Valiant

What Valiant does

Valiant (中节能万润股份有限公司, SZSE: 002643) is a China-based, state-owned (controlled by China Energy Conservation Group) specialty chemical materials platform founded in 1992 and listed on the Shenzhen Stock Exchange since 2011. The company operates across four business segments — Electronic Information Materials, Environmental Protection Materials, Life Sciences and Pharmaceuticals, and New Energy Materials — producing liquid crystal (LCD) monomers, OLED materials (precursors, monomers, and finished materials), polyimide (PI) materials, photoresist monomers/resins/photoacid generators, zeolite environmental catalysts, pharmaceutical intermediates and APIs, life science and IVD products, lithium battery electrolyte additives, and perovskite solar cell materials. Headquartered and primarily manufacturing in Yantai, Shandong, with a planned new materials complex in Penglai, the company also owns US-based MP Biomedicals (acquired 2016) and operates in 14 countries.

The company monetizes through a B2B custom manufacturing model with long-term supply agreements and dedicated product-category sales managers. Core customers include the three major international TFT mixed liquid crystal producers (which Valiant supplies simultaneously as the largest global high-end LCD monomer supplier), Johnson Matthey (a strategic customer for zeolite materials used in Euro VI/China VI automotive catalysts), global OLED panel manufacturers, Roche/Siemens/Abbott (via MP Biomedicals), and 10+ domestic and international semiconductor manufacturers. Pricing is negotiated per contract; no public price list exists. The health and life sciences segment contributes approximately 40% of total revenue (per the revenue model data), with electronic information materials, environmental materials, and new energy materials making up the balance.

Underlying the platform is a chemical synthesis technology R&D and industrialization capability spanning organic synthesis, purification, inorganic synthesis, and high-polymer polymerization, anchored by a CNAS-certified analysis and testing center and a state-designated postdoctoral research workstation. Valiant has developed production technology for over 8,000 compounds, with over 3,000 commercialized products, supported by 580+ domestic and international invention patents. The 2022 fiscal year recorded approximately RMB 5.08B in revenue and RMB 721M in net profit, with R&D investment of approximately RMB 358M (~7% of revenue); subsequent quarterly data through Q1 2024 indicate a meaningful revenue and profit decline, while the company continues to invest in semiconductor materials, OLED finished materials, zeolite capacity, and new energy materials.

Name

Valiant

Legal name

中节能万润股份有限公司

Website

https://valiant-cn.com

Company type

Public

Founded year

1992

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Valiant is a Chinese state-owned specialty chemical materials platform that manufactures LCD monomers, OLED materials, zeolite environmental catalysts, pharmaceutical intermediates, and photoresist materials for global display, automotive, semiconductor, and life science customers.

Ownership category

akta.pro rank

Product category

Specialty Chemical Materials

NAICS

Resin and Synthetic Rubber Manufacturing (32521), All Other Miscellaneous Chemical Product and Preparation Manufacturing (325998)

SIC

Miscellaneous Chemical Products (2890), Plastic Materials, Synth Resins & Nonvulcan Elastomers (2821)

akta.pro primary industry

Specialty Polymers & Resins (Engineered Materials) (IMAEABAK)

Keywords

• Liquid crystal materials
• OLED materials
• Zeolite catalysts
• Pharmaceutical intermediates
• Specialty chemical manufacturing

Headquarters

HQ city

Jinan

HQ country

China

HQ region

Asia

Offices5 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Personnel, Technology or R&D, Operations, Supply Chain, Infrastructure, Marketing or Sales

Revenue model

1. Functional Materials - Electronic Information Materials: Electronic information materials including LCD monomers, OLED materials (precursors, monomers, finished products), polyimide materials, photoresist materials, and other specialty chemicals. Core B2B custom manufacturing for display panel makers.
2. Functional Materials - Environmental Materials: Zeolite series environmental materials for automotive exhaust emission control (Euro VI, China VI standards). Also non-automotive zeolite products for VOCs adsorption, petroleum refining catalysis. Custom manufacturing supply agreements with major global catalyst manufacturers including Johnson Matthey.
3. Health and Life Sciences Products: Pharmaceutical intermediates, APIs, formulations, life science products, and in vitro diagnostics (IVD) products. Includes MP Biomedicals subsidiary (global life science reagents and IVD products with 55,000+ products), Wanrun Pharmaceutical API and formulations business. Revenue mix approximately 40% of total revenue from health segment.

