Investment Rating - The report maintains an "Outperform" rating for the company [4][8]. Core Views - The company is actively expanding into growth products such as Wet Chemicals, UV curing surfactants, and new energy resins, which is expected to enhance profitability through product optimization and innovation [4][8]. - Earnings forecasts for 2025 have been revised upwards, with EPS projected at RMB 0.85, while maintaining the 2026 forecast and adding a new forecast for 2027 at RMB 1.12 [4][8]. - A target price of RMB 14.45 has been set, reflecting a 17x PE for 2025, indicating a 6% upside potential [4][8]. Financial Performance Summary - In 2024, the company achieved revenue of RMB 2.33 billion, a year-on-year increase of 23.17%, and a net profit attributable to shareholders of RMB 398 million, up 22.50% [9]. - For Q1 2025, revenue was RMB 603 million, representing a 13.47% year-on-year growth, while net profit attributable to shareholders was RMB 102 million, up 15.77% [9]. - The company plans to distribute a cash dividend of RMB 2.1 per 10 shares, totaling RMB 121 million, which is 30.39% of the net profit attributable to shareholders [9]. Production and Sales Growth - In 2024, the production of specialty surfactants reached 183,100 tons, a 30.66% increase year-on-year, with sales of 179,300 tons, up 26.85% [10]. - The average selling price (ASP) for specialty surfactants was RMB 13,000 per ton, a decrease of 2.85% year-on-year, while the gross profit margin was 24.95%, an increase of 0.45 percentage points [10]. Capacity Expansion - By the end of 2024, the company has two major production bases with a total capacity of nearly 300,000 tons of specialty surfactants annually [11]. - A new polyetheramine project with a capacity of 9,000 tons commenced production in Q3 2024, and a high-end functional materials project with a capacity of 330,000 tons is under construction [11].

2024 年年度股东大会会议资料 2024年年度股东大会 会 议 资 料 浙江皇马科技股份有限公司 二〇二五年五月 1 / 55 2024 年年度股东大会会议资料 | | | | 股东大会会议须知…………………………………………………………………….……3 | | --- | | 会议议程…………………………………………………………………………………….…..4 | | 会议议案…………………………………………………………………………………….…..6 | | 议案一：关于公司 年度董事会工作报告的议案…………….…...6 2024 | | 议案二：关于公司 2024 年度监事会工作报告的议案……..….……...12 | | 议案三：关于公司 2024 年年度报告及其摘要的议案……………..…..15 | | 议案四：关于公司 年度利润分配的议案……..………..……… 26 2024 | | 议案五：关于续聘公司 2025 年度审计机构的议案……….……….…..27 | | 议案六：关于确认公司 年度董事、监事、高级管理人员薪酬 2024 | | 的议案……………………………………………………………… ...

证券代码：603181 证券简称：皇马科技 公告编号：2025-014 浙江皇马科技股份有限公司 关于召开 2024 年度暨 2025 年第一季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 浙江皇马科技股份有限公司（以下简称"公司"）已于 2025 年 4 月 18 日发 布公司 2024 年年度报告和 2025 年第一季度报告，为便于广大投资者更全面深入 地了解公司 2024 年度及 2025 年第一季度经营成果、财务状况，公司计划于 2025 年 5 月 6 日（星期二）14:00-15:00 召开 2024 年度暨 2025 年第一季度业绩说明 会，就投资者关心的问题进行交流。 一、说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2024 年度及 2025 年第 一季度的经营成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息 披露允许的范围内就投资者普遍关注的问题进行回答，以进一步加强投资者关系 管理，增进公司与广大投资者的亲近感，特别是提高全体中小投资者的获得感 ...

