Financial Assistance Overview - The company approved a financial assistance plan for its subsidiary, Nanjing Jinpu Yingsa Synthetic Rubber Co., Ltd., amounting to a maximum of 64.92 million RMB, with a one-year term and an interest rate of 7% [1][2] - The financial assistance is primarily intended to supplement the working capital required for the subsidiary's daily production operations [1] Financial Assistance Progress - Recently, the company provided 12.5 million RMB in financial assistance to the subsidiary, with the same one-year term and interest rate of 7%, formalized through a loan agreement [2] Basic Information of the Assisted Entity - Nanjing Jinpu Yingsa engages in the sales and trade of chemical products, including but not limited to butadiene, acrylonitrile, and rubber additives [2] - The total assets of the subsidiary as of March 31, 2025, were approximately 562.76 million RMB, with total liabilities of about 290.37 million RMB and total equity of approximately 272.38 million RMB [2] Loan Agreement Key Points - The loan amount is set at 12.5 million RMB, with the borrower being Nanjing Jinpu Yingsa and the lender being Jinpu Titanium Industry Co., Ltd. [3] - The loan interest will be calculated from the actual withdrawal date and is payable along with the principal at maturity [3][4] Board of Directors' Opinion - The board believes that the financial assistance will ensure the normal operational funding needs of the subsidiary, which has a good repayment capability [4] - The financial assistance is deemed to have controllable risks and will not adversely affect the company's normal operations [4] Cumulative Financial Assistance Provided - As of the announcement date, the total financial assistance provided by the company amounts to 64.92 million RMB, representing 4.65% of the company's audited net assets as of December 31, 2024 [5]

Core Viewpoint - Yanggu Huatai is planning to acquire 100% equity of Bomi Technology for 1.443 billion yuan, despite Bomi currently being in a loss position, with the acquisition price reflecting a premium of over 13 times its net assets [3][5]. Group 1: Transaction Details - The acquisition involves multiple stakeholders, including Hainan Juxin and several individuals, with a total transaction price of 1.443 billion yuan [3]. - Bomi Technology specializes in high-performance polyimide materials, with its products primarily used in semiconductor manufacturing and liquid crystal display panel production [3][4]. - The reported revenue for Bomi Technology during the period was 33 million yuan and 34 million yuan, with net losses of 9 million yuan and 12 million yuan respectively [5]. Group 2: Regulatory Scrutiny - The Shenzhen Stock Exchange raised nine major questions regarding the acquisition, focusing on the necessity and compliance of the cross-industry acquisition, the fairness of transaction pricing, and the valuation of intangible assets [3][4]. - Yanggu Huatai is required to provide detailed disclosures on the technological advancements and core competitiveness of Bomi Technology, including comparisons with industry peers [4]. Group 3: Valuation Concerns - The valuation of Bomi Technology was assessed using the income approach, resulting in a value of 1.443 billion yuan, indicating a 1330.32% increase in value [7][9]. - The exchange has requested further clarification on the parameters used in the income approach valuation and the rationale behind the selection of this method over others [8][9]. - Yanggu Huatai argues that the valuation is reasonable due to Bomi's short establishment period and high R&D investments, despite its low net assets [9]. Group 4: Market Context - As of June 27, Yanggu Huatai's total market capitalization was 6.678 billion yuan [9].

Core Viewpoint - Yanggu Huatai is acquiring 100% equity of Bomi Technology for 1.443 billion yuan, despite Bomi currently being in a loss position, raising concerns about the transaction's rationality and fairness [4][7]. Group 1: Transaction Details - The acquisition price of Bomi Technology represents a premium of over 13 times its net assets, which has prompted the Shenzhen Stock Exchange to raise nine key questions regarding the necessity and compliance of the cross-industry acquisition [4][6]. - Bomi Technology specializes in high-performance polyimide materials, with reported revenues of 33 million yuan and 34 million yuan, and net losses of 9 million yuan and 12 million yuan in the reporting period [7][9]. Group 2: Regulatory Concerns - The Shenzhen Stock Exchange has requested Yanggu Huatai to provide detailed explanations regarding the necessity and compliance of the cross-industry acquisition, including the integration and management plans for the acquired assets [6][7]. - Yanggu Huatai claims that the acquisition aligns with its strategic development into the chemical new materials sector and aims to enhance the company's development quality [7][10]. Group 3: Valuation and Fairness - The valuation of Bomi Technology using the income approach indicates a value of 1.443 billion yuan, with a staggering appreciation rate of 1330.32%, raising questions about the accuracy and objectivity of the valuation parameters used [9][10]. - Yanggu Huatai argues that the valuation is reasonable due to Bomi's short establishment period and high R&D investment, despite its low net assets [10].

