Core Viewpoint - Anhui Huaye Fragrance Co., Ltd. plans to raise up to RMB 113 million through a simplified procedure for a specific target stock issuance to enhance production capacity and competitiveness in the fragrance industry [1][6][8]. Group 1: Background and Purpose of the Issuance - The issuance aims to meet the funding needs for business development, expand operational scale, and enhance comprehensive competitiveness in line with national policies promoting high-quality development in the fragrance industry [2][4]. - The Ministry of Industry and Information Technology is promoting digitalization, greening, and upgrading of the fragrance industry, encouraging leading enterprises to accelerate technological upgrades and production line transformations [2][3]. Group 2: Market Potential and Growth - The global fragrance market was valued at approximately USD 30.6 billion in 2023, with a projected growth to USD 32.1 billion by 2025, reflecting a 2.3% annual growth rate [3][4]. - The domestic fragrance industry is expected to achieve a main business income of RMB 50 billion by 2025, with an average annual growth rate of over 2% [4][5]. Group 3: Use of Proceeds - The raised funds will be allocated to the first phase of a project aimed at producing 1,300 tons of fragrance annually, with a total investment of RMB 140.63 million [1][6]. - The company may initially use self-raised funds for the project and later replace them with the raised funds once available [1][6]. Group 4: Financial Structure and Risk Management - The issuance is expected to optimize the financial structure, reduce the debt-to-asset ratio, and enhance the company's financial strength and risk resistance [6][7]. - The company aims to avoid high financing costs associated with bank loans by opting for equity financing, which provides long-term stability [7][8]. Group 5: Issuance Process and Compliance - The issuance will target no more than 35 specific investors, including qualified institutional investors and individuals, ensuring compliance with relevant regulations [8][9]. - The pricing of the shares will be based on the average trading price over the 20 trading days prior to the pricing date, ensuring fairness in the issuance process [10][11]. Group 6: Project Viability and Strategic Fit - The fundraising project aligns with the company's core business and national industrial policies, enhancing market competitiveness and long-term sustainable development [21][27]. - The company has a well-established technical team and strong R&D capabilities, with numerous patents and industry recognition, supporting the project's success [22][25].

Core Viewpoint - The report provides an overview of the fundraising and usage of funds by Anhui Huaye Fragrance Co., Ltd., confirming that the funds raised have been fully utilized as per the commitments made during the initial public offering [1][2][3]. Fundraising Overview - The company raised a total of RMB 266.77 million through the issuance of 14.35 million shares at a price of RMB 18.59 per share, with a net amount of RMB 222.62 million after deducting issuance costs [3][4]. - All raised funds were confirmed to be in place by September 10, 2020, as verified by an audit report [3]. Fund Usage and Balance - As of December 31, 2024, the company invested a total of RMB 227.64 million from the raised funds, with prior self-funding of RMB 113.76 million [3][4]. - The company has fully utilized the raised funds by the end of the reporting period [3][4]. Project Investment Details - The company committed to three projects: the annual production of 3,000 tons of butyrolactone series synthetic fragrances, the establishment of a fragrance engineering technology research center, and the marketing network construction project [4][5]. - Changes in project implementation locations and timelines were made, including the relocation of the research center and adjustments to the expected completion dates of various projects [5][6]. Financial Management of Idle Funds - The company has approved the use of idle funds for cash management, allowing up to RMB 80 million to be temporarily invested in safe and liquid financial products [6][7][8]. - As of December 31, 2024, the balance of cash management from idle funds was zero [9]. Project Performance and Benefits - The actual investment in the annual production of 3,000 tons of butyrolactone series synthetic fragrances exceeded the committed amount due to interest and investment income from the fundraising account [11]. - The project has not yet achieved the expected economic benefits, with the cumulative realized benefits falling below the promised returns by over 20% [12].

