记手续，并 ...

（编辑 任世碧） 证券日报网讯 11月28日晚间，联化科技发布公告称，2025年10月9日，公司与张立清、乐和友、董伙 祥、陈川、阮建奇和张涛签订了《股权转让合同》，决定以自有资金受让上述人员所持有的湖北郡泰医 药化工有限公司（简称"郡泰医药"）20%股权，受让总金额为2，500.00万元人民币（简称"本次受 让"）。本次股权受让完成后，公司将直接持有郡泰医药100%股权。公司按照《股权转让合同》约定， 已支付全部股权转让价款。郡泰医药已于2025年11月27日完成本次股权转让的工商变更登记手续，并取 得了荆州市市场监督管理局换发的营业执照。 ...

证券代码：002250 证券简称：联化科技 公告编号：2025-056 联化科技股份有限公司 关于受让郡泰医药20%股权并完成工商变更登记的公告 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。 一、交易概述 三、备查文件 1、郡泰医药营业执照； 2、变更（备案）信息。 特此公告。 联化科技股份有限公司董事会 二○二五年十一月二十九日 2025年10月9日，联化科技股份有限公司（以下简称"公司"）与张立清、乐 和友、董伙祥、陈川、阮建奇和张涛签订了《股权转让合同》，决定以自有资金 受让上述人员所持有的湖北郡泰医药化工有限公司（以下简称"郡泰医药"）20% 股权，受让总金额为2,500.00万元人民币（以下简称"本次受让"）。本次股权受 让完成后，公司将直接持有郡泰医药100%股权。本次受让已经公司第九届董事 会第二次会议审议批准，无需提交公司股东会审议。具体详见公司2025年10月11 日刊登于《证券时报》《上海证券报》和巨潮资讯网（www.cninfo.com.cn）的《关 于受让控股子公司郡泰医药20%股权的公告》（公告编号：2025-044）。 二、进展情 ...

Core Insights - The company has shown significant recovery in net profit during the first three quarters of 2025, with a revenue of 4.72 billion yuan, representing an 8.25% year-on-year increase, and a non-recurring net profit of 300 million yuan, up 1504% year-on-year [1] - The company is expanding its mature pharmaceutical business while investing heavily in new development directions, including advancements in drug technology and services [2] - The agricultural protection market is beginning to recover, with the company establishing a global supply chain through its Malaysian base, which is expected to start production within 1 to 2 years [3] - The company is also investing in new energy products, with significant projects underway to enhance its production capacity in lithium-related products [3] Summary by Sections Financial Performance - In the first three quarters of 2025, the company achieved an operating income of 4.72 billion yuan, a year-on-year increase of 8.25% - The non-recurring net profit reached 300 million yuan, reflecting a substantial year-on-year growth of 1504% - The gross profit margin stood at 25.96%, an increase of 3.25 percentage points compared to the previous year [1] Pharmaceutical Business Development - The company is focusing on expanding its pharmaceutical product technology research and development, moving from traditional small molecule drugs to amino acids, peptides, PROTAC/ADC linkers, and oligonucleotides [2] - The team is enhancing early clinical project conversion for clients by providing diverse linker synthesis services necessary for developing ADC/PROTAC drugs [2] Agricultural Protection Market - The agricultural protection market is recovering from a period of excess inventory due to global supply chain disruptions from 2019 to 2022, with demand expected to rebound in the second half of 2024 [3] - The company is collaborating with multiple international agricultural/plant protection companies to drive CDMO business through technological innovation [3] - The Malaysian base is under construction and aims to support CDMO business for agricultural protection products during the patent period, with production expected to start in 1 to 2 years [3] New Energy Initiatives - The company is investing 650 million yuan in projects to produce 200,000 tons of electrolyte, 20,000 tons of LT612 (lithium hydroxide monohydrate), and other lithium-related products [3] - The planned production capacity for lithium hexafluorophosphate is set at 20,000 tons per year, while the capacity for lithium bis(fluorosulfonyl)imide is projected at 10,000 tons per year [3] - The new energy business has achieved revenue breakthroughs, primarily from sales of LiFSI and electrolyte products, while the lithium hexafluorophosphate project is still undergoing technical improvements [3]

Charles Zhuang 庄怀超 SFC CE: BTE209 微信: zhuangcharles; 电话: (852) 9748 7114; 28 Nov 2025 环球富盛理财有限公司 联化科技 Lianhe Chemical Technology (002250.SZ) 盈利能力修复，新能源板块打开未来成长空间 Profitability repair & New energy sector opens up future growth space 最新动态 ➢ 做大成熟医药业务，大力投入新方向的开发。2025 年以来，公司在医药产品技术研发方面持续发力，从传统小 分子药物拓展到氨基酸、多肽、PROTAC/ADC 连接子、寡核苷酸等。团队通过持续开发、加速赋能客户的早期 临床项目转化，为客户提供开发 ADC/PROTAC 药物所需的多样性 Linker 合成服务，并具备多肽，PEG 等类型 Linker 克级到百克级别的交付经验。同时，公司能够根据客户需求进行 Linker 的结构和合成路线的设计及优化。 这些新方向的尝试有望拓展公司医药 CDMO 业务的服务领域，帮助公司承接更多的项目。 ➢ 植保 ...

