Core Viewpoint - Yantai Jiumu Chemical Co., Ltd. (hereinafter referred to as Jiumu Chemical), backed by Wanrun Co., Ltd., is preparing for an IPO on the Beijing Stock Exchange, but faces concerns regarding its financial performance and inventory levels [1][3]. Company Overview - Jiumu Chemical specializes in the research, production, and sales of OLED (Organic Light Emitting Diode) front-end materials, including OLED sublimation precursor materials and intermediates [4]. - The company was established in 2005 and became a subsidiary of Wanrun Co., Ltd. after its acquisition in 2010, with Wanrun currently holding 45.33% of Jiumu Chemical's shares [4][5]. Financial Performance - Jiumu Chemical's revenue increased from 706 million yuan in 2022 to 962 million yuan in 2024, while net profit rose from 204 million yuan to 254 million yuan during the same period [8]. - However, in the first three quarters of the current year, the company reported a revenue decline of 17.36% year-on-year, totaling 611 million yuan, and a net profit drop of 23.47%, amounting to 154 million yuan [8][9]. Inventory Concerns - The company's inventory has surged to 523 million yuan, a year-on-year increase of approximately 25.12%, raising questions about potential unsold stock [9]. - Inventory accounted for 66.78% of current assets as of the third quarter, up from 58.58% in 2022 [9]. Expansion Plans - Despite the underutilization of production capacity (below 80%), Jiumu Chemical plans to raise 1 billion yuan for expansion, aiming to add 280 tons of OLED front-end materials capacity [3][9]. - The company's production capacity utilization rate has significantly decreased from 108.54% in 2022 to 68.08% in 2023 [9]. Shareholder Activity - Notable shareholders include individuals who have realized substantial profits from their investments, with one individual reportedly cashing out over 300 million yuan [5][6]. - The shareholder structure includes institutional investors, with some having exited their positions shortly after investing [6][8].

背靠万润股份的OLED材料商烟台九目化学股份有限公司（以下简称"九目化学"）正冲刺北交所上市。 "露笑系"家族入股 与自然人套现离场 九目化学主要从事OLED前端材料的研发、生产和销售，主要产品包括OLED升华前材料、OLED中间体等功能性材料。 其股东名单堪称"藏龙卧虎"，既有"露笑系"儿媳隐身其后，更有两名神秘自然人3年时间套现近5亿元，其中获利超过3亿元。 公司成立于2005年，最初由部分万润股份职工等共同出资设立。2010年，万润股份完成对九目化学的收购，使其成为控股子公司。 万润股份早在2011年于深交所上市，实际控制人为中国节能，后者的出资人为国务院国有资产监督管理委员会。至今，万润股份仍然持有九目化学 45.33%的股份，为公司控股股东。 | | | | | | 普通股前十名股东情况 | | | | 年11: 成 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 序 목 | 股东名 称 | 期初持 股数 | 持股变 动 | 期末持 股数 | 期末持 股比 例% | 期末持 有限管 股份数 | 期末持 有灵 售股份 ...

Core Viewpoint - Yantai Jiumu Chemical Co., Ltd., backed by Wanrun Co., is pushing for an IPO on the Beijing Stock Exchange, despite facing declining profits and rising inventory levels [1][2]. Company Overview - Jiumu Chemical specializes in the research, production, and sales of OLED front-end materials, including sublimation materials and intermediates [3]. - The company was established in 2005 and became a subsidiary of Wanrun Co. after its acquisition in 2010. Wanrun Co. holds a 45.33% stake in Jiumu Chemical [4]. Shareholder Dynamics - The shareholder list includes notable figures, such as the daughter-in-law of the Lu Xiao Jun family, and two mysterious individuals who cashed out nearly 500 million yuan over three years, with profits exceeding 300 million yuan [2][6]. - Significant changes in shareholding occurred shortly after capital increases, with major investors realizing substantial profits from their investments [6][7]. Financial Performance - In the first three quarters of this year, Jiumu Chemical reported a revenue of 611 million yuan, a year-on-year decline of 17.36%, and a net profit of 154 million yuan, down 23.47% [10]. - The company's inventory has surged to 523 million yuan, raising concerns about potential unsold stock [10][11]. Market Conditions - The OLED industry is experiencing an oversupply, impacting the pricing of Jiumu Chemical's core products. The average price of OLED sublimation materials fell by approximately 15.7% from the previous year [10]. - Despite the declining demand and profitability, the company plans to raise 1 billion yuan for expansion, aiming to add 280 tons of production capacity for OLED materials [11]. Production Capacity and Utilization - Following the launch of its first-phase project, the company's production capacity utilization dropped significantly from 108.54% in 2022 to 68.08% in 2023, with a further decline to 74.24% in early 2025 [11].

