证券代码：300261 证券简称：雅本化学 公告编号：2025-046 雅本化学股份有限公司 关于为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公告内容真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏。 一、担保情况概述 2025 年 1 月 24 日，雅本化学股份有限公司（以下简称"公司"）第五届 董事会第二十三次（临时）会议和第五届监事会第二十二次（临时）会议审议 通过了《关于公司为子公司提供担保及子公司互相担保的议案》，为满足子公 司的经营发展需要，公司同意为兰州雅本精细化工有限公司（以下简称"兰雅 精化"）办理银行授信等业务提供担保。具体内容详见公司于 2025 年 1 月 25 日在巨潮资讯网上披露的《关于公司为子公司提供担保及子公司互相担保的公 告》（公告编号：2025-008）。2025 年 2 月 24 日，公司 2025 年第一次临时股 东大会审议通过了上述议案。 二、担保的进展情况 鉴于招商银行股份有限公司兰州分行（以下简称"招行银行兰州分行"） 前次向兰雅精化提供的授信额度人民币 1,000 万元即将到期，为满足日常经营 发展需要，公司近日与招行银行兰州分行续签了《最高额 ...

Core Viewpoint - Yabao Chemical (雅本化学) is navigating through a challenging industry cycle but shows signs of recovery with significant revenue growth in Q1 2025 and a substantial reduction in losses, driven by technological innovation and capacity optimization [1][4]. Group 1: Company Performance - In 2024, Yabao Chemical's performance was negatively impacted by industry downturns, market competition, and asset impairment, leading to an overall poor performance [1]. - The company reported a 43.52% year-on-year increase in revenue for Q1 2025, with losses narrowing by over 70%, indicating a recovery signal [1]. - The company’s R&D investment reached 123 million yuan in 2024, accounting for approximately 10% of total revenue [2]. Group 2: Technological Innovation - Yabao Chemical emphasizes the importance of technological innovation as a driving force for the CDMO industry, particularly in areas like continuous manufacturing and biocatalysis [2]. - The company has a total of 237 patents, including 122 invention patents, with a focus on biocatalysis and continuous flow tubular reactions [2]. - The company has successfully published articles in renowned journals, showcasing its research and development capabilities [3]. Group 3: Strategic Focus - The company is committed to a dual development strategy in innovative pesticides and pharmaceuticals, enhancing its integration into global supply chains [3]. - Future plans include optimizing core business areas, accelerating capacity transformation at various bases, and deepening collaborations with major clients [4]. - Yabao Chemical aims to strengthen cost control and supply chain resilience while enhancing sustainable development through ESG initiatives [4].

Group 1: Financial Performance - In Q1 2025, the company achieved revenue of 31,566.22 million RMB, a year-on-year increase of 43.52% [5] - The net profit attributable to shareholders was -1,275.65 million RMB, a reduction in losses by 72.01% compared to the previous year [5] - The company has distributed approximately 192 million RMB in dividends over the past five years, but will not distribute profits for the fiscal year 2024 due to ongoing project investments and significant expenditures [6] Group 2: Research and Development - The company holds a total of 237 patents, including 122 invention patents, which account for 51.5% of the total [2] - In 2024, the company applied for 33 new patents and received 19 authorizations, including 5 invention patents [2] - The company is enhancing its production efficiency through the implementation of microchannel continuous flow technology, which has received positive feedback from safety authorities [2] Group 3: Strategic Outlook - The company aims to optimize its product structure and expects its main CDMO business to recover in 2025, marking a new development opportunity [4] - The company is focusing on innovation in agriculture and pharmaceuticals, integrating deeply into global supply chains to enhance sustainable development capabilities [3] - Future growth drivers include continuous manufacturing, biocatalysis, and AI-driven R&D, which are expected to provide competitive advantages in the global market [4] Group 4: Market and Operational Challenges - The company faced challenges in 2024 due to industry cyclicality, market competition, and asset impairment, impacting its performance [6] - The management is committed to improving operational resilience by focusing on core business optimization, technology innovation, and cost control [6] - The company is currently in the planning stage for potential acquisitions, with no formal agreements signed yet [6]

