证券之星消息，2025年11月27日联化科技（002250）发布公告称中金公司裘孝锋 李熹凌、中信保诚基金 姚思洲、财通证券宋田田、东方财富汪智谦 陈迪迪、南方基金陈哲、华富基金廖庆阳、华泰柏瑞丁志 远、森锦投资季亮、银华资产吴颖、East Capital陆宇熙于2025年11月26日调研我司。 具体内容如下： 问：公司医药业务发展迅速，后续情况如何，是否有引入新的客户？ 答：公司医药业务坚持大客户战略，以 CDMO 业务模式为主，公司已与多家全球领先医药企业达成合 作，同时公司积极拓展新客户，大力开拓潜在的战略型、高粘度客户。目前，公司医药事业部已与一批国 内外优质客户建立稳定商业联系，业务合作覆盖范围持续扩大，合作程度不断深入。公司跟随客户业务管 线布局公司产品管线，拓展公司技术能力，未来随着公司与客户业务的不断深入，客户专利期内产品的持 续推广，公司医药业务长期而言将有望实现增长。 问：公司医药业务研发有无在新的方向进行拓展？ 答：未来，公司将持续做大成熟业务，包括小分子 CDMO、起始原料及注册原料、GMP 中间体及高级原 料药；抓住小分子及小核酸业务 CDMO 的老客户新项目及新客户新项目；并大力投 ...

今年以来，公司在医药产品技术研发方面持续发力，从传 统小分子药物拓展到氨基酸、多肽、PROTAC/ADC 连接子、寡 核苷酸等。团队通过持续开发、加速赋能客户的早期临床项目 转化，为客户提供开发ADC/PROTAC药物所需的多样性Linker 合成服务，并具备多肽，PEG 等类型 Linker 克级到百克级别的 交付经验。同时，公司能够根据客户需求进行 Linker 的结构和 合成路线的设计及优化。这些新方向的尝试有望拓展公司医药 CDMO 业务的服务领域，帮助公司承接更多的项目。 3、公司 K 胺产品目前情况如何？ 联化科技股份有限公司投资者关系活动记录表 证券代码：002250 证券简称：联化科技 编号：20251126 | 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 | | | | | | 宋田田 中金公司 财通证券 东方财富 南方基金 陈哲 | | 裘孝锋、李熹凌 汪智谦、陈迪迪 | | ...

Group 1: New Energy Business Development - The company has focused on chemical synthesis since its establishment and is now entering the new energy sector, leveraging its competitive commercialization capabilities [1] - Current products in the new energy business include electrolytes, with plans for customer communication, project development, and quality system construction [1] - The company aims to achieve a breakthrough in new energy business revenue in 2025, focusing on large customer strategies, enhancing production capabilities, and strengthening quality management [1] Group 2: Pharmaceutical Business Growth - The pharmaceutical business is rapidly developing, primarily through a CDMO model, with partnerships established with several leading global pharmaceutical companies [2] - The company is actively expanding its client base and focusing on strategic, high-viscosity customers, which is expected to drive future growth [2] Group 3: Malaysia Base Development - The product planning for the Malaysia base is centered on crop protection products, with positive feedback from clients regarding the overseas base construction [3] - The Malaysia base is currently in the construction phase, primarily intended for the production of patented crop protection products [3] Group 4: Impact of Tariff Changes - Tariff policies have a limited impact on the company's overall operations, as the export business to the U.S. constitutes a small portion of total operations [4] - The company maintains proactive communication with clients regarding supply chain stability and tax optimization in response to tariff changes [4] Group 5: Capital Expenditure and Funding - Current capital expenditures are focused on the coastal and Malaysia bases, with a net cash flow from operating activities of approximately 900 million yuan in the first three quarters of 2025 [5] - The company aims to gradually reduce its debt-to-asset ratio to lower operational risks and ensure stable operations [5] Group 6: K Amine Product Update - The company continues to provide the advanced intermediate K Amine for chlorantraniliprole under a CDMO model, maintaining a long-term partnership with the client [6] - A long-term framework agreement has been signed for related advanced intermediates, with a pricing model based on cost-plus for stable processing fees [6]