Core Viewpoint - Lianhua Technology's stock rose by 5.15% to 12.67 CNY per share, with a trading volume of 569 million CNY and a market capitalization of 11.401 billion CNY as of November 27 [1] Company Overview - Lianhua Technology Co., Ltd. is located in Taizhou, Zhejiang Province, established on September 14, 1998, and listed on June 19, 2008 [1] - The company operates in three main business segments: pesticides, pharmaceuticals, and functional chemicals [1] - Revenue composition: Pesticides 54.03%, Pharmaceuticals 32.32%, Functional Chemicals 8.42%, Equipment and Engineering Services 4.88%, Others 0.36% [1] Fund Holdings - One fund under China Merchants Fund holds a significant position in Lianhua Technology [2] - The fund, China Merchants CSI 2000 Index Enhanced A (019918), held 972,000 shares, accounting for 0.61% of the fund's net value, ranking as the eighth largest holding [2] - The fund has generated a floating profit of approximately 602,600 CNY today [2] Fund Performance - China Merchants CSI 2000 Index Enhanced A (019918) has a total asset size of 573 million CNY and has achieved a year-to-date return of 42.91%, ranking 619 out of 4206 in its category [2] - Over the past year, the fund has returned 43.35%, ranking 630 out of 4006 [2] - Since inception, the fund has delivered a return of 64.92% [2]

Core Viewpoint - The company is experiencing rapid growth in its pharmaceutical business, focusing on a large customer strategy and expanding its client base through CDMO (Contract Development and Manufacturing Organization) business models [1][2]. Pharmaceutical Business Development - The company has established stable commercial relationships with several leading global pharmaceutical enterprises and is actively seeking new strategic and high-commitment clients [1]. - The pharmaceutical division plans to expand its mature business areas, including small molecule CDMO, starting materials, and GMP intermediates, while also investing in emerging business developments such as peptide products and radiopharmaceuticals [2]. K Amine Product Status - The company continues to provide advanced intermediates for chlorantraniliprole (K amine) under a long-term partnership with a client, following a cost-plus pricing model for stability in processing fees [3]. New Energy Products - The company primarily sells LiFSI and electrolyte products, with ongoing technical improvements in lithium hexafluorophosphate projects. It anticipates a breakthrough in revenue from its new energy business in 2025 [4]. - The new energy sector is viewed as a long-term growth area, with the company focusing on large customer strategies and enhancing production capabilities [4]. Crop Protection Business - The crop protection industry is characterized by high concentration, and the company has formed long-term strategic partnerships with multiple international agrochemical firms, covering all stages of the product lifecycle [4]. - The company is establishing Malaysia as a second overseas base to meet supply chain needs, offering differentiated, one-stop supply chain solutions from China, the UK, and Malaysia [4]. Financial Performance - In the first three quarters of 2025, the company reported a main revenue of 4.718 billion yuan, an increase of 8.25% year-on-year, and a net profit of 316 million yuan, up 871.65% year-on-year [6]. - The third quarter alone saw a revenue of 1.569 billion yuan, a 13.61% increase year-on-year, with a net profit of approximately 91.89 million yuan, reflecting a 400.8% increase [6].

Group 1: Pharmaceutical Business Development - The company’s pharmaceutical business is rapidly developing, focusing on a major client strategy and CDMO business model, with partnerships established with several leading global pharmaceutical companies [1] - The pharmaceutical division has formed stable commercial relationships with a number of high-quality domestic and international clients, leading to an expansion of the business coverage and deepening cooperation [1] - Future growth in the pharmaceutical sector is anticipated as the company continues to promote products during clients' patent periods [1] Group 2: Research and Development Expansion - The company is expanding its R&D efforts into new areas, including small molecule CDMO, starting materials, GMP intermediates, and advanced raw materials [2] - New directions in R&D include amino acids, peptides, PROTAC/ADC linkers, and oligonucleotides, with a focus on providing diverse linker synthesis services for ADC/PROTAC drug development [2] - These initiatives are expected to broaden the service scope of the pharmaceutical CDMO business and enable the company to undertake more projects [2] Group 3: Key Product Updates - The company continues to provide advanced intermediates K amine for chlorantraniliprole under a long-term partnership with a client, with a stable pricing model based on cost-plus [3] - The company adheres to a long-term contract strategy, ensuring trust and integrity in client relationships [3] Group 4: New Energy Sector Outlook - The company primarily sells LiFSI and electrolyte products, with ongoing technical improvements in lithium hexafluorophosphate projects [4] - Revenue from the new energy business is expected to break through in 2025, with a focus on large client strategies and enhancing production capabilities [4] Group 5: Agricultural Protection Business - The agricultural protection industry is highly concentrated, with the company engaging in CDMO business driven by technological innovation and establishing long-term strategic partnerships with multiple international agricultural companies [6] - The company has multiple production bases in China and overseas, including a new base in Malaysia to meet supply chain needs [6] - The company aims to provide differentiated, one-stop supply chain solutions leveraging its comprehensive chemical supply chain in China and flexible production policies in the UK and Malaysia [6]

（文章来源：每日经济新闻） 联化科技（002250.SZ）11月24日在投资者互动平台表示，您好，公司根据客户要求的配方配置电解 液，其中如涉及LiFSI以自产为主，如涉及六氟磷酸锂以外购为主。谢谢！ 每经AI快讯，有投资者在投资者互动平台提问：请问贵司临海基地10万吨电解液是什么种类的电解 液？是否包含2万吨六氟磷酸锂和1万吨双氟磺亚酰胺锂？ ...