（编辑 任世碧） 证券日报网讯 10月31日晚间，万润股份发布公告称，公司董事会于2025年10月30日收到公司非独立董 事张云女士提交的书面辞职报告。张云女士因工作调整原因，申请辞去公司第六届董事会非独立董事以 及董事会提名委员会委员职务。辞任后，张云女士将不在公司及公司控股子公司担任任何职务。公司于 2025年10月30日召开职工代表大会，选举张玮女士为公司第六届董事会职工代表董事，任期自本次职工 代表大会选举通过之日起至公司第六届董事会任期届满之日止。 ...

证券代码：002643 证券简称：万润股份 公告编号：2025-073 一、非独立董事辞任情况 中节能万润股份有限公司（以下简称"公司"或"本公司"）董事会于 2025 年 10 月 30 日收到公司非独立董事张云女士提交的书面辞职报告。张云女士因工作 调整原因，申请辞去公司第六届董事会非独立董事以及董事会提名委员会委员职 务。辞任后，张云女士将不在公司及公司控股子公司担任任何职务。 根据有关法律法规及《公司章程》的规定，张云女士的辞任未导致公司董事 会成员低于法定最低人数，不会影响公司董事会正常运作，其辞职报告自送达董 事会之日起生效。截至本公告披露日，张云女士未持有公司股份。公司董事会对 张云女士任职期间为公司和董事会所做的工作表示衷心感谢！ 二、选举职工代表董事情况 根据《公司法》《上市公司章程指引》及《关于新<公司法>配套制度规则 实施相关过渡期安排》的相关规定和要求，公司于 2025 年 10 月 29 日召开 2025 年第三次临时股东大会，审议通过了《万润股份：关于调整公司治理结构并修订 <公司章程>的议案》。根据修订后的《公司章程》，公司董事会成员中包括 1 名职工代表董事，由职工民主提名并由 ...

Core Viewpoint - Wanrun Co., Ltd. is a leading enterprise in the electronic chemicals sector in China, with strong technical capabilities and market competitiveness in niche markets such as OLED materials [1] Group 1: Business Performance - In Q3 2025, Wanrun's revenue reached 2.826 billion yuan, ranking third among 35 companies in the industry, with the top competitor, Xilong Science, generating 5.324 billion yuan [2] - The company's net profit for the same period was 395 million yuan, placing it fourth in the industry, while the industry leader, Anji Technology, reported a net profit of 608 million yuan [2] Group 2: Financial Ratios - As of Q3 2025, Wanrun's debt-to-asset ratio was 26.28%, lower than the industry average of 28.64% and down from 27.37% in the previous year [3] - The gross profit margin for Wanrun in Q3 2025 was 39.20%, slightly down from 40.08% year-on-year but still above the industry average of 31.60% [3] Group 3: Management and Shareholder Structure - The chairman, Huo Zhonghe, has been actively promoting business development since taking office, while the general manager, Wang Zhongli, has been in position since 2004 [4] - As of September 30, 2025, the number of A-share shareholders decreased by 13.28% to 42,100, while the average number of shares held per shareholder increased by 15.31% to 21,600 [5] Group 4: Market Outlook and Growth Drivers - Analysts from Guangfa Securities maintain a "buy" rating, projecting net profits of 365 million, 455 million, and 515 million yuan for 2025 to 2027, driven by growth in the life sciences and pharmaceutical sectors [5] - Zhongyin International Securities has raised its earnings forecast, expecting EPS of 0.44, 0.54, and 0.63 yuan for 2025 to 2027, with a corresponding PE ratio of 30.4, 24.7, and 21.2 times [6]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company achieved a slight revenue growth of 2.31% year-on-year, reaching 2.826 billion yuan in the first three quarters of 2025, with a net profit attributable to shareholders of 306 million yuan, up 3.27% year-on-year [1] - The growth is primarily driven by contributions from the life sciences and pharmaceutical sectors, despite a slight decline in gross margin to 39.2% [2] - The company continues to invest heavily in R&D, with a research expense ratio of 10.99%, which is expected to support future growth [2] - The company is advancing in electronic information materials, particularly in OLED materials, with several products passing customer verification [3] - The company’s profit forecasts for 2025-2027 are 365 million, 455 million, and 515 million yuan respectively, indicating a positive outlook [3] Summary by Sections Financial Performance - In Q3 2025, the company reported a revenue of 956 million yuan, an 18.62% increase year-on-year, but a 5.19% decrease quarter-on-quarter [1] - The net profit for Q3 2025 was 87.47 million yuan, reflecting an 8.41% year-on-year increase but a 36.75% decrease from the previous quarter [1] Cost and Expenses - The company managed to reduce its sales, management, and financial expense ratios by 0.23, 0.52, and 0.38 percentage points respectively, demonstrating effective cost control [2] - The comprehensive gross margin slightly decreased by 0.9 percentage points, attributed to changes in product mix [2] R&D and Future Growth - The company maintains a high R&D expense ratio, which is expected to lay a solid foundation for future growth [2] - The company’s subsidiary has made significant progress in OLED materials, with multiple products verified by downstream customers [3] Profit Forecast and Valuation - The company’s estimated net profits for 2025, 2026, and 2027 are projected to be 365 million, 455 million, and 515 million yuan respectively, with a maintained "Buy" rating [3]

