Core Viewpoint - Company adheres to the CDMO model, aiming to provide long-term, reliable, and competitive chemical solutions to clients rather than just individual products or technologies [1] Group 1 - Company has over ten years of production history for Kamine products, indicating a strong foundation in this area [1] - A significant portion of the company's products are still under patent protection, showcasing its commitment to innovation and proprietary technology [1]

证券代码：002250 证券简称：联化科技 公告编号：2025-033 联化科技股份有限公司 2024 年度股东大会决议公告 本公司及董事会全体成员保证信息披露内容的真实、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、本次股东大会无否决议案的情形。 2、本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 （一）会议召开情况 1、会议时间：2025年6月9日（星期一）13时30分 2、会议地点：浙江省台州市黄岩区世纪大道3号黄岩耀达酒店会议室 3、会议召集人：联化科技股份有限公司董事会 4、会议方式：现场投票与网络投票相结合的方式 6、会议的召集、召开与表决程序符合《公司法》《上市公司股东大会规则》《深 圳证券交易所股票上市规则》等法律、法规及规范性文件和《公司章程》的规定。 （二）会议出席情况 出席现场会议的股东共2名，代表有表决权的股份数4,721,070股，占公司有表决 权股份总数的0.5246%；参加网络投票的股东共403名，代表有表决权的股份数 266,304,927股，占公司有表决权股份总数的29.5936%；参加现场与网络投票的股东 共405名，代表有表 ...

2024年度股东大会的 法律意见书 嘉源(2025)-04-413 北京市嘉源律师事务所 关于联化科技股份有限公司 2024年度股东大会的 法律意见书 西城区复兴门内大街 158 号远洋大厦 4 楼 中国·北京 北京BEIJING·上海SHANGHAI·深圳SHENZHEN·香港HONG KONG·广州GUANGZHOU·西安XI'AN 致：联化科技股份有限公司 北京市嘉源律师事务所 关于联化科技股份有限公司 北京市嘉源律师事务所（以下简称"本所"）接受联化科技股份有限公司（以 下简称"公司"）的委托，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 东大会规则》（以下简称"《股东会规则》"）等现行有效的法律、行政法规、 部门规章、规范性文件（以下简称"法律法规"）以及《联化科技股份有限公司 章程》（以下简称"《公司章程》"）的有关规定，指派本所律师对公司2024 年度股东大会（以下简称"本次股东大会"）进行见证，并依法出具本法律意见 书。 为出具本法律意见书，本所指派律师见证了本次股东大会，查阅了公司提供 的与本次股东大会有关的文件和资料 ...

Group 1: Supply Chain and Market Strategy - The company is addressing supply chain risks due to the US-China trade war by gradually establishing a global supply chain and acquiring a UK base for production and delivery [1] - The company has developed potential raw material service project proposals for clients, bridging multiple supply chains [1] - The company aims to enhance its service capabilities in the pharmaceutical sector by diversifying its client base and reducing reliance on single large customers [2] Group 2: Financial Performance and Market Position - The company reports that over 50% of its revenue comes from its top five clients, indicating a strong client retention strategy [3] - The pharmaceutical segment is expected to see significant growth as more innovative drugs enter the market, which will improve the gross margin [8] - The company anticipates that the gross margin in the pharmaceutical sector will continue to rise due to a decrease in chemical raw material prices in 2024 [8] Group 3: Product Development and Innovation - The company is focusing on developing innovative agricultural products primarily for overseas clients, emphasizing efficiency and safety [6] - The company is committed to enhancing its CDMO model and expanding its product offerings in the agricultural sector [4] - The company is actively developing new additives in the lithium market, although specific products remain confidential [8] Group 4: Capacity and Production Challenges - The company acknowledges that its current production capacity and utilization rates are not optimal, but plans to improve this as business grows [12] - The company is strategically planning for future capacity expansions to meet anticipated demand [12]

