OLED材料商九目化学闯关北交所：“露笑系”儿媳为二股东，两神秘人3年套现近5亿元，存货持续攀升却要再募10亿元扩产

Core Viewpoint - Yantai Jiumu Chemical Co., Ltd. (hereinafter referred to as "Jiumu Chemical"), backed by Wanrun Co., Ltd., is racing towards its listing on the Beijing Stock Exchange, but faces challenges with declining profits and rising inventory levels amid plans for significant capacity expansion [1][2]. Shareholder Structure - Jiumu Chemical's shareholder list includes notable figures, such as the daughter-in-law of the "Luxiao system" and two mysterious individuals who cashed out nearly 500 million yuan in three years, with profits exceeding 300 million yuan [2][3]. - Wanrun Co., Ltd. holds a 45.33% stake in Jiumu Chemical, making it the controlling shareholder [3]. Financial Performance - In the first three quarters of this year, Jiumu Chemical's net profit declined by over 20%, while inventory surged to 523 million yuan [2][9]. - Revenue fell by 17.36% year-on-year to 611 million yuan, with a net profit of 154 million yuan, down 23.47% [9]. - The average selling price of Jiumu Chemical's core product, OLED sublimation front materials, decreased by approximately 15.7% from the previous year [9]. Capacity Expansion Plans - Despite a production capacity utilization rate of less than 80%, Jiumu Chemical plans to raise 1 billion yuan for significant capacity expansion, aiming to add 280 tons of OLED front-end materials and other functional materials [10]. - The company has faced scrutiny from the exchange regarding the necessity and rationality of this expansion given the current underutilization of existing capacity [10]. Dividend History - Prior to the planned fundraising for expansion, Jiumu Chemical distributed substantial cash dividends totaling over 200 million yuan from March 2022 to May 2025 [10].