Pricing tiers

Go-to-market motion2 records

Distribution channels1 record

Marketing channels4 records

Core offering

Valiant is an R&D-driven specialty chemical materials manufacturer that develops, produces, and sells chemical intermediates and finished materials across four segments: electronic information materials (LCD monomers/intermediates, OLED materials, polyimide, photoresist materials), environmental protection materials (zeolites for automotive exhaust and industrial emissions), life sciences and pharmaceuticals (APIs, intermediates, formulations, and MP Biomedicals' life science/IVD products), and new energy materials (lithium battery electrolyte additives, perovskite solar cell materials).

Product overview

Valiant is a R&D-driven platform enterprise specializing in chemical synthesis technology and industrialization applications. The company operates four main business segments: (1) Electronic Information Materials - including LCD materials, OLED materials (via subsidiaries Jiu Mu Chemical and Sanyue Technology), polyimide materials, and photoresist materials for displays and semiconductors; (2) Environmental Protection Materials - zeolite series materials for automotive exhaust purification meeting Euro VI/China VI standards; (3) Life Science and Medicine - including pharmaceutical intermediates, APIs (via Wanhong Pharmaceutical), and MP Biomedicals (acquired global life science and in vitro diagnostics company with 55,000+ products); (4) New Energy Materials - lithium battery electrolyte additives and perovskite solar cell materials. The company has developed production technology for over 8,000 compounds with more than 3,000 products already in the market.

Differentiator

Problem solved

Functional benefit

Products and services

• Liquid Crystal Materials (LCD Materials) High-end liquid crystal monomer and intermediate materials for TFT LCD displays. The company is the largest global supplier of high-end LCD monomers, simultaneously serving the three major international TFT mixed liquid crystal manufacturers.
• OLED Materials Full OLED materials value chain including pre-sublimation precursor monomers and intermediates (via Jiumu Chemical, a leading domestic OLED precursor materials enterprise) and finished OLED materials with proprietary intellectual property (via Sanyue Technology) for OLED display panels.
• Polyimide Materials (PI) Polyimide monomers, TFT PI orientation agents, OLED photosensitive PI (PSPI), and thermoplastic polyimide (PTP-01) for fiber optic connectors and aerospace composites.
• Photoresist Materials Photoresist monomers, photoresist resins, photoacid generators (PAG), and wafer cleaning additive materials for semiconductor manufacturing, supplied to over 10 domestic and international semiconductor manufacturers.
• Zeolite Series Environmental Materials Automotive exhaust purification zeolite materials for Euro VI/China VI diesel vehicle emissions standards, also applicable to gas, coal, and fuel combustion exhaust treatment, VOCs treatment, and denitrification. Core supplier to Johnson Matthey for diesel exhaust catalysis.
• Lithium Battery Electrolyte Additives Electrolyte additives for lithium batteries, manufactured by wholly-owned subsidiary Yantai Haichuan Chemical Products Co., Ltd.
• Perovskite Solar Cell Materials Materials for perovskite solar cells, with initial patent applications from 2016 and ongoing customer engagement for material supply.
• MP Biomedicals Life Science and IVD Products Global life science and in vitro diagnostics brand headquartered in Santa Ana, California, with over 55,000 products including molecular biology, immunology, biochemistry products, and diagnostic reagents for HIV, hepatitis, cancer, cardiovascular diseases, dengue fever, and drug abuse testing. Key supplier to Roche, Siemens, and Abbott.
• APIs and Pharmaceutical Intermediates Active pharmaceutical ingredients (APIs) and pharmaceutical intermediates including norfloxacin (first to pass generic drug consistency evaluation), vildagliptin for diabetes treatment, and CDMO services for international pharmaceutical companies.
• Cyclohexane Products Specialty cyclohexane products for industrial applications, produced by wholly-owned subsidiary Yantai Haichuan Chemical Products Co., Ltd.

Quantifiable outcome

• Over 30 years of development with compound production technologies growing from ~6,000 to over 8,000
• +3 more outcomes

Named customers6 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature7 records

Partnerships

Eight partnerships are on record, tiered core and minor.

