Group 1 - Wanrun Co., Ltd. (002643) closed at 14.99 yuan on December 30, 2025, down 1.77%, with a turnover rate of 3.3%, trading volume of 300,200 shares, and a transaction amount of 451 million yuan [1] - The company is actively advancing the construction of a new high-end production base for OLED materials, with a total investment of 530 million yuan and an expected annual production capacity of 30 tons [2] - The company has initiated trial production of a 1,500-ton production line for high-performance polymer products, specifically polyether imide (PEI) materials, which are used in aerospace applications [2] Group 2 - On December 30, 2025, the net outflow of main funds was 4.478 million yuan, while retail investors saw a net inflow of 21.198 million yuan [3] - The company has existing business cooperation with China Petroleum & Chemical Corporation (Sinopec) and has generated revenue from this collaboration [2]

提出"分子围栏"催化新理念 肖丰收提出的"分子围栏"催化理念，被评价为一种突破传统的新策略，为解决催化领域的根本性难题提 供了全新思路。 在多年的催化研究中，肖丰收深刻认识到，催化性能的提升不仅依赖催化中心的活性，反应物与产物的 传质效率同样关键。在许多催化反应中，控制步骤往往不是催化转化本身，而是反应物难以快速吸附或 产物难以快速脱附。因此，实现反应体系的"定向传质"成为提高催化性能的一个重要且具有挑战性的方 向。 这一理念的萌芽，源于对甲烷与氢气、氧气混合物反应制甲醇过程的观察。该过程中生成的过氧化氢极 易扩散，难以继续与甲烷反应。联想到大草原上的"羊栏效应"，肖丰收团队提出了一个充满想象力的构 想：能否构建一个"分子围栏"，将生成的过氧化氢暂时"围困"在催化中心附近，使其"被迫"与甲烷反应 生成甲醇；而甲醇产物则能自由穿过围栏扩散出去，从而实现高效定向转化? 基于反应物与产物亲疏水性的显著差异，团队将这一构想付诸实践：在催化剂表面构建一层疏水结构。 这层"分子围栏"允许甲烷等反应气体进入沸石晶体内部反应，但会将亲水性的过氧化氢阻拦在内，使其 继续反应；生成的甲醇具有一定疏水性，则可顺利通过"分子围栏"。 ...

Core Viewpoint - The report from Zhongyin Securities indicates that Wanrun Co., Ltd. achieved a net profit attributable to shareholders of 218 million yuan in the first half of the year, reflecting a year-on-year growth of 1.35% [1]. Financial Performance - In the second quarter, the net profit attributable to shareholders reached 138 million yuan, marking an 18.25% year-on-year increase and a 73.13% quarter-on-quarter growth [1]. - The functional materials segment reported revenue of 1.469 billion yuan in the first half, down 9.55% year-on-year, with a gross margin of 38.68%, a decrease of 1.99 percentage points [1]. Business Development - The zeolite business faced demand declines in certain regions, but the company is actively developing non-automotive molecular sieve applications [1]. - A project cooperation intention letter was signed with Sinopec Catalyst Co., Ltd., indicating potential future collaboration in the petrochemical catalyst field [1]. - In the electronic information materials sector, the company is advancing the construction of production bases [1]. - The company is also expanding into thermoplastic polyimide materials, with sales achieved for PEI, TPI, and PI-5218, while PEEK products have reached the pilot production stage, and PA46 is in laboratory development and validation [1]. Growth Outlook - With the gradual introduction of new production capacities and products across various segments, the company is expected to achieve long-term growth [1].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a recovery in Q2 performance, driven by the continuous growth of new materials [5][6] - In H1 2025, the company achieved total revenue of 1.87 billion yuan, a year-on-year decrease of 4.42%, while the net profit attributable to shareholders was 218 million yuan, an increase of 1.35% year-on-year [5][6] - The company is focusing on capacity expansion and industry collaboration, with significant progress in projects related to photoresists, semiconductors, and OLED materials [7][8] Financial Performance Summary - In Q2 2025, the company achieved total revenue of 1.01 billion yuan, a year-on-year decrease of 0.95% but a quarter-on-quarter increase of 17.12% [5] - The revenue breakdown shows functional materials, life sciences and pharmaceuticals, and other businesses generating revenues of 1.47 billion, 376 million, and 2.5 million yuan respectively, with year-on-year changes of -9.55%, +20.80%, and +19.20% [5] - The gross margin for the functional materials segment was 38.68%, down 1.99% year-on-year, while the life sciences segment saw a gross margin of 38.56%, up 1.36% year-on-year [6] Future Outlook - The company expects net profits attributable to shareholders for 2025, 2026, and 2027 to be 375 million, 499 million, and 514 million yuan respectively, with corresponding P/E ratios of 31, 23, and 23 times [9]