Investment Rating - The report maintains an "Accumulate" investment rating for the company [4]. Core Views - The company's Q3 performance met expectations, with a revenue of 2.826 billion yuan, a year-on-year increase of 2.31%, and a net profit attributable to shareholders of 306 million yuan, up 3.27% year-on-year [1]. - The company continues to hold a leading position in high-end liquid crystal monomer materials and has made significant progress in OLED materials, maintaining its status as a core supplier globally [7]. - The life sciences and pharmaceutical business is developing steadily, with significant contributions from the MP company, which is expected to enhance product quality and expand market applications [7]. - The new materials layout has shown significant results, with advancements in semiconductor and renewable energy materials, including ongoing projects to expand production capacity [7]. - The company forecasts net profits attributable to shareholders of 391 million, 461 million, and 552 million yuan for 2025-2027, with corresponding EPS of 0.42, 0.50, and 0.60 yuan [7]. Financial Data and Valuation - Total revenue for 2023 is projected at 4.305 billion yuan, with a year-on-year decline of 15%, followed by a recovery with a 4% increase in 2025 [3]. - The company's net profit for 2023 is estimated at 763 million yuan, with a projected decline of 68% in 2024, followed by a significant rebound of 59% in 2025 [3]. - The current price-to-earnings (PE) ratio is 16.9 for 2023, increasing to 33.0 in 2025, and decreasing to 23.4 by 2027 [14]. - The company has a total market capitalization of 12.9 billion yuan and a circulating market capitalization of 12.7 billion yuan [4].

Group 1: Financial Performance - In Q3 2025, the company's revenue reached approximately 956 million CNY, representing a year-on-year growth of about 18.62% [3] - The net profit attributable to shareholders was approximately 87 million CNY, with a year-on-year increase of about 8.41% [3] - For the first three quarters of 2025, total revenue was approximately 2.826 billion CNY, showing a year-on-year growth of 2.31% [3] Group 2: Product Development and Market Position - The company has established a presence in various advanced materials, including semiconductor manufacturing materials and high-performance polymer materials [3] - The semiconductor manufacturing materials revenue in Q3 2025 exceeded that of the same period last year, with ongoing projects to expand production capacity [4] - High-performance polymer products include PEI, TPI, and PEEK, with production capacity for PEI at 1,500 tons per year, currently in trial production [5][6] Group 3: Strategic Partnerships and Collaborations - The company has business cooperation with Yantai BOE Materials Technology Co., which has generated revenue [7] - Collaboration with Sinopec Capital has also commenced, contributing to revenue generation [12] Group 4: Market Trends and Future Outlook - The demand for LCD and OLED materials remains stable, with expectations for growth as new production lines are validated [10][11] - The company is actively pursuing the development of solid-state battery materials, with ongoing preparations for pilot line construction [12] - The market for perovskite photovoltaic materials is advancing, with ongoing sales and development efforts [12]

