民生证券股份有限公司 关于江苏长青农化股份有限公司变更部分募集资金投资项目的 核查意见 民生证券股份有限公司（以下简称"民生证券"或"保荐机构"）作为江苏长青 农化股份有限公司（以下简称"长青股份"或"公司"）持续督导的保荐机构，民生 证券根据《证券发行上市保荐业务管理办法》 《深圳证券交易所上市规则》 《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》、 《深圳证券 交易所上市公司自律监管指引第 13 号——保荐业务》、《深圳证券交易所上市公 司自律监管指引第 1 号——主板上市公司规范运作》等相关法律法规的规定和要 求，通过定期的现场检查、资料查阅、沟通访谈及列席重要会议等方式，对长青 股份变更部分募集资金投资项目事项进行了核查，具体情况如下： 一、募集资金的基本情况 经中国证券监督管理委员会《关于核准江苏长青农化股份有限公司公开发行 （证监许可[2018]2097 号）核准，公司于 2019 年 2 月 27 可转换公司债券的批复》 日向社会公开发行 913.8 万张可转换公司债券，每张面值 100 元，公开发行可转 债 募 集 资 金 总 额 为 913,800,000.00 元 ...

Summary of Yabon's Conference Call Company Overview - **Company**: Yabon Chemical - **Industry**: Pharmaceutical and Agrochemical CDMO (Contract Development and Manufacturing Organization) Key Points and Arguments 1. **Strategic Partnerships**: Yabon is implementing a major client strategy by establishing strategic partnerships with leading global pharmaceutical and agrochemical companies, focusing on innovative intermediates and derivative products in pharmaceuticals and agrochemicals [2][3][6] 2. **Business Development Strategy**: The company has adopted a "2 Plus X" business development strategy, emphasizing innovative pharmaceutical and agrochemical CDMO services, while deepening relationships with top global enterprises [3][6][19] 3. **Production Capacity Recovery**: Following the 2019 Jiangsu incident, Yabon has expanded its production capacity through new bases in Fushun, Xiangyang, and the newly built Lanzhou base, successfully restoring and enhancing production capabilities [2][4][5] 4. **International Market Expansion**: Yabon is actively expanding its international market presence, with some raw materials already being supplied to global markets including Australia, South Korea, and Indonesia, with plans to further penetrate North and South America [4][5] 5. **Core Production Bases**: The company operates six core bases and two cooperative factories, with significant R&D capabilities located in Shanghai and Huzhou, and a newly established pilot base in Lanzhou [3][7][14] 6. **New Projects and Capacity**: Yabon plans to launch new projects in its Yancheng and Lanzhou bases, expecting to add 2,000 tons of intermediates and raw materials by 2025 to meet market demands [3][19][21][22] 7. **Collaboration with Major Clients**: Yabon has established a strategic collaboration with Heng Rui Pharmaceutical, focusing on innovative drug development, with plans to support multiple clinical projects [12][13][18] 8. **Challenges and Responses**: The company faces challenges from declining prices of major projects and the need for new projects to ramp up. Yabon is addressing these by optimizing production line layouts and ensuring efficient capacity utilization [25][26] Additional Important Content 1. **Technological Advancements**: Yabon is investing in synthetic biology, fluid chemistry, and green carbon reduction, enhancing its capabilities to support its CDMO business [2][3][6] 2. **Regulatory Compliance**: The company has established bases that comply with GMP standards, including its Malta facility, which is crucial for serving export-oriented clients [8][14] 3. **Future Development Plans**: Yabon aims to build a smart Mega factory within three years, enhancing its large-scale manufacturing capabilities and cost efficiency [19] 4. **Flexibility in Production**: The Lanzhou base offers flexible production capabilities, allowing for co-line production to meet diverse customer needs effectively [24] 5. **Market Adaptation**: Yabon is adapting to market changes by focusing on high-end intermediates and raw materials, ensuring a robust supply chain through strategic partnerships [9][18] This summary encapsulates the essential insights from Yabon's conference call, highlighting the company's strategic direction, operational advancements, and market positioning within the pharmaceutical and agrochemical sectors.

