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].