国泰君安证券股份有限公司 关于 上海保立佳化工股份有限公司 向不特定对象发行可转换公司债券 之 上市保荐书 保荐人（主承销商） 二〇二三年八月 国泰君安证券股份有限公司 关于上海保立佳化工股份有限公司 向不特定对象发行可转换公司债券之上市保荐书 深圳证券交易所： 国泰君安证券股份有限公司（以下简称"国泰君安"、"保荐机构"或"本 保荐机构"）接受上海保立佳化工股份有限公司（以下简称"保立佳"、"公司" 或"发行人"）的委托，担任保立佳本次向不特定对象发行可转换公司债券（以 下简称"本次发行"）的保荐机构，贾超、陈金科作为具体负责推荐的保荐代表 人，为本次可转债上市出具上市保荐书。 保荐机构及指定的保荐代表人已根据《中华人民共和国公司法》（以下简称 《公司法》）、《中华人民共和国证券法》（以下简称《证券法》）、《证券发行上市 保荐业务管理办法》（下称《保荐管理办法》）、《上市公司证券发行注册管理办 法》（以下简称《注册管理办法》）、《深圳证券交易所创业板股票上市规则》（以 下简称《上市规则》）、《深圳证券交易所股票发行上市审核业务指引第 2 号—— 上市保荐书内容与格式》等法律法规和中国证监会及深圳证券交易所的 ...

上海保立佳化工股份有限公司 Shanghai Baolijia Chemical Co., Ltd. （上海市奉贤区泰日镇大叶公路 6828 号） 向不特定对象发行可转换公司债券 募集说明书 （修订稿） 保荐人（主承销商） 股票简称：保立佳 股票代码：301037 （中国（上海）自由贸易试验区商城路 618 号） 二〇二三年八月 上海保立佳化工股份有限公司 向不特定对象发行可转换公司债券募集说明书 声 明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对申 请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行 人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与 之相反的声明均属虚假不实陈述。 根据《证券法》的规定，证券依法发行后，发行人经营与收益的变化，由 发行人自行负责。投资者自主判断发行人的投资价值，自主作出投资决策，自 行承担证券依法发行后因发行人经营与收益变化或者证券价格变动引致的投资 风险。 1-1-1 上海保立佳化工股份有限公司 向不特定对象发行可转换公司债券募集说明书 重大事项提示 公司特别提醒投资者注意下列重大事项或风险因素，并认真阅读本募集说 ...

国泰君安证券股份有限公司 关于 上海保立佳化工股份有限公司 向不特定对象发行可转换公司债券 之 发行保荐书 保荐人（主承销商） 二〇二三年八月 | 十、本次发行中直接或间接有偿聘请第三方的情况 45 | | --- | | 十一、发行人的发展前景简要评价 46 | | 保荐代表人专项授权书 50 | 国泰君安证券股份有限公司 关于上海保立佳化工股份有限公司 向不特定对象发行可转换公司债券之发行保荐书 上海保立佳化工股份有限公司（以下简称"保立佳"、"发行人"、"公司" 或"上市公司"）拟申请向不特定对象发行不超过 40,000.00 万元可转换公司债 券，并已聘请国泰君安证券股份有限公司（以下简称"国泰君安"、"保荐人"、 "保荐机构"）作为本次证券发行的保荐机构。 根据《中华人民共和国公司法》（以下简称《公司法》）、《中华人民共和 国证券法》（以下简称《证券法》）、《证券发行上市保荐业务管理办法》（以 下简称《保荐管理办法》）、《上市公司证券发行注册管理办法》（以下简称《注 册管理办法》）、《发行证券的公司信息披露内容与格式准则第 27 号——发行 保荐书和发行保荐工作报告》《保荐人尽职调查工作准则》等法律 ...

上海礼辉律师事务所 关于上海保立佳化工股份有限公司 向不特定对象发行可转换公司债券的 补充法律意见书 二〇二三年八月 地址：上海市黄浦区淮海中路 918 号久事复兴大厦 10 楼 A 座 邮编：200020 电话：021-64338299 上海礼辉律师事务所 关于上海保立佳化工股份有限公司 向不特定对象发行可转换公司债券的 补充法律意见书 致：上海保立佳化工股份有限公司 上海礼辉律师事务所（下称"本所"）接受上海保立佳化工股份有限公司 （下称"发行人"或"公司"）委托，担任发行人向不特定对象发行可转换公司 债券（下称"本次发行"）的专项法律顾问，为发行人本次发行出具法律意见书。 本所及本所律师依据《中华人民共和国证券法》《中华人民共和国公司法》 《上市公司证券发行注册管理办法》《公开发行证券公司信息披露的编报规则第 12 号—公开发行证券的法律意见书和律师工作报告》《律师事务所从事证券法律 业务管理办法》《律师事务所证券法律业务执业规则（试行）》等法律、法规和中 国证监会、深交所的有关规定，就发行人本次发行事宜已于 2023 年 6 月 19 日出 具了《上海礼辉律师事务所关于上海保立佳化工股份有限公司向不特 ...