Core Viewpoint - The collaboration between Qingdao Institute of Bioenergy and Process Research and Shandong Lukang Pharmaceutical has successfully developed a microbial green manufacturing technology for trans-aconitic acid, overcoming production challenges and achieving large-scale production, which has been recognized with a first-class award in Shandong Province for 2024 [1][3][12] Group 1: Production Challenges and Solutions - Trans-aconitic acid is a food additive with significant applications in agriculture, medicine, and chemicals, but traditional production methods face high costs and inefficiencies [3][9] - The research team developed an integrated technology system using industrial Aspergillus niger as a chassis cell, enabling the conversion of starch sugars into trans-aconitic acid through synthetic biology [3][5] - Key challenges addressed include the genetic modification of industrial strains, achieving high-efficiency synthesis, and optimizing fermentation processes for industrial application [5][7] Group 2: Industrial Application and Market Potential - The successful production of trans-aconitic acid opens up new avenues for its use as a biopesticide, particularly in combating root-knot nematodes in agriculture, aligning with national green agriculture initiatives [9][11] - In the chemical industry, trans-aconitic acid is being developed into a bio-based plasticizer, providing a safer alternative to petroleum-based phthalate plasticizers, which are facing regulatory restrictions due to health concerns [11][12] - The technology has garnered attention from various enterprises, leading to successful production demonstrations and positioning trans-aconitic acid as a key bio-based chemical in the upcoming 2024-2027 development plan for fine chemical industries [12]

Core Viewpoint - The research conducted by scientists at the Tobacco Research Institute of the Chinese Academy of Agricultural Sciences has successfully transformed waste fruits into a natural biopesticide, Ikuamycins, through fermentation, addressing both fruit waste and the need for green pesticide production [2][4]. Group 1: Research and Development - The discovery of Ikuamycins' significant inhibitory effect on various plant pathogenic fungi was made during research on the fungus D39, indicating its potential for industrialization [3]. - The research team shifted from solid fermentation to liquid fermentation to enhance production efficiency, utilizing waste fruits as a cost-effective carbon source for fermentation [4][6]. - The use of waste apple extract as a fermentation medium resulted in an Ikuamycins yield of 20.8 mg/L, achieving a 60% reduction in raw material costs compared to traditional methods [4]. Group 2: Environmental and Economic Impact - Ikuamycins is expected to provide both environmental and economic benefits, as it is produced through microbial fermentation without complex chemical synthesis, thus reducing costs and environmental impact [7]. - The biopesticide has shown effectiveness in controlling diseases in crops such as grapes, tobacco, and wheat, with field trials indicating a disease control efficacy of over 70%, comparable to chemical pesticides [7][8]. - The research promotes the recycling of food processing waste, significantly lowering production costs while enhancing resource utilization [7]. Group 3: Future Prospects - The potential for Ikuamycins to become a new target natural product pesticide is highlighted, as it offers a unique structure not found in current chemical pesticides, which may help reduce environmental pollution and pesticide residues [8]. - The research team is collaborating with pesticide companies to develop formulations of Ikuamycins, aiming to create a closed-loop industry chain that utilizes waste fruits for biopesticide production, potentially processing millions of tons of waste annually [9].

Core Viewpoint - The company, Shaanxi Meibang Pharmaceutical Group Co., Ltd., has announced the use of temporarily idle raised funds for cash management, specifically through a financial product with a total investment of 15 million yuan [1][4]. Group 1: Financial Management - The entrusted financial management is conducted by CITIC Bank, with a total amount of 15 million yuan allocated to the "Anying Xiang Fixed Income Stable Profit One Month Holding Period 32 C" product [1][7]. - The company aims to enhance the efficiency of fund utilization while ensuring that the investment projects funded by the raised capital are not affected [4][11]. - The maximum amount approved for cash management is 20 million yuan from idle raised funds and 60 million yuan from idle self-owned funds, with the ability to roll over the amount within the validity period of the resolution [1][8]. Group 2: Previous Financial Management - The previous financial management involved the redemption of funds from a product named "Tongying Xiang Fixed Income Stable Seven-Day Holding Product 1," with actual returns aligning with expectations [2][3]. - The company has utilized a total of 9 million yuan in financial products over the last twelve months, with a maximum single-day investment of 3 million yuan, representing 2.67% of the net assets for the past year [13]. Group 3: Investment Product Details - The current financial product has a duration of 30 days, with an expected annualized return rate of 3.86% [7]. - The company ensures that the investment products are of high safety and liquidity, complying with the requirements for cash management without altering the intended use of raised funds [6][11]. Group 4: Approval Process - The decision to use idle funds for cash management was approved during the third board meeting and the fifth supervisory board meeting held on April 24, 2025, and subsequently ratified at the annual shareholders' meeting on May 16, 2025 [1][8]. - The supervisory board and the sponsor institution have both expressed agreement with the company's cash management strategy, confirming compliance with relevant regulations [11].

