Core Viewpoint - The China Securities Regulatory Commission (CSRC) has issued a warning to Liansheng Chemical and its executives due to violations related to idle fundraising and financial management practices [1][2] Group 1: Regulatory Actions - The Zhejiang Securities Regulatory Bureau decided to issue warning letters to Liansheng Chemical and its executives, including Chairman Mou Jianyu and General Manager Yu Kuai, for mismanagement of idle fundraising [1] - The violations included purchasing financial products before the authorized review period and exceeding the authorized amount [1] - The responsible individuals will have their actions recorded in the securities and futures market integrity archives [1] Group 2: Company Overview - Liansheng Chemical, established in October 2007, is a high-tech enterprise in the specialty fine chemical sector, listed on the Growth Enterprise Market in April 2022 [2] - The company's products are widely used in pharmaceuticals, pesticides, electronic chemicals, cosmetics, and emerging fields like semiconductors and lithium batteries [2] Group 3: Financial Performance - In the first half of 2025, Liansheng Chemical reported total revenue of 343 million yuan, a year-on-year increase of 13.95% [2] - The net profit attributable to shareholders was 18.02 million yuan, up 9.61% year-on-year, while the net profit after deducting non-recurring gains and losses was 16.04 million yuan, an increase of 11.35% [2] - The company experienced a significant improvement in cash flow, with a net cash flow from operating activities of 50.66 million yuan, compared to a negative 109 million yuan in the same period last year [2] Group 4: Profitability Trends - Liansheng Chemical has seen a continuous decline in both sales gross margin and net margin over the recent three semi-annual reports [2] - The sales gross margins for the first half of 2023, 2024, and 2025 were 22.21%, 13.33%, and 12.67% respectively, while the net margins were 14.67%, 5.72%, and 5.42% [2]

Group 1 - The core viewpoint of the news is that Liansheng Chemical experienced a decline in stock price and significant changes in financing activities on September 18, with a net financing outflow of 449.16 thousand yuan [1] - On September 18, Liansheng Chemical's stock price fell by 3.21%, with a trading volume of 41.93 million yuan [1] - The total financing and securities balance for Liansheng Chemical as of September 18 is 47.11 million yuan, which accounts for 1.66% of its market capitalization, indicating a high level compared to the past year [1] Group 2 - As of June 30, Liansheng Chemical had 8,697 shareholders, an increase of 2.52% from the previous period, with an average of 10,779 circulating shares per person, up by 238.68% [2] - For the first half of 2025, Liansheng Chemical reported a revenue of 34.3 million yuan, representing a year-on-year growth of 13.95%, and a net profit attributable to shareholders of 18.02 million yuan, up by 9.61% [2] Group 3 - Since its A-share listing, Liansheng Chemical has distributed a total of 97.52 million yuan in dividends, with 75.38 million yuan distributed over the past three years [3]

Core Viewpoint - Liansheng Chemical (301212.SZ) has received a regulatory letter from the Shenzhen Stock Exchange due to violations related to the management of idle raised funds, but the company claims that this issue has not affected its daily operations [1][2]. Group 1: Regulatory Issues - The company has been found to have multiple violations in its management of idle raised funds, including purchasing financial products before the approval period and exceeding the authorized purchase amount [2]. - Key personnel, including the chairman and general manager, have also faced regulatory measures for failing to fulfill their duties and obligations [2]. Group 2: Fundraising and Investment Projects - Liansheng Chemical was listed on the Shenzhen Stock Exchange in April 2022, raising a total of 8.01 billion yuan, with net proceeds of 7.27 billion yuan after deducting issuance costs [3]. - The raised funds are primarily allocated to two major projects aimed at expanding the company's business scale and improving production efficiency, with expected production commencement in mid-2026 [3]. Group 3: Financial Performance - Since its listing, the company has experienced significant fluctuations in its financial performance, with 2022 revenues of 1.041 billion yuan, a 24.98% increase year-on-year, and a net profit of 183 million yuan, up 106.69% [4]. - However, revenues declined to 662 million yuan in 2023, a 36.41% decrease, and further dropped to 632 million yuan in 2024, reflecting ongoing challenges in the market [4][5]. - The first half of 2025 showed signs of recovery, with revenues of 343 million yuan, a 13.95% increase, and a net profit of 18 million yuan, up 9.61% [4][5]. Group 4: Industry Context - The chemical industry is facing challenges such as intensified competition, rising raw material costs, and insufficient effective demand, which have contributed to the company's recent performance issues [5]. - Despite a slight recovery in the first half of 2025, the overall industry remains under pressure, with a reported 1.4% increase in revenue but a 9.0% decrease in profit for the chemical raw materials and products manufacturing sector [5].

