002643，分拆上市新进展

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].