Core Viewpoint - The surge in stock price of Lianhua Technology is driven by the K-amine price increase following a chemical accident, raising questions about whether this is a "value reassessment" or merely speculative trading [1][2]. Group 1: Stock Performance - Lianhua Technology's stock price doubled within 10 trading days starting from May 23, with 6 limit-up days in 8 days [1]. - On June 9, the stock closed at 14.08 yuan, marking a cumulative increase of 112.69% over the past 10 trading days [3]. Group 2: Impact of Chemical Accident - A chemical explosion at Youdao Chemical led to a significant reduction in K-amine supply, causing prices to soar from 150,000 yuan/ton to 230,000-250,000 yuan/ton [2]. - Lianhua Technology, as the largest global supplier of K-amine, benefited directly from this price surge, which catalyzed the stock price increase [2]. Group 3: Financial Performance - In 2024, Lianhua Technology achieved a net profit of 103 million yuan, a year-on-year increase of 122.17%, despite a revenue decline of 11.88% to 5.677 billion yuan [5]. - The company's pharmaceutical business, while experiencing a revenue drop of 13.32% to 1.285 billion yuan, saw a significant increase in gross margin, contributing nearly 50% of the total gross profit [5]. Group 4: Pharmaceutical Business Outlook - The pharmaceutical business primarily provides CDMO services, which do not directly involve drug development but optimize production processes for pharmaceutical companies [5]. - There are uncertainties regarding the commercialization of clinical stage projects, with a notable decline in the number of clinical III phase products compared to 2023 [6]. Group 5: CRO Business Development - To enhance customer retention, Lianhua Technology established a CRO platform in 2023, aiming to engage in early-stage drug discovery and clinical research [7]. - The CRO market in China is projected to reach 187.8 billion yuan by 2026, with a compound annual growth rate of 24.1% from 2021 to 2026 [7]. Group 6: Valuation Concerns - As of June 9, Lianhua Technology's static P/E ratio was 85.45, significantly higher than the industry averages of 33.11 for agriculture and 29.81 for pharmaceuticals [7].

Group 1: Innovation Drug Sector - The innovation drug sector in A-shares has seen a significant surge, with over 4,100 stocks closing in the green and the Shanghai Composite Index nearing the 3,400-point mark [1] - Notable stocks such as Changshan Pharmaceutical, Haichen Pharmaceutical, and Shutaishen achieved "20cm" limit-up, while others like Lianhua Technology and Zhongsheng Pharmaceutical recorded "10cm" limit-up [1] - According to statistics, 11 innovation drug concept stocks have seen maximum increases of over 200% compared to their one-year lows, including Hotgen Biotech and Shutaishen [1] Group 2: Central Huijin's Financial Expansion - The China Securities Regulatory Commission has approved Central Huijin Investment Co., Ltd. to become the actual controller of eight companies, marking a significant expansion of its financial footprint [4] - Central Huijin is a state-owned company established in December 2003, responsible for equity investments in key state-owned financial enterprises [5] - Since April, Central Huijin has been recognized as a "stabilization fund," boosting market confidence amid increased volatility in the domestic market [5] Group 3: Central Huijin's Stock Holdings - As of the end of Q1 this year, Central Huijin has invested in 152 stocks, with a total holding market value of 3.02 trillion yuan [6] - The largest holding is in China Bank, valued at 1.07 trillion yuan, followed by Industrial and Commercial Bank and Agricultural Bank [6][7] - Central Huijin's preference for large-cap stocks is evident, with an average market value of 1.315 billion yuan for its holdings [8] Group 4: Performance and Characteristics of Central Huijin's Holdings - In Q1, 89.47% of Central Huijin's holdings were profitable, with over 60% showing year-on-year net profit growth, significantly higher than the overall A-share market [10] - The average dividend yield for Central Huijin's holdings is 2.5%, with over 70% yielding above 1% [11] - The overall price-to-earnings ratio of Central Huijin's holdings is relatively low, with 67.76% having a rolling P/E ratio below 30 [11] Group 5: Long-term Investment Strategy - Central Huijin has a long-term investment strategy, with 135 stocks held for over 20 quarters, representing nearly 90% of its portfolio [12] - The longest-held stock is China Construction Bank, with a holding period of 67 quarters [12] - Notable long-term holdings also include leading companies in emerging industries such as BYD and Hikvision [12] Group 6: Market Performance of Long-term Holdings - Among the 135 stocks held for over 20 quarters, 14 have doubled in value since 2021, with China Shenhua leading at a 199.29% increase [13][14] - The performance of these long-term holdings reflects Central Huijin's commitment to stable and profitable investments [13]

