Financing & Review - In September 2025, the Beijing Stock Exchange (BSE) issued 4 new stocks, raising a total of CNY 1.089 billion; from January to September 2025, a total of 16 new stocks were issued, raising CNY 5.027 billion[5] - As of the end of September, there are 9 companies that have passed the review but not yet registered, with a proposed fundraising of CNY 2.588 billion; 6 companies have been registered but not yet issued, with a proposed fundraising of CNY 1.210 billion[5] Subscription & Issuance - The median first-day increase for the 3 new stocks listed in September was +304.65%, with individual increases of +736.78%, +304.65%, and +120.34% for Sanxie Electric, Shichang Co., and Jinhua New Materials respectively[3] - The theoretical subscription yield for the new stocks Sanxie Electric, Shichang Co., and Jinhua New Materials was +0.165%, +0.076%, and +0.080% respectively[3] Market Trends & Predictions - The cumulative yield for new stock subscriptions in 2024 is +4.01% (23 new stocks issued), while the cumulative theoretical yield for new stock subscriptions from January to September 2025 is +1.75% (14 new stocks issued)[3] - The average top subscription amount in September 2025 was CNY 12.93 million, with a median capital freeze range of CNY 649.59 billion to CNY 851.19 billion[5] Investment Analysis - The BSE is expected to maintain a regular issuance pace, with 7 companies registered and 4 approved in September; the outlook suggests a weekly issuance rhythm is likely to continue[6] - There are currently 15 companies that have passed the review and are awaiting issuance, indicating a rich pipeline of quality projects[6] Risk Factors - Potential risks include slower-than-expected issuance speed, lower-than-expected stock price increases, macroeconomic downturns, and rapid growth in new stock subscription accounts[6]

Core Viewpoint - Yantai Jiumu Chemical Co., Ltd. has been accepted for IPO on the Beijing Stock Exchange, with CITIC Securities as the sponsor and Zhongqin Wanxin as the accounting firm [2] Company Overview - Jiumu Chemical was established in 2005 with a registered capital of 187.5 million yuan, primarily engaged in the R&D, production, and sales of OLED front-end materials [2] - The company is recognized as a national-level "little giant" enterprise and a champion in the manufacturing sector of OLED materials by the Ministry of Industry and Information Technology [2] Shareholding Structure - The actual controller of Jiumu Chemical is China Energy Conservation, with the controlling shareholder being Wanrun Co., holding 45.33% of the shares [4] - The chairman and general manager of Jiumu Chemical is Cui Yanglin [4] Financial Performance - The company's operating revenues for 2022 to 2024 and the first quarter of 2025 were 706 million yuan, 878 million yuan, 962 million yuan, and 208 million yuan respectively [6] - The net profit attributable to shareholders, excluding non-recurring gains and losses, was 197 million yuan, 203 million yuan, 246 million yuan, and 46.49 million yuan for the same periods [6] - The proportion of overseas sales revenue to main business income was 82.15%, 88.51%, 92.69%, and 89.69% respectively [6] - Sales revenue from the top five customers accounted for 72.93%, 71.40%, 77.45%, and 67.93% of total operating revenue [6]

Core Viewpoint - Wanrun Co., Ltd. announced that its subsidiary, Yantai Jiumu Chemical Co., Ltd. (Jiumu Chemical), has received the acceptance notice from the Beijing Stock Exchange for its application to publicly issue shares and list on the exchange [1][3]. Company Overview - Wanrun Co., Ltd. holds 85 million shares of Jiumu Chemical, representing a 45.33% stake, making it the controlling shareholder [3]. - Jiumu Chemical, established in 2005, specializes in the research, production, and sales of OLED front-end materials and is recognized as a national key specialized and innovative "little giant" enterprise [4]. - Wanrun Co., Ltd. operates in four main sectors: environmental materials, electronic information materials, new energy materials, and life sciences and pharmaceuticals [4]. Financial Performance - Jiumu Chemical's revenue from 2022 to Q1 2025 was 706 million yuan, 878 million yuan, 962 million yuan, and 208 million yuan, respectively, with net profits of 197 million yuan, 203 million yuan, 246 million yuan, and 46 million yuan [5]. - The company has increased its R&D investment from 58.78 million yuan in 2022 to 83.03 million yuan in 2024, with R&D expenses accounting for 8.33%, 7.47%, and 8.63% of revenue in the respective years [5]. Market Position and Industry Outlook - Jiumu Chemical is expected to capture approximately 23% of the global OLED front-end materials market in 2024 [4]. - The demand for OLED front-end materials is anticipated to grow due to the increasing market penetration of OLED panels in consumer electronics such as smartphones and smart home products [4]. - Jiumu Chemical's overseas sales accounted for 92.69% of its main business revenue in 2024, with key markets including South Korea, Germany, and Japan [5]. Customer Concentration Risk - The company has a high customer concentration risk, with sales to its top five customers accounting for 72.93%, 71.40%, and 77.45% of its revenue from 2022 to 2024 [5].

Group 1 - Yantai Jiumu Chemical Co., Ltd. has received acceptance for its IPO on the Beijing Stock Exchange [1] - The company primarily engages in the research, development, production, and sales of OLED front-end materials [2] Group 2 - Financial data shows that the company's operating revenue for 2022, 2023, and 2024 is projected to be 706 million, 878 million, and 962 million yuan respectively, with a net profit of 204 million, 210 million, and 254 million yuan [2] - The operating revenue is expected to grow by 9.57% in 2024, while net profit is projected to increase by 20.94% year-on-year [2] - Key financial indicators for 2024 include a basic earnings per share of 1.35 yuan, diluted earnings per share of 1.35 yuan, and a weighted average return on equity of 25.96% [2]

Core Viewpoint - Yantai Jiumu Chemical Co., Ltd. has completed its listing guidance work on the Beijing Stock Exchange, with CITIC Securities as the advisory institution [3] Group 1: Company Overview - Jiumu Chemical was established in 2005 with a registered capital of 187.5 million yuan, primarily engaged in the research, production, and sales of OLED front-end materials [3] - The company is recognized as a national-level "little giant" enterprise and is a champion in the manufacturing sector of OLED materials as evaluated by the Ministry of Industry and Information Technology [3] Group 2: Shareholding Structure - The actual controller of Jiumu Chemical is China Energy Conservation, with the controlling shareholder being Wanrun Co., Ltd., which holds a direct stake of 45.33% [5] - The chairman and general manager of Jiumu Chemical is Cui Yanglin [5] Group 3: Financial Performance - In 2024, the company achieved an operating income of 962 million yuan, representing a year-on-year increase of 9.57% [6] - The net profit for 2024 was 254 million yuan, showing a year-on-year growth of 20.94% [6] - The largest customer, referred to as "A," contributed 47.37% of the company's revenue [6]