证券代码：003022 证券简称：联泓新科 公告编号：2025-021 联泓新材料科技股份有限公司 关于参加 2025 年山东辖区上市公司投资者 网上集体接待日活动的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 本次活动将采用远程网络方式举行，投资者可通过登录"全景路演"网站 （http://rs.p5w.net）、关注"全景财经"微信公众号或者下载"全景路演"APP 等 途径参与交流。届时公司董事、高级副总裁、CFO、董事会秘书蔡文权先生与证 券事务代表窦艳朝先生将就公司发展战略、经营情况及可持续发展等问题，与投 资者进行沟通，欢迎广大投资者积极参与。 特此公告。 联泓新材料科技股份有限公司 董事会 2025 年 5 月 13 日 为进一步加强与投资者的互动交流，帮助投资者更好地了解公司的投资价值， 联泓新材料科技股份有限公司（以下简称"公司"）定于 2025 年 5 月 15 日（星 期四）15:00-16:30 参加由山东证监局、山东上市公司协会联合举办的"2025 年 山东辖区上市公司投资者网上集体接待日活动"，现将相关事项公告如下： ...

Core Viewpoint - The photovoltaic industry in 2024 is facing severe supply-demand imbalance and a price war, leading to widespread losses among companies, particularly in the manufacturing sector [1] Group 1: Executive Compensation Trends - Over 60% of photovoltaic companies have chairpersons with annual salaries exceeding 1 million yuan, with some exceeding 5 million yuan [1] - The largest salary decrease was observed for Longi Green Energy's chairman, whose salary dropped from 11.54 million yuan in 2023 to 0.9 million yuan in 2024, a decrease of 92% [2] - The highest salary in the photovoltaic sector for 2024 was held by Zheng Yueming, chairman of Lianhong New Energy, at 5.96 million yuan, followed closely by Nanchunhui of Zhengtai Electric at 5.8 million yuan [4][5] Group 2: Company Performance and Salary Correlation - The salary changes for executives generally align with company performance; Longi Green Energy reported a revenue drop of approximately 36.23% and a loss of 8.6 billion yuan in 2024 [11] - Lianhong New Energy's revenue decreased by 7.52% to 6.268 billion yuan, with net profit down 47.45% to 234 million yuan, indicating the impact of market conditions on executive compensation [5] Group 3: Zero Salary Cases - Five companies, including TCL Zhonghuan and Jinko Solar, reported zero salaries for their chairpersons over the past two years, although these executives receive compensation from affiliated companies [6][7] - For instance, the chairman of TCL Zhonghuan received over 10 million yuan from TCL Technology, while the chairman of Jinko Solar earned 252,000 yuan from Jinko Technology [7] Group 4: Industry Challenges and Responses - The photovoltaic industry is experiencing a "winter," prompting many executives to voluntarily reduce their salaries to support their companies [12] - Companies like Longi Green Energy and GCL-Poly have seen significant salary cuts among their executives, with GCL-Poly's executives reducing their total salaries by over 90% [12] Group 5: Notable Performers - Despite the overall downturn, companies like Hongdian Dongci have reported salary increases, with the chairman's salary nearly doubling from 1.25 million yuan to 2.46 million yuan, reflecting better performance compared to peers [10][13] - Hongdian Dongci achieved a revenue of 18.559 billion yuan in 2024, with a slight profit increase, attributed to strategic overseas production and market positioning [13]

5月6日，联泓新科今日收盘15.2元，上涨3.47%，滚动市盈率PE（当前股价与前四季度每股收益总和的 比值）达到79.79倍，创24天以来新低，总市值203.01亿元。 从行业市盈率排名来看，公司所处的化学制品行业市盈率平均45.59倍，行业中值38.06倍，联泓新科排 名第140位。 最新一期业绩显示，2025年一季报，公司实现营业收入15.39亿元，同比3.48%；净利润7140.72万元， 同比38.83%，销售毛利率18.77%。 序号股票简称PE(TTM)PE(静)市净率总市值(元)140联泓新科79.7986.592.78203.01亿行业平均 45.5950.833.8677.79亿行业中值38.0638.582.2439.86亿1渝三峡A-2263.33825.112.8936.03亿2锦鸡股 份-407.73607.152.0334.32亿3安诺其-326.62-1332.912.5063.26亿4信德新材-260.15-109.561.3436.20亿5石 大胜华-174.73423.641.7969.56亿6鼎际得-171.98-279.392.1533.90亿7富淼科技-140.31 ...

