Group 1: Financial Performance - In 2024, the company achieved a sales volume of 325,000 tons, an increase of 18.61% year-on-year, with revenue of 3.05 billion yuan, up 12.47% year-on-year [2] - The net profit attributable to shareholders was 58.1551 million yuan, a decrease of 49.90% year-on-year, primarily due to market factors and fluctuations in raw material prices [2] - In Q1 2025, the company reported revenue of 579 million yuan, a decline of 12.51% year-on-year, and a net profit of 18.6976 million yuan, down 15.10% year-on-year [3] Group 2: Industry Context and Challenges - The global macroeconomic environment is complex, leading to reduced downstream demand and increased price sensitivity [3] - Geopolitical conflicts have hindered exports and raised shipping costs, while continuous capacity expansion in the polyether industry has intensified competition [3] - The company faces significant operational pressure due to these factors, but government policies aimed at economic recovery may increase demand for polyether products [3] Group 3: Product and Market Strategy - The company's POP products accounted for the largest sales share in 2024, with a domestic market share of 24.92% [4] - To enhance profitability, the company is focusing on cost reduction and efficiency improvements, alongside continuous technological innovation [4] - The company is expanding its overseas market presence, with significant growth in exports to Southeast Asia, India, Europe, and the Middle East [5] Group 4: Research and Development - The company has restructured its research institute to enhance innovation capabilities, with a 10.74% increase in R&D investment in 2024 [6] - New projects, such as the carbon dioxide polyether and high-performance polyol project, are expected to provide significant economic benefits upon completion in Q4 2025 [6] - The company has filed 15 new patent applications and received 6 new patents during the reporting period [6] Group 5: Sustainability and Future Outlook - The company is committed to sustainable development, integrating ESG principles into its operations and focusing on green supply chain upgrades [7] - The rapid growth of the electric vehicle industry presents new opportunities for the company, particularly in high-performance polyether applications [8] - The company plans to continue developing special polyethers and expand its market share in the electric vehicle sector [8]

Core Viewpoint - The company is a leading manufacturer of polyether polyols in China, focusing on innovation and market expansion despite facing challenges in profitability due to increased competition and fluctuating raw material prices [3][7][10]. Company Overview - The company specializes in the research, production, and sales of polyether products, classified under the organic chemical raw materials manufacturing industry [3]. - Its main products include soft foam polyether, CASE polyether, and specialty polyether, with soft foam polyether being the core product [5][6]. Financial Performance - In 2024, the company achieved a sales volume of 325,000 tons, representing a year-on-year increase of 18.61%, and generated operating revenue of 3,049.89 million yuan, up 12.47% from the previous year [7][9]. - The company's net profit attributable to shareholders was 58.16 million yuan, a significant decline of 49.90% compared to the previous year, primarily due to reduced profit margins on its main product, POP [10]. Market Dynamics - The polyether industry is experiencing intensified competition, with market share increasingly concentrated among leading manufacturers [6][7]. - Economic slowdowns and geopolitical tensions have impacted demand and export costs, while government policies aimed at stimulating sectors like real estate and automotive are expected to positively influence demand for polyether products [7][9]. Innovation and Development - The company emphasizes technological innovation and management model innovation, investing in R&D to enhance its competitive edge [8][10]. - In 2024, R&D investment reached 113.54 million yuan, a 10.74% increase, resulting in the acquisition of 6 new patents and 15 new patent applications [10]. Corporate Governance and Social Responsibility - The company integrates environmental, social, and governance (ESG) principles into its core strategy, focusing on green supply chain upgrades and sustainable development [8]. - It has implemented a share repurchase plan to enhance investor confidence, with a total repurchase amount of approximately 15.02 million yuan by the end of the reporting period [14][15].

创业板投资风险提示：本次股票发行后拟在创业板市场上市，该市场具有较高的投资风险。 创业板公司具有创新投入大、新旧产业融合成功与否存在不确定性、尚处于成长期、经营 风险高、业绩不稳定、退市风险高等特点，投资者面临较大的市场风险。投资者应充分了 解创业板市场的投资风险及本公司所披露的风险因素，审慎作出投资决定。 长华化学科技股份有限公司 Changhua Chemical Technology Co., Ltd. （江苏省张家港市扬子江国际化工园北京路 20 号） 首次公开发行股票并在创业板上市 招股说明书 保荐人（主承销商） （注册地址：苏州工业园区星阳街 5 号） 长华化学科技股份有限公司 招股说明书 长华化学科技股份有限公司 招股说明书 本次发行概况 | 发行股票类型 | 人民币普通股（A 股） | | | | | | --- | --- | --- | --- | --- | --- | | 发行股数 | 本次公开发行股票 3,505.00 | | | | 万股，占发行后总股本的 25%， | | | | | | 本次发行全部为新股发行，原股东不公开发售股份 | | | 每股面值 | 人民币 | 1.00 ...

创业板投资风险提示：本次股票发行后拟在创业板市场上市，该市场具有较高的投资风险。 创业板公司具有创新投入大、新旧产业融合成功与否存在不确定性、尚处于成长期、经营 风险高、业绩不稳定、退市风险高等特点，投资者面临较大的市场风险。投资者应充分了 解创业板市场的投资风险及本公司所披露的风险因素，审慎作出投资决定。 长华化学科技股份有限公司 Changhua Chemical Technology Co., Ltd. （江苏省张家港市扬子江国际化工园北京路 20 号） 首次公开发行股票并在创业板上市 招股意向书 保荐人（主承销商） （注册地址：苏州工业园区星阳街 5 号） 长华化学科技股份有限公司 招股意向书 发行人声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对注册 申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行 人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何与之 相反的声明均属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由发 行人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承 担股票依法发行后因发 ...

创业板投资风险提示：本次股票发行后拟在创业板市场上市，该市场具有较高的投资风险。 创业板公司具有创新投入大、新旧产业融合成功与否存在不确定性、尚处于成长期、经营 风险高、业绩不稳定、退市风险高等特点，投资者面临较大的市场风险。投资者应充分了 解创业板市场的投资风险及本公司所披露的风险因素，审慎作出投资决定。 长华化学科技股份有限公司 Changhua Chemical Technology Co., Ltd. （江苏省张家港市扬子江国际化工园北京路 20 号） 首次公开发行股票并在创业板上市 招股说明书 本公司的发行申请尚需经深圳证券交易所和中国证监会履行相应程序。本招股说明书不具 有据以发行股票的法律效力，仅供预先披露之用。投资者应当以正式公告的招股说明书作 保荐机构（主承销商） （注册稿） 为投资决定的依据。 （注册地址：苏州工业园区星阳街 5 号） 长华化学科技股份有限公司 招股说明书（注册稿） 发行人声明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对注册 申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行 人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保 ...