联化科技(002250) - 2017年1月9日投资者关系活动记录表

Group 1: Company Operations and Strategy - The production at Texas Lianhua has fully resumed since early December 2016, and it will not impact the business in 2017 [1] - The establishment of a subsidiary in Singapore is a key step in the company's internationalization strategy, aimed at accumulating operational experience for future expansions outside China [1] - The company is actively seeking high-quality acquisition targets, focusing on intermediates and raw materials [1] Group 2: Market Dynamics and Challenges - The quality control systems of Chinese pharmaceutical companies still lag behind those of European and American clients, leading to a trust gap with international pharmaceutical giants [1] - Currently, Chinese pharmaceutical intermediates are small in scale and often serve as supplementary suppliers, with prices being 20%-30% higher than foreign products [1] - The global demand for agricultural intermediates weakened in 2016 due to the cyclical nature of the agricultural industry and inventory adjustments by clients [2] Group 3: Future Outlook and Financial Considerations - International agricultural giants have completed their destocking phase and are entering a restocking phase, which is expected to boost global agricultural demand in the coming years [2] - The company has made significant investments in its bases, such as the Duqiao base, and future capital expenditures are expected to decrease, potentially allowing for an increase in dividend payouts [2]