Group 1 - The core focus of the company is on the development of specialty engineering materials [1] - The company is currently conducting research and development related to PEEK technology at its new materials research institute [1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company's first-quarter report for 2025 shows a revenue of 1.539 billion yuan, a year-on-year increase of 3.48% and a quarter-on-quarter increase of 18.27%. The net profit attributable to the parent company is 71 million yuan, reflecting a year-on-year growth of 38.83% and a quarter-on-quarter growth of 27.27%. The net profit excluding non-recurring items is 70 million yuan, with a year-on-year increase of 1140.67% and a quarter-on-quarter increase of 102.65% [2][6]. Summary by Sections Company Performance - The company achieved significant profit growth in Q1 2025 due to operational optimization, stable full-load operation of major facilities, and increased product sales, particularly EVA sales which exceeded 43,000 tons, marking a year-on-year growth of approximately 28% [12]. - The decline in raw material prices and improved operational efficiency contributed to a reduction in production costs [12]. - New products from EC, UHMWPE, electronic specialty gases, and PLA facilities are beginning to contribute to profits as they enter the ramp-up phase [12]. Market Demand - EVA demand is steadily increasing, with significant growth expected in the coming years. In 2024, China's new installed capacity is projected to reach 277.6 GW, a year-on-year increase of 28.3%, while global new installed capacity is expected to reach 599 GW, a year-on-year increase of 34.9% [12]. - The demand for UHMWPE is also growing rapidly, with China's demand in 2024 estimated at 30.5 million tons, accounting for over half of the global market [12]. Production Capacity - The company currently has an EVA production capacity exceeding 150,000 tons per year, with an additional 200,000 tons per year under construction, expected to be operational by 2025 [12]. - The company is also developing a 30,000 tons per year POE project, with the first phase of 10,000 tons already under construction [12]. Financial Projections - The company does not anticipate future equity expansion and projects net profits attributable to the parent company of 290 million yuan, 400 million yuan, and 520 million yuan for 2025, 2026, and 2027, respectively. The corresponding price-to-earnings ratios are 65.2, 47.0, and 36.1 [12].

Summary of Earnings Call Transcripts Companies and Industries Involved - **福斯特 (Foster)** - **联泓新科 (Lianhong Xinke)** - **阳光电源 (Sungrow Power)** - **帝尔激光 (Dier Laser)** - **比亚迪 (BYD)** - **三棵树 (Sankeshu)** - **五粮液 (Wuliangye)** - **新产业公司 (New Industry Company)** - **鱼跃医疗 (Yuyue Medical)** Key Points and Arguments 福斯特 (Foster) - 2025 overseas production capacity for solar films is expected to increase, with overseas gross margin around 20%, higher than domestic margins, leading to expanded profitability [1][5] - Q1 2025 net profit reached 4.01 billion, a 710% increase QoQ, despite a 9% YoY decline in solar film shipment [3] - Forecasted net profits for 2025-2027 are 17.4 billion, 20.2 billion, and 23.6 billion respectively, with corresponding PE ratios of 18x, 16x, and 13x [5] 联泓新科 (Lianhong Xinke) - Q1 2025 revenue was 15.4 billion, a 3% YoY increase, with net profit of 0.7 billion, up 39% YoY [6] - New production lines for EVA and POE are planned for 2025-2026, with revised profit forecasts of 3.02 billion, 5.96 billion, and 7.38 billion for 2025-2027 [8] 阳光电源 (Sungrow Power) - 2024 net profit was 110 billion, a 17% YoY increase, with Q1 2025 profit of 38 billion, an 83% YoY increase [9] - Operating cash flow for 2024 was 121 billion, up 73% YoY, indicating strong operational quality [10] - Forecasted net profits for 2025-2027 are 144 billion, 172 billion, and 207 billion respectively, with PE ratios of 8x, 7x, and 6x [10] 帝尔激光 (Dier Laser) - 2024 revenue was 20 billion, a 25% YoY increase, with a net profit of 5 billion, up 14% YoY [11] - Q1 2025 revenue was 6 billion, a 25% YoY increase, with a net profit of 2 billion [12] 比亚迪 (BYD) - Q1 2025 sales reached 1.001 million vehicles, a 60.3% YoY increase, with revenue of 1,703.6 billion, up 36.3% YoY [16] - Export volume exceeded 200,000 vehicles, a 110% YoY increase, with overseas net profit per vehicle around 20,000 [18] - 2025 sales target is 5.5 million vehicles, with net profit expected between 55 billion and 60 billion [20] 三棵树 (Sankeshu) - Retail wall paint growth rate for 2024 is projected at 13%, with Q1 2025 gross margin up 2.7 percentage points YoY [21][22] - Cash flow improved significantly, with Q1 2025 net inflow of 1.1 billion compared to a negative 2.6 billion YoY [23] 五粮液 (Wuliangye) - 2024 revenue was 892 billion, a 7% YoY increase, with net profit of 318 billion, up 5% YoY [24] - Q1 2025 sales collection reached 382 billion, a 76% YoY increase [25] 新产业公司 (New Industry Company) - 2024 revenue was 45.35 billion, a 15% YoY increase, with net profit of 18.28 billion, up 11% YoY [27] - Forecasted revenue for 2025-2027 is 21.48 billion, 26.48 billion, and 32.09 billion respectively, with growth rates of 18%, 23%, and 21% [27] 鱼跃医疗 (Yuyue Medical) - 2024 revenue was 75.66 billion, a 5% YoY decline, with net profit of 18.06 billion, down 25% YoY [28] - Q1 2025 revenue was 24.36 billion, a 9% YoY increase, with net profit of 6.25 billion, down 5% YoY [30] Other Important but Possibly Overlooked Content - Foster's competitive advantage is highlighted by its ability to maintain profitability amidst industry losses, indicating a strong market position [5] - BYD's strategy includes optimizing cost structures and leveraging significant R&D investments to maintain competitive pricing [19] - The cash flow improvements across multiple companies suggest a trend towards better operational efficiency and financial health in the industry [10][23]

