Group 1 - The core viewpoint of the news is that Wanrun Co., Ltd. has seen a significant increase in its stock price, with a rise of 5.11% to 13.79 CNY per share, and a total market capitalization of 12.728 billion CNY [1] - Wanrun Co., Ltd. is engaged in three main business areas: electronic information materials, environmental protection materials, and health industry products, with functional materials accounting for 78.58% of revenue, life sciences and pharmaceuticals for 20.09%, and other categories for 1.33% [1] Group 2 - From the perspective of fund holdings, one fund under Galaxy Fund has a significant position in Wanrun Co., Ltd., specifically the Galaxy New Materials Stock Initiation A (020276), which reduced its holdings by 5,800 shares in the second quarter, maintaining 53,700 shares, representing 5.26% of the fund's net value [2] - The Galaxy New Materials Stock Initiation A (020276) has achieved a year-to-date return of 32.29%, ranking 1479 out of 4220 in its category, and a one-year return of 62.93%, ranking 1436 out of 3814 [2] - The fund manager of Galaxy New Materials Stock Initiation A is Jin Ye, who has been in the position for approximately 3 years and 265 days, with the fund's total asset size at 54.3398 million CNY [3]

Company Overview - Wanrun Co., Ltd. is located in Yantai Economic and Technological Development Zone, Shandong Province, and was established on July 5, 1995. The company was listed on December 20, 2011. Its main business involves the research, production, and sales of products in three sectors: electronic information materials, environmental protection materials, and health industry [1] - The revenue composition of Wanrun Co., Ltd. is as follows: functional materials account for 78.58%, life sciences and pharmaceuticals account for 20.09%, and others account for 1.33% [1] Financial Performance - As of June 30, 2025, Wanrun Co., Ltd. achieved an operating income of 1.87 billion yuan, a year-on-year decrease of 4.42%. The net profit attributable to shareholders was 218 million yuan, representing a year-on-year increase of 1.35% [2] - Since its A-share listing, Wanrun Co., Ltd. has distributed a total of 2.005 billion yuan in dividends, with 646 million yuan distributed over the past three years [3] Stock Market Activity - On September 24, Wanrun Co., Ltd. saw its stock price increase by 2.06%, reaching 13.39 yuan per share, with a trading volume of 89.875 million yuan and a turnover rate of 0.75%. The total market capitalization is 12.358 billion yuan [1] - Year-to-date, the stock price has increased by 12.52%, with a decline of 1.11% over the last five trading days and a 0.30% decline over the last 20 days. However, there has been a 17.56% increase over the last 60 days [1] Shareholder Information - As of June 30, 2025, the number of shareholders of Wanrun Co., Ltd. was 48,600, a decrease of 6.13% from the previous period. The average number of circulating shares per person increased by 6.53% to 18,710 shares [2] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the ninth largest, holding 8.576 million shares, an increase of 2.0926 million shares compared to the previous period [3] Capital Flow - In terms of capital flow, there was a net inflow of 8.7942 million yuan from main funds, with large orders accounting for 22.18% of purchases and 12.40% of sales [1]

Group 1 - Honghe Technology plans to increase capital by 300 million yuan to its wholly-owned subsidiary Huangshi Honghe through debt-to-equity conversion, raising its registered capital from 700 million yuan to 1 billion yuan [1] - Huaxia Happiness has completed debt restructuring amounting to approximately 192.67 billion yuan, with a total of 24 billion yuan in overdue debts as of August 31 [1] - Chengyi Pharmaceutical's controlling shareholder plans to reduce its stake by up to 1.18%, amounting to 387,560 shares [1][2] Group 2 - Yuanwang Valley received a warning letter from the Shenzhen Securities Regulatory Bureau for failing to halt trading when its controlling shareholder's stake changed to a multiple of 5% [2] - Gongjin Co. received government subsidies of 8.9 million yuan, accounting for 11.13% of its latest audited net profit [3] - Maiwei Biotech's application for the listing of 9MW0813 injection has been accepted by the National Medical Products Administration [4] Group 3 - Jianfeng Group plans to repurchase shares worth between 20 million and 40 million yuan at a maximum price of 12.42 yuan per share [6] - Ankai Micro plans to invest 20 million yuan to acquire a 4% stake in Shiqi Future [7] - Pinming Technology's stock will continue to be suspended as it is actively pursuing a significant matter that may lead to a change in control [8] Group 4 - China Communications has signed new contracts worth 256.34 billion yuan from January to August, with domestic contracts totaling 206.05 billion yuan [18] - Round Express reported a revenue of 5.39 billion yuan in August, a year-on-year increase of 9.82% [38] - China Pacific Insurance's original insurance premium income reached 217.05 billion yuan from January to August, up 13.2% year-on-year [39] Group 5 - *ST Chuangxing's chairman is under investigation, and the general manager will act as the chairman during this period [40] - Fengshan Group signed a technical development contract with Tsinghua University for a project related to sodium-ion battery electrolytes [40] - Yongxin Optical stated that its optical components related to lithography machines account for less than 1% of its revenue [41] Group 6 - Tianyuan Dike's subsidiary received a government subsidy of 3.77 million yuan, representing 16.27% of its latest audited net profit [42] - Huaxiang Co. plans to issue convertible bonds to raise no more than 1.308 billion yuan for various projects [43] - Wolong Electric Drive reported that its robot-related products accounted for only 2.71% of total revenue in the first half of the year [44]

Group 1 - TCL announced an investment of 29.5 billion to build an 8.6-generation printed OLED production line [2] - Wanrun Co., Ltd. clarified that its OLED finished materials, sublimation precursor materials, and intermediate materials are positioned in the upstream of the OLED industry chain [2] - The OLED industry chain consists of upstream (process equipment, material manufacturing, assembly components), midstream (OLED panel manufacturers), and downstream (various complete product manufacturers) [2] Group 2 - The printed technology route described does not compete with the products of Wanrun Co., Ltd. as it pertains to OLED panel production technology [2]

Core Viewpoint - Wanrun Co., Ltd. announced that its subsidiary, Jiumu Chemical, has received an acceptance notice from the Beijing Stock Exchange for its application to publicly issue shares to unspecified qualified investors and list on the exchange [2] Group 1: Company Actions - On September 11, Jiumu Chemical submitted its application materials to the Beijing Stock Exchange for the public issuance of shares [2] - Wanrun Co., Ltd. plans to hold its sixth board meeting on July 9, 2025, and a second extraordinary general meeting on July 25, 2025, to approve Jiumu Chemical's public issuance of shares [2] Group 2: Regulatory Aspects - The application for public issuance and listing on the Beijing Stock Exchange carries the risk of not passing the exchange's issuance review or the registration by the China Securities Regulatory Commission [2]

Core Viewpoint - Wanrun Co., Ltd. announced that its subsidiary, Yantai Jiumu Chemical Co., Ltd. (Jiumu Chemical), has received the acceptance notice from the Beijing Stock Exchange for its application to publicly issue shares and list on the exchange [1][3]. Company Overview - Wanrun Co., Ltd. holds 85 million shares of Jiumu Chemical, representing a 45.33% stake, making it the controlling shareholder [3]. - Jiumu Chemical, established in 2005, specializes in the research, production, and sales of OLED front-end materials and is recognized as a national key specialized and innovative "little giant" enterprise [4]. - Wanrun Co., Ltd. operates in four main sectors: environmental materials, electronic information materials, new energy materials, and life sciences and pharmaceuticals [4]. Financial Performance - Jiumu Chemical's revenue from 2022 to Q1 2025 was 706 million yuan, 878 million yuan, 962 million yuan, and 208 million yuan, respectively, with net profits of 197 million yuan, 203 million yuan, 246 million yuan, and 46 million yuan [5]. - The company has increased its R&D investment from 58.78 million yuan in 2022 to 83.03 million yuan in 2024, with R&D expenses accounting for 8.33%, 7.47%, and 8.63% of revenue in the respective years [5]. Market Position and Industry Outlook - Jiumu Chemical is expected to capture approximately 23% of the global OLED front-end materials market in 2024 [4]. - The demand for OLED front-end materials is anticipated to grow due to the increasing market penetration of OLED panels in consumer electronics such as smartphones and smart home products [4]. - Jiumu Chemical's overseas sales accounted for 92.69% of its main business revenue in 2024, with key markets including South Korea, Germany, and Japan [5]. Customer Concentration Risk - The company has a high customer concentration risk, with sales to its top five customers accounting for 72.93%, 71.40%, and 77.45% of its revenue from 2022 to 2024 [5].