Core Viewpoint - Yantai Jiumu Chemical Co., Ltd. (hereinafter referred to as "Jiumu Chemical"), backed by Wanrun Co., Ltd., is racing towards its listing on the Beijing Stock Exchange, but faces challenges with declining profits and rising inventory levels amid plans for significant capacity expansion [1][2]. Shareholder Structure - Jiumu Chemical's shareholder list includes notable figures, such as the daughter-in-law of the "Luxiao system" and two mysterious individuals who cashed out nearly 500 million yuan in three years, with profits exceeding 300 million yuan [2][3]. - Wanrun Co., Ltd. holds a 45.33% stake in Jiumu Chemical, making it the controlling shareholder [3]. Financial Performance - In the first three quarters of this year, Jiumu Chemical's net profit declined by over 20%, while inventory surged to 523 million yuan [2][9]. - Revenue fell by 17.36% year-on-year to 611 million yuan, with a net profit of 154 million yuan, down 23.47% [9]. - The average selling price of Jiumu Chemical's core product, OLED sublimation front materials, decreased by approximately 15.7% from the previous year [9]. Capacity Expansion Plans - Despite a production capacity utilization rate of less than 80%, Jiumu Chemical plans to raise 1 billion yuan for significant capacity expansion, aiming to add 280 tons of OLED front-end materials and other functional materials [10]. - The company has faced scrutiny from the exchange regarding the necessity and rationality of this expansion given the current underutilization of existing capacity [10]. Dividend History - Prior to the planned fundraising for expansion, Jiumu Chemical distributed substantial cash dividends totaling over 200 million yuan from March 2022 to May 2025 [10].

Core Viewpoint - Yantai Jiumu Chemical Co., Ltd. (hereinafter referred to as "Jiumu Chemical"), backed by Wanrun Co., Ltd., is racing towards its listing on the Beijing Stock Exchange, but its fundamentals show signs of concern as net profit has dropped over 20% in the first three quarters of this year, while inventory has surged to 523 million yuan [1][4]. Group 1: Company Background - Jiumu Chemical specializes in the research, production, and sales of OLED front-end materials, including OLED sublimation materials and intermediates [2]. - Established in 2005, Jiumu Chemical became a subsidiary of Wanrun Co., Ltd. after its acquisition in 2010, with Wanrun holding 45.33% of Jiumu's shares [2]. Group 2: Shareholder Dynamics - The shareholder list of Jiumu Chemical includes institutional and individual investors, with significant transactions involving natural persons who have cashed out nearly 500 million yuan over three years, yielding profits exceeding 300 million yuan [1][3]. - Notably, the "Luxiao Group" and other institutions entered the shareholder structure in 2018, with initial investments at 1.81 yuan per registered capital [2]. Group 3: Financial Performance - Jiumu Chemical's revenue grew from 706 million yuan in 2022 to 962 million yuan in 2024, but the net profit has seen a decline, with a 17.36% drop in revenue to 611 million yuan and a 23.47% decrease in net profit to 154 million yuan in the first three quarters of this year [4][5]. - The average selling price of Jiumu's core product, OLED sublimation materials, has decreased by approximately 15.7% from 5,265.85 million yuan per ton in 2024 to 4,439.75 million yuan per ton in the first quarter of this year [5]. Group 4: Inventory and Expansion Plans - Jiumu Chemical's inventory has increased significantly, reaching 523 million yuan by the end of the third quarter, a rise of about 25.12% compared to the previous year [5][6]. - Despite the low capacity utilization rate of below 80%, the company plans to raise 1 billion yuan for expansion, aiming to add 280 tons of OLED front-end materials capacity [6]. Group 5: Market Context - The OLED industry is currently facing an oversupply situation, which has affected demand and pricing for Jiumu Chemical's products [4][5].

