北京德和衡律师事务所 B E I J I N G D H H L AW F I RM 德和衡证律意见（2025）第 154 号 BEIJING DHH L AW FIRM 释 义 | 在本法律意见书中，除非根据上下文另作解释，否则下列简称和术语具有以下含义： | 简称 | 全称 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 发行人、公司、联科科技 | 指 | 山东联科科技股份有限公司 | 山东联科功能材料有限公司，曾用名：山东联科白炭黑有限公司， | | | | | | | | 联科有限 | 指 | 系发行人前身 | | | | | | | | | 联科贸易 | 指 | 山东联科贸易有限公司，系发行人全资子公司 | 联科化学 | 指 | 山东联科化学有限公司，系发行人全资子公司 | | | | | | 山东联科新材料有限公司，曾用名：山东联科炭黑有限公司、山 | 2017 | 联科新材料 | 指 | 东联科新材料股份有限公司，曾为新三板挂牌公司，已于 | | | | | | | 11 | 26 | ...

此次瓦克展出的新能源汽车母排保护耐火材料、汽车芯片导热材料等核心产品，精准对接中国新能源汽车产 业链关键需求。其中，专为电池包安全研发的硅橡胶材料，能在1000摄氏度高温下快速陶瓷化，为"三电"系统筑 牢安全屏障；车规级芯片导热材料可耐受-40至180摄氏度温差，为智能驾驶技术升级提供支撑。这些创新成果， 既是瓦克深耕中国市场的技术结晶，更是中外产业协同创新的生动写照。 瓦克高性能导热材料 "中国新能源汽车产业链完整、市场广阔，是全球产业创新的重要策源地。"瓦克中国高管的表态，道出了外 资企业对中国市场的深刻认同。从硅基液冷技术助力云计算能效提升，到充电枪导热材料加速新能源车补能网络 建设，瓦克的技术布局与中国"双碳"目标、数字经济发展战略高度契合，印证了中国大市场的强大吸引力和产业 链供应链的韧性活力。 第三届中国国际供应链促进博览会的启幕，为全球产业链创新合作注入新动能。作为全球领先的有机硅生产 商，瓦克化学首次亮相链博会，带来20余款汽车与电子领域创新产品及4款新品，彰显外资企业深耕中国市场、共 享发展机遇的坚定信心。 链博会作为全球首个以供应链为主题的国家级展会，正成为各国企业共享中国发展机遇的重要平 ...

Group 1 - The second wave of IPO现场检查 in 2025 includes 12 companies, with 8 applying for the Shanghai Stock Exchange and 4 for the Shenzhen Stock Exchange [1] - 惠科股份 is the only company making a second IPO attempt, previously applying for the创业板 with a planned fundraising of 9.5 billion yuan [1][4] - In 2023 and 2024, the number of companies undergoing IPO现场检查 was significantly lower, with only 17 and 4 respectively, while 14 companies have been selected in 2025 so far [1] Group 2 - The 12 selected companies have an average net profit of 498 million yuan over the past year, with a total fundraising target of 24.81 billion yuan [2] - Seven of the companies are expected to generate over 1 billion yuan in revenue in 2024, with net profits exceeding 200 million yuan [3] Group 3 - 惠科股份 is the largest company among the selected, with a planned fundraising of 8.5 billion yuan, specializing in semiconductor display panels and smart display terminals [4] - 惠科股份 has seen its revenue grow from 27.134 billion yuan in 2022 to an estimated 40.31 billion yuan in 2024, with net profits recovering from a loss of 1.428 billion yuan in 2022 to a profit of 3.339 billion yuan in 2024 [4] Group 4 - The panel industry is known for its cyclical volatility, with 惠科股份 previously withdrawing its IPO application due to declining LCD panel prices [5] - The industry is showing signs of recovery in 2023, but concerns remain about potential future volatility in the TV panel market [5] Group 5 -芯密科技, the smallest company among the selected, focuses on semiconductor-grade perfluoroether rubber materials, with a planned fundraising of 785 million yuan [7] -芯密科技's revenue has grown from approximately 41.59 million yuan in 2022 to 208 million yuan in 2024, but it has a high customer concentration risk [7][8] Group 6 - The chemical industry has the highest number of selected companies, totaling 5, including田园生化 and东岳未来, with varying revenue and profit trends [9] - The computer, communication, and other electronic equipment manufacturing sector has 3 companies selected, including 惠科股份 and芯密科技, with significant revenue contributions from major clients [9] Group 7 - The 12 IPO projects involve 9 different securities firms, with 中信证券 and 中金公司 being the most active [10] - The current IPO regulatory environment emphasizes strict scrutiny and market-oriented approaches, with a focus on identifying high-quality companies [10][12] Group 8 - The termination rate for IPO现场检查 has been high, with only 22 out of 115 companies successfully listing since 2021 [10][11] - The regulatory approach has shifted from merely gatekeeping to actively screening for quality, particularly for traditional industries and high-tech companies [12][13]