Group 1 - The cultural heritage protection and transmission work in Jiangsu is prioritized in governance, emphasizing "protection first, rescue first, rational use, and inheritance development" [1] - The Yangzhou Grand Canal Cultural Park has undergone significant transformation over the past decade, showcasing the commitment to ecological and cultural preservation [1][2] - The area was historically industrialized, leading to severe environmental degradation, prompting local government to initiate comprehensive environmental remediation [1][2] Group 2 - The presence of major enterprises, including listed companies, has created a conflict between economic output and environmental quality, with significant revenue generation juxtaposed against local residents' quality of life concerns [2][3] - The local government made a decisive choice to prioritize cultural heritage protection over immediate economic gains, leading to the relocation of residents and businesses from the Sanwan area [3] - The transformation plan included converting land originally intended for commercial housing into cultural exhibition spaces and enhancing the ecological park, reflecting a long-term vision for cultural heritage preservation [3][4] Group 3 - The establishment of the Jiangsu Grand Canal Cultural Tourism Development Fund in 2019, with a mother fund of 2 billion yuan, aims to gather financial resources for cultural heritage projects [4] - The fund supports various projects related to heritage protection, cultural tourism integration, environmental remediation, and rural development, addressing financing challenges in cultural tourism [4] - The approach emphasizes the integration of historical respect, cultural appreciation, and ecological awareness, leading to a balanced development strategy [5]

Core Viewpoint - The protection and utilization of cultural heritage, particularly the Grand Canal, is emphasized as a priority for sustainable development and community well-being in Jiangsu province, guided by Xi Jinping's directives [1][11]. Group 1: Cultural Heritage Protection - Xi Jinping's approach integrates historical responsibility with cultural heritage protection, advocating for a strategy of "protection first, rescue first, reasonable use, and inheritance development" [1][2]. - Jiangsu has made significant strides in the protection and revitalization of the Grand Canal, exemplified by the transformation of the Yangzhou Sanwan Ecological Cultural Park [2][4]. - The Grand Canal is recognized as a living cultural heritage that embodies the spirit of the Chinese nation, with efforts focused on its creative transformation and innovative development [7][9]. Group 2: Economic and Social Impact - The Grand Canal serves as both a "wealth river" and a "happiness river," contributing to the economic and social well-being of the communities along its banks [12][13]. - Jiangsu's initiatives have led to an increase in cargo transport via the Grand Canal, with annual freight volumes averaging around 500 million tons, significantly enhancing regional economic activity [13]. - The province has adopted a "micro-renovation" approach to improve historical cultural districts, enhancing public spaces and community engagement [14][15]. Group 3: Innovative Financing and Development - The establishment of the Jiangsu Grand Canal Cultural Tourism Development Fund, with a mother fund of 2 billion yuan, aims to support various cultural heritage projects [6]. - The integration of financial resources from government, private sectors, and social capital is crucial for the sustainable development of cultural heritage [6][16]. - Jiangsu's focus on digital empowerment and creative innovation is intended to merge historical culture with modern life, enhancing public access and appreciation of cultural heritage [16].

Summary of Conference Call Records Industry or Company Involved - **Li Min Co., Ltd.**: Engaged in the research, production, and sales of pesticides and veterinary drugs - **Angli Kang**: Focused on the production of innovative and generic pharmaceuticals, including pet medications Core Points and Arguments Li Min Co., Ltd. - The company is investing in a new energy project for solid-state batteries, aiming to produce 20,000 tons/year of LiFSI, which is expected to contribute an additional gross profit of 600-800 million yuan [3][4] - The company is collaborating with Chengdu Green Xinnuo and Shanghai Zhisheng Yougu to develop RNA and small peptide biopesticides, enhancing its synthetic biology capabilities [3] - The demand for the company's products is anticipated to increase due to the supply tightness of chlorantraniliprole, which overlaps with its existing products [3] - The company has signed a cooperation agreement with a technical team led by Professor Guan Shiyou, focusing on the full chain technology of new energy electrolytes [3] Angli Kang - The company is involved in the production of chemical raw materials, chemical formulations, and veterinary drugs, with a focus on various therapeutic areas including anti-infectives and cardiovascular drugs [5] - Angli Kang has a pipeline of approximately 50 new generic drug varieties expected to be launched, supported by significant R&D investments over the past few years [5] - The company is shifting its R&D strategy towards modified new drugs and innovative drugs, particularly in the areas of cardiovascular and pain management [5] - The pet medication project initiated in 2021 targets various health issues in pets, including pain, colds, and digestive problems [5] Other Important but Possibly Overlooked Content - The overall market showed a mixed performance with the ChiNext index leading the gains, while the Shanghai Composite Index managed to stay above 3400 points [1] - Institutional participation decreased slightly, with 17 stocks having net buy/sell amounts exceeding 10 million yuan, indicating a cautious market sentiment [2] - The performance of various sectors was noted, with rare earth permanent magnet stocks and automotive parts showing strong gains, while nuclear power stocks faced adjustments [1] - The projected increase in LiFSI usage in new battery technologies, particularly in the 4680 battery, is expected to drive demand significantly, with estimates suggesting a potential increase in usage from 0.5-2% to as high as 15% [4]