Core Viewpoint - The company, Lite-On Optoelectronics, is accelerating its industrial layout in the OLED sector by planning to issue convertible bonds to raise up to 766 million yuan, marking a significant step towards its new development phase and reflecting its commitment to expanding in OLED materials and emerging business areas [1][2][3]. Group 1: Fundraising and Investment Plans - Lite-On Optoelectronics plans to issue convertible bonds totaling no more than 766 million yuan with a maturity of 6 years, aiming to fund several key projects [2]. - Of the raised funds, 500 million yuan will be allocated to the construction of new material production bases, enhancing the production capacity of OLED intermediates and other materials [2]. - The company will invest 34 million yuan in upgrading production facilities to improve automation and efficiency, and 32 million yuan in developing a platform for perovskite materials [2][3]. Group 2: Financial Performance - For the first three quarters of 2025, the company reported a revenue of 423 million yuan, an increase of 18.77% year-on-year, and a net profit of 180 million yuan, up 38.62% year-on-year [1][3]. - The net profit excluding non-recurring items reached 170 million yuan, reflecting a significant growth of 46.51% year-on-year [1][3]. - The growth in revenue is primarily driven by increased sales of OLED terminal materials, supported by strong demand in various applications such as smartphones and automotive displays [3]. Group 3: Cost Management and Efficiency - The company has implemented cost reduction and efficiency enhancement strategies, resulting in an 8.75% decrease in operating costs for the first three quarters, which contributed to a 39.08% increase in total profit [4]. - The gross profit margin has improved, with quarterly profit growth reaching 44.98% [4]. Group 4: Research and Development Focus - Lite-On Optoelectronics emphasizes research and development as a core driver of growth, with R&D expenditures amounting to 49.29 million yuan in the first three quarters, a year-on-year increase of 12.39% [5]. - The R&D investment in the third quarter alone was 17.22 million yuan, reflecting a significant growth rate of 24.24% [5]. - R&D spending accounted for 13.12% of revenue in the third quarter, indicating a strong commitment to innovation [5][6]. Group 5: Future Outlook - The company aims to leverage the upcoming convertible bond issuance to enhance production capacity, optimize product structure, and strengthen technological innovation, positioning itself to benefit from the rapid growth of the domestic OLED industry [6]. - With a focus on building a self-controlled supply chain in OLED materials, the company is set to contribute significantly to the independent development of the OLED industry in China [6].

Core Viewpoint - The IPO journey of Jiuyou Chemical faces significant challenges due to declining performance and concerns over sustainability of growth, despite its strong background as a subsidiary of Wanrun Co., Ltd. [1] Company Overview - Company Name: Jiuyou Chemical Co., Ltd. - Established: September 8, 2005 - Major Shareholder: Wanrun Co., Ltd. holds 45.33% of shares, with China Energy Conservation and Environmental Protection Group as the actual controller [1][6] - Main Business: Research, production, and sales of OLED front-end materials, including sublimation materials and intermediates [1] Financial Performance - Jiuyou Chemical's revenue and net profit have declined in 2023, with Q3 revenue at 611 million, down 17.36% year-on-year, and net profit at 154 million, down 23.47% [10][11] - In contrast, the company had shown growth from 2022 to 2024, with revenues of 706 million, 878 million, and 962 million, and net profits of 204 million, 210 million, and 254 million respectively [7][8] Customer Concentration - Jiuyou Chemical has a high customer concentration, with sales to the top five customers accounting for 72.93%, 71.40%, and 77.45% from 2022 to 2024 [12][13] - The company relies heavily on exports, with overseas sales constituting over 80% of total revenue, raising concerns about trade policy impacts [13][14] Production Capacity and Inventory Issues - The company plans to raise 1.15 billion for capacity expansion, but faces challenges with low capacity utilization rates, which were 108.54%, 68.08%, 76.58%, and 74.24% from 2022 to Q1 2025 [18][20] - Inventory levels have increased significantly, with book value rising from 314 million in 2022 to 477 million in 2025, leading to a declining inventory turnover rate [20][21] Fundraising and Investment Plans - The planned investment includes 1 billion for the OLED display materials project and 150 million for a research center, totaling 1.7 billion [5][18] - The company must address concerns regarding the rationality of continued investment in new capacity amid low utilization and rising inventory [19][21]