关于上海保立佳化工股份有限公司 申请向不特定对象发行可转换公司债券的 审核问询函的回复 （修订稿） 保荐人（主承销商） （中国（上海）自由贸易试验区商城路 618 号） 1-1 上海保立佳化工股份有限公司 审核问询函的回复 深圳证券交易所： 贵所于 2023 年 7 月 7 日出具的《关于上海保立佳化工股份有限公司申请向 不特定对象发行可转换公司债券的审核问询函》（审核函〔2023〕020113 号） （以下简称"审核问询函"）已收悉。根据贵所的要求，上海保立佳化工股份有 限公司与国泰君安证券股份有限公司、上海礼辉律师事务所、中兴华会计师事 务所（特殊普通合伙）对审核问询函所列问题认真进行了逐项落实并书面回复 如下，请予审核。 本回复中如无特别说明，相关用语具有与《上海保立佳化工股份有限公司 向不特定对象发行可转换公司债券募集说明书》中相同的含义。 本回复中的字体代表以下含义： | 审核问询函所列问题 | 黑体（加粗） | | --- | --- | | 对审核问询函所列问题的回复 | 宋体 | | 对募集说明书（申报稿）的修改、补充 | 楷体（加粗） | 1-2 | 问题 | 1 | 4 | | --- | ...

证券代码：301037 证券简称：保立佳 公告编号：2023-084 上海保立佳化工股份有限公司 公司在收到审核问询函后，会同相关中介机构逐项落实审核问询问题，并对 公司向不特定对象发行可转换公司债券募集说明书等申请文件进行了更新。根据 相关规则要求对审核问询函回复及相关申请文件予以披露，具体内容详见公司于 2023 年 8 月 8 日在巨潮资讯网（www.cninfo.com.cn）披露的相关文件。 根据深交所的进一步审核意见，公司会同相关中介机构对回复内容进行修订 并更新相关申请文件，具体内容详见同日在巨潮资讯网（www.cninfo.com.cn）披 露的《关于上海保立佳化工股份有限公司申请向不特定对象发行可转换公司债券 的审核问询函的回复（修订稿）》及更新的相关申请文件。 公司本次向不特定对象发行可转换公司债券事项尚需通过深交所审核，并获 得中国证券监督管理委员会（以下简称"证监会"）作出同意注册的决定后方可 实施。本次向不特定对象发行可转换公司债券事项最终能否通过深交所审核，并 获得证监会同意注册的决定及时间尚存在不确定性。公司将根据该事项的进展情 况及时履行信息披露义务，敬请广大投资者谨慎决策，注 ...

上海保立佳化工股份有限公司 关于参加2023年上海辖区上市公司集体接待日 暨中报业绩说明会活动的公告 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （http://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演 APP，参与 本次互动交流，活动时间为 2023 年 9 月 7 日（周四）14:00-16:30，网上文字互 动交流时间为：15:00-16:30。届时公司将就 2023 年中报业绩、公司治理、发展 战略、经营状况、融资计划、股权激励和可持续发展等投资者关心的问题，与投 资者进行沟通与交流。投资者也可识别二维码，进入业绩说明会问题征集专题页 面提前留言提问。 证券代码：301037 证券简称：保立佳 公告编号：2023-083 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。 为进一步加强与投资者的互动交流，上海保立佳化工股份有限公司（以下简 称"公司"）将参加由上海证监局、上海上市公司协会与深圳市全景网络有限公 司联合举办的"2023 年上海辖区上市公司集体接待日暨中报业绩说明会"活动， 现将相关事项公告如下： ...

