Core Viewpoint - Xi'an Manareco New Materials Co., Ltd. reported significant growth in revenue and net profit for the first half of 2025, driven by strong performance in its pharmaceutical and electronic chemical segments, despite challenges in the OLED market [3][5]. Company Overview and Financial Indicators - The company achieved operating revenue of approximately 806.23 million yuan, a year-on-year increase of 16.27% [3]. - Total profit reached approximately 187.73 million yuan, up 72.42% from the previous year [3]. - Net profit attributable to shareholders was approximately 166.08 million yuan, reflecting a 74.22% increase [3]. - The company's total assets increased to approximately 3.56 billion yuan, a growth of 4.86% compared to the end of the previous year [3]. Business Performance Analysis - The pharmaceutical segment showed strong performance, with a significant increase in sales driven by customer inventory adjustments [5]. - The electronic chemical segment also benefited from the successful launch of new products and increased production capacity [6]. - The OLED materials segment faced challenges due to reduced demand and inventory control by major manufacturers, leading to a slight decline in performance [5]. Research and Development - The company invested approximately 70 million yuan in R&D, representing 8.68% of its operating revenue, which is a slight decrease from the previous year [10]. - The R&D efforts focus on enhancing product quality and efficiency, with a strong emphasis on innovation and technology advancement [10]. - The company holds a total of 90 authorized patents, with 10 new patents granted in the first half of 2025 [10]. Market Trends and Industry Context - The overall OLED market growth has slowed, prompting major manufacturers to adjust production capacity to avoid supply-demand imbalances [5]. - The semiconductor market is projected to grow, with a global market size reaching approximately 620.2 billion USD, indicating ongoing opportunities for the electronic chemical segment [5]. - The pharmaceutical industry is gradually recovering from a downturn, with increased support for innovative drugs and mergers and acquisitions [5].

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].

Core Viewpoint - The battle for control over Ruian New Materials has intensified, showcasing a classic case of power struggle between state-owned enterprises and original shareholders following the implementation of the new Company Law in China [1][2][10]. Group 1: Control Rights and Governance Structure - The proposal to abolish the supervisory board was aimed at streamlining governance in response to the 2023 Company Law reforms, allowing the audit committee to take over its functions [4][10]. - The proposal was rejected at the annual shareholders' meeting on May 12, 2025, with 43.84% in favor and 54.97% against, indicating strong opposition from the original shareholders [6][10]. - The rejection of the supervisory board abolition reflects the fierce confrontation between the state-owned enterprise and the original shareholders, as it would have weakened the latter's influence in corporate governance [10][22]. Group 2: Shareholder Dynamics and Financial Performance - Following the expiration of the original concerted action agreement in September 2023, Ruian New Materials entered a "leaderless" state, with original shareholders holding approximately 37% of the shares [13][14]. - In 2024, the company reported a total revenue of 1.459 billion yuan, a year-on-year increase of 20.74%, and a net profit of 252 million yuan, up 87.60%, reversing the downward trend from the second half of 2022 [16]. - The stock price of Ruian New Materials experienced significant volatility, rising 13.3% after a judicial ruling in March 2025 but falling back to around 39 yuan following the rejection of the supervisory board proposal, resulting in a market value decline of over 20% from its peak [10][11]. Group 3: Strategic Implications and Future Outlook - The entry of the state-owned enterprise is driven by the strategic goal of completing the display materials industry chain, which includes trade, engineering, and shipbuilding [14][16]. - The ongoing conflict over control rights not only highlights the challenges of state-owned enterprises acquiring private companies but also raises concerns about potential adjustments in technology direction and governance structures [22][23]. - The original shareholders, led by Liu Xiaochun, are actively defending their operational control and have increased their shareholding to 15% through concerted actions, indicating a robust resistance against the state-owned enterprise's influence [18][19].

据了解，瑞联新材成立于1999年，注册地址位于陕西省西安市，于2020年9月在上交所科创板上市。公司主营业务为专用有机新材料的研发、生产 和销售，主要产品包括OLED材料、单体液晶、创新药中间体等，广泛应用于显示材料、医药产品和电子化学品等领域。 其中，在液晶材料方面，瑞联新材主要以单体液晶为主，终端客户覆盖全球六大混晶厂商Merck、JNC、DIC、江苏和成、诚志永华和八亿时空。 【WitsView整理】 3月20日，瑞联新材发布公告称，青岛开发区投资建设集团有限公司（以下简称"开投集团"）正式完成对公司的股权划转及表决 权委托程序，合计持有23.37%表决权。 与此同时，开投集团与海南卓世恒立创业投资合伙企业（有限合伙）签署的《表决权委托协议》及补充协议也将正式生效。根据协议内容，开投集 团将合并持有瑞联新材23.37%的表决权，从而成为拥有公司表决权股份的第一大股东。 在OLED材料方面，瑞联新材以OLED升华前材料为主，客户群已基本实现对国际领先的OLED终端材料企业的全覆盖，公司生产的OLED升华前材 料已实现对发光层材料、通用层材料等主要OLED终端材料的全覆盖。 自上市以来，瑞联新材的业绩相对稳 ...