Core Viewpoint - Wanrun Co., Ltd. has successfully achieved mass supply of polyimide monomer materials in the electronic and display fields, indicating strong progress in its product offerings [1] Group 1: Product Development - The company has successfully supplied TFT polyimide finished materials (orientation agents) and OLED photosensitive polyimide (PSPI) finished materials to downstream panel manufacturers through its subsidiary, March Technology [1] - In addition to display field polyimide finished materials, the company is actively expanding into the thermoplastic polyimide materials sector, including PEI, TPI, and PI-5218, all of which have already been sold [1]

Investment Rating - The report maintains a "Buy" rating for the company, with a market price of RMB 13.29 and an industry rating of "Outperform" [1]. Core Views - The company's pharmaceutical business has shown improvement, with a year-on-year revenue decrease of 4.42% to RMB 1.87 billion in the first half of 2025, but a net profit increase of 1.35% to RMB 218 million. The second quarter saw a revenue of RMB 1.01 billion, a slight year-on-year decrease of 0.95%, but a quarter-on-quarter increase of 17.12% [3][7]. - The report highlights the company's diverse new material layouts and the successful recovery of its pharmaceutical business, leading to an upward revision of profit forecasts [4][7]. Financial Summary - For the first half of 2025, the company reported total revenue of RMB 1.87 billion, with a net profit of RMB 218 million, reflecting a 1.35% increase year-on-year. The second quarter's net profit was RMB 138 million, up 18.25% year-on-year [8][9]. - The company expects EPS for 2025-2027 to be RMB 0.44, RMB 0.54, and RMB 0.63, with corresponding P/E ratios of 30.4x, 24.7x, and 21.2x respectively [4][6]. - The company is actively expanding its production capacity in various new materials, including semiconductor manufacturing materials and thermoplastic polyimide materials, which are expected to contribute to long-term growth [7][8].

Summary of Wanrun Co., Ltd. Conference Call Company Overview - Wanrun Co., Ltd. is a leading global supplier of liquid crystal monomers, with stable revenue from liquid crystal monomers and intermediates at over 500 million yuan, expected to maintain single-digit steady growth in the future [2][4] - The company is the largest domestic supplier of OLED sublimation precursor materials, benefiting from panel manufacturers' capacity expansion, with growth expected to accelerate after the implementation of the 8.6 generation line [2][5] - In the environmental zeolite sector, Wanrun is a key supplier to industry leader Zhangxin Wanfeng, with a recovery in sales in Q2 after a decline last year [2][6] - The pharmaceutical segment saw significant growth during the pandemic, with a near 20% year-on-year recovery in the first half of this year [2][8] - Wanrun's semiconductor materials segment is a key supplier of photoresist monomers and photoacid generators, with continuous revenue growth and plans to expand capacity by 751 tons [2][9] Core Business Segments Liquid Crystal Materials - Wanrun has established itself as a global leader in liquid crystal monomers, maintaining long-term partnerships with major international manufacturers like Merck and Dainippon Ink [4] - Revenue from liquid crystal monomers and intermediates has remained stable at over 500 million yuan, with expected single-digit growth [4] OLED Sublimation Precursor Materials - As the largest domestic supplier, Wanrun's revenue from OLED sublimation precursor materials declined in the first half of the year due to order distribution issues, but growth is anticipated with the expansion of major panel manufacturers [5] Environmental Zeolite - The demand for zeolite molecular sieves is increasing due to stricter automotive emissions standards, with the global zeolite market projected to reach $21.7 billion by 2030, growing at a CAGR of approximately 6.2% from 2022 to 2030 [6] - Wanrun's sales in this segment rebounded to over 1,000 tons in Q2, with ongoing efforts to expand into non-automotive applications [6] Pharmaceutical Sector - The pharmaceutical segment includes a full industry chain from intermediates to finished drugs, with revenue growth during the pandemic leading to a peak of around 1.5 billion yuan [7][8] - Post-pandemic, the segment has seen a recovery with nearly 20% year-on-year growth in the first half of this year [8] Emerging Businesses - In OLED terminal materials, Wanrun's subsidiary Senyu Technology has developed 6-7 types of terminal products, with a projected revenue increase from 30 million yuan in 2021 to 140 million yuan in 2024 [9] - The semiconductor materials segment is expected to grow from 150 million yuan in 2023 to 240-250 million yuan in 2024, with plans to expand production capacity [9] Future Outlook - Wanrun plans to launch a new 1,500-ton PI production line by the second half of 2025, which is expected to contribute over 200 million yuan in revenue and 40-50 million yuan in net profit [11][12] - The company anticipates a net profit of 420 million yuan in 2025 and 578 million yuan in 2026, with a current P/E ratio of approximately 29 to 21, indicating a relatively low valuation [14] - The company is entering a recovery phase with new products like OLED terminal materials and semiconductor materials expected to support significant market value growth in the coming years [15]

