关于长华化学科技股份有限公司 2025 年限制性股票激励计划授予价格调整暨首 次授予相关事项的 法律意见书 江苏省苏州市工业园区扬富路 11 号南岸新地一期 W01 号楼 06 层 05 室 电话（Tel）：0512-62571566 邮政编码：215000 电子邮件（E-mail）：info@sundiallawfirm.com 网址（Website）：https://www.sundiallawfirm.com 法律意见书 广东信达（苏州）律师事务所 关于长华化学科技股份有限公司 2025 年限制性股票激励计划授予价格调整暨首次授予相关 事项的 法律意见书 信达励字[2025]第 096 号 致：长华化学科技股份有限公司 广东信达（苏州）律师事务所（以下简称"信达"或"本所"）接受长华化 学科技股份有限公司（以下简称"公司"）的委托，担任公司2025年限制性股票 激励计划（以下简称"本激励计划"）的专项法律顾问。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》"）、《上市公司股权激励管理办法》（以下简称"《管理办法》"）、 《深圳证券交易所创业板股 ...

Core Viewpoint - Changhua Chemical's carbon dioxide polyether and high-performance polyol project is progressing, with the first phase expected to be completed and put into production by Q4 2025, providing significant growth potential for the company [1] Group 1: Project Details - The project is being constructed in phases, with the first phase including an 80,000 tons/year carbon dioxide polyether and a 300,000 tons/year polyether polyol facility [1] - The construction of the first phase is currently proceeding in an orderly manner [1] Group 2: Future Outlook - The successful completion of this project is anticipated to offer substantial development space for the company in the future [1]

Group 1: Company Performance - In the first half of 2025, the company focused on production, sales, R&D, and project construction, optimizing processes for efficiency [2] - The company developed new products such as the carnol® series and Hiclaim® series polyether polyols, targeting multinational corporations and the new energy vehicle sector [2] - Project construction is progressing with an emphasis on quality control and safety management, aiming for early production [2] Group 2: Industry Trends - The second half of 2024 is expected to see increased demand for polyether due to government fiscal policies promoting infrastructure, technology innovation, and green economy [2] - The rapid growth of the new energy vehicle industry is creating new opportunities for polyether applications in lightweight materials [3] - The polyether industry is anticipated to develop positively in 2025, presenting both challenges and opportunities [3] Group 3: Export and Market Impact - In 2024, the company experienced good growth in export volume, primarily to Southeast Asia, India, and Europe, focusing on home goods, footwear, and automotive seating [3] - The impact of U.S. tariffs on the company is minimal due to a small percentage of exports directed to the U.S. market [3] Group 4: Project Development - The "Carbon Dioxide Polyether and High-Performance Polyol Project" utilizes CO2 as a substitute for petrochemical materials, offering superior mechanical properties and environmental benefits [3] - The project is being constructed in phases, with the first phase of 80,000 tons/year of CO2 polyether and 300,000 tons/year of polyether polyol expected to be operational by Q4 2025 [3]

Fundraising Overview - The company has received approval from the China Securities Regulatory Commission for its initial public offering, issuing 35.05 million shares at a price of 25.75 RMB per share, raising a total of 902,537,500 RMB, with a net amount of 825,059,369.81 RMB after deducting issuance costs [1][2][3] Fund Management - A special account for the raised funds has been established to ensure proper management and protection of investor rights, in compliance with relevant regulations [1][4] - The company has authorized its management to handle the opening of the special account and related agreements with banks and sponsors [1][4] Special Account Details - The special account for the project "Information System Construction" has been opened at CITIC Bank, with the account number 8112001012900880735, currently holding a balance of 0.00 RMB [3][4] Four-Party Supervision Agreement - A four-party supervision agreement has been signed among the company, CITIC Bank, the sponsor Dongwu Securities, and its wholly-owned subsidiary, outlining the management and usage of the raised funds specifically for the information system construction project [4][5] - The agreement stipulates that the funds cannot be used for any other purposes and includes provisions for regular supervision and reporting [4][5]

038 证券代码：301518 证券简称：长华化学 公告编号：2025- 长华化学科技股份有限公司 关于签订募集资金四方监管协议的公告 本公司及董事会全体成员保证信息披露内容真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 一、募集资金的情况概述 经中国证券监督管理委员会（以下简称"中国证监会"）《关于同意长华化 学科技股份有限公司首次公开发行股票注册的批复》（证监许可[2023]1113 号） 同意注册，长华化学科技股份有限公司（以下简称"公司"）向社会公开发行人 民币普通股（A 股）3,505 万股，发行价格为 25.75 元/股，本次发行募集资金总 额为 902,537,500.00 元，扣除相关发行费用 77,478,130.19 元（不含税）后， 实际募集资金净额为 825,059,369.81 元。 上述募集资金已划至公司指定账户，立信会计师事务所（特殊普通合伙）对 资金到位情况进行了验证，并于 2023 年 7 月 28 日出具了"信会师报字[2023]第 ZA14928 号"《验资报告》。 二、募集资金专户的开立情况 为规范公司募集资金管理，保护投资者权益，根据《上市公司募集资金监管 ...