FANGDA PARTNERS http://www.fangdalaw.com 中国上海市石门一路 288 号 电子邮件 E-mail: email@fangdalaw.com 兴业太古汇香港兴业中心二座 24 楼 电 话 Tel.: +86-21- 2208 1166 邮政编码：200041 传 真 Fax.: +86-21-5298 5599 HKRI Taikoo Hui Shanghai, PRC 上海市方达律师事务所 关于雅本化学股份有限公司 法律意见书 致：雅本化学股份有限公司 上海市方达律师事务所（以下简称"本所"）是具有中华人民共和国境内法 律执业资格的律师事务所。根据相关法律顾问协议，本所指派律师出席雅本化学 股份有限公司（以下简称"公司"）2024 年年度股东大会（以下简称"本次股东 大会"），并就本次股东大会的召集和召开程序、参与表决和召集会议人员的资格、 表决程序和表决结果等有关事宜出具本法律意见书。 本法律意见书依据《中华人民共和国公司法》 《中华人民共和国证券法》 《上 市公司股东会规则》《关于新 <公司法> 配套制度规则实施相关过渡期安排》及其 他相关中华人民共和国境内已公开颁 ...

证券代码：300261 证券简称：雅本化学 公告编号：2025-045 雅本化学股份有限公司 2024 年年度股东大会决议公告 特别提示： 1、本次股东大会无增加、变更、否决议案的情况。 2、本次股东大会以现场投票和网络投票相结合的方式召开。 一、会议召开和出席情况 雅本化学股份有限公司（以下简称"公司"）2024 年年度股东大会（以下 简称"股东大会"）现场会议于 2025 年 5 月 13 日下午 14:30 在上海市浦东新区 李冰路 67 弄 4 号雅本张江创新中心召开；同时使用深圳证券交易所交易系统网 络投票于 2025 年 5 月 13 日交易时间接受网络投票，即 9:15-9:25，9:30-11:30 和 13:00-15:00；使用深圳证券交易所互联网投票系统于 2025 年 5 月 13 日上午 9:15 至下午 15:00 期间接受网络投票。 出席本次股东大会的股东及股东的委托代理人共计 302 人，代表有表决权的 股份数为 275,251,895 股，占公司股份总数的 28.5736％。其中，参加现场会议的 股东及股东代表 4 人，代表股份 265,398,089 股，占公司股份总数的 ...

中国上海市石门一路 288 号 电子邮件 E-mail: email@fangdalaw.com 兴业太古汇香港兴业中心二座 24 楼 电 话 Tel.: +86-21-2208 1166 邮政编码：200041 传 真 Fax.: +86-21-5298 5599 24/F, HKRI Centre Two HKRI Taikoo Hui 288 Shi Men Yi Road Shanghai, PRC 200041 上海市方达律师事务所 关于雅本化学股份有限公司 2024 年年度股东大会的 法律意见书 FANGDA PARTNERS http://www.fangdalaw.com 致：雅本化学股份有限公司 上海市方达律师事务所（以下简称"本所"）是具有中华人民共和国境内法 律执业资格的律师事务所。根据相关法律顾问协议，本所指派律师出席雅本化学 股份有限公司（以下简称"公司"）2024 年年度股东大会（以下简称"本次股东 大会"），并就本次股东大会的召集和召开程序、参与表决和召集会议人员的资格、 表决程序和表决结果等有关事宜出具本法律意见书。 本法律意见书依据《中华人民共和国公司法》《中华人民共和国证券 ...