证券研究报告 晨会 hyzqdatemark 2025 年 06 月 24 日 投资要点： 资料来源：聚源，华源证券研究所，截至2025年06月24日 华源晨会精粹 20250624 固定收益 "数据中心 REIT"有何不同？——REITs 系列专题报告：截至 2025 年 6 月 16 日，C-REITs 已累计上市 66 只，累计市值突破 2000 亿元。一级发行方面， 2024 年全年发行上市 29 只 C-REITs，累计发行规模 656 亿元；二级表现上，2025 年 6 月 16 日中证 REITs 全收益指数收于 1117.87 点，较 2025 年初累计涨幅达 14.69%，收益率在各项大类资产中领跑。2025 年 6 月 18 日，"南方万国数据中心 REIT"、"南方润泽科技数据中心 REIT"获批，分别为上交所、深交所的首单数据 中心公募 REITs，底层资产类型进一步扩容。数据中心 REITs 作为新型基础设施资 产，与传统产权类 REITs 在运营模式、收益稳定性、估值逻辑等方面存在显著差异。 C-REITs 二级持仓以券商自营、保险资金为主。"数据中心 REIT"作为"新基建" 的 ...

南博会东南亚馆内沉香气息弥漫，各类沉香制品吸引众多中国消费者。"中国人喜欢在喝茶时焚烧沉 香，气味舒适能让人平心静气。"一位越南客商告诉记者，他已多次参加南博会，通过展会与中国消费 者接触发现，熏香品是市场主流，而竹签香、盘香、线香等是常见熏香的形式，它们成为中国人在饮茶 时营造氛围的必备品。 目前，中国已成为沉香消费和收藏的大国。尽管中国海南等地也产沉香，但中国市场主要的沉香产品依 赖进口，其中越南沉香占中国沉香进口总数的八成以上。 中新网昆明6月24日电 (王胜嫔)"广西顾客喜欢购买草药磨砂粉，而云南顾客则更偏爱草药香皂。"24 日，首次参展南博会的泰国草药香皂商人萨维塔查特·永潘雅告诉记者。他推测，这种消费差异与两地 气候环境有关。 第9届中国-南亚博览会(下称"南博会")正在云南昆明举办。共有388个展位的东南亚馆，云集马来西亚、 新加坡、柬埔寨、越南、老挝、泰国、缅甸等国展商。 图为泰国商人在南博会上向顾客推荐草药香皂。王胜嫔 摄 中国是拥有14亿人口的大市场，不同地区的消费习惯存在差异。如萨维塔查特·永潘雅这样的东南亚客 商，试图通过参展南博会，感知适应中国消费市场差异和变化，挖掘更多商机。 近年 ...

证券研究报告 | 北交所定期报告 | | --- | hyzqdatemark 2025 年 06 月 23 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 王宇璇 SAC：S1350525050003 wangyuxuan@huayuanstock.com 下游日化行业发展促进香精香料行业稳步增长，关注北交所相关标的 ——北交所消费服务产业跟踪第十九期（20250620） 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 联系人 香精香料市场前景向好，下游化妆品行业繁荣拉动需求。2023 年中国香料香精行业 市场规模约为 439 亿元，同比增长 2.6%，预计 2026 年有望突破 500 亿元。随着中 国居民生活水平的提高与消费结构的升级，日化、食品等行业在下游需求的推动下 得到了持续发展，也为香料香精产业链的上游和中游企业提供了广阔的市场空间和 机遇。2023 年中国化妆品市场规模约为 5169.0 亿元，同比增长 6.4%，2025 年有 望增至 5791.0 亿元。化妆品生产通常可分为自主生产和代工生产两种模式，人群、 渠道、品牌多 ...

新华社记者闫洁 宿亮 赵珮然 "南博会平台不仅让我对接采购商，还见识到行业最新产品和趋势！"在第9届中国—南亚博览会南亚馆 里，巴基斯坦商人哈比兴奋地告诉记者，中国市场机遇多，自己在南博会的展位就像是在昆明开起来的 一家"流动店面"。 为期6天的第9届中国—南亚博览会日前在云南昆明开幕。本届南博会迎来大量南亚东南亚地区的老朋 友、新客商。与会人士表示，在当前全球经济面临诸多挑战背景下，中国持续扩大市场开放水平，不断 做大合作蛋糕，助力区域繁荣进步。 互利共赢"朋友圈" 孟加拉国女商人卡姆伦·纳哈尔·索赫利第一次来南博会，一口气带来了衣服、黄麻手工艺品、特色桌 旗、靠枕套等产品，将展台布置得满满当当。索赫利希望通过南博会平台进一步了解中国消费者喜好， 持续优化产品。 "我们以往重点关注欧美市场，但现在将目光投向中国，这里庞大的消费市场是巨大发展机遇。" 近年来，中国与南亚国家持续推进各领域务实合作，经贸往来势头良好。2024年，中国和南亚国家贸易 额接近2000亿美元，十年间实现翻番，中国连续多年成为巴基斯坦、孟加拉国等国最大贸易伙伴。本届 南博会有73个国家、地区和国际组织参会，2500多家企业参展。 参展的 ...