Core Viewpoint - Zhejiang Liansheng Chemical Co., Ltd. faced regulatory scrutiny for violations related to information disclosure and improper use of raised funds, resulting in a warning letter from the China Securities Regulatory Commission [1] Group 1: Regulatory Violations - The chairman, general manager, and non-independent directors of the company were found to have violated information disclosure regulations and failed to fulfill other responsibilities [1] - The company was discovered to have invested idle raised funds in financial products before the authorized review period and exceeded the authorized investment amount [1] Group 2: Financial Reporting Issues - The special reports on the use of raised funds for the first half of 2023, the full year of 2023, the first half of 2024, and the full year of 2024 contained inaccurate disclosures regarding the purchase of large time deposits [1] Group 3: Regulatory Actions - The regulatory authority issued a warning letter as a supervisory measure, which will be recorded in the securities and futures market integrity file [1]

Core Points - Liansheng Chemical (301212.SZ) received a warning letter from the Zhejiang Securities Regulatory Bureau due to violations related to the management and use of raised funds [1][2] - The company was found to have purchased financial products with idle raised funds before the authorization period and exceeded the authorized amount [1] - The special reports on the use of raised funds for the first half of 2023, the full year of 2023, the first half of 2024, and the full year of 2024 contained inaccurate disclosures regarding the purchase of large time deposits [1] Regulatory Violations - The company's actions violated the "Regulatory Requirements for the Management and Use of Raised Funds by Listed Companies" and the "Administrative Measures for Information Disclosure of Listed Companies" [2] - Key executives, including the chairman, general manager, former financial director, and board secretary, were held primarily responsible for the violations [2] - The Zhejiang Securities Regulatory Bureau decided to issue warning letters to the company and the related personnel, which will be recorded in the integrity archives of the securities and futures market [2]

Core Viewpoint - Zhejiang Liansheng Chemical Co., Ltd. received a warning letter from the Zhejiang Securities Regulatory Bureau due to violations related to the management and use of raised funds [1][2] Group 1: Regulatory Violations - The company was found to have purchased financial products with idle raised funds before the authorization period and exceeded the authorized amount [1] - The special reports on the use of raised funds for the first half of 2023, the full year of 2023, the first half of 2024, and the full year of 2024 contained inaccurate disclosures regarding the purchase of large time deposits [1][2] Group 2: Responsible Parties - The chairman, general manager, former financial director, and board secretary of the company were held primarily responsible for the violations [2] - The violations were against the regulations outlined in the "Guidelines for the Supervision of Listed Companies on the Management and Use of Raised Funds" and the "Administrative Measures for Information Disclosure of Listed Companies" [2]

证券代码：301212 证券简称：联盛化学 公告编号：2025-035 浙江联盛化学股份有限公司 关于公司及相关人员收到浙江证监局警示函的公告 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。 浙江联盛化学股份有限公司于近日收到中国证券监督管理委员会浙江监管 局（以下简称"浙江证监局"）下发的《关于对浙江联盛化学股份有限公司及相 关人员采取出具警示函措施的决定》（〔2025〕191 号）（以下简称"警示函"）， 现将具体情况公告如下： 一、警示函的内容 浙江联盛化学股份有限公司 董事会 我局在对浙江联盛化学股份有限公司（以下简称公司）现场检查中发现，公 司闲置募集资金理财购买时间早于审议授权期限，购买金额超过审议授权额度， 2023 年半年度、2023 年年度、2024 年半年度、2024 年年度募集资金存放与使用 情况的专项报告中购买大额存单金额披露不准确。 公司上述行为违反了《上市公司监管指引第 2 号——上市公司募集资金管理 和使用的监管要求》（证监会公告〔2022〕15 号）第十二条第一款、《上市公 司信息披露管理办法》（证监会令第 182 号）第三条第 ...

