Jilin OLED(SH:688378) Zheng Quan Zhi Xing·2025-09-01 12:18Core Views - The report outlines the ongoing supervisory work conducted by Guangfa Securities for Jilin Aolide Optoelectronic Materials Co., Ltd. during the specific stock issuance in 2022, confirming that the company has adhered to relevant regulations and has not encountered any violations or breaches of commitments as of the first half of 2025 [1][2][5]. Supervisory Work - Guangfa Securities has established and effectively implemented a continuous supervision work system and plan for Aolide [1]. - A supervisory agreement has been signed between the sponsor and Aolide, clarifying the rights and obligations during the supervision period, which has been filed with the Shanghai Stock Exchange [1][2]. - Continuous supervision is conducted through daily communication, regular visits, on-site inspections, and due diligence [1]. Compliance and Governance - Aolide has complied with laws, regulations, and business rules set by the Shanghai Stock Exchange, with no reported violations or breaches of commitments as of the first half of 2025 [2][3]. - The company has established effective internal control systems, including financial management, accounting, and internal audit systems [3][4]. Financial Performance - For the first half of 2025, Aolide reported operating revenue of 280.95 million yuan, a decrease of 17.87% compared to the same period in 2024 [12]. - The net profit attributable to shareholders decreased significantly by 93.55%, primarily due to a decline in net profit and an increase in the total number of shares [12][13]. - The company’s gross profit margin has shown slight fluctuations, with a reported margin of 45.83% for the first half of 2025 [12][13]. Core Competitiveness - Aolide has established itself as a key supplier in the OLED upstream supply chain, focusing on both materials and equipment, which has created a synergistic effect in technology [14][19]. - The company has successfully broken through key technologies in OLED evaporation sources, providing essential support for the independent development of China's OLED industry [14][15]. - Aolide has built long-term stable partnerships with major domestic panel manufacturers, enhancing customer loyalty and market penetration [17][18]. R&D and Innovation - The company has increased its R&D investment, with a focus on developing high-performance OLED materials and evaporation sources [20]. - Aolide has made significant progress in various R&D projects, including the development of new materials and technologies aimed at enhancing product performance and market competitiveness [20][21][25]. - The company is actively pursuing collaborations with universities and research institutions to strengthen its intellectual property strategy and technological capabilities [16][19].