8月25日晚间，九江善水科技（301190）股份有限公司（以下简称"善水科技"）披露2025年半年度报。 善水科技上半年实现营业收入3.05亿元，同比增长23.08%；归属于上市公司股东的净利润4777.67万 元。 细分领域市占率居前 善水科技主要经营染料中间体、农药和医药中间体的研发、生产和销售业务。 上半年，中国精细化工领域总体好于基础化工，部分子行业受益于国内消费改善和环保趋严实现景气回 升，染料行业成为精细化工领域的一大亮点。 "今年上半年，染料中间体如6-硝体等产品价格大幅上涨，主要是受到环保政策的实施导致供给侧收 缩，同时传统印染旺季的需求也成为价格上涨的推动力。"福建华策品牌定位咨询创始人詹军豪表示。 农用化学品方面，受全球农产品价格回调影响，农药出口价格同比略降，但数量保持增长。近年来，农 药市场需求稳定增长，特别是在全球粮食安全形势严峻的背景下，农药作为保障粮食生产的重要手段， 其需求量将进一步增加。同时，随着农业生产方式的转变和消费者对农产品品质要求的提高，市场对高 效、低毒、环保型农药的需求也在不断增加。 行业的景气回升带动善水科技营业收入大幅增长。值得一提的是，染料行业一旦进入了下游 ...

Core Viewpoint - The company has completed certain fundraising projects and plans to permanently supplement its working capital with the remaining funds, which is deemed a prudent decision to enhance fund utilization efficiency and reduce financial costs [5][6]. Group 1: Fundraising and Project Overview - The company raised a total of RMB 1,494,431,000 through its initial public offering, with a net amount of RMB 1,383,972,305 after deducting issuance costs [1]. - The fundraising was allocated to various projects, including a construction project for a research and development building [2]. Group 2: Fund Management and Usage - The "R&D Building Construction Project" has reached the predetermined usable state, meeting the completion criteria as of June 11, 2025 [3]. - The remaining funds from the project, amounting to RMB 42,181,900 (including interest income), will be permanently supplemented into working capital [4]. Group 3: Reasons for Fund Surplus - The company adhered to regulations regarding the use of raised funds and optimized resource allocation, leading to cost reductions in project construction [4]. - The decision to replace high-cost imported equipment with more cost-effective domestic alternatives contributed to the surplus [4]. Group 4: Impact of Fund Allocation - The permanent allocation of surplus funds to working capital is aligned with the company's operational needs and is expected to improve fund utilization efficiency without adversely affecting normal operations [5]. Group 5: Approval Process - The decision to conclude the fundraising projects and allocate surplus funds was approved in meetings held on June 13, 2025, and is pending shareholder approval [5]. Group 6: Sponsor's Verification Opinion - The sponsor, Zhongyuan Securities, has no objections to the company's decision regarding the completion of fundraising projects and the permanent allocation of surplus funds, confirming compliance with relevant regulations [6].