证券代码：301518 证券简称： 长华化学 公告编号：2025-037 长华化学科技股份有限公司 2025 年第一次临时股东会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 1、本次股东会不存在否决议案的情形。 2、本次股东会不涉及变更以往股东会已通过的决议。 一、会议召开情况 1、会议召开时间： 通过深圳证券交易所交易系统进行网络投票的时间 2025 年 7 月 7 日上午 9:15-9:25，9:30-11:30，13:00-15:00。 通过深圳证券交易所互联网投票系统投票的具体时间为 2025 年 7 月 7 日 9:15 至 15:00 的任意时间。 通过现场和网络投票的股东及股东代理人 105 人，代表股份 88,254,887 2、召开地点：江苏扬子江化工园北京路20号公司行政楼5楼5008会议室 3、召开方式：本次股东会采用现场会议与网络投票相结合的方式召开 4、召集人：长华化学科技股份有限公司（以下简称"公司"）董事会 5、主持人：董事长顾仁发 6、本次会议的召集、召开程序符合《中华人民共和国公司法》《上市公司 股东会 ...

股东会法律意见书 江苏省苏州市工业园区扬富路 11 号南岸新地一期 1 号楼 605 室 邮编：215000 电话（Tel）：0512-62571566 电子邮件（E-mail）：info @sundiallawfirm.com 网址（Website）：www.sundiallawfirm.com 关于长华化学科技股份有限公司 广东信达（苏州）律师事务所 2025 年第一次临时股东会的法律意见书 信达会字（2025）第 216 号 致：长华化学科技股份有限公司 广东信达（苏州）律师事务所（以下简称"信达"）接受长华化学科技股份 有限公司（以下简称"公司"）的委托，指派律师出席公司 2025 年第一次临时 股东会（以下简称"本次股东会"），对本次股东会的合法性进行见证，并出具 《广东信达（苏州）律师事务所关于长华化学科技股份有限公司 2025 年第一次 临时股东会的法律意见书》（以下简称"本法律意见书"）。 信达律师根据《中华人民共和国公司法》（以下简称"《公司法》"）、《上 市公司股东会规则》（以下简称"《股东会规则》"）等法律、法规和规范性文 件，以及《长华化学科技股份有限公司章程》（以下简称"《公司章程》 ...

证券代码：301518 证券简称：长华化学 公告编号：2025-036 长华化学科技股份有限公司 关于2025年限制性股票激励计划 内幕信息知情人及激励对象买卖公司股票情况的自查报告 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。 长华化学科技股份有限公司（以下简称"公司"或"本公司"）于2025年6 月17日召开第三届董事会第十五次会议和第三届监事会第十一次会议，审议通过 了《关于<2025年限制性股票激励计划（草案）>及其摘要的议案》等相关议 案，具体内容详见公司于2025年6月18日在巨潮资讯网（www.cninfo.com.cn）披 露的相关公告。 根据《上市公司股权激励管理办法》（以下简称"《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 券交易所创业板上市公司自律监管指南第1号——业务办理》（以下简称"《自 律监管指南》"）等有关法律法规、规范性文件及《长华化学科技股份有限公司 章程》（以下简称"《公司章程》"）的规定，通过向中国证券登记结算有限 责任公司深圳分公司查询，公司对2025 年限制性股票激励 ...