证券代码：003022 证券简称：联泓新科 公告编号：2025-020 联泓新材料科技股份有限公司 关于为控股子公司提供担保的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 近日，公司与九江银行股份有限公司濂溪支行签订了《最高额保证合同》， 约定公司为科院生物在该银行办理的贷款业务提供连带责任保证，被担保债权的 最高余额为人民币 1.5 亿元，保证期间为融资合同约定的债务履行期限届满之日 起三年，每一融资合同项下的保证期间单独计算。 本次担保的被担保方担保额度使用情况如下： 1 单位：亿元 | 担保 | 被担 | 担保方 | 经审批可 用担保额 | 已使用担 | 本次授 信担保额 | 剩余可用 | | --- | --- | --- | --- | --- | --- | --- | | 方 | 保方 | 持股比例 | | 保额度 | | 担保额度 | | | | | 度 | | 度 | | | 公司 | 科院 生物 | 51% | 19 | 14 | 1.5 | 3.5 | 上述担保额度在公司相关股东大会审议通过的担保额度范围内。 一、担保概述 为 ...

Core Viewpoint - The company, Lianhong Xinke, reported a revenue increase of 3.48% year-on-year for Q1 2025, driven by operational optimization and increased product sales, particularly in EVA materials [1] Financial Performance - The company achieved a revenue of 1.539 billion yuan in Q1 2025, with a net profit attributable to shareholders of 71.41 million yuan, reflecting a year-on-year growth of 38.83% [1] - The non-recurring net profit reached 70.23 million yuan, showing a significant increase of 1140.67% year-on-year [1] - The net cash flow from operating activities was 31.28 million yuan, up by 17.35% compared to the previous year [1] Operational Highlights - The company maintained stable full-load operations of its main facilities, resulting in increased product output, with EVA sales exceeding 43,000 tons, a year-on-year growth of approximately 28% [1] - A decrease in the prices of key raw materials and improved operational efficiency contributed to a reduction in production costs [1] - New product lines began to contribute to profits, with EC, UHMWPE, electronic specialty gases, and PLA facilities entering the capacity ramp-up phase [1] Business Development - The company is a global leader in new materials, with business segments covering renewable materials, biodegradable and bio-based materials, electronic materials, and other specialty materials [1] - The company is actively exploring new technologies and developing new products to meet diverse market demands, particularly in the fields of new energy materials and biological materials [2] - Ongoing projects include the construction of facilities for 200,000 tons/year EVA, 100,000 tons/year POE, and other specialty materials, aimed at sustaining growth in performance [2]

Financial Performance - The company reported a basic earnings per share of 0.0500 yuan for Q1 2025, representing a 25% increase compared to 0.0400 yuan in Q1 2024, but a decrease from 0.1100 yuan in Q1 2023 [1] - The net profit for Q1 2025 was 0.71 billion yuan, a significant increase of 39.22% from 0.51 billion yuan in Q1 2024, but a decrease from 1.47 billion yuan in Q1 2023 [1] - The return on equity (ROE) improved to 0.98% in Q1 2025 from 0.72% in Q1 2024, but decreased from 2.10% in Q1 2023 [1] - The total revenue for Q1 2025 was 15.39 billion yuan, a 3.5% increase from 14.87 billion yuan in Q1 2024, but a decrease from 15.76 billion yuan in Q1 2023 [1] Shareholder Structure - The top ten unrestricted shareholders collectively hold 107,595.13 million shares, accounting for 80.56% of the circulating shares, with a decrease of 2,305.37 million shares compared to the previous period [1] - The largest shareholder, Lianhong Group Co., Ltd., holds 65,135.63 million shares, representing 48.77% of the total share capital, with a reduction of 2,327.81 million shares [2] - China Academy of Sciences Holdings Co., Ltd. remains unchanged with 33,748.00 million shares, accounting for 25.27% [2] Dividend Policy - The company has announced that it will not distribute dividends or transfer shares this time [3]