Core Viewpoint - Binzhou is leveraging its abundant coal resources to transition towards clean and efficient coal utilization, focusing on high-end chemical industries and technological innovation to enhance industrial value [1][2][5]. Group 1: Coal Resource Utilization - Binzhou has coal reserves of 3.24 billion tons and an annual coal production of approximately 30 million tons, with coal mining and washing industries accounting for 88.4% of the industrial output value in 2024 [1]. - The Binchang low calorific value coal 660 MW supercritical CFB demonstration project is a key initiative aimed at effectively utilizing coal slurry and coal gangue, reinforcing China's leading position in circulating fluidized bed power generation technology [2]. Group 2: Technological Advancements - The demonstration project utilizes the world's first supercritical circulating fluidized bed generator, achieving ultra-low emissions and energy consumption, with a coal consumption reduction of 19 grams per kilowatt-hour, saving approximately 53,200 tons of standard coal annually [1][2]. - The project is expected to cleanly convert about 1 million tons of low calorific value coal and low-quality fuels each year, while also managing 1 million tons of mine drainage water [2]. Group 3: Industry Development and Environmental Impact - The focus is on developing fine chemicals, high-end new materials, electronic chemicals, and pharmaceutical intermediates, aiming to create a modern high-end energy chemical base [2][4]. - The integration of carbon capture, utilization, and storage (CCUS) projects aims to reduce carbon emissions in the chemical park, transforming carbon liabilities into carbon assets [3][4]. Group 4: Economic Growth and Investment - Binzhou has attracted 33 fine chemical enterprises, with 90% being high-tech companies, enhancing its reputation as a hub for chemical production [5]. - The city aims to establish itself as a national model for new industrialization, focusing on clean coal conversion and high-end material supply [5].

Investment Rating - The report maintains an "Outperform" rating for the basic chemical industry [2] Core Viewpoints - The basic chemical sector has underperformed the market recently, with a weekly decline of 1.5% compared to a 0.9% drop in the Shanghai Composite Index [6][12] - The "anti-involution" initiative in the pesticide industry aims to improve market order and product quality by 2027, addressing severe price competition and illegal production [25][27] - The pesticide industry is experiencing significant overcapacity and price wars, leading to a decline in profits despite an increase in export volumes [26][28] - The implementation of the "one product, one certificate" policy is expected to reshape supply in the pesticide sector [27][29] - The pesticide industry is showing signs of recovery, with a rebound in prices and increasing export demand, particularly in the herbicide and insecticide segments [28][29] Summary by Sections Market Performance - The basic chemical industry index has decreased by 1.5% in the past week, ranking 11th among 31 sectors [12] - Year-to-date, the basic chemical industry index has increased by 13.6%, outperforming both the Shanghai Composite and ChiNext indices [12][18] Key News and Company Announcements - The "anti-involution" campaign was officially launched on July 24, 2025, aiming to enhance compliance and product quality in the pesticide industry [25][27] - The Ministry of Agriculture and Rural Affairs has introduced new regulations to improve pesticide management, effective January 1, 2026 [25][27] Product Price and Price Spread Analysis - The chemical product price index has shown a slight increase of 0.8% week-on-week, with 77 products experiencing price rises [37][40] - Significant price increases were noted for ammonium sulfate (+16.1%) and epoxy chloropropane (+10.5%) [40] Investment Recommendations - Core assets in the chemical sector are entering a long-term value zone, with potential for valuation and profit recovery [9][10] - Industries facing supply constraints are expected to see performance elasticity, particularly in vitamins and refrigerants [10][11] - Emphasis on sectors with upward demand certainty, such as civil explosives and modified plastics, is recommended [11]