2025年9月10日，九目化学收到中国证券监督管理委员会山东监管局（简称"山东证监局"）出具的《关 于对中信证券股份有限公司辅导工作的验收工作完成函》，九目化学在辅导机构中信证券股份有限公司 的辅导下，已通过山东证监局的辅导验收。 格隆汇9月10日丨万润股份(002643.SZ)公布，控股子公司烟台九目化学股份有限公司（简称"九目化 学"）为全国中小企业股份转让系统挂牌企业（证券简称：九目化学，证券代码：874382）。公司分别 于2025年7月9日召开第六届董事会第十四次会议、于2025年7月25日召开2025年第二次临时股东大会， 审议通过了《万润股份：关于控股子公司向不特定合格投资者公开发行股票并在北京证券交易所上市的 议案》，同意九目化学向不特定合格投资者公开发行股票并在北京证券交易所（简称"北交所"）上市。 ...

中节能万润股份有限公司公告，其控股子公司烟台九目化学股份有限公司向不特定合格投资者公开发行 股票并在北交所上市有新进展。2025年9月10日，九目化学收到山东证监局出具的辅导工作验收完成 函，已通过辅导验收。此前，万润股份于7月相关会议审议通过九目化学北交所上市议案。不过，九目 化学上市申请存在无法通过北交所审核或证监会注册的风险，也有公开发行失败无法上市的风险。公司 将依规及时披露进展，提醒投资者谨慎决策。 ...

证券代码：002643 证券简称：万润股份 公告编号：2025-058 中节能万润股份有限公司 关于控股子公司向不特定合格投资者公开发行股票并在 北京证券交易所上市辅导验收完成的提示性公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 中节能万润股份有限公司（以下简称"公司"或"万润股份"）控股子公司 烟台九目化学股份有限公司（以下简称"九目化学"）为全国中小企业股份转让 系统挂牌企业（证券简称：九目化学，证券代码：874382）。公司分别于 2025 年 7 月 9 日召开第六届董事会第十四次会议、于 2025 年 7 月 25 日召开 2025 年 第二次临时股东大会，审议通过了《万润股份：关于控股子公司向不特定合格投 资者公开发行股票并在北京证券交易所上市的议案》，同意九目化学向不特定合 格投资者公开发行股票并在北京证券交易所（以下简称"北交所"）上市。现将 相关事项进展公告如下： 一、九目化学向不特定合格投资者公开发行股票并在北交所上市辅导进展 情况 2025 年 9 月 10 日，九目化学收到中国证券监督管理委员会山东监管局（以 下简称"山东证监局 ...

Group 1 - The core viewpoint of the article indicates that Wanrun Co., Ltd. (002643) is experiencing positive growth in its semiconductor manufacturing materials business, with overall revenue expected to increase in the first half of 2025 [1] - The semiconductor manufacturing materials production workshop in the "Zhongjieneng Wanrun (Penglai) New Materials Phase I Construction Project" has commenced trial production [1] - The upcoming Wanrun Industrial Park Phase II C05 project will include a production capacity of approximately 751 tons for photoresist-related materials, which will support the company's goal of becoming a strong player in the global semiconductor manufacturing materials industry [1]

证券日报网讯万润股份（002643）9月10日在互动平台回答投资者提问时表示，公司回购金额1亿元至2 亿元的回购股份方案正在推进中，公司回购股份方案已经公司董事会、股东大会审议通过，不可取消。 本次回购的股份将用于减少公司注册资本，以增厚每股收益，提升公司长期价值。 ...

Core Viewpoint - The company aims to become a solid backing for the global semiconductor manufacturing materials industry and seeks to establish long-term strategic partnerships with leading companies in this field to provide a wider range of products and comprehensive technical support [1] Group 1: Company Strategy - The company is actively developing new products and expanding its customer base both domestically and internationally [1] - The company has established collaborations with both domestic and international clients in the semiconductor manufacturing materials sector [1] Group 2: Product Offerings - The company currently supplies products in the semiconductor manufacturing materials field, including photoresist monomers, resins, photoacid generators, and cleaning agents used in semiconductor processes [1] - The company has achieved a leading domestic technological level in the semiconductor manufacturing materials it is involved in [1]

万润股份9月10日在互动平台表示，公司回购金额1亿元至2亿元的回购股份方案正在推进中，公司回购 股份方案已经公司董事会、股东大会审议通过，不可取消。本次回购的股份将用于减少公司注册资本， 以增厚每股收益，提升公司长期价值。 ...