从个股表现来看，今天上涨个股超4100家，下跌个股1000余家，涨停个股87家，跌停个股3家，可以看出今天算是一个普涨行情。从连板情绪来看， 上周五2连板及以上个股12家，今天真正晋级的只有4家，还有一家菲林格尔收盘竞价达到涨停价，但是没有封死，晋级率比较差，且2连板5家没有1 家晋级3连板，这在今天普涨的行情中也是非常少见的，算的上是一个罕见奇观了。不过目前市场有一个好的情况是：如联化科技、均瑶健康、菲林 格尔等这些周末都是被监控或是有利空的个股，今天还能涨停，说明短线情绪开始起来了。 盘面上来看，我在昨天的文章中提到的要关注"可控核聚变的反弹修复、足球概念、以及创新药、稳定币的资金回流修复等"。那么反观今天的市场表 现，可以说最强的就是创新药板块，创新药概念再度爆发，舒泰神、常山药业、海辰药业、睿智医药、联化科技、众生药业等多股涨停。消息面上， 国家药监局批准11款全新创新药的上市申请，另外还有2款创新药拟纳入优先审评，新品种密集获批有望赶上今年医保谈判放量，为相关企业业绩增 长提供助力。 另外，足球概念持续活跃，康力源20cm涨停、粤传媒涨停、共创草坪6连板，金陵体育涨超15%。可控核聚变午后活跃，百利 ...

Core Viewpoint - The surge in K-amine prices due to a chemical accident has led to a dramatic increase in the stock price of Lianhua Technology, raising questions about whether this is a genuine "value reassessment" or merely speculative trading [1][2]. Price Movement - Lianhua Technology's stock price doubled within 10 trading days starting from May 23, with 6 limit-up days in 8 days [1]. - On June 9, the stock closed at 14.08 yuan, marking a cumulative increase of 112.69% over the past 10 trading days [3]. Impact of Chemical Accident - A chemical explosion at Youdao Chemical on May 27 caused a significant reduction in K-amine supply, leading to a price increase from 150,000 yuan/ton to 230,000-250,000 yuan/ton [1][2]. - Lianhua Technology, as the largest global supplier of K-amine, benefited directly from this price surge [1]. Market Response - Despite Lianhua Technology's announcement on May 29 stating limited impact from the explosion, market expectations for K-amine price increases remained strong, with significant capital inflow into the stock [2]. - Major funds net inflow exceeded 200 million yuan on May 28, with continued inflows in subsequent days [2]. Financial Performance - In 2024, Lianhua Technology reported a net profit of 103 million yuan, a year-on-year increase of 122.17%, despite a revenue decline of 11.88% to 5.677 billion yuan [4]. - The improvement in profitability was primarily driven by a significant increase in the gross margin of its pharmaceutical business, which contributed nearly 50% of the total gross profit [4]. Pharmaceutical Business Overview - Lianhua Technology's pharmaceutical business generated 1.285 billion yuan in revenue, down 13.32% year-on-year, but with a gross margin increase of 13.13 percentage points to 47.95% [4][5]. - The company provides CDMO services, focusing on optimizing the production processes for pharmaceutical companies [5]. Future Prospects - Lianhua Technology anticipates growth in its pharmaceutical business by 2025, with potential commercial orders exceeding 200 million yuan from a collaboration with AstraZeneca [5]. - However, the number of clinical stage III products and their revenue have declined compared to 2023, indicating uncertainty in future performance [5]. CRO Market Potential - The demand for CRO services is expected to grow, with the Chinese CRO market projected to reach 187.8 billion yuan by 2026, reflecting a compound annual growth rate of 24.1% from 2021 to 2026 [6]. - Lianhua Technology's CRO business is still in the preparatory phase, with a significant drop in R&D spending in 2024 [6]. Valuation Concerns - As of June 9, Lianhua Technology's static P/E ratio was 85.45, significantly higher than the industry averages of 33.11 for agriculture and 29.81 for pharmaceuticals [6].

