当前，全球科技竞争格局深度调整，作为新一轮科技革命和产业革命的基石与先导，新材料正与人工智 能、大数据等技术加速融合，成为新质生产力语境下的发展风口。 作为国内化工新材料领域的领军企业，青岛国恩科技股份有限公司（以下简称"国恩股份"）凭借纵向一 体化的产业布局、坚实的自主研发实力及对行业风口的精准卡位，展现出了强劲的市场竞争力与行业引 领力。 随着国恩股份通过港交所主板上市聆讯，不仅标志着企业距离实现"A+H"两地上市目标又迈出关键的一 步，同时也意味着在新材料行业迎来新发展机遇下，国恩股份有望借助资本的力量，进一步筑牢化工新 材料领域的"护城河"。 注重研发积累，加速新材料产业化与市场化 成立于2000年的国恩股份，是一家以科技创新为核心驱动力、以长期规模效益为目标的综合性企业。近 年来，国恩股份逐步形成绿色石化新材料、有机高分子改性材料以及有机高分子复合材料"三足鼎立"的 发展态势。 据国恩股份2024年年报显示，企业年营收近192.2亿元，其中化工新材料板块实现收入173.7亿元，不俗 的表现形成了对企业业绩增长的强劲支撑。 经过二十余年的发展积累，如今的国恩股份在新材料领域已经建立起较强的行业地位，其 ...

Group 1 - Meibang Technology focuses on the research and production of epoxy propane and downstream polyether polyols, benefiting from a clean production process and stable capacity, which enhances business profitability when epoxy propane prices rise [1][29] - Hongqiang Co., Ltd. produces concrete additives that utilize epoxy propane-derived polyether polyols, allowing for cost transfer to customers when prices rise, while also benefiting from the green building certification and infrastructure investment cycles [2][30] - Weiyuan Co., Ltd. has a large capacity for epoxy propane and integrates its production with other chemicals, which helps mitigate raw material price fluctuations and enhances profitability [3][31] Group 2 - Hongbaoli is a leading supplier of polyurethane insulation materials, with its core product being rigid polyether polyols, directly linked to epoxy propane prices, allowing for price adjustments through long-term agreements [4][32] - Yinuowei relies heavily on epoxy propane for its polyurethane products, maintaining stable relationships with downstream customers and benefiting from the rapid expansion of the new energy sector [5][33] - Yida Co., Ltd. has developed its own epoxy propane production technology and offers a range of solvents, benefiting from the green development policies and enhancing cost control through efficient procurement [6][34] Group 3 - Bohai Chemical leverages its location in the Beijing-Tianjin-Hebei petrochