LIANHE TECHNOLOGY(SZ:002250)2025-10-31 07:26Group 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]