Core Viewpoint - Yabon's recent announcement indicates a significant increase in its external guarantee commitments, which may impact its financial stability and risk profile [1] Group 1: Company Announcement - Yabon Chemical signed a maximum guarantee contract with Shanghai Bank Changning Branch, agreeing to provide a joint liability guarantee of up to RMB 55 million [1] - As of the announcement date, the total external guarantee amount provided by the company reached RMB 1.682 billion, accounting for 83.81% of the company's most recent audited net assets [1] - The cumulative balance of external guarantees provided by the company is RMB 648.66 million, representing 32.32% of the company's most recent audited net assets [1]

（编辑 李家琪） 证券日报网讯 8月29日晚间，雅本化学发布公告称，公司于2025年8月28日召开了职工代表大会，经与 会职工代表审议，一致同意选举徐军先生担任公司第六届董事会职工代表董事。徐军先生由第六届董事 会非职工代表董事变更为第六届董事会职工代表董事，任期至第六届董事会任期届满之日止。 ...

Core Viewpoint - The company, Yabao Chemical, is actively responding to the call of the "Plan" by focusing on the key needs of core pharmaceutical clients and aims to provide GMP-compliant active pharmaceutical ingredient (API) supply services from its Suzhou Taicang base [1] Group 1 - The company plans to deeply engage in the pharmaceutical industry chain interactions and collaborations in Suzhou and Lianyungang [1] - The initiative aims to co-build and share the achievements of the Jiangsu biopharmaceutical industry chain's open innovation development [1] - The company emphasizes creating sustainable long-term returns for investors [1]

证券代码：300261 证券简称：雅本化学 公告编号：2025-064 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，公司同意为全资子公司上海雅本化学有限公司（以下简称 "上海雅本"）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 鉴于上海银行股份有限公司长宁支行（以下简称"上海银行长宁支行"） 向上海雅本提供人民币 5,500 万元授信额度，为支持该子公司日常经营发展， 公司近日与上海银行长宁支行签署《最高额保证合 ...

证券代码：300261 证券简称：雅本化学 公告编号：2025-066 雅本化学股份有限公司 2025 年第三次临时股东会决议公告 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。 特别提示： 1、本次股东会无增加、变更、否决议案的情况。 2、本次股东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"）2025 年第三次临时股东会（以 下简称"股东会"）现场会议于 2025 年 8 月 29 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 8 月 29 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 8 月 29 日上午 9:15 至下午 15:00 期间接受网络投票。 出席本次股东会的股东及股东的委托代理人共计 403 人，代表有表决权的股 份数为 273,997,999 股，占公司股份总数的 28.4434％。其中，参 ...

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 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 2025 年第三次临时股东会的 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"）2025 年第三次临时股东会（以下简称"本次 股东会"），并就本次股东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 ...

本次选举完成后，公司董事会中兼任公司高级管理人员以及由职工代表担任 的董事人数总计不超过公司董事总数的二分之一。 特此公告。 雅本化学股份有限公司 证券代码：300261 证券简称：雅本化学 公告编号：2025-065 雅本化学股份有限公司 关于选举产生第六届董事会职工代表董事的公告 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。 根据《公司法》《公司章程》等有关规定，为保证雅本化学股份有限公司（以 下简称"公司"）董事会的合规运作，公司于 2025 年 8 月 28 日召开了职工代表 大会，经与会职工代表审议，一致同意选举徐军先生担任公司第六届董事会职工 代表董事（简历见附件）。徐军先生由第六届董事会非职工代表董事变更为第六 届董事会职工代表董事，任期至第六届董事会任期届满之日止。 董事会 二〇二五年八月二十九日 附件： 第六届董事会职工代表董事简历 徐军先生，中国国籍，无永久境外居留权，男，汉族，1981 年生，民革党 员，中国科学院上海有机化学研究所有机化学专业理学博士，美国堪萨斯大学药 物化学系博士后，高级工程师。历任雅本化学股份有限公司监事，上海市浦东新 ...