Market Overview - A-shares maintained a volatile consolidation trend with total trading volume shrinking again, while Hong Kong stocks surged in the afternoon, with both major indices rising [1] - The Shanghai Composite Index closed down 0.18% at 3340.69 points, the Shenzhen Component Index down 0.61% at 10029.11 points, and the ChiNext Index down 0.68% at 1991.64 points [1] New Consumption Sector - The "new consumption" concept stocks, particularly yellow wine and various beverages, saw a significant rise, with Kweichow Moutai (601579) hitting the daily limit and reaching a new high [3] - Kweichow Moutai reported over 10,000 viewers in a live broadcast on Douyin, with sales exceeding 10 million yuan in 12 hours, and over 40% of buyers aged 18-35 [3] - The company has launched a new line of sparkling yellow wine, catering to the younger demographic with diverse flavors [3] Food and Beverage Sector - Food and beverage stocks were active, with companies like Keta Bio (300858), Youyou Foods (603697), Junyao Health, and Quanyuan Spring all hitting the daily limit [4] - Keta Bio rose by 19.99% to 17.59 yuan, while Youyou Foods increased by 10.02% to 14.05 yuan [5] Innovative Drug Sector - The innovative drug concept saw a resurgence, with companies like Sanofi (688336) and Changshan Pharmaceutical (300255) both hitting new highs, with increases of over 15% [7] - Sanofi's stock rose by 15.31% to 58.90 yuan, while Changshan Pharmaceutical increased by 14.86% to 31.70 yuan [8] Pesticide Sector - The pesticide sector experienced a strong rally, with Zhongqi Co. (300575) hitting the daily limit with a 20% increase, and other companies like Yabeng Chemical (300261) and Hailier also seeing significant gains [10] - The recent explosion at a chemical plant in Shandong may lead to industry consolidation and reduced market supply, potentially driving up prices and improving the fundamentals of pesticide stocks [12]

Group 1 - India proposed a "zero-for-zero" tariff arrangement for specific goods, including steel, auto parts, and pharmaceuticals, during trade negotiations with the US, contingent on reciprocity and limited to a certain quantity of imports [1] - The US has concerns regarding India's quality control measures, viewing them as non-tariff trade barriers, while a 10% baseline tariff remains in effect despite the suspension of a 26% "reciprocal tariff" [1] - India's exports of pharmaceuticals to the US have exceeded $10.5 billion, and engineering products reached $19.1 billion, yet the US maintains a trade deficit of $45.7 billion with India [1] Group 2 - The US Treasury Secretary indicated that India could be the fastest country to reach a trade agreement with the US, although skepticism remains regarding the actual progress of negotiations [3] - The Chinese Ministry of Commerce initiated an anti-dumping investigation against Indian imports of chlorpyrifos, concluding that dumping occurred and caused substantial harm to the domestic industry [3] Group 3 - India has significantly increased its chlorpyrifos exports to China, with a 75.79% rise in volume from 2019 to 2023, while the price per ton dropped by 42.07%, leading to a decline in market share for Chinese producers [5] - The market share of Indian chlorpyrifos in China rose from 49% to 71.47% over the same period, causing financial distress for Chinese manufacturers [5] Group 4 - India has shown a tendency to balance its relationships, often leading to conflicts within BRICS, as evidenced by its absence from a recent BRICS foreign ministers' meeting [7] - The announcement of anti-dumping measures by China against India serves as a warning to protect its own interests amid these trade dynamics [7]