Industry Overview - The insulation products industry in China has developed rapidly since the 1990s, establishing a comprehensive industrial system and becoming the largest insulation products market globally. The market size is projected to reach approximately 77.5 billion yuan in 2024, with a year-on-year growth of 2.79% [1][14]. - The industry has matured technologically, with leading companies capable of developing high-end insulation products, gaining competitive advantages in international markets [1][14]. Market Dynamics - The insulation products are essential components in electrical equipment and electronic devices, serving various functions such as mechanical support, heat dissipation, and moisture protection [3]. - The industry benefits from the rapid development of sectors like renewable energy, efficient energy-saving motors, and rail transportation, contributing to a relatively prosperous market environment [5]. Policy Environment - Recent policies have been introduced to support the insulation products industry, including the "Implementation Plan for Accelerating the Breakthrough of 'Six New' Manufacturing in Henan Province" and the "Implementation Plan for the Innovation and Development of the Fine Chemical Industry (2024-2027)" [5][7]. Industry Chain - The upstream of the insulation products industry includes raw materials such as phenol, formaldehyde, and epoxy resin, which are essential for production. The industry is moving towards high-quality and environmentally friendly production due to supply-side structural reforms [8][10]. - The downstream applications include generator manufacturing, power transmission, new energy vehicles, and electronic communications, with increasing demand driven by the national "dual carbon" goals [8][11]. Key Companies - Notable companies in the insulation products sector include Dongcai Technology, Huazheng New Materials, and Shunma Electric, among others. These companies are focusing on innovation and expanding their market presence [16][19][21]. - Dongcai Technology reported a revenue of 32.45 million yuan in the first quarter of 2024, while Huazheng New Materials achieved 28.24 million yuan in the same period [18]. Development Trends - The industry is expected to focus on technological innovation, particularly in high-performance and environmentally friendly insulation materials. Innovations such as nano-modification and composite insulation technologies are anticipated to gain traction [23][24]. - The shift towards green and sustainable practices is becoming a priority, with increasing demand for halogen-free and biodegradable insulation materials [24][25]. Conclusion - The insulation products industry in China is poised for growth, driven by technological advancements, supportive policies, and expanding applications across various sectors. The competitive landscape is evolving, with both international giants and domestic players striving for market share through innovation and quality improvements [16][23].

Core Viewpoint - Yabon's Q1 2025 report indicates a recovery in profitability despite ongoing net losses, highlighting improvements in revenue and cost management [1][2][7] Financial Overview - Total revenue for Q1 2025 reached 316 million yuan, a year-on-year increase of 43.52% [2] - The net profit attributable to shareholders was -12.76 million yuan, but this represents a 72.01% improvement year-on-year [2] - The non-recurring net profit was also negative at -14.29 million yuan, showing a 64.76% year-on-year increase [2] Profitability - The gross margin improved to 20.81%, reflecting a year-on-year increase of 25.74% [3] - The net margin was -4.94%, which is a 75.47% improvement compared to the previous year [3] Costs and Expenses - Total selling, administrative, and financial expenses amounted to 47.33 million yuan, accounting for 14.99% of revenue, a decrease of 44.69% year-on-year [4] Cash Flow and Asset Status - Operating cash flow per share was -0.04 yuan, a significant decrease of 675.75% year-on-year [5] - Monetary funds totaled 257 million yuan, down 25.80% from the previous year [5] - Accounts receivable increased to 527 million yuan, a year-on-year rise of 3.09% [5] Debt Situation - Interest-bearing liabilities stood at 1.159 billion yuan, a slight decrease of 0.16% year-on-year [6] - The interest-bearing asset-liability ratio was 29.37%, with interest-bearing liabilities being 13.59 times the average operating cash flow over the past three years, indicating some pressure in debt management [6] Summary - Overall, Yabon has shown signs of profitability recovery in Q1 2025, but attention is needed on cash flow and debt management to ensure long-term stability [7]

Financial Performance - The company reported a basic earnings per share of -0.0134 yuan for Q1 2025, an improvement of 71.79% compared to -0.0475 yuan in Q1 2024 [1] - The total revenue for Q1 2025 was 3.16 billion yuan, representing a 43.64% increase from 2.2 billion yuan in Q1 2024 [1] - The net profit for Q1 2025 was -0.13 billion yuan, showing a 71.74% improvement from -0.46 billion yuan in Q1 2024 [1] - The return on equity (ROE) for Q1 2025 was -0.64%, a significant improvement of 68.16% from -2.01% in Q1 2024 [1] Shareholder Structure - The top ten unrestricted shareholders collectively hold 39,118.42 million shares, accounting for 41.75% of the circulating shares, with a decrease of 682.77 million shares compared to the previous period [1] - Ningbo Yaben Holdings Co., Ltd. remains the largest shareholder with 25,772.98 million shares, representing 27.50% of the total share capital, unchanged from the previous period [2] - Zhang Yuxin reduced his holdings by 200,000 shares, now holding 2,290,000 shares, which is 2.44% of the total [2] Dividend Policy - The company has announced that it will not distribute dividends or transfer shares this time [2]