Financial Performance - In Q1 2025, the company achieved operating revenue of CNY 1,538.89 million, a year-on-year increase of 3.48%[5] - The net profit attributable to shareholders was CNY 71.41 million, representing a significant year-on-year growth of 38.83%[5] - The net profit excluding non-recurring gains and losses reached CNY 70.23 million, with a remarkable increase of 1,140.67% compared to the previous year[5] - Total operating revenue for the current period reached ¥1,538,892,201.49, an increase of 3.8% compared to ¥1,487,139,708.13 in the previous period[23] - Operating profit for the current period was ¥92,563,288.29, representing a 35.6% increase from ¥68,258,401.32 in the previous period[24] - Net profit attributable to the parent company was ¥71,407,226.90, up 38.8% from ¥51,436,308.79 in the previous period[24] - The company reported a comprehensive income total of ¥74,318,583.82, compared to ¥52,353,020.65 in the previous period[25] Asset and Liability Management - The company's total assets increased by 9.35% to CNY 21,350.58 million compared to the end of the previous year[6] - Total assets increased to CNY 21,350,579,653.27 from CNY 19,524,770,949.86, representing a growth of approximately 9.36%[19] - Current assets rose to CNY 5,050,476,098.13 from CNY 3,872,881,875.87, an increase of about 30.29%[20] - Total liabilities increased to CNY 5,850,000,000, indicating a rise in financial obligations[20] - Total liabilities increased to ¥13,417,756,044.04, up from ¥11,663,816,924.84 in the previous period[21] - Non-current liabilities rose to ¥7,041,724,093.42, compared to ¥5,279,614,750.16 in the previous period[21] - Total equity increased to ¥7,932,823,609.23, up from ¥7,860,954,025.02 in the previous period[21] Cash Flow Analysis - The net cash flow from operating activities was CNY 31.28 million, up 17.35% from the same period last year[6] - The net cash flow from operating activities was $31,282,057.14, an increase from $26,657,969.16 in the previous period, reflecting a growth of approximately 6.1%[28] - The total cash outflow for operating activities was $1,802,030,304.20, an increase from $1,767,969,203.42, reflecting a rise of approximately 1.9%[28] - Cash generated from operating activities was ¥1,695,529,647.08, a slight decrease from ¥1,714,681,106.00 in the previous period[27] - The net increase in cash and cash equivalents for the period was $882,816,208.03, compared to $853,973,106.97 in the previous period, showing an increase of about 3.4%[29] Investment and Financing Activities - The company reported a significant increase in investment income, rising by 301.08% to CNY 108.38 million[12] - Long-term borrowings increased by 36.82% to CNY 6,548.21 million, indicating a rise in project financing[15] - Total cash inflow from financing activities reached $3,176,532,307.38, compared to $2,789,339,343.91 in the prior period, indicating an increase of about 13.9%[28] - Cash inflow from the acquisition of loans was $3,149,610,307.38, up from $2,724,339,343.91, marking an increase of approximately 15.6%[28] - The company paid $1,093,687,567.59 in debt repayments, slightly down from $1,159,642,380.00, indicating a decrease of approximately 5.7%[28] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 59,101, with the largest shareholder holding 48.77%[18] - The largest shareholder, Lianhong Group Co., Ltd., pledged 234,000,000 shares, which is approximately 35.9% of its holdings[18] - The company has no preferred shareholders or significant changes in the top 10 shareholders' financing activities[18] Inventory and Receivables - EVA sales exceeded 43,000 tons, showing a year-on-year growth of approximately 28%[5] - Inventory increased to CNY 698,448,156.33 from CNY 655,654,023.24, a rise of approximately 6.51%[19] - The company reported a significant increase in accounts receivable, which rose to CNY 129,899,394.55 from CNY 127,294,299.01, reflecting a growth of about 2.02%[19] Other Financial Metrics - Basic and diluted earnings per share both increased by 25% to CNY 0.05[6] - Basic and diluted earnings per share increased to ¥0.05, compared to ¥0.04 in the previous period[25] - The weighted average return on net assets improved to 0.98%, up from 0.72% in the previous year[6] - Cash and cash equivalents increased to CNY 3,358,581,027.42 from CNY 2,282,659,274.99, reflecting a growth of approximately 47.16%[19] - The ending balance of cash and cash equivalents was $1,998,773,129.47, down from $2,057,399,074.86, showing a decrease of about 2.8%[29] - The company received tax refunds totaling $59,885,189.39, compared to $1,941,206.04 in the previous period, indicating a significant increase[28]