Valiant(SZ:002643) Sou Hu Cai Jing·2025-10-15 15:57Core Viewpoint - Yantai Jiumu Chemical Co., Ltd. has received the first round of inquiry letters from the Beijing Stock Exchange regarding its listing application, focusing on product applications, competitive advantages, independence from controlling shareholders, and compliance with hazardous chemical management [1][4]. Group 1: Product Applications and Competitive Advantages - The Beijing Stock Exchange is particularly concerned about whether the OLED-related products of the company align with industry development trends and if there are risks of being replaced by Mini/MicroLED or other new technologies [4]. - The company primarily engages in the research, production, and sales of OLED front-end materials, including OLED sublimation materials and intermediates [1][4]. Group 2: Independence and Governance - The company is controlled by Wanrun Co., Ltd., which holds 45.33% of its shares, raising questions about the company's independence from its controlling shareholder [4]. - The inquiry includes the nature of transactions between the company and Wanrun, such as raw material purchases and other related transactions [4][6]. Group 3: Financial Performance and Sustainability - The company reported a net profit growth of 21.14% in contrast to Wanrun's significant decline in net profit by 71.87% over the same period [6]. - As of the first half of 2025, the company's operating revenue decreased by 23.10%, and its net profit excluding non-recurring items fell by 33.47% [7]. - The company's cash flow from operating activities dropped by 56.31% year-on-year, indicating potential liquidity issues [8]. Group 4: Related Party Transactions and Risk Management - The company has a significant amount of accounts receivable, with balances increasing over time, and a notable lack of bad debt provisions for related parties [8]. - The inquiry seeks clarification on the rationale behind not provisioning for bad debts related to Wanrun and its subsidiaries, as well as the overall credit policy and collection processes [8].