Core Viewpoint - The steady growth in the demand for chemical catalysts in China is driven by multiple industrial factors, including stable demand in traditional petrochemical sectors and the booming markets and technical requirements of emerging fields like hydrogen fuel cells and biofuels [1][6]. Group 1: Industry Overview - Chemical catalysts are essential materials in the chemical industry, acting as the "core engine" that accelerates reactions and enhances product selectivity while reducing energy consumption and by-product generation [2][4]. - The market for chemical catalysts in China is experiencing rapid growth, with demand expected to rise from 39.5 million tons in 2017 to 49.1 million tons in 2024, and the market size increasing from 26.003 billion yuan to 41.173 billion yuan during the same period [4][6]. Group 2: Production and Demand Trends - The production of chemical catalysts in China is projected to grow from 37.3 million tons in 2017 to 49.9 million tons in 2024, with an expected increase to 52.5 million tons by 2025 [1][6]. - The market size for chemical catalysts is anticipated to reach 42.774 billion yuan by 2025, reflecting a continuous upward trend in both production and demand [1][4]. Group 3: Industry Chain - The upstream of the chemical catalyst industry includes the supply of raw materials and production equipment, while the midstream focuses on the research and production of catalysts, and the downstream applications span various sectors such as petrochemicals, pharmaceuticals, and environmental protection [6][8]. Group 4: Competitive Landscape - The market for chemical catalysts in China is characterized by a diverse supplier landscape, with domestic companies emerging alongside international giants, leading to a competitive yet complementary market environment [8][9]. - Key domestic players include Qilu Huaxin, Zhongchumai, and Kaili New Materials, which are gradually moving towards high-end markets while maintaining a presence in the mid-low end [8][9]. Group 5: Future Trends - The chemical catalyst industry is crucial for advancing green chemistry and improving energy efficiency, with a growing emphasis on developing high-performance and environmentally friendly catalysts [10][11]. - The shift towards low-carbon and green chemical processes is driving the need for innovative catalyst solutions, such as phase transfer catalysts, which are expected to have significant market potential in new industries and technologies [10][11].

Group 1 - The core point of the announcement is that Yantai Jiumu Chemical Co., Ltd. (referred to as "Jiumu Chemical"), a subsidiary of Zhongjie Nengwanrun Co., Ltd. (referred to as "Wanrun"), has received approval from the Beijing Stock Exchange (BSE) to publicly issue shares to unspecified qualified investors and list on the BSE [1][2] - Wanrun's board of directors approved the proposal for Jiumu Chemical to issue shares and list on the BSE during meetings held on July 9 and July 25, 2025 [1] - Jiumu Chemical submitted its application materials to the BSE on September 11, 2025, for the public issuance of shares [1] Group 2 - On September 18, 2025, Jiumu Chemical received the acceptance notice (GF2025090003) from the BSE, confirming that the application for public issuance of shares has been officially accepted [2] - Investors are advised to monitor Jiumu Chemical's announcements on the National Equities Exchange and Quotations (NEEQ) for further updates regarding the application [2]

Core Viewpoint - Wanrun Co., Ltd. announced that its subsidiary, Jiummu Chemical, has received an acceptance notice from the Beijing Stock Exchange for its application to publicly issue shares to unspecified qualified investors and list on the exchange [1] Company Overview - Jiummu Chemical primarily engages in the research, development, production, and sales of OLED front-end materials, including OLED sublimation materials and intermediates [4] - Wanrun Co., Ltd. holds 85 million shares in Jiummu Chemical, accounting for 45.33% of the total share capital, making it the controlling shareholder [4] Financial Performance - Revenue for Jiummu Chemical during the reporting period (2022 to the first quarter of 2025) was 706 million yuan, 878 million yuan, 962 million yuan, and 208 million yuan respectively [5] - The net profit excluding non-recurring gains and losses for the same periods was 197 million yuan, 203 million yuan, 246 million yuan, and 46.5 million yuan [5] - The company's main revenue source, OLED sublimation materials and intermediates, accounted for 93.65%, 94.38%, 95.84%, and 95.47% of total revenue during the reporting periods [5] Sales and Market Dynamics - Jiummu Chemical's sales are primarily export-oriented, with overseas sales accounting for 82.15%, 88.51%, 92.69%, and 89.69% of total revenue [7] - The company relies heavily on a few key customers, with sales to the top five customers representing 72.93%, 71.40%, 77.45%, and 67.93% of total revenue [7] Risks and Challenges - The company faces potential risks from fluctuations in exchange rates, as its overseas sales are primarily priced in USD, which can impact revenue and foreign exchange gains or losses [8] - Jiummu Chemical reported negative foreign exchange gains of -11.5 million yuan, -6.94 million yuan, -13.98 million yuan, and -2.00 million yuan during the reporting periods [8] - The company has a high inventory risk, with inventory values of 314 million yuan, 393 million yuan, 418 million yuan, and 436 million yuan at the end of each reporting period, representing a significant portion of current assets [9]

证券日报网讯 9月18日晚间，万润股份发布公告称，公司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。九目化学于2025年9月11日向北交所报送了向不特定合格投资者公开发行股票并在北交所上 市的申报材料。2025年9月18日，九目化学收到了北交所出具的《受理通知书》（GF2025090003），北 交所已正式受理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的申请。 （文章来源：证券日报） ...