Core Viewpoint - Shanghai Ximi Technology Co., Ltd. has initiated its IPO process on the Sci-Tech Innovation Board, focusing on the development and sales of semiconductor-grade perfluoroether rubber materials and seals [1][2]. Company Overview - Ximi Technology was established in January 2020, with its shares incorporated in October 2024. The company is primarily controlled by Xie Changjie, who holds 20.26% of the shares directly and has indirect control over an additional 26.72% through partnerships, totaling 46.98% voting rights [1][2]. Financial Performance - The company has shown significant revenue growth from 2022 to 2024, with revenues of approximately CNY 41.59 million, CNY 130 million, and CNY 208 million, respectively. Corresponding net profits were about CNY 1.73 million, CNY 36.39 million, and CNY 68.94 million [2][3]. Customer Concentration - The top five customers of Ximi Technology accounted for a high percentage of the company's revenue, with sales revenue concentration at 79.18%, 78.82%, and 77.06% over the reporting periods [3]. Accounts Receivable - The accounts receivable balances at the end of each reporting period were CNY 15.48 million, CNY 30.61 million, and CNY 50.63 million, with over 99% of accounts receivable being less than one year old [3]. Fundraising and Investment Plans - Ximi Technology aims to raise approximately CNY 785 million through the IPO, which will be allocated to semiconductor-grade perfluoroether rubber seal research and industrialization projects, as well as the construction of a research center [3]. Acquisition for Expansion - To support its fundraising projects, Ximi Technology acquired 100% of Shanghai Lintu's shares, which includes industrial land and buildings valued at CNY 170.50 million [3].

扬州晨化新材料股份有限公司 投资者关系活动记录表 证券代码：300610 证券简称：晨化股份 五、请结合 2024 年公司产品的市场趋势谈谈 2025 年的市场趋势 1、表面活性剂方面：2024 年，公司表面活性剂业务以聚焦产品 线做长做强为策略，通过品质保障能力的不断提升，继续与国内外知 名公司保持深度合作，通过定制化学品模式的开发，继续加强了聚醚、 聚醚胺、烷基糖苷在其他领域的拓展,其应用领域亦有所增加，销量 和毛利均有所上升。 2、阻燃剂方面：2024 年，公司阻燃剂营业规模同比略有下降， 国内阻燃剂市场仍然供大于求，销售价格偏低。 3、有机硅橡胶材料方面：2024 年，公司依靠在细分领域的领先 技术和品牌优势，加之研发、生产人员在生产管理上采取积极有效措 施，有机硅橡胶材料毛利略有上升。 投资者关系活动 类别 □特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 √现场参观 □其他 参与单位名称及 人员姓名 国泰海通：张翠翠。 时间 2025 年 5 月 20 日 地点 扬州晨化新材料股份有限公司六楼会议室 上市公司接待人 员姓名 董事、副总经理、董事会秘书 吴达明 投资者 ...