Group 1 - The company, Yabao Chemical, has not yet completed the agreement renewal with Fumei, but their business cooperation is still proceeding normally [1] - The company will fulfill its information disclosure obligations according to laws and regulations if there are any developments regarding the renewal [1]

Core Insights - The company, Yabao Chemical, reported a total revenue of 662 million yuan for the first half of 2025, representing a year-on-year increase of 12.31% [1] - The net profit attributable to shareholders was -8.67 million yuan, showing an improvement of 83.33% compared to the previous year [1] - The gross margin increased by 13.31% to 19.26%, while the net margin improved significantly by 76.35% to -2.03% [1] Financial Performance - Total revenue for 2024 was 589 million yuan, which increased to 662 million yuan in 2025, marking a 12.31% growth [1] - The net profit attributable to shareholders improved from -52.01 million yuan in 2024 to -8.67 million yuan in 2025, an increase of 83.33% [1] - The company’s gross margin rose from 17.00% to 19.26%, while the net margin improved from -8.58% to -2.03% [1] - Total expenses (selling, administrative, and financial) amounted to 82.37 million yuan, accounting for 12.45% of revenue, a decrease of 32.78% year-on-year [1] Cash Flow and Debt Situation - The cash flow situation is concerning, with cash and cash equivalents to current liabilities ratio at 26.79% and the average operating cash flow over the last three years to current liabilities ratio at 6.47% [4] - The interest-bearing debt ratio has reached 30.88%, and the ratio of interest-bearing debt to the average operating cash flow over the last three years is 14.82% [4] Business Operations - Yabao Chemical's pharmaceutical business focuses on CDMO services, covering pharmaceutical intermediates and active pharmaceutical ingredients [5] - The company operates multiple production bases, including Taicang, Malta, and Shangyu, with a total capacity of 60 tons/year for the active pharmaceutical ingredient Levetiracetam at the Taicang base [5] - The company has over 100 acres of chemical land reserved at the Lanzhou and Shangyu bases for future capacity expansion and plans to develop intelligent and green factories [5]

Core Viewpoint - Yabao Chemical (300261) has shown significant improvement in its operational performance in the first half of 2025, with revenue reaching 662 million yuan, a year-on-year increase of 12.3%, and a narrowed net loss of 8.67 million yuan, down 83% from the previous year, primarily driven by the recovery of its pesticide intermediate business and effective cost control measures [1][2]. Group 1: Financial Performance - The company achieved a revenue of 662 million yuan in the first half of 2025, reflecting a 12.3% year-on-year growth [1]. - The net loss attributable to shareholders was 8.67 million yuan, which represents an 83% reduction compared to the same period last year [1]. Group 2: Business Recovery and Strategy - The pesticide segment has shown a significant recovery, with a substantial increase in orders quarter-on-quarter, attributed to strategic investments made over the past two to three years [1]. - The company has established deep collaborations with major agricultural enterprises such as Corteva, Bayer, and FMC, leading to the successful implementation of innovative pesticide intermediates and active ingredients [1]. Group 3: Pharmaceutical Business Development - Yabao Chemical has made notable progress in its pharmaceutical business by forming a strategic partnership with leading domestic innovative drug company Heng Rui Medicine (600276), focusing on areas such as oncology, metabolism, and cardiovascular diseases [1]. - This collaboration is expected to enhance Yabao Chemical's competitiveness in the pharmaceutical industry and expand its market presence in pharmaceutical intermediates and active pharmaceutical ingredients [1]. Group 4: R&D Investment - The company increased its R&D expenditure to 58.19 million yuan in the first half of 2025, marking a 49.46% year-on-year increase [2]. - Yabao Chemical emphasizes long-term commitment to R&D innovation, effectively applying green technologies such as continuous flow technology and biocatalysis in its pesticide and pharmaceutical CDMO businesses [2]. Group 5: Future Outlook - With ongoing increases in R&D investment, continuous capacity release in the pesticide business, and expansion in the pharmaceutical sector, Yabao Chemical is positioned to achieve sustainable growth and stand out in a competitive market [2].