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 ...

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 ...

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]

【SynBioCon】 获悉，6月4日，苏州聚维元创生物科技有限公司（以下简称"聚维元创"）与昆山亚香香料股份有限公司（以下简称"亚香股份"）在聚 维元创苏州总部成功举行战略合作签约仪式。此次合作标志着 合成生物学技术、AI技术与传统香精香料产业 的深度融合，双方将围绕 生物基香精香料 原料 的协同创新、绿色制造路径探索及国际市场布局等方向，开展系统性合作对接。 全球 生物基 和 生物制造 产业服务平台 www.bio-basedlink.net 作为国际领先的合成生物科技企业，聚维元创以自主构建的底盘细胞库、高通量基因编辑平台和 AI 蛋白质工程体系，持续突破生物制造产业链关键瓶 颈。未来，聚维元创将充分发挥" 秸秆基生物制造柔性平台 "优势，实现从设计到研发到量产的高效转化，为生物合成香精香料的非粮规模化生产打开 新空间。 此次合作不仅是一次技术与产业的战略联动，也是在"双碳"目标引领下推动中国制造高端化、绿色化、国际化转型的重要实践。未来，双方将以"低碳 替代、高值创新"为核心理念，携手打造全球领先的生物合成香精香料联合创新平台，加速绿色产品从实验室走向市场终端，助推香精香料行业迈入绿 色智能新纪元。 ...

General Principles - The rules are established to protect the legal rights of all shareholders of Kunshan Yaxiang Fragrance Co., Ltd. and ensure the effective operation of the shareholders' meeting [1][2] - The shareholders' meeting shall exercise its powers within the scope defined by the Company Law and the company's articles of association [2][3] Shareholders' Meeting Organization - The shareholders' meeting is divided into annual and temporary meetings, with the annual meeting held within six months after the end of the previous fiscal year [4][5] - If the meeting cannot be held within the specified time, the company must report to the China Securities Regulatory Commission and the stock exchange, explaining the reasons [5][6] Proposals and Notifications - Proposals must fall within the powers of the shareholders' meeting and be clearly defined [14] - Shareholders holding 1% or more of the company's shares can submit proposals at least 10 days before the meeting [15][16] Meeting Procedures - The meeting must be held at the company's registered address or another designated location, and provisions must be made for shareholders to participate via secure and convenient methods [22][23] - Shareholders can attend in person or appoint proxies to vote on their behalf [9][10] Voting and Resolutions - Each share carries one vote, and the voting results must be disclosed promptly [44][45] - Ordinary resolutions require a simple majority, while special resolutions require at least two-thirds of the votes [56][57] Record Keeping and Disclosure - Meeting records must include details such as the time, location, agenda, and attendance [64] - The company is responsible for disclosing resolutions in accordance with relevant laws and regulations [73][74] Amendments to Rules - The rules may be amended in response to changes in laws or the company's articles of association [77][78] - The board of directors has the authority to interpret these rules [82]

General Principles - The purpose of the compensation and assessment system is to enhance the responsibility of senior management, establish an incentive and restraint mechanism, and improve business performance and management levels [1] - The system applies to senior management personnel, including the general manager, deputy general managers, board secretary, and financial director [1] - Compensation is based on economic indicators and comprehensive management, with quarterly and annual assessments aligned with the company's operational goals [1] - The principles of compensation and performance assessment include aligning with long-term company interests, combining labor distribution with responsibilities, and ensuring fairness and balance in compensation levels [1] Management Structure - The Board's Compensation and Assessment Committee is responsible for guiding the compensation and assessment of senior management [2] - The Human Resources Department manages the daily operations of senior management compensation, while the Finance Department provides performance data [2] - The Compensation and Assessment Committee drafts or proposes modifications to the compensation management system and reviews annual performance assessment plans [2] Compensation Composition and Determination - The annual performance assessment period runs from January 1 to December 31 [3] - Senior management compensation consists of a base salary and performance bonuses [3] - Compensation levels are proportional to responsibilities, risks, and overall company performance [3] Performance Assessment Procedures - The Compensation and Assessment Committee checks the performance of senior management and conducts assessments based on established guidelines [4] - Performance assessments are based on audited annual reports and data from relevant departments [4] - The committee confirms the annual performance distribution plan within six months after the year-end assessment [4] Compensation Distribution - Base salaries for senior management are distributed monthly according to company policies [5] - A responsibility accountability system is in place for senior management, with penalties for significant losses due to negligence or poor decision-making [5] - Specific conditions under which performance bonuses will not be awarded are outlined, including severe violations of company policies and legal penalties [5] Other Incentives - The company may implement stock incentive plans based on job responsibilities and performance indicators [5] - Additional reward and punishment measures for senior management can be proposed by the Compensation and Assessment Committee and approved by the Board [5] Miscellaneous - The system will be updated in accordance with changes in national laws and regulations [5] - The Board is responsible for interpreting the system, which takes effect upon approval [5]

Core Points - The company establishes a long-term mechanism to prevent the controlling shareholder, actual controller, and other related parties from occupying company funds [1][3] - The system defines two types of fund occupation: operational fund occupation and non-operational fund occupation [2][3] - The company emphasizes the obligation of the controlling shareholder and actual controller to act in good faith and not harm the interests of the company and its shareholders [3][5] Summary by Sections - **Definition of Fund Occupation**: Operational fund occupation refers to fund occupation arising from related transactions in production and operation, while non-operational fund occupation includes payments for wages, benefits, and other expenses on behalf of the controlling shareholder or actual controller [2] - **Scope of Application**: The system applies to subsidiaries included in the company's consolidated financial statements, ensuring that fund transactions between the controlling shareholder, actual controller, and subsidiaries adhere to this system [3][4] - **Prohibition of Fund Provision**: The company is prohibited from providing funds directly or indirectly to the controlling shareholder or actual controller for various expenses, including wages and debt repayment [5][6] - **Decision-Making Process**: All related transactions must be conducted according to the company's articles of association and related management systems, with strict decision-making processes in place [4][6] - **Audit and Oversight**: The company’s board of directors, audit committee, and financial departments are responsible for regular checks on fund transactions to prevent non-operational fund occupation [4][5] - **Legal Measures**: In cases of asset infringement by the controlling shareholder or actual controller, the board can take legal action, including freezing shares to recover occupied assets [6][7] - **Responsibilities of Management**: Company directors and senior management are obligated to protect company funds from being occupied by the controlling shareholder and must face consequences for negligence [6][8] - **Regulatory Compliance**: The system will be executed in accordance with national laws and regulations, and any amendments must be approved by the shareholders' meeting [8]

Group 1 - The company held its 21st meeting of the third supervisory board on May 27, 2025, with three supervisors present, complying with legal and regulatory requirements [1] - The supervisory board approved changes to the company's business scope, expanding from the production and sales of natural and synthetic flavors to include daily chemical products manufacturing and sales, food additives production and sales, and hazardous chemicals operation [1][2] - Following the completion of the 2024 annual equity distribution, the company's total share capital will increase from 80,800,000 shares to 112,770,840 shares, and the registered capital will change from 80,800,000 yuan [1] Group 2 - The company plans to amend its articles of association to reflect the changes in business scope and registered capital, and will seek authorization from the shareholders' meeting for necessary registration and filing [2] - The voting results for the proposal were unanimous, with three votes in favor and no votes against or abstaining [2]