Industry Overview - As of late May 2025, the price of soft foam polyether in China is 0.73 million yuan per ton, a year-on-year decrease of 19.65% [1][9] - The decline in prices is attributed to the fluctuation and decrease in upstream raw material prices, such as propylene oxide, and rapid expansion of domestic production capacity, which reached 9.5 million tons per year by February 2025, with expectations to exceed 11 million tons per year [1][9][10] - The rapid increase in production capacity has led to a significant rise in market supply, while demand growth has not kept pace, resulting in an imbalance between supply and demand [1][9] Industry Development History - The soft foam polyether industry in China has undergone four main stages: the initial stage (1989-1993), rapid development (1993-1999), technological innovation (2000-2010), and green development (2010-present) [3][4][5] - The initial stage saw the establishment of the first large-scale polyether production facility in Tianjin, marking the beginning of industrial production [3] - The rapid development phase was characterized by the introduction of new products and significant increases in production capacity, with a focus on high-end applications [3] - The technological innovation phase involved advancements in production technology and increased government support for new materials [4] - The current green development phase emphasizes technological breakthroughs in catalysts and sustainable practices due to stricter environmental regulations [5] Industry Supply Chain - The upstream of the soft foam polyether industry includes basic chemical raw materials (propylene oxide, ethylene oxide), initiators (glycerol, propylene glycol), catalysts, and production equipment [7] - The midstream involves the manufacturing of soft foam polyether, while the downstream applications span across furniture, automotive, footwear, construction insulation, waterproof coatings, and packaging materials [7] Current Industry Status - The total production capacity of soft foam polyether in China was 9.413 million tons in 2024, with a year-on-year growth of 2.34% [10] - Major companies like Wanhua Chemical, Longhua New Materials, and Changhua Chemical dominate the market, leveraging their technological and scale advantages [10][14] - The consumption of soft foam polyether in the first four months of 2025 reached 122.56 thousand tons, a year-on-year increase of 7.15%, driven by recovery in downstream sectors like furniture and automotive [12] Key Companies' Performance - Wanhua Chemical Group, established in 1978, is a significant player in the global polyether market, focusing on technological innovation and expanding its production capacity [18] - Longhua New Materials, founded in 2011, has become a leading company in the domestic soft foam polyether industry, achieving a market share of 30% in polymer polyols [16] - In 2024, Longhua New Materials reported a revenue of 5.624 billion yuan, a year-on-year increase of 12.01% [16] Industry Development Trends - The industry is expected to see optimization of production capacity and increased concentration, with leading companies like Wanhua Chemical and Longhua New Materials driving capacity consolidation [20] - There is a strong emphasis on technological innovation and green transformation, with companies adopting low-VOC formulations and developing bio-based polyethers [21][22] - Downstream demand is diversifying, with traditional markets slowing while new sectors like automotive and cold chain logistics are emerging as key growth areas [23]

Industry Overview - Polyether polyols are essential raw materials for polyurethane, widely used in furniture, automotive, home appliances, and building insulation industries [1][12] - In 2024, China's polyether polyol production is projected to reach 5.48 million tons, a year-on-year increase of 7.07% [1][12] - Despite reaching a record high, the industry's capacity utilization rate remains below 70%, with intense competition in low-end products [1][12] - High-end specialty polyethers account for less than 30% of the market, with an import dependency exceeding 15%, indicating significant room for industrial upgrades [1][12] Industry Development History - The development of China's polyether polyol industry has gone through four stages, starting from 1980 to 1992, with the establishment of the largest polyether facility in Tianjin [4] - From 1993 to 1999, the industry experienced rapid growth, with production capacity reaching 260,000 tons per year by the end of 1996, a nearly 50% increase from 1994 [4] - The period from 2000 to 2010 focused on technological innovation, with significant advancements in production techniques and government support for new materials [4] - Since 2010, the industry has entered a phase of green development, with production capacity reaching 7.85 million tons by 2023, but with a capacity utilization rate of only about 63.16% [5][6] Industry Chain - The upstream of the polyether polyol industry includes basic chemical raw materials such as propylene oxide and ethylene oxide, as well as initiators and catalysts [8] - The midstream involves the production and manufacturing of polyether polyols, while the downstream applications span automotive, soft furniture, and footwear sectors [8] Current Industry Status - The demand for polyether polyols is driven by the continuous growth of the Chinese economy and consumption upgrades, leading to a steady increase in production [12] - The industry faces challenges such as low-end product homogenization and a need for higher-end product development [12] Key Companies' Performance - Wanhua Chemical, as a leading player, holds a 7% market share in the domestic polyether polyol market, with a production capacity of 1.59 million tons per year [14][16] - Longhua New Material focuses on high solid content and low VOC products, achieving a revenue of 5.513 billion yuan in 2024, a year-on-year increase of 12.28% [18] Industry Development Trends 1. **Accelerated Green Transformation and High-end Development** - The industry is moving towards green low-carbon transformation, with leading companies investing in bio-based raw material technologies [20] - Wanhua Chemical plans to establish a 100,000-ton/year bio-based polyether facility by 2025, reducing carbon emissions by 40% compared to traditional methods [20] 2. **Diversification of Market Demand and Structural Upgrades** - The demand structure is evolving, with traditional soft foam polyols growing slowly while new applications in cold chain logistics and electric vehicles are surging [21][22] 3. **Integration of Industry Chain and Deepening Global Layout** - The industry concentration is increasing, with leading companies enhancing cost advantages through vertical integration [23] - Wanhua Chemical has achieved over 80% self-sufficiency in propylene oxide, significantly reducing costs compared to purchasing raw materials [23]