Group 1 - The Shenzhen Stock Exchange issued a regulatory letter to Zhejiang Liansheng Chemical Co., Ltd. regarding violations related to the management of raised funds, including purchasing financial products before the approval period and exceeding authorized limits [1] - The company reported inaccuracies in the disclosure of large time deposits in its special reports for the half-year and annual periods of 2023 and 2024 [1] - Key executives, including the chairman and general manager, failed to fulfill their duties and obligations, leading to violations of the listing rules [1] Group 2 - As of the report date, the market capitalization of Liansheng Chemical is 3 billion yuan [2] - The company's revenue composition for the year 2024 is entirely from fine chemicals, accounting for 100% [1]

Group 1 - The core viewpoint of the news highlights the trading performance and financial metrics of Liansheng Chemical, indicating a significant level of financing activity and a stable growth in revenue and profit [1][2]. - On August 28, Liansheng Chemical's stock fell by 1.56%, with a trading volume of 57.99 million yuan. The financing buy-in amount was 7.56 million yuan, while the financing repayment was 4.68 million yuan, resulting in a net financing buy-in of 2.88 million yuan [1]. - As of August 28, the total balance of margin trading for Liansheng Chemical was 52.19 million yuan, accounting for 1.82% of its market capitalization, which is above the 90th percentile level over the past year [1]. Group 2 - As of June 30, the number of shareholders for Liansheng Chemical was 8,697, an increase of 2.52% from the previous period. The average circulating shares per person rose to 10,779 shares, an increase of 238.68% [2]. - For the first half of 2025, Liansheng Chemical reported a revenue of 343 million yuan, representing a year-on-year growth of 13.95%. The net profit attributable to the parent company was 18.02 million yuan, reflecting a year-on-year increase of 9.61% [2]. - Since its A-share listing, Liansheng Chemical has distributed a total of 97.52 million yuan in dividends, with 75.38 million yuan distributed over the past three years [3].

Core Viewpoint - The recent financial report of Liansheng Chemical (301212) shows a year-on-year increase in total revenue and net profit, but a decline in quarterly performance, highlighting concerns over accounts receivable and cash flow [1][4]. Financial Performance - Total revenue for the first half of 2025 reached 343 million yuan, a 13.95% increase compared to 301 million yuan in the same period of 2024 [1]. - Net profit attributable to shareholders was 18.02 million yuan, up 9.61% from 16.44 million yuan in the previous year [1]. - The gross margin decreased to 12.67%, down 4.93% year-on-year, while the net margin fell to 5.42%, a decline of 5.25% [1]. - The total of selling, administrative, and financial expenses was 14.44 million yuan, representing 4.21% of revenue, an increase of 34.68% year-on-year [1]. Cash Flow and Receivables - The company reported a significant accounts receivable level, with accounts receivable amounting to 95.82 million yuan, which is 555.2% of the net profit for the latest annual report [1][4]. - Operating cash flow per share improved to 0.47 yuan, a substantial increase of 146.47% compared to -1.01 yuan in the previous year [1]. Business Model and Industry Outlook - The company's return on invested capital (ROIC) was 0.34% last year, indicating weak capital returns, while the historical median ROIC since listing is 12.26% [3]. - The chemical industry has shown signs of recovery, with improved market demand for major products, although the pace of recovery varies across different segments [5]. - The company plans to enhance production efficiency and optimize existing product processes while advancing new biodegradable materials to diversify its product offerings and create new profit growth points [5].