证券代码：301037 证券简称：保立佳 公告编号：2023-082 上海保立佳化工股份有限公司 关于部分限制性股票回购注销完成的公告 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。 特别提示： 1、上海保立佳化工股份有限公司（以下简称"公司"）本次回购注销限制 性股票数量共计 312,544 股，占本次回购注销前公司总股本的 0.31%，涉及激励 对象共 45 人，其中首次授予激励对象 43 人，预留授予激励对象 2 人。 2、公司已于 2023 年 8 月 10 日在中国证券登记结算有限责任公司深圳分公 司办理完成部分限制性股票回购注销手续。 3、本次回购注销完成后，公司总股本由 100,420,363 股减少至 100,107,819 股，注册资本由 100,420,363 元人民币减少至 100,107,819 元人民币。 一、已履行的相关审批程序 1、2021 年 12 月 30 日，公司召开第三届董事会第四次会议，审议通过了《关 于<公司 2021 年限制性股票激励计划（草案）>及其摘要的议案》《关于<公司 2021 年限制性股票激励计划实施考核管 ...

Financial Performance - The company's operating revenue for the current reporting period is ¥1,193,452,235.57, a decrease of 27.26% compared to the same period last year [26]. - The net profit attributable to shareholders for the current period is ¥1,830,054.90, reflecting a significant decline of 92.12% year-over-year [26]. - The company's revenue for the first half of 2023 was approximately ¥1.19 billion, a decrease of 27.26% compared to ¥1.64 billion in the same period last year, primarily due to a decline in product sales and prices [52]. - The company's operating costs decreased by 29.43% to approximately ¥1.03 billion from ¥1.46 billion, attributed to lower sales volume and raw material prices [52]. - The company reported a net loss of CNY 4,101,596.53 for the first half of 2023, contrasting with a net profit of CNY 420,263.17 in the same period of 2022 [194]. - The company's total profit for the first half of 2023 was CNY 3,902,344.11, a sharp decline from CNY 30,678,405.24 in the same period of 2022 [189]. - Basic and diluted earnings per share for the first half of 2023 were both CNY 0.02, down from CNY 0.26 in the first half of 2022 [190]. Cash Flow and Investments - The net cash flow from operating activities has improved to ¥116,047,281.48, a turnaround of 202.11% compared to the previous year [26]. - Cash outflow from investing activities was CNY 128,862,334.80, down from CNY 150,684,097.92 year-over-year [197]. - Net cash flow from investing activities was negative CNY 127,862,834.80, an improvement from negative CNY 143,874,305.69 in the previous year [197]. - Cash inflow from financing activities decreased to CNY 598,743,367.59 from CNY 699,776,616.00 in the first half of 2022 [197]. - The company reported a significant reduction in cash received from sales, totaling CNY 772,451,624.11, down 11.1% from CNY 868,666,376.20 in the first half of 2022 [196]. Research and Development - The report highlights the company's focus on research and development in new products and technologies [19]. - Research and development expenses increased by 16.88% to approximately ¥28 million, reflecting the company's commitment to innovation [52]. - The company emphasizes R&D, focusing on both new product development and upgrading existing processes, with a strong emphasis on market demand [43]. - The company has developed several core technologies, including shell structure latex particle technology and UV curing technology, enhancing its competitive edge [44]. Market Position and Strategy - The company is a major player in the water-based acrylic emulsion market, with a focus on R&D and production since its establishment in 2001 [34]. - The company has established long-term cooperative relationships with major clients such as Nippon Paint and AkzoNobel, enhancing its market position [34]. - The company reported a strong market position in the domestic acrylic emulsion industry, ranking among the top players with significant market share [43]. - The company is actively developing new products for various applications, including transparent heat-insulating waterproofing and asphalt corrosion prevention [37]. - The company plans to expand its market presence in Southeast Asia, targeting a 25% market share by 2025 [105]. Environmental Compliance and Sustainability - The company is committed to environmental and social responsibilities as part of its operational strategy [19]. - The company is classified as a key pollutant discharge unit by environmental protection authorities [102]. - The company has implemented various environmental protection laws and regulations since 2012, including the Clean Production Promotion Law and the Environmental Protection Law [102]. - The company reported that all emissions from its facilities were within regulatory limits, with VOCs emissions at 0.74 mg/m³ against a limit of 2.0 mg/m³ [106]. - The company achieved compliance with emission standards for nitrogen oxides at a discharge rate of 25 mg/m³, significantly below the limit of 100 mg/m³, with a total emission of 0.52 tons compared to 14.4 tons allowed [108]. Corporate Governance and Management - The management team is led by Yang Wenyu, who serves as the legal representative [20]. - The company has a governance structure with a total of 12 directors, supervisors, and senior management personnel, with terms ending on September 22, 2024 [96]. - The company has implemented a safety production responsibility system, with the factory manager being the main responsible person for safety production [122]. - The company has established a comprehensive safety production supervision mechanism and strengthened safety management capabilities across departments [121]. Financial Management and Debt - The company has a total of CNY 15,000 million in guarantees, with specific guarantees expiring in 2025 and 2026 [149]. - The total approved guarantee amount for subsidiaries is CNY 26,500 million, with an actual guarantee balance of CNY 15,592.71 million as of the report date [152]. - The company has a financing lease contract with a total cost of CNY 1,000 million, which has been fully incurred during the reporting period [146]. - The company reported that the profit from the financing lease contract accounts for over 10% of the total profit for the reporting period [146]. Shareholder Information - The total number of shareholders at the end of the reporting period was 6,777 [168]. - The largest shareholder, Yang Wenyu, holds 51.52% of the shares, totaling 51,731,900 shares [168]. - The company’s shareholder structure remains stable, with no foreign investment holdings reported [159]. - The company has not engaged in any significant related party transactions during the reporting period [135].