Core Viewpoint - The 9th China-South Asia Expo aims to enhance regional cooperation and economic development through open collaboration, attracting businesses from South Asia and Southeast Asia to Kunming [1][2]. Trade and Economic Cooperation - The trade volume between China and South Asian countries is projected to approach $200 billion in 2024, doubling over the past decade with an average annual growth rate of approximately 6.3% [1][2]. - South Asian products such as cashmere, lapis lazuli, and spices are gaining popularity among Chinese consumers, presenting significant market opportunities [1]. - Investment cooperation is also on the rise, with projects like the China-Pakistan Economic Corridor and various energy and infrastructure projects in Sri Lanka, Bangladesh, and Nepal contributing to regional economic growth [2]. Policy and Institutional Support - The China-Maldives Free Trade Agreement has come into effect, and negotiations for an investment agreement with Bangladesh are underway, aimed at facilitating trade and investment [2]. - China is providing zero-tariff treatment for 100% of products from several least developed South Asian countries, enhancing their export capabilities to China [2]. Regional Connectivity and Development - Yunnan province is positioned as a key hub connecting China with South Asia and Southeast Asia, leveraging its geographical advantages to promote trade and logistics [3]. - The province is actively implementing measures to enhance regional connectivity, including the construction of the China-Laos Railway and various trade facilitation initiatives [3]. Global Economic Context - The backdrop of rising protectionism and unilateralism in global trade necessitates stronger cooperation among developing countries, including those in South Asia, to enhance economic resilience [3][4]. - China is committed to opposing protectionism and fostering an open economic environment through various national and international trade exhibitions [4]. Collaborative Future - The expo serves as a platform for countries to unite in collaboration and development, aiming to create new growth points and drive regional prosperity [5].

证券代码：300886 证券简称：华业香料 公告编号：2025-030 安徽华业香料股份有限公司 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： 方案已获 2025 年 5 月 8 日召开的 2024 年年度股东大会审议通过，公司 2024 年 年度权益分派方案为：公司拟以 2024 年 12 月 31 日总股本 74,555,000 股为基数， 向全体股东每 10 股派发现金红利 1.00 元（含税），不送红股，不以公积金转增 股本。公司本次拟派发现金红利 7,455,500 元（含税）。若在本利润分配预案公 告后至实施前，公司总股本因股权激励行权、股份回购等事项发生变动的，拟维 持分配总额不变，相应调整每股现金分红比例。 性股票激励计划首次授予第二个归属期股份登记手续，相关股份已于 2025 年 5 月 20 日上市流通，公司总股本由 74,555,000 股增加至 74,798,000 股，根据分配 总额不变的原则，本次权益分派方案每 10 股现金分红金额为 0.996751 元（含 税）。 公司 2024 年年度权益分派方案已获 2025 ...

Group 1 - The company's stock (code: 300886, name: Huaye Spice) experienced an abnormal trading fluctuation, with a cumulative closing price increase exceeding 30% over three consecutive trading days from June 10 to June 12, 2025 [1] - The company's board of directors conducted inquiries with major stakeholders, including the controlling shareholder and senior management, confirming that there are no undisclosed significant matters affecting the company [1][2] - The board confirmed that aside from a planned issuance of shares to specific investors, there are no other undisclosed matters that should be reported according to the Shenzhen Stock Exchange regulations [1]

现代生活与化工已经高度耦合，比如日化、香料、染料、涂料、纤维、塑料，甚至化肥和农药，其实现代医药也是化工。 每一轮牛市都有化工股跑出很高的涨幅。日化和医药就不多说了，这里说几个冷门的。 联合化学应该是最早领涨的染料（颜料）股： 最近开始活跃的 染料（颜料）股 百合花： 昨天纺织染料有联动，这貌似是一个扩散现象。 做车漆的东来技术： 做香料的亚香股份和华业香料： ...