• Beijing BOE Materials Technology Co., Ltd. (北京京东方材料科技有限公司)coreStrategic or Co-development Partner · 1 September 2024In September 2024, Wanrun signed a shareholder agreement with Beijing BOE Materials Technology, Yantai Debang Technology Co., Ltd., and Yantai Yeda Economic Development Group to jointly establish Yantai BOE Materials Technology Co., Ltd. The JV will focus on R&D and sales of electronic specialty materials, aiming to build closer ties with downstream display manufacturers and create synergistic产业链 cooperation.
• MP Biomedicals, LLCcoreOthersMP Biomedicals is a global life science and in vitro diagnostics company headquartered in Santa Ana, California. Acquired by Wanrun on March 18, 2016 for 100% equity. Operates in Americas, Europe, Asia, and Australia with over 55,000 products. Key supplier to Roche, Siemens, and Abbott. Reported revenue of RMB 1.833 billion in 2022 with net profit of RMB 261 million.
• Yantai Jiu Mu Chemical Products Co., Ltd. (烟台九目化学股份有限公司)coreOthersControlled subsidiary (holding) specializing in OLED升华前 materials and other functional materials. Industry-leading OLED precursor materials supplier in China. Revenue grew approximately 18.29% in H1 2023. Currently preparing for New Third Board listing. Actively developing OLED production capacity including 'A04 Project' and fuel cell proton membrane materials.
• Jiangsu Sanyue Technology Co., Ltd. (江苏三月科技股份有限公司)coreOthersControlled subsidiary (holding) specializing in OLED finished materials and polyimide materials. Leading domestic enterprise with proprietary OLED finished material patents. TFT PI orientation agent materials commercially supplied to panel manufacturers. OLED PSPI (photosensitive PI) products being promoted. Raising capital to introduce strategic investors including display panel industry capital.
• Yantai Wanhui Pharmaceutical Co., Ltd. (烟台万润药业有限公司)coreOthersWholly-owned pharmaceutical subsidiary. First domestic company to pass norfloxacin capsule一致性评价 (bioequivalence). Won fourth batch national drug procurement bid. Vildagliptin tablets for type 2 diabetes received production approval. Operates B02 pharmaceutical workshop and formulation workshop No. 2.
• Yantai Haichuan Chemical Products Co., Ltd. (烟台海川化学制品有限公司)coreOthersWholly-owned subsidiary producing lithium battery electrolyte additives. Also produces cyclohexane products and specialty chemicals. Supplies lithium battery additives as part of Wanrun's new energy materials business.
• Johnson Matthey (庄信万丰)coreStrategic or Co-development PartnerJohnson Matthey is Wanrun's major customer for zeolite environmental materials used in automotive exhaust catalysts. JM holds over 50% market share in diesel vehicle exhaust treatment globally and sources zeolite materials primarily from Wanrun and one other global producer. Wanrun is a core strategic supplier supporting JM's Euro VI and China VI emission standard product lines.
• Valiant USA LLC (万润美国有限责任公司)minorOthersWholly-owned US subsidiary of Wanrun established to support North American market operations and customer engagement.

Scale indicators14 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• WuXi AppTec: Leading Chinese pharmaceutical CDMO and CRO with services spanning intermediates, APIs and formulations. Comparable to Valiant's Wanrun Pharmaceutical pharmaceutical intermediates, APIs and CDMO capabilities.
• Sumitomo Chemical: Produces OLED fine chemicals and intermediates, photoresist materials and a range of specialty chemicals. Direct competitor to Valiant in OLED precursor/intermediate materials and electronic chemicals.
• Honeywell UOP: Manufactures zeolite catalysts for refining, petrochemicals and emissions control. Direct competitor to Valiant's zeolite environmental materials business serving automotive and industrial customers.
• LG Chem: Korean chemical company with significant display materials (polarizers, OLED intermediates) and battery materials (electrolyte additives, cathode binders). Comparable to Valiant across both display and lithium battery additive segments.
• JSR Corporation: Major photoresist and display materials producer with semiconductor lithography materials, OLED materials and a portfolio directly comparable to Valiant's photoresist monomers, resins and PAG.
• DIC Corporation: Manufactures color filter resins, pigments and OLED materials for the display industry. Comparable to Valiant's display materials portfolio, particularly polyimide and OLED materials.
• Tokyo Ohka Kogyo (TOK): One of the world's leading photoresist manufacturers serving semiconductor and display customers. Directly comparable to Valiant's photoresist monomer and resin business.
• Merck KGaA: Performance Materials division includes liquid crystal materials for displays, OLED materials, and specialty chemicals for electronics. The closest direct competitor to Valiant's LCD monomer and OLED intermediates business.

Broad incumbents

• Evonik Industries: German specialty chemicals company with significant businesses in specialty polymers, electronic materials, healthcare and life sciences. Broad incumbent comparable to Valiant's diversified platform.
• BASF: Global specialty chemicals leader with materials for automotive catalysts, electronics, pharmaceuticals and agriculture. A broad incumbent whose portfolio overlaps with Valiant across zeolite, electronic materials and pharma intermediates.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/yantai-valiant-fine-chemicals-co-ltd

Compliance13 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries7 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Valiant