证券代码：002250 证券简称：联化科技 编号：20260302 联化科技股份有限公司投资者关系活动记录表 | 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 | 兴业基金 周彦明、刘文婷、陈旭 长江证券 | | | | 王明、万梦蝶 平安证券 曹艳凯 | | | | 国金证券 王明辉 交银基金 张明晓 | | | | 光大证券 蔡嘉豪、李晓琳、陆悦晨 | | | | 野村资管 民水投资 程兰博 | 王道 | | | 国海证券 中信建投 陈俊新 | 王鹏辉 | | | 弘洛基金 招商基金 李佳存 | 吴雅春 | | 时间 | 2026 年 3 月 | 2 日 | | 地点 | 上海办会议室 | | | 上市公司接待人员姓 | 高级副总裁、董秘 陈飞彪 | | | 名 | 证券事务代表 戴依依 | | | | 投资者关系经理 郑天怡 1、公司植保业务情况如何？ | | | | 公司植保板块去库存情况已经见底， ...

Core Viewpoint - The company has experienced steady growth in its pharmaceutical business in recent years, driven by a focus on a major client strategy and a CDMO business model [1] Group 1: Business Strategy - The company has established partnerships with several leading global pharmaceutical enterprises and is actively expanding its client base to include strategic and high-viscosity clients [1] - The pharmaceutical division has formed stable commercial relationships with a number of high-quality domestic and international clients, with an expanding scope and depth of cooperation [1] Group 2: Product Pipeline and Future Growth - The company aligns its product pipeline with the business lines of its clients, primarily focusing on products under patent protection, which is expected to drive long-term growth in the pharmaceutical business as these products are promoted [1] - Future growth will focus on expanding mature businesses, including small molecule CDMO, starting materials, registered raw materials, GMP intermediates, and active pharmaceutical ingredients (APIs) [1] - The company aims to capture new projects from existing clients in small molecules and small nucleic acid CDMO, as well as new projects from new clients [1] - Significant investments will be made in emerging business development, including CDMO for peptide products, radiopharmaceuticals, animal health CDMO, generic drug intermediates, APIs, and cosmetic raw materials [1]

Core Viewpoint - The company, Lianhua Technology, aims to expand its mature business segments while investing in emerging areas, particularly in the CDMO (Contract Development and Manufacturing Organization) sector for small molecules and nucleic acids [1] Group 1: Business Expansion - The company plans to continue growing its mature businesses, including small molecule CDMO, starting materials, registered materials, GMP intermediates, and advanced raw materials [1] - It aims to capture new projects from existing clients and attract new clients in the small molecule and small nucleic acid CDMO sectors [1] Group 2: Investment in Emerging Areas - The company is heavily investing in the development of emerging businesses, including peptide CDMO, radiopharmaceutical-related CDMO, animal health CDMO, generic drug intermediates, APIs, and cosmetic raw materials [1] - This year, the company has focused on technological R&D in pharmaceutical products, expanding from traditional small molecules to amino acids, peptides, PROTAC/ADC linkers, and oligonucleotides [1] Group 3: Service Capabilities - The team is enhancing client support for early clinical project transitions by providing diverse linker synthesis services required for ADC/PROTAC drug development [1] - The company has experience in delivering linker types from gram to hundred-gram levels and can design and optimize linker structures and synthesis routes based on client needs [1] - These new initiatives are expected to broaden the company's pharmaceutical CDMO service offerings and enable it to undertake more projects [1]

Group 1: Pharmaceutical Business Development - The company’s pharmaceutical business is rapidly developing, focusing on a large customer strategy primarily through the CDMO model, with ongoing efforts to attract strategic and high-viscosity clients [1] - The pharmaceutical division has established stable commercial relationships with several high-quality domestic and international clients, with an expanding scope of cooperation [1] - The company plans to continue growing its mature businesses, including small molecule CDMO, starting materials, and GMP intermediates, while also investing in emerging businesses such as peptide CDMO and radioactive drug-related CDMO [2] Group 2: Impact of Geopolitical Factors - Geopolitical issues have a limited direct impact on the company’s business but do affect client supply chain decisions [3] - The company views geopolitical challenges as an opportunity to enhance its global service capabilities by establishing overseas bases in the UK and Malaysia, creating a "multi-site supply, flexible delivery" solution [3] Group 3: Patent Expiry and Market Strategy - The expiry of certain agricultural product patents has a limited overall impact on the company, supported by its large customer strategy and CDMO model [4] - Long-term framework agreements with core clients ensure stability in supply, even for products whose patents have expired [4] - The company is optimizing production and reducing costs to enhance market competitiveness while focusing on new patented products through initiatives like the Malaysian base [4] Group 4: New Energy Business Outlook - The company currently focuses on sales of LiFSI and electrolyte products, with ongoing technical improvements on lithium hexafluorophosphate projects [5] - The new energy business is expected to achieve significant revenue breakthroughs in 2025 [5]