Main Financial Data [Key Accounting Data and Financial Indicators](index=2&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) In Q1 2023, the company experienced a significant performance decline, with operating revenue decreasing by **25.57%** year-over-year and net profit attributable to shareholders turning from profit to loss, plummeting by **318.90%**; however, net cash flow from operating activities surged by **294.37%**, indicating improved cash collection Key Accounting Data and Financial Indicators | Indicator | Current Period | Prior Year Period | Year-over-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue (RMB) | 557,861,952.13 | 749,508,623.14 | -25.57% | | Net Profit Attributable to Shareholders (RMB) | -15,251,311.17 | 6,967,258.38 | -318.90% | | Net Profit Attributable to Shareholders Excluding Non-Recurring Items (RMB) | -15,655,973.91 | 5,496,220.72 | -384.85% | | Net Cash Flow from Operating Activities (RMB) | 85,217,292.86 | -43,843,370.65 | 294.37% | | Basic Earnings Per Share (RMB/share) | -0.15 | 0.08 | -287.50% | | Total Assets (RMB) | 2,343,074,109.07 | 2,518,132,544.98 | -6.95% (vs. prior year-end) | | Shareholders' Equity Attributable to the Parent Company (RMB) | 815,334,993.33 | 831,261,673.04 | -1.92% (vs. prior year-end) | [Non-Recurring Gains and Losses Items and Amounts](index=2&type=section&id=Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) Non-recurring gains and losses totaled **RMB 404,662.74** in the current period, primarily from government grants and acquisition-related gains, with minimal impact on the net loss Non-Recurring Gains and Losses Items and Amounts | Item | Amount for Current Period (RMB) | | :--- | :--- | | Gains/Losses on Disposal of Non-Current Assets | -20,592.27 | | Government Grants Recognized in Current Profit/Loss | 285,252.90 | | Gains from Acquisition of Subsidiaries | 202,493.58 | | Other Non-Operating Income/Expenses and Entrusted Investment Gains/Losses | -26,402.95 | | **Total** | **404,662.74** | [Analysis of Changes in Key Financial Indicators and Reasons](index=3&type=section&id=Analysis%20of%20Changes%20in%20Key%20Financial%20Indicators%20and%20Reasons) The significant decline in net profit is attributed to decreased product sales and prices, increased employee compensation due to higher social security bases, and share-based payment expenses from equity incentive plans, while improved operating cash flow resulted from increased customer collections and optimized raw material procurement - The **318.90% year-over-year decrease** in net profit attributable to the parent company was primarily due to: - A decline in the company's product sales volume and average selling prices compared to the prior year period - Increased employee compensation due to higher social security contribution bases - Recognition of share-based payment expenses from the implementation of equity incentive plans[9](index=9&type=chunk) - Net cash flow from operating activities **increased significantly by 294.37% year-over-year**, primarily benefiting from: - Increased customer collections - Improved raw material procurement methods[9](index=9&type=chunk) Shareholder Information [Common Shareholder Holdings](index=3&type=section&id=Common%20Shareholder%20Holdings) As of the reporting period end, the company had **6,589** common shareholders, with the actual controller Mr. Yang Wenyu and his concerted parties (family relations and controlled partnership) holding over **67%** of shares, indicating absolute control - The total number of common shareholders at the end of the reporting period was **6,589**[11](index=11&type=chunk) - Shareholding is highly concentrated, with the top four shareholders — Yang Wenyu, Yang Meiqin, Yang Huijing, and Shanghai Yuwei Investment Partnership (Limited Partnership) — all being related parties, holding a combined **70.85%** of shares[12](index=12&type=chunk) - Actual controller Mr. Yang Wenyu is the father of the third largest shareholder, Yang Huijing; Yang Wenyu is also the executive partner of the fourth largest shareholder, Shanghai Yuwei Investment Partnership; the second largest shareholder, Yang Meiqin, is the sister of Yang Huijing's mother[12](index=12&type=chunk) Other Significant Matters [External