Group 1 - The core viewpoint of the article indicates that Wanrun Co., Ltd. (002643) is experiencing positive growth in its semiconductor manufacturing materials business, with overall revenue expected to increase in the first half of 2025 [1] - The semiconductor manufacturing materials production workshop in the "Zhongjieneng Wanrun (Penglai) New Materials Phase I Construction Project" has commenced trial production [1] - The upcoming Wanrun Industrial Park Phase II C05 project will include a production capacity of approximately 751 tons for photoresist-related materials, which will support the company's goal of becoming a strong player in the global semiconductor manufacturing materials industry [1]

证券日报网讯万润股份（002643）9月10日在互动平台回答投资者提问时表示，公司希望发展成为全球 半导体制造材料产业的坚实后盾，并且希望能够成为更多半导体制造材料领域优秀企业的长期战略合作 伙伴，为更多该领域客户提供更多类产品与更全面的技术支持，与合作伙伴共同成长。目前公司在半导 体制造材料领域与国内外客户均有合作，同时公司也继续积极开发新产品、开拓更多国内外客户。公司 在半导体制造材料领域目前已经实现供应的产品主要包括光刻胶单体、树脂、光致产酸剂以及半导体制 程中清洗剂添加材料，当前公司在上述所涉足的半导体制造材料领域已经具有国内领先的技术水平。 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q2 performance exceeded expectations, with significant improvements in net profit and revenue compared to the previous quarter, indicating a positive trend for the new materials platform in the future [6] - The company is focusing on high-value-added materials, with a notable recovery in its MP business and ongoing development in semiconductor materials, high-performance polymers, and new energy materials [6] Financial Data and Earnings Forecast - Total revenue for 2025 is projected to be 3,924 million yuan, with a year-on-year growth rate of 6.3% [5] - The net profit attributable to the parent company is expected to reach 459 million yuan in 2025, reflecting an 86.2% increase year-on-year [5] - The company achieved a gross margin of 39.9% and a net margin of 16.02% in Q2 2025, showing improvements in profitability [6] - R&D expenses for Q2 2025 were 115 million yuan, representing 11.45% of revenue, indicating a strong commitment to innovation [6] Business Segment Performance - The functional materials segment reported revenue of 1,469 million yuan in H1 2025, down 10% year-on-year, while the pharmaceutical materials segment saw a 21% increase in revenue to 376 million yuan [6] - The OLED terminal materials and PI materials are experiencing significant growth, while the molecular sieve business is under pressure due to weak downstream demand [6] - The company is actively developing new products in semiconductor materials and has initiated projects to expand production capacity for photolithography materials and polyimide materials [6]