Group 1 - Shandong Province's Industry and Information Technology Department announced the list of recognized characteristic industrial clusters for 2025, with seven clusters related to the chemical industry chain demonstrating strong competitiveness in scale, technological innovation, green development, and industrial chain collaboration [1] - The seven recognized chemical industry clusters include: Dongying City HeKou District Fine Chemical New Materials, Longkou City High-end Chemical New Materials, Jining City Yanzhou District High-end Rubber Products, Jinxing County High-end Chemical, Pingyuan County High-efficiency Compound Fertilizer, Yanggu County Chemical New Materials, and Caoxian Rubber and Additives [1] Group 2 - Dongying City HeKou District focuses on fine chemicals and high polymer materials, covering the entire process from crude oil to high value-added new materials, while promoting green low-carbon transformation through the introduction of clean energy [1] - Longkou City's high-end chemical cluster, led by Yulong Petrochemical and Daon Group, emphasizes high value-added products such as modified plastics and brominated flame retardants, leveraging the Yulong Island refining and chemical integration project [1] - Jining City Yanzhou District's high-end rubber products cluster constructs a complete industrial chain through a "rubber + equipment + R&D" model and promotes intelligent transformation under the "Assisting Enterprises Climb" policy [2] - Jinxing County's high-end chemical cluster, based on coal chemical industry, develops high-tech industries such as fluorosilicon materials and biomedicine, with 76 enterprises and a "three-level review" mechanism to ensure project quality [2] - Pingyuan County's high-efficiency compound fertilizer cluster, led by Enbao Biological and Xinyi Pharmaceutical, aims to create a ten-million-ton compound fertilizer industry chain, with a domestic market share of 80% for seaweed acid functional fertilizers [2] - Yanggu County's chemical new materials cluster focuses on rubber additives and various piping products, continuously increasing market share [2] - Caoxian's rubber and additives cluster includes 17 enterprises, with a projected output value of 10.7 billion yuan in 2024 and 7,086 employees, featuring two national-level manufacturing champions and one specialized "little giant" enterprise [2]

Group 1: Acquisition and Business Strategy - The company plans to acquire 100% of Bomi Technology for approximately ¥10.1 billion in shares and ¥4.3 billion in cash, with the cash portion intended for a private placement to no more than 35 specific investors [3][4] - Post-acquisition, the company aims to leverage its financial strength and strategic location to enhance Bomi's competitiveness in the semiconductor materials sector [4][5] - Bomi has made significant breakthroughs in high-performance polyimide materials, breaking the monopoly of Japanese and American companies, and is the only domestic producer capable of mass production [3][4] Group 2: Market Position and Performance - Yanggu Huatai's global market share for anti-fog agents (CTP) exceeds 60%, maintaining a leading position [3] - Bomi's polyimide materials are expected to surpass international standards, with the company expressing confidence in becoming a global leader in this field [3] - As of May 9, 2025, the number of shareholders in the company is 29,879 [5] Group 3: Financial Management and Stock Performance - The company is committed to maintaining its main business development while actively pursuing the acquisition of Bomi Technology to enhance shareholder value [6][7] - The stock buyback plan, which involves repurchasing shares worth between ¥50 million and ¥1 billion, will be implemented following the shareholder meeting [6][7] - The company acknowledges that stock price fluctuations are influenced by various factors, including macroeconomic conditions and industry status, and emphasizes the importance of risk awareness for investors [7]