Investments](index=5&type=section&id=External%20Investments) To expand overseas markets, the company acquired a **60%** stake in Malaysian water-based acrylic emulsion manufacturer MORTRADE SDN.BHD. for approximately **RMB 5.4471 million** in March 2023, aligning with its core business for international expansion - In March 2023, the company acquired a **60% stake** in Malaysian company MORTRADE SDN.BHD. for **MYR 3.54 million** (equivalent to approximately **RMB 5.4471 million**) using its own funds[14](index=14&type=chunk) - The acquired company, MORTRADE SDN.BHD., has the same primary business as Baolijia, focusing on the research, development, production, and sales of water-based acrylic emulsions[14](index=14&type=chunk) Quarterly Financial Statements [Consolidated Balance Sheet](index=5&type=section&id=Consolidated%20Balance%20Sheet) As of Q1 2023, total assets decreased by **6.95%** to **RMB 2.343 billion**, and total liabilities decreased by **9.67%** to **RMB 1.524 billion**, with the asset-liability ratio falling from **67.0%** to **65.0%**, and notable declines in monetary funds, notes receivable, and accounts receivable Consolidated Balance Sheet | Key Balance Sheet Items (RMB) | Period-End Balance (2023-03-31) | Year-Beginning Balance (2023-01-01) | Change | | :--- | :--- | :--- | :--- | | **Total Assets** | **2,343,074,109.07** | **2,518,132,544.98** | **-6.95%** | | Monetary Funds | 185,210,255.19 | 308,810,234.79 | -40.02% | | Accounts Receivable | 618,632,300.90 | 709,387,125.68 | -12.79% | | Inventories | 199,972,932.58 | 137,926,806.38 | +45.00% | | **Total Liabilities** | **1,523,797,781.96** | **1,686,870,871.94** | **-9.67%** | | Short-term Borrowings | 795,879,229.90 | 892,634,012.74 | -10.84% | | **Equity Attributable to Parent Company Shareholders** | **815,334,993.33** | **831,261,673.04** | **-1.92%** | [Consolidated Income Statement](index=7&type=section&id=Consolidated%20Income%20Statement) In Q1 2023, total operating revenue decreased by **25.57%** to **RMB 557.86 million**, while operating costs decreased by a larger **28.10%**; however, significant increases in selling and administrative expenses led to operating profit and net profit turning into losses, with a net loss attributable to the parent company of **RMB 15.2513 million** Consolidated Income Statement | Key Income Statement Items (RMB) | Current Period Amount | Prior Period Amount | Year-over-Year Change | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 557,861,952.13 | 749,508,623.14 | -25.57% | | Total Operating Costs | 576,691,398.23 | 743,451,534.69 | -22.44% | | Selling Expenses | 37,361,470.99 | 20,466,524.13 | +82.55% | | Administrative Expenses | 23,148,069.61 | 18,701,226.10 | +23.78% | | Operating Profit | -11,475,031.34 | 10,776,107.59 | -206.52% | | **Net Profit Attributable to Parent Company Shareholders** | **-15,251,311.17** | **6,967,258.38** | **-318.90%** | [Consolidated Cash Flow Statement](index=9&type=section&id=Consolidated%20Cash%20Flow%20Statement) Q1 2023 saw divergent cash flow trends: operating cash flow significantly improved to a net inflow of **RMB 85.2173 million** due to better collections and procurement, but investing activities resulted in increased net outflow of **RMB 75.7343 million**, and financing activities turned to a net outflow of **RMB 75.4573 million** due to debt repayments exceeding new borrowings, leading to a **RMB 66.3723 million** decrease in period-end cash and cash equivalents Consolidated Cash Flow Statement | Cash Flow Items (RMB) | Current Period Amount | Prior Period Amount | Trend | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 85,217,292.86 | -43,843,370.65 | Significant Net Inflow Increase | | Net Cash Flow from Investing Activities | -75,734,341.11 | -63,871,439.81 | Increased Net Outflow | | Net Cash Flow from Financing Activities | -75,457,295.06 | 140,812,154.55 | Shift from Net Inflow to Net Outflow | | **Net Increase/Decrease in Cash and Cash Equivalents** | **-66,372,310.21** | **33,068,967.09** | **Significant Decrease** | [Audit Opinion](index=10&type=section&id=Audit%20Opinion) The company's first-quarter 2023 financial report is unaudited - The company's first-quarter report is unaudited[24](index=24&type=chunk)