Core Viewpoint - The stock price of Lianhua Technology (002250.SZ) has surged significantly due to a supply-demand shock in the chlorantraniliprole market following an explosion at Youdao Chemical, which has led to a price increase in related products [1][2][4]. Group 1: Stock Performance - Lianhua Technology's stock has recorded a remarkable increase, with a rise of 5.11% on June 10, and a cumulative increase of 126% over the last 10 trading days, marked by "10 days 6 boards" [1][4]. - The stock began its upward trend on May 27, coinciding with the explosion at Youdao Chemical, which caused a significant supply reduction in chlorantraniliprole intermediates [3][4]. Group 2: Industry Impact - The explosion at Youdao Chemical, which has a production capacity of 11,000 tons for chlorantraniliprole, has led to a sharp decrease in the supply of intermediates, driving up prices for K acid and K amine, which are crucial for the production of chlorantraniliprole [3][4]. - Lianhua Technology operates under a CDMO model, providing high-end intermediates for chlorantraniliprole, and is positioned to potentially become a sole supplier of K amine in the short term, gaining market pricing power [4][5]. Group 3: Financial Performance - In Q1, Lianhua Technology reported a 3.02% increase in revenue, while net profit surged over 17 times year-on-year, reaching approximately 49.72 million yuan, and the non-recurring net profit increased by over 3 times [1][7]. - For 2024, despite an expected 11.88% decline in revenue to 5.677 billion yuan, the company anticipates a 122.17% increase in net profit to 241 million yuan, recovering from a loss of 465 million yuan in 2023 [6][7]. - The company's revenue from pesticide intermediates and pharmaceutical intermediates for 2024 is projected to be 3.59 billion yuan and 1.285 billion yuan, respectively, accounting for 63.25% and 22.63% of total revenue [7].

Core Viewpoint - Guangkang Biochemical's stock price has doubled within nine trading days, reaching a historical high since its listing on June 27, 2023, despite declining profits and shareholder sell-offs [4][5][9]. Group 1: Company Performance - Guangkang Biochemical's stock price increased from 26.53 yuan on May 26 to a peak of 56.70 yuan, marking a significant rise [4]. - The company's net profit for the first quarter of 2023 was 23.05 million yuan, down 11.45% year-on-year, and a sharp decline from over 96 million yuan in 2022 [5]. - The company is a major producer of agricultural chemicals in Guangdong, specializing in pesticides and intermediates [4]. Group 2: Market Dynamics - The company benefited from the Chinese government's anti-dumping measures against imported chlorpyrifos from India, which accounted for 70% to 71% of domestic demand from 2021 to 2023 [5]. - A chemical explosion at a competitor's facility catalyzed a surge in Guangkang Biochemical's stock price due to anticipated supply shortages of key raw materials [6][7]. - The company announced a production capacity of 2,500 tons for a key intermediate, K-amine, which has received environmental and safety approvals [8]. Group 3: Shareholder Actions - Following the stock price surge, major shareholders announced plans to reduce their holdings, amounting to a 6% reduction in total shares [10]. - After the announcement of the sell-off, the stock price dropped by 13.16% on June 4 but continued to rise afterward, indicating mixed market sentiment [11]. - The situation reflects speculative trading behavior in the A-share market, where stock price movements often overshadow fundamental performance [12].