Financial Performance - The company's revenue for Q1 2025 was ¥315,662,234.29, representing a 43.52% increase compared to ¥219,942,064.63 in the same period last year[5]. - The net loss attributable to shareholders decreased to ¥12,756,486.98, a 72.01% improvement from a loss of ¥45,576,667.50 in the previous year[5]. - Basic and diluted earnings per share improved to ¥-0.0134, up 71.79% from ¥-0.0475 in the previous year[5]. - The company reported a net loss of ¥15,589,530.61, compared to a net loss of ¥44,286,323.71 in the previous period, indicating an improvement in financial performance[26]. - Total comprehensive income for the period was ¥-21,356,799.10, compared to ¥-57,137,857.45 in the previous period, showing a reduction in overall losses[26]. Cash Flow and Liquidity - The net cash flow from operating activities was negative at ¥-36,521,335.71, a significant decline of 675.75% compared to a positive cash flow of ¥6,343,271.16 in the same period last year[5]. - Operating cash flow generated a net outflow of ¥36,521,335.71, a significant decline from a net inflow of ¥6,343,271.16 in the previous period, highlighting cash flow challenges[28]. - The company's cash and cash equivalents decreased to CNY 257,153,760.78 from CNY 375,698,283.35, reflecting a decline of approximately 31.5%[20]. - The company's total liabilities increased, with cash and cash equivalents at the end of the period standing at ¥233,300,287.85, down from ¥314,720,829.76[28]. Assets and Liabilities - Total assets at the end of Q1 2025 were ¥3,945,983,317.97, a decrease of 1.82% from ¥4,019,170,670.70 at the end of the previous year[5]. - Total liabilities decreased to CNY 1,819,377,387.22 from CNY 1,875,453,209.03, indicating a decline of about 3.0%[22]. - The company's equity attributable to shareholders decreased to CNY 1,991,413,951.39 from CNY 2,006,889,890.10, reflecting a decrease of approximately 0.8%[22]. - The total operating costs for the current period amount to CNY 330,163,793.31, up from CNY 264,464,096.65 in the previous period, indicating an increase of about 24.8%[24]. Shareholder Information - Total number of common shareholders at the end of the reporting period is 61,488[13]. - The largest shareholder, Ningbo Yaben Holdings Co., Ltd., holds 26.75% of shares, totaling 257,729,839 shares[13]. - The second-largest shareholder, Wang Xinya, holds 6.75% of shares, totaling 65,000,350 shares[13]. - The company has a total of 3,624,450 restricted shares at the end of the reporting period, with 906,113 shares added during the period[15]. - The company has signed a concerted action agreement among certain shareholders, maintaining relationships among some parties[14]. Research and Development - Research and development expenses increased by 51.96% to ¥29,449,161.26, up from ¥19,379,345.49 in the same period last year, indicating a focus on innovation[10]. - Research and development expenses increased to ¥29,449,161.26 from ¥19,379,345.49, reflecting a focus on innovation and new product development[25]. Financial Management - The company reported a significant increase in other income, which rose by 123.49% to ¥1,821,395.79, primarily due to government subsidies related to digital transformation[10]. - The company's financial expenses decreased by 86.98% to ¥1,344,753.10, largely due to the impact of exchange rate gains[10]. - The company incurred financial expenses of ¥1,344,753.10, a decrease from ¥10,328,357.64, indicating improved cost management[25]. - The company experienced a 34.42% increase in contract liabilities, reaching ¥11,308,308.10, primarily due to an increase in advance payments received[10]. Changes in Control and Governance - The actual controller of the company has changed, with the new controllers being Cai Tong and Wang Xinya, following the exit of Wang Zhuoying and Ma Lifan from the joint action agreement[18]. - The company continues to maintain its controlling shareholder, Ningbo Yaben Holdings Co., Ltd., despite the change in actual controllers[18]. - The company plans to hold a board election for the sixth board of directors, with terms lasting three years from the date of approval[17].