Core Viewpoint - The company reported strong financial performance for 2024, with significant revenue and profit growth, indicating a robust operational strategy and market position in the specialty surfactants sector [1][3][7] Financial Performance Summary - In 2024, the company achieved revenue of 2.333 billion yuan, a year-on-year increase of 23.17%, and a net profit attributable to shareholders of 398 million yuan, up 22.50% year-on-year [1][3] - For Q4 2024, revenue was 611 million yuan, reflecting a 25.09% increase year-on-year, while net profit was 112 million yuan, up 24.61% year-on-year [1][3] - In Q1 2025, the company reported revenue of 603 million yuan, a 13.47% increase year-on-year, and a net profit of 102 million yuan, up 15.77% year-on-year [2][4] Profitability Metrics - The weighted average return on equity (ROE) for 2024 was 13.66%, an increase of 1.31 percentage points year-on-year [1] - The gross profit margin for 2024 was 24.98%, up 0.36 percentage points year-on-year, while the net profit margin was 17.05%, down 0.09 percentage points year-on-year [1][4] Product and Market Insights - The company focuses on specialty surfactants, achieving a sales volume of 179,300 tons in 2024, a year-on-year increase of 26.85% [3] - The average selling price for specialty surfactants was 13,001.39 yuan per ton, a decrease of 2.85% year-on-year [3] - The specialty surfactants market is expanding, with increasing demand for customized and high-performance products, positioning the company to benefit from this trend [5][6] Strategic Initiatives - The company is actively developing new materials and products, including functional new material resins and high-end electronic chemicals, to enhance its product portfolio and market competitiveness [6] - The company has exited the production of certain large-volume products to focus on more profitable specialty segments, indicating a strategic shift towards higher-margin products [4][6] Dividend Distribution - The company announced a cash dividend of 2.1 yuan per share for the 2024 fiscal year, amounting to a total distribution of 121 million yuan, which represents 30.39% of the net profit attributable to shareholders [6] Future Outlook - Revenue projections for 2025-2027 are estimated at 2.805 billion, 3.144 billion, and 3.564 billion yuan, with net profits expected to be 501 million, 571 million, and 654 million yuan respectively, indicating a positive growth trajectory [7]

Investment Rating - The report maintains a "Buy" rating for the company [1][15][49] Core Views - The company achieved a record high gross margin of 26.68% in Q1 2025, indicating strong profitability [7][10] - The company is recognized as a leading player in the specialty surfactants market, focusing on niche products and sustainable development [8][12] - The company reported a revenue of 2.333 billion yuan in 2024, a year-on-year increase of 23.17%, and a net profit of 398 million yuan, up 22.50% year-on-year [6][21] Financial Performance Summary - In Q1 2025, the company achieved revenue of 603 million yuan, a year-on-year increase of 13.47%, and a net profit of 102 million yuan, up 15.77% year-on-year [7][10] - The gross margin for Q1 2025 was 26.68%, an increase of 2.46 percentage points year-on-year, while the net profit margin was 16.87%, up 0.34 percentage points year-on-year [7][10] - For the full year 2024, the company reported a gross margin of 24.98%, a slight increase of 0.36 percentage points year-on-year, and a net profit margin of 17.05%, a decrease of 0.09 percentage points year-on-year [6][8] Growth Projections - The company expects revenues of 2.805 billion yuan in 2025, 3.144 billion yuan in 2026, and 3.564 billion yuan in 2027, with corresponding net profits of 501 million yuan, 571 million yuan, and 654 million yuan respectively [15][17][47] - The projected growth rates for revenue are 20% in 2025, 12% in 2026, and 13% in 2027, while net profit growth rates are expected to be 26%, 14%, and 15% respectively [15][17][47] Market Position and Strategy - The company is positioned as a leading domestic manufacturer of specialty surfactants, with a production capacity of nearly 300,000 tons [12][11] - The company is actively expanding into strategic emerging industries, focusing on functional new materials and high-end electronic chemicals [12][11] - The company has exited the production of large-volume products and is concentrating on niche markets to enhance profitability [10][11]

Core Viewpoint - In 2024, Huangma Technology (603181) demonstrated a strong recovery with significant revenue and profit growth, indicating its resilience in a complex market environment [1][4][8] Financial Performance - The company achieved total revenue of 2.333 billion yuan in 2024, a year-on-year increase of 23.17% from 1.894 billion yuan in 2023, marking a new high for the company [4] - Gross profit reached 583 million yuan, up 25.38% year-on-year, reflecting effective cost control and enhanced product value [4] - Net profit attributable to shareholders was 398 million yuan, a 22.50% increase, while the net profit excluding non-recurring items was 377 million yuan, growing by 27.81% [4][8] Dividend Distribution - The company announced a dividend distribution plan for 2024, proposing a cash dividend of 2.1 yuan per 10 shares, totaling approximately 121 million yuan, which represents 30.39% of net profit [5][6] - This marks the sixth cash distribution since the company went public, highlighting its commitment to shareholder returns [5] R&D and Market Expansion - Huangma Technology made significant strides in R&D and market expansion, focusing on strategic projects and enhancing market service capabilities [7] - The company is committed to a comprehensive approach to market development, particularly in the "Two Bays and One Belt" region and foreign trade markets [7][8] Competitive Landscape - Despite the achievements, the company faces intense competition in the fine chemical industry and must continue to innovate and upgrade products to maintain its leading position [8] - There is a need for further international expansion to mitigate risks associated with the domestic market [8]