Core Viewpoint - The stock price of Lianhua Technology has surged significantly, driven by supply concerns in the chemical industry following an explosion at a competitor's facility, alongside improvements in the company's fundamentals and connections to trending sectors like CRO and new energy [4][5]. Stock Performance - Lianhua Technology's stock opened high and reached a peak increase of 5.11%, closing at 14.8 yuan per share, with a total market capitalization of 13.49 billion yuan [1]. - Since May 27, the stock price has increased by over 126% in the last 10 trading days [2]. Industry Context - The surge in Lianhua Technology's stock began after an explosion at Youdao Chemical's nitration reactor, raising concerns about the supply of chlorantraniliprole [4]. - Youdao Chemical is the world's largest producer of chlorantraniliprole, with an annual capacity of 11,000 tons [4]. Price Impact - Following the explosion, the price of Kamine, a key intermediate for chlorantraniliprole, skyrocketed from approximately 130,000-150,000 yuan per ton to 260,000-280,000 yuan per ton, with expectations to exceed 400,000 yuan per ton in Q3 [5]. - Lianhua Technology has a long history of producing Kamine and holds a significant share of patented products [5]. Business Model and Agreements - Lianhua Technology supplies Kamine exclusively to a single client under a long-term agreement with a cost-plus pricing model, which may limit immediate benefits from price increases [6]. - The company has stated that the explosion's impact on its operations is limited, but analysts believe it can still benefit through cost pass-through, capacity optimization, and technological advantages [7]. Financial Performance - Lianhua Technology reported a net profit increase of 17 times in Q1, with revenue of 1.51 billion yuan, a year-on-year growth of 3.02%, and a net profit of 50 million yuan, up 1,747.04% [8]. - For the full year 2024, the company expects revenue of 5.68 billion yuan, a decrease of 11.88%, but a net profit of 103 million yuan, an increase of 122.17% [8]. New Energy Sector - In addition to its core business, Lianhua Technology is gradually entering the new energy sector, focusing on electrolyte products, which have achieved stable supply and increasing production [9]. - The company anticipates a breakthrough in revenue from its new energy business this year [9].

Core Viewpoint - The recent surge in the stock price of Lianhua Technology (002250.SZ) is closely linked to the explosion at Youdao Chemical in Shandong, which is the world's largest producer of chlorantraniliprole, leading to supply disruptions and price increases in the market [1] Group 1: Stock Performance - From late May to early June, Lianhua Technology's stock price increased by 95.07%, with a weekly rise of 43.18%, closing at 11.97 yuan [1] - The stock price surge is attributed to the expected reduction in chlorantraniliprole supply due to the explosion at Youdao Chemical, which holds a 30% share of global production [1] Group 2: Business Performance - In 2024, Lianhua Technology reported a revenue of 5.677 billion yuan, a year-on-year decrease of 11.88%, while net profit attributable to shareholders increased by 122.17% to 103 million yuan, marking a return to profitability [2] - The plant protection business contributed over 60% of revenue, with a recovery in order volume and price increases for certain pesticide products [2] - The company's CDMO business is expanding, with accelerated commercialization of client validation projects [2] - The new energy business has seen breakthroughs, with products like electrolytes completing trial production, contributing to revenue growth in functional chemicals [2] Group 3: Market Dynamics - The price of K-amine has surged from approximately 130,000-150,000 yuan/ton before the explosion to 230,000-280,000 yuan/ton after the incident, with expectations that it may exceed 400,000 yuan/ton in the third quarter [2] - As the largest legal producer of K-amine globally, Lianhua Technology is positioned to potentially achieve industry exclusivity and pricing power within two years [3] Group 4: Challenges and Limitations - Despite the potential for profit increase, Lianhua Technology's production capacity utilization was only about 35% in 2023, projected to rise to 40% in 2024, limiting the ability to fully capitalize on the increased demand [3] - The company currently has a long-term contract with FMC for K-amine, restricting external sales and price flexibility until the patent expires in November 2025 [3] - The current stock price increase may be premature, as the fundamentals for K-amine are unlikely to improve significantly before November this year [4]

Core Viewpoint - Company adheres to the CDMO model, aiming to provide long-term, reliable, and competitive chemical solutions to clients rather than just individual products or technologies [1] Group 1 - Company has over ten years of production history for Kamine products, indicating a strong foundation in this area [1] - A significant portion of the company's products are still under patent protection, showcasing its commitment to innovation and proprietary technology [1]