Core Viewpoint - Qingdao State-owned Assets has successfully acquired control of RuiLian New Materials (688550.SH) after more than a year of competition, enhancing the stability of the company's shareholding structure [2][8]. Group 1: Control Change - On August 13, RuiLian New Materials announced that its board of directors completed a re-election, with Qingdao Development Zone Investment Construction Group (Kaitou Group) controlling 25% of the voting rights, thus becoming the controlling shareholder [2][5]. - The actual controller of RuiLian New Materials is the Qingdao West Coast New Area State-owned Assets Management Bureau [2][5]. - The control structure changed from being jointly controlled by individuals to being under the control of a state-owned entity [3][4]. Group 2: Financial Performance - In 2024, RuiLian New Materials achieved operating revenue of 1.459 billion yuan, a year-on-year increase of 20.74%, and a net profit of 252 million yuan, up 87.6% [9]. - The company expects to achieve operating revenue of 806 million yuan in the first half of 2025, representing a year-on-year growth of 16.27%, and a net profit of 162 million yuan, up 69.93% [10]. - The overall gross margin for RuiLian New Materials in 2024 was 44.20%, an increase of 9.02 percentage points compared to the previous year [9]. Group 3: Business Segments - RuiLian New Materials operates in three main sectors: display materials, pharmaceutical CDMO, and electronic materials [2]. - The display materials segment generated sales revenue of 1.276 billion yuan, a year-on-year increase of 23.69%, while the pharmaceutical CDMO segment achieved 154 million yuan, up 13.59% [9]. - The electronic materials segment, however, saw a decline in sales revenue of 28.68 million yuan, down 29.90% year-on-year [9].

Core Viewpoint - Both TCL Technology and Ruile New Materials expect their performance to rise in the first half of 2025, with significant growth in net profits and revenues [1][2][7]. TCL Technology - For the first half of 2025, TCL Technology anticipates revenue between 82.6 billion and 90.6 billion yuan, representing a year-on-year growth of 3% to 13% [2]. - The net profit attributable to shareholders is expected to be between 1.8 billion and 2 billion yuan, showing a year-on-year increase of 81% to 101% [2]. - The net profit after excluding non-recurring gains and losses is projected to be between 1.5 billion and 1.65 billion yuan, reflecting a growth of 168% to 195% [2]. - The semiconductor display business is expected to achieve a net profit exceeding 4.6 billion yuan, with a year-on-year increase of over 70% [3]. - The company is focusing on optimizing its display business layout and product structure to enhance competitive advantages and profitability [5]. - The acquisition of a 21.5311% stake in Shenzhen Huaxing Optoelectronics Semiconductor Display Technology Co., Ltd. was completed on July 1, 2025, further strengthening the company's competitive position [6]. - In the solar energy sector, TCL Technology anticipates challenges due to price declines and inventory impairments, projecting a net profit loss of 1.2 billion to 1.35 billion yuan for the first half of 2025 [6]. Ruile New Materials - Ruile New Materials expects to achieve an operating income of 806 million yuan in the first half of 2025, a year-on-year increase of 16.27% [7]. - The net profit attributable to shareholders is projected to be 162 million yuan, reflecting a year-on-year growth of 69.93% [7]. - The net profit after excluding non-recurring gains and losses is expected to be 157 million yuan, with a year-on-year increase of 80.12% [7]. - The significant growth in the pharmaceutical sector's revenue and improved product structure have contributed to the overall increase in gross margin [7].