Core Viewpoint - Yantai Jiumu Chemical Co., Ltd. has been accepted for IPO on the Beijing Stock Exchange, with CITIC Securities as the sponsor and Zhongqin Wanxin as the accounting firm [2] Company Overview - Jiumu Chemical was established in 2005 with a registered capital of 187.5 million yuan, primarily engaged in the R&D, production, and sales of OLED front-end materials [2] - The company is recognized as a national-level "little giant" enterprise and a champion in the manufacturing sector of OLED materials by the Ministry of Industry and Information Technology [2] Shareholding Structure - The actual controller of Jiumu Chemical is China Energy Conservation, with the controlling shareholder being Wanrun Co., holding 45.33% of the shares [4] - The chairman and general manager of Jiumu Chemical is Cui Yanglin [4] Financial Performance - The company's operating revenues for 2022 to 2024 and the first quarter of 2025 were 706 million yuan, 878 million yuan, 962 million yuan, and 208 million yuan respectively [6] - The net profit attributable to shareholders, excluding non-recurring gains and losses, was 197 million yuan, 203 million yuan, 246 million yuan, and 46.49 million yuan for the same periods [6] - The proportion of overseas sales revenue to main business income was 82.15%, 88.51%, 92.69%, and 89.69% respectively [6] - Sales revenue from the top five customers accounted for 72.93%, 71.40%, 77.45%, and 67.93% of total operating revenue [6]

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].

Group 1 - Yantai Jiumu Chemical Co., Ltd. has received acceptance for its IPO on the Beijing Stock Exchange [1] - The company primarily engages in the research, development, production, and sales of OLED front-end materials [2] Group 2 - Financial data shows that the company's operating revenue for 2022, 2023, and 2024 is projected to be 706 million, 878 million, and 962 million yuan respectively, with a net profit of 204 million, 210 million, and 254 million yuan [2] - The operating revenue is expected to grow by 9.57% in 2024, while net profit is projected to increase by 20.94% year-on-year [2] - Key financial indicators for 2024 include a basic earnings per share of 1.35 yuan, diluted earnings per share of 1.35 yuan, and a weighted average return on equity of 25.96% [2]

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]

Core Viewpoint - Wanrun Co., Ltd. announced that its subsidiary, Yantai Jiumu Chemical Co., Ltd., has been accepted for listing on the Beijing Stock Exchange, marking a significant step in its capital market strategy [2]. Group 1: Company Developments - Wanrun Co., Ltd. held its sixth board meeting on July 9, 2025, and a second extraordinary general meeting on July 25, 2025, where it approved the proposal for its subsidiary to publicly issue shares to unspecified qualified investors and list on the Beijing Stock Exchange [2]. - On September 11, 2025, Jiumu Chemical submitted its application materials for the public issuance of shares to the Beijing Stock Exchange [2]. - The Beijing Stock Exchange issued an acceptance notice (GF2025090003) to Jiumu Chemical on September 18, 2025, confirming the acceptance of its application for public share issuance and listing [2].

Core Viewpoint - Wanrun Co., Ltd. announced that its subsidiary, Yantai Jiumu Chemical Co., Ltd., has been listed on the National Equities Exchange and Quotations (NEEQ) system, indicating a strategic move towards public financing and growth [1] Group 1: Company Developments - Wanrun Co., Ltd. held its sixth board meeting on July 9, 2025, and a second extraordinary general meeting on July 25, 2025, where it approved the proposal for its subsidiary to publicly issue shares to unspecified qualified investors and list on the Beijing Stock Exchange [1] - On September 10, 2025, Yantai Jiumu Chemical received a completion notice from the Shandong Securities Regulatory Bureau regarding the acceptance of its guidance work by CITIC Securities Co., Ltd., indicating successful completion of the preparatory steps for its public offering [1]

中节能万润股份有限公司公告，其控股子公司烟台九目化学股份有限公司向不特定合格投资者公开发行 股票并在北交所上市有新进展。2025年9月10日，九目化学收到山东证监局出具的辅导工作验收完成 函，已通过辅导验收。此前，万润股份于7月相关会议审议通过九目化学北交所上市议案。不过，九目 化学上市申请存在无法通过北交所审核或证监会注册的风险，也有公开发行失败无法上市的风险。公司 将依规及时披露进展，提醒投资者谨慎决策。 ...

Core Viewpoint - Yantai Jiumu Chemical Co., Ltd. has completed its listing guidance work on the Beijing Stock Exchange, with CITIC Securities as the advisory institution [3] Group 1: Company Overview - Jiumu Chemical was established in 2005 with a registered capital of 187.5 million yuan, primarily engaged in the research, production, and sales of OLED front-end materials [3] - The company is recognized as a national-level "little giant" enterprise and is a champion in the manufacturing sector of OLED materials as evaluated by the Ministry of Industry and Information Technology [3] Group 2: Shareholding Structure - The actual controller of Jiumu Chemical is China Energy Conservation, with the controlling shareholder being Wanrun Co., Ltd., which holds a direct stake of 45.33% [5] - The chairman and general manager of Jiumu Chemical is Cui Yanglin [5] Group 3: Financial Performance - In 2024, the company achieved an operating income of 962 million yuan, representing a year-on-year increase of 9.57% [6] - The net profit for 2024 was 254 million yuan, showing a year-on-year growth of 20.94% [6] - The largest customer, referred to as "A," contributed 47.37% of the company's revenue [6]