证券代码：603181 证券简称：皇马科技 公告编号：2025-007 浙江皇马科技股份有限公司 关于续聘公司 2025 年度审计机构的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 拟续聘的会计师事务所名称：天健会计师事务所（特殊普通合伙）（以下简 称"天健"） 一、拟续聘会计师事务所的基本情况 （一）机构信息 1. 基本信息 | 事务所名称 | 天健会计师事务所（特殊普通合伙） | | | | | | --- | --- | --- | --- | --- | --- | | 成立日期 | 2011 年 7 月 18 日 组织形式 | | | 特殊普通合伙 | | | 注册地址 | 浙江省杭州市西湖区灵隐街道西溪路 128 号 | | | | | | 首席合伙人 | 钟建国 上年末合伙人数量 | | | 241 | 人 | | 上年末执业人 | 注册会计师 | | | 2,356 | 人 | | 员数量 | 签署过证券服务业务审计报告的注册会计师 | | | 904 | 人 | | 2023 年（经审 ...

关于继续使用闲置自有资金进行现金管理的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 证券代码：603181 证券简称：皇马科技 公告编号：2025-010 浙江皇马科技股份有限公司 （二）现金管理金额、资金来源、方式及期限 根据当前公司实际发展需求，公司及子公司拟继续使用单日最高余额上限不 超过人民币 10 亿元（含 10 亿元）的自有资金及其他闲置资金适时购买安全性较 高、流动性较好的投资产品（包括但不限于理财产品、资管计划、信托产品、基 金、股票、债券等，但不包括金融衍生产品），在上述额度内，资金可滚动使用， 并授权公司董事长最终审定并签署相关实施协议或合同等文件。决议有效期为自 重要内容提示： 现金管理种类：包括但不限于理财产品、资管计划、信托产品、基金、 股票、债券等。 本次现金管理金额：不超过人民币 10 亿元（含 10 亿元）。 已履行的审议程序：浙江皇马科技股份有限公司（以下简称"公司"）第 七届董事会第十五次会议审议通过了《关于继续使用闲置自有资金进行现金管理 的议案》 特别风险提示：经公司评估，现金管 ...

浙江皇马科技股份有限公司 2024 年度对会计师事务所履行监督职责情况报告 浙江皇马科技股份有限公司（以下简称"公司"）聘请天健会计师事务所（特 殊普通合伙）（以下简称"天健"）作为公司 2024 年度年报审计机构。根据财政 部、国资委及证监会颁布的《国有企业、上市公司选聘会计师事务所管理办法》， 公司对天健 2024 年审计过程中的履职情况进行评估。经评估，公司认为天健资 质等方面合规有效，在审计过程中勤勉尽责，遵循独立、客观、公正的原则执行 审计，表现出良好的职业素养和专业胜任能力，按时高质量完成了公司 2024 年 度年报审计工作，具体情况如下： 事务所名称 天健会计师事务所（特殊普通合伙） 成立日期 2011 年 7 月 18 日 组织形式 特殊普通合伙 注册地址 浙江省杭州市西湖区灵隐街道西溪路 128 号 首席合伙人 钟建国 上年末合伙人数量 241 人 上年末执业人 员数量 注册会计师 2,356 人 签署过证券服务业务审计报告的注册会计师 904 人 2023 年（经审 计）业务收入 业务收入总额 34.83 亿元 审计业务收入 30.99 亿元 证券业务收入 18.40 亿元 2024 年上 ...

证券代码：603181 证券简称：皇马科技 公告编号：2025-008 浙江皇马科技股份有限公司 关于 2025 年度日常关联交易预计的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、日常关联交易基本概述 （一）日常关联交易履行的审议程序 本次日常关联交易事项已经公司第七届董事会第十五次会议审议通过，尚需 提交 2024 年年度股东大会审议。 本次日常关联交易为公司正常业务需要，公司与关联方间的交易遵循公平、 公正的原则，遵循市场化定价，不存在损害公司和其他股东利益的情形，不 会对关联方形成依赖。 | 在关联人的存款业务 | 浙江上虞农村商业 | 不超过10 亿元 | 6.42 亿元（2025 年一季度 4.66 | 存款业务量调整 | | --- | --- | --- | --- | --- | | （最高余额） | 银行股份有限公司 | | | | | | | | 亿元） | | | 在关联人的贷款业务 | 浙江上虞农村商业 | 不超过3 亿元 | 0.52 亿元 | 贷款需求调整 | | （最 ...