深圳商报·读创客户端记者 宁可坚 9月18日晚间，万润股份(002643)公告，9月18日，公司控股子公司九目化学收到了北交所出具的《受理通知书》，北交所已正式受理九目化学向不特定合格 投资者公开发行股票并在北交所上市的申请。保荐机构为中信证券股份有限公司。 需要注意的是，2025年1-3月，受部分下游客户采购策略和采购节奏影响，OLED升华前材料销售单价和收入占比有所下降。OLED中间体收入金额则相对稳 定。 招股书显示，报告期内，九目化学主营业务收入以外销为主，境外销售收入占主营业务收入的比例分别为82.15%、88.51%、92.69%和89.69%，境外销售区 域主要包括韩国、德国、日本等。报告期内，公司向前五名客户的销售收入占营业收入的比例分别为72.93%、71.40%、77.45%和67.93%。 | 代码 | 874382 | | --- | --- | | 公司全称 | 烟台九目化学股份有限公司 | | 审核状态 | 已受理 | | 保荐机构 | 中信证券股份有限公司 | | 会计师事务所 | 中勤万信会计师事务所 (特殊普通合伙) | | 律师事务所 | 北京市康达律师事务所 | | 评估 ...

Core Insights - The company Sitaly (603520.SH) is facing significant challenges, including a 36.45% increase in accounts payable to 509 million yuan, while production and sales of its main product, contrast agents, have declined by 9.21% and 5.65% respectively [3][4] - The company's inventory has increased by 28.05%, raising concerns about the ability to convert high inventory levels into sales amidst declining production and sales [4][5] - There is a notable delay in the completion of construction projects, with a 99.28% increase in construction in progress, while revenue growth is only between 3% and 7% [5][6] Accounts Payable and Production Discrepancy - The increase in accounts payable is attributed to a rise in engineering equipment payments by 79.78 million yuan and procurement payments by 56.20 million yuan, with the latter seeing a significant increase in the fourth quarter of 2024 [4] - The company explained the rise in accounts payable as a strategic decision to secure raw materials at lower prices despite declining production and sales [4][5] Inventory Concerns - As of the end of 2024, the company's inventory balance was 1.105 billion yuan, a decrease of 3.76% year-on-year, but with a notable increase in work-in-progress and finished goods [5] - The company claims that 94.79% of its inventory has a shelf life of less than one year, raising questions about how this inventory will be monetized given the declining production and sales [5] Construction Projects Delays - The company has two major projects that have been over 90% complete for three consecutive years but have not yet been finalized, leading to concerns about the efficiency of capital use [6] - The core project, aimed at producing 1,550 tons of non-ionic CT contrast agent raw materials, has been delayed from December 2024 to December 2025 [6] Financial Performance Decline - In 2024, the company reported revenue of 2.35 billion yuan, a year-on-year increase of 7.02%, but incurred a net loss of 49.09 million yuan, a decline of 211% [8] - The fourth quarter of 2024 saw a particularly sharp decline in performance, with a net loss of 58.07 million yuan, a decrease of 1,281.88% year-on-year, and a drop in gross margin from 24.29% in 2023 to 19.43% in 2024 [8] Factors Contributing to Performance Issues - The decline in profitability is attributed to increased depreciation from new capacity, rising procurement costs due to the strengthening of the US dollar, and sustained high prices for raw materials [8] - Despite a 10% increase in sales revenue, rising sales expenses due to new product launches and market expansion have further squeezed profit margins [8] Shareholder Pledge Situation - As of April 29, 2025, the company's largest shareholder has pledged 46.3 million shares, representing 99.99% of their total holdings, while the second-largest shareholder has pledged 43.6 million shares, representing 96.73% of their total holdings [9]