Core Viewpoint - The company has disclosed its third-quarter financial report and various corporate actions, including stock repurchase plans and the issuance of shares by its subsidiary, Yantai Jiumu Chemical Co., Ltd. [3][6][8] Financial Data - The third-quarter financial report has not been audited [9] - The company reported no adjustments or restatements of previous accounting data [3] - Non-recurring gains and losses are not applicable, and there are no other items that meet the definition of non-recurring gains and losses [3][4] Shareholder Information - The total number of shareholders with ordinary shares and the top ten shareholders' holdings have been disclosed [5] - The company has completed the repurchase and cancellation of 7,009,780 restricted shares, reducing the total share capital from 929,969,005 shares to 922,959,225 shares [7] - A major shareholder, Luyin Investment Group, has increased its holdings by 18,321,707 shares, representing approximately 1.9851% of the total share capital [7] Corporate Actions - The company plans to repurchase shares worth between 100 million to 200 million RMB, with a maximum price of 16.45 RMB per share, from May 22, 2025, to May 21, 2026 [8] - As of September 30, 2025, the company has repurchased 2,795,700 shares at an average price between 11.31 RMB and 13.83 RMB, totaling approximately 35.06 million RMB [8] Subsidiary Developments - Yantai Jiumu Chemical Co., Ltd. plans to publicly issue up to 46.875 million shares, accounting for no more than 20% of its post-issue total share capital [6] - The subsidiary has completed the guidance acceptance by the Shandong Securities Regulatory Bureau and has received acceptance for its application to issue shares on the Beijing Stock Exchange [6] Shareholder Meeting - The third extraordinary general meeting of shareholders was held on October 29, 2025, with 276 shareholders present, representing 47.0020% of the voting shares [18] - The meeting approved several resolutions, including adjustments to the corporate governance structure and amendments to the company's articles of association [21][22] Board Resolutions - The board of directors approved the third-quarter report and the proposal to conduct forward foreign exchange settlement and sales business for hedging purposes, with a total amount not exceeding 15 million USD [37][40][47]

Core Insights - The company reported a revenue of 956 million yuan for Q3 2025, representing a year-on-year increase of 18.62% [1] - The net profit for Q3 2025 was 87.47 million yuan, showing a year-on-year growth of 8.41% [1] - For the first three quarters of 2025, the company achieved a total revenue of 2.826 billion yuan, which is a 2.31% increase compared to the same period last year [1] - The net profit for the first three quarters reached 306 million yuan, reflecting a year-on-year growth of 3.27% [1]

每经头条（nbdtoutiao）——A股突破4000点！十年沉寂终迎爆发，科技主线重塑市场，"慢牛"新格局开 启！ （记者 曾健辉） 2025年1至6月份，万润股份的营业收入构成为：化学原料及化学制品制造业占比100.0%。 截至发稿，万润股份市值为129亿元。 每经AI快讯，万润股份（SZ 002643，收盘价：13.99元）10月29日晚间发布公告称，本期计提各项减值 准备合计2598.78万元，减少公司2025年前三季度利润总额2598.78万元，上述对公司的影响已反映在公 司《2025年第三季度报告》中。上述数据未经审计，对公司2025年度的影响最终以会计师事务所年度审 计确认的金额为准。 ...

每经AI快讯，万润股份（SZ 002643，收盘价：13.99元）10月29日晚间发布三季度业绩公告称，2025年 前三季度营收约28.26亿元，同比增加2.31%；归属于上市公司股东的净利润约3.06亿元，同比增加 3.27%；基本每股收益0.33元，同比增加3.13%。 每经头条（nbdtoutiao）——A股突破4000点！十年沉寂终迎爆发，科技主线重塑市场，"慢牛"新格局开 启！ （记者 王晓波） 截至发稿，万润股份市值为129亿元。 ...