截至6月9日收盘，创新药概念上涨3.91%，位居概念板块涨幅第4，板块内，188股上涨，常山药业、海 辰药业、舒泰神等20%涨停，亚泰集团、罗欣药业、联化科技等涨停，星昊医药、热景生物、圣诺生物 等涨幅居前，分别上涨27.29%、18.15%、17.58%。跌幅居前的有赛伦生物、万泰生物、新诺威等，分 别下跌4.59%、3.84%、3.46%。 今日涨跌幅居前的概念板块 | 概念 | 今日涨跌幅（%） | 概念 | 今日涨跌幅（%） | | --- | --- | --- | --- | | CRO概念 | 4.73 | 金属铅 | -0.30 | | 减肥药 | 4.66 | 供销社 | -0.05 | | 足球概念 | 4.44 | 金属铜 | 0.07 | | 创新药 | 3.91 | 金属锌 | 0.10 | | 毛发医疗 | 3.82 | 小米汽车 | 0.15 | | 阿尔茨海默概念 | 3.80 | 黄金概念 | 0.21 | | 染料 | 3.71 | 同花顺中特估100 | 0.23 | | 稀土永磁 | 3.45 | 海南自贸区 | 0.25 | | 仿制药一致性评价 | 3.37 | 低 ...

Market Overview - The market experienced a rebound with the Shanghai Composite Index returning to 3400 points and the ChiNext Index rising over 1% [1] - Innovative drug concept stocks surged, with companies like Changshan Pharmaceutical, Ruizhi Pharmaceutical, and Zhongsheng Pharmaceutical hitting the daily limit [1] - The solid-state battery concept was active, with stocks such as Dexin Technology, Yinglian Co., and Jinlongyu also reaching the daily limit [1] - Financial stocks saw a midday rally, with Nanhua Futures and Yong'an Futures hitting the daily limit [1] - The nuclear fusion concept rose in the afternoon, with companies like Hahuan Huaton, Zhongchao Holdings, and Hezhuan Intelligent also hitting the daily limit [1] - Over 4100 stocks in the Shanghai and Shenzhen markets were in the green, with a total transaction volume of 1.31 trillion [1] Sector Highlights Pharmaceuticals - The pharmaceutical sector continued to rise, with stocks like Angli Kang and Haichen Pharmaceutical hitting consecutive limits, and Meinuo Pharmaceutical and Zhongsheng Pharmaceutical reaching the daily limit [4] - The innovative drug index surged by 4%, setting a new historical high [4] - Analysts from Xingye Securities believe that the innovative drug sector's prosperity is sustainable, driven by "innovation + internationalization" trends, policy support, and increasing global competitiveness [5] - The demand in the consumption medical field is expected to recover by 2025, with improvements anticipated in the medical device sector as well [6] Solid-State Batteries - The solid-state battery sector continued to rise, with stocks like Jinying Co. and Dexin Technology hitting consecutive limits, and Yinglian Co. and Jinlongyu reaching the daily limit [7] - Analysts from Xingye Securities noted rapid development in the solid-state battery industry, supported by national policies, with advancements in materials and battery technology [8] - The second half of 2025 is expected to be a critical period for the solid-state battery industry, with key developments in pilot production lines and material and equipment specifications [8] Pesticides - The pesticide sector remained active, with stocks like Lianhua Technology, Changqing Co., and Guokang Biochemical hitting the daily limit [9] - A recent explosion at a chemical workshop in Shandong related to pesticide production is expected to impact prices and regulatory measures in the industry [10] - Analysts from Shenwan Hongyuan indicated that the incident may lead to increased prices for certain pesticide intermediates and stricter controls on nitration processes [10] Other Active Sectors - The nuclear fusion, blockchain, and financial sectors continued to show activity, while sectors like restructuring and robotics experienced declines [11]