Core Insights - The release of three high-end equipment for 8.6-generation large-size OLED production lines marks a significant breakthrough in China's display equipment sector [1] - The demand for OLED displays is expanding from mobile devices to larger applications such as computers and automotive displays, indicating a growing market [1][2] - The global OLED display market is showing positive trends, with improved supply-demand relationships and stabilizing product prices, signaling a recovery phase for the industry [2] Industry Developments - The newly launched high-end equipment includes a multi-application inkjet film deposition platform, the first domestic large-area bonding equipment, and the first domestic EHD dispensing equipment, all aimed at enhancing production efficiency and reducing costs [1] - The 8.6-generation AMOLED production line is versatile, catering to various terminal products like tablets, laptops, and automotive displays, which will support the growth of consumer electronics and smart home sectors [2] - The global shipment of flexible AMOLED panels is projected to reach 1.01 billion units in 2024, with expectations to exceed 1.33 billion units by 2030, indicating a compound annual growth rate in key segments [2] Company Actions - TCL Technology has initiated the construction of its 8.6-generation printed OLED production line, which will utilize self-developed technology and aims to process approximately 22,500 glass substrates monthly [4] - Other companies, including Samsung Display and BOE Technology Group, are also building 8.6-generation OLED production lines, highlighting a competitive landscape in the industry [4] - Domestic companies are focusing on differentiating their technology and application scenarios to avoid homogenized competition, with an emphasis on expanding into emerging fields like automotive and medical displays [5][6] Material Supply Chain - The advancement of large-size OLED production lines is driving demand for upstream OLED materials, with companies like Wanrun and Light Optoelectronics reporting stable revenue growth in OLED materials [6] - The performance of OLED terminal materials has positively impacted profits for companies involved in the OLED supply chain, indicating a robust market for these materials as production ramps up [6]

Core Viewpoint - The report highlights the strong financial performance of Shaanxi Lite Optoelectronic Materials Co., Ltd. in the third quarter of 2025, driven by significant growth in OLED terminal materials sales and improved production efficiency [1] Financial Performance - For the first three quarters of the year, the company achieved operating revenue of 423 million yuan, representing a year-on-year increase of 18.8% [1] - The net profit attributable to shareholders reached 180 million yuan, marking a year-on-year growth of 38.6% [1] - In the third quarter alone, operating revenue was 131 million yuan, up 18.6% year-on-year [1] - The net profit for the third quarter was 53.39 million yuan, reflecting a year-on-year increase of 43.3% [1] Business Operations - The company's main business focuses on OLED terminal materials and OLED intermediates, with strong sales performance in OLED terminal materials contributing to profit growth [1] - Lite Optoelectronic has made progress in enhancing production efficiency and reducing costs, which has positively impacted its profitability [1] Research and Development - The company has increased its investment in research and development, with R&D expenses accounting for 13.12% of operating revenue [1]

Core Viewpoint - Yantai Jiumu Chemical Co., Ltd. has received the first round of inquiry letters from the Beijing Stock Exchange regarding its listing application, focusing on product applications, competitive advantages, independence from controlling shareholders, and compliance with hazardous chemical management [1][4]. Group 1: Product Applications and Competitive Advantages - The Beijing Stock Exchange is particularly concerned about whether the OLED-related products of the company align with industry development trends and if there are risks of being replaced by Mini/MicroLED or other new technologies [4]. - The company primarily engages in the research, production, and sales of OLED front-end materials, including OLED sublimation materials and intermediates [1][4]. Group 2: Independence and Governance - The company is controlled by Wanrun Co., Ltd., which holds 45.33% of its shares, raising questions about the company's independence from its controlling shareholder [4]. - The inquiry includes the nature of transactions between the company and Wanrun, such as raw material purchases and other related transactions [4][6]. Group 3: Financial Performance and Sustainability - The company reported a net profit growth of 21.14% in contrast to Wanrun's significant decline in net profit by 71.87% over the same period [6]. - As of the first half of 2025, the company's operating revenue decreased by 23.10%, and its net profit excluding non-recurring items fell by 33.47% [7]. - The company's cash flow from operating activities dropped by 56.31% year-on-year, indicating potential liquidity issues [8]. Group 4: Related Party Transactions and Risk Management - The company has a significant amount of accounts receivable, with balances increasing over time, and a notable lack of bad debt provisions for related parties [8]. - The inquiry seeks clarification on the rationale behind not provisioning for bad debts related to Wanrun and its subsidiaries, as well as the overall credit policy and collection processes [8].