On June 25th, Gelunhui reported that Huaan Securities issued a research report stating that Haohua Chemical Science & Technology Corp. (600378.SH) had received approval for the issuance of shares to purchase assets, aiming to create a global comprehensive enterprise for fluorine chemical industry. The report believes that the company has a deep research and development foundation and has become an obvious platform-type material company driven by research and development innovation. The company chose a continuously high-growth development path, while focusing on high-end and differentiated products. The product structure is continuously optimized, and periodic fluctuations have weakened. During the 14th Five-Year Plan period, the company's capital expenditures accelerated, and the company entered a period of high-speed growth. New key projects include a 26,000-ton/year high-performance organic fluorine material project (including 18,500 tons of high-end PTFE resin), the Southwest Electronic Specialty Gas Project, the Dawn Institute's withdrawal from the city and entry into the park project, among others. Intensive capital expenditures continue to drive the company's profit growth. Based on the principle of prudence, the report does not consider the inclusion of Blue Sky Chemical in the financial statements nor the impact of this fundraising investment project, and maintains a 'buy' rating.