Group 1: Shareholder and Buyback Activities - Shareholder Lu Yin Investment's buyback plan has exceeded the lower limit of CNY 125 million, with a target upper limit of CNY 250 million [1] - The company is progressing with a buyback plan of CNY 100 million to CNY 200 million, aimed at reducing registered capital and enhancing earnings per share [1] - The restricted stock incentive plan involves the buyback and cancellation of 7,009,780 shares, currently undergoing creditor announcement procedures [1] Group 2: Strategic Partnerships and Collaborations - The company signed a project cooperation letter of intent with Sinopec Catalyst Co., which will facilitate resource sharing and technical complementarity, aiming for product collaboration in the petrochemical catalyst field by 2025 [3] Group 3: Production Expansion Plans - The company plans to invest no more than CNY 300 million in the C05 project for semiconductor materials and polyimide materials, with a theoretical production capacity exceeding 1,000 tons [4] - Current semiconductor material production capacity is fully utilized, and the project is in the preparatory phase, expected to take about two years for completion after obtaining necessary approvals [4] Group 4: Performance and Project Updates - The company's second-quarter performance will be disclosed in the half-year report scheduled for August 22 [5] - The "Zhongjie Neng Wanrun (Penglai) New Materials Phase I Construction Project" has begun trial production of semiconductor materials, with further product launches dependent on trial progress and downstream customer validation [6][7] Group 5: Research and Development Focus - The company is focusing on material research in solid-state batteries, with no plans to produce batteries, and is currently developing high-purity materials in collaboration with universities [7] - The company is actively developing high-performance polymer products, including thermoplastic polyimide and polyether ether ketone, with some products already in sales and others in market promotion and validation stages [7]

Group 1: Company Overview and Financial Performance - The company is advancing the "Zhongjie Neng Wanrun (Penglai) New Materials Phase I Construction Project," expected to gradually start operations within 2025 [2] - The projected net profit for 2025 is approximately 360 million [3] - The company ranked sixth in the latest national fine chemical top 100 list [5] Group 2: Product Capacity and Development - The company has a theoretical production capacity of 65 tons for resin products and 1,500 tons for PEI materials, with the latter expected to be operational within the year [2][7] - The PEEK material has completed pilot testing and is currently undergoing downstream validation [4] - The company is actively developing various semiconductor manufacturing materials, including photoresist monomers and resins [8] Group 3: Market Opportunities and Collaborations - The collaboration with BOE Technology Group is expected to create more market opportunities in electronic information materials [3] - The company aims to enhance its competitiveness in the life sciences and pharmaceutical sectors through various R&D strategies [4] - The partnership with Sinopec is focused on catalyst products and zeolite molecular sieves, with plans to achieve business cooperation by 2025 [6][9] Group 4: Challenges and Strategic Adjustments - The decline in net profit in 2024 was attributed to reduced orders for zeolite series environmental materials and increased R&D expenses [4] - The company is addressing inventory turnover issues and aims to reduce stock levels while managing cash flow effectively [9] - The company is not currently planning any acquisitions in the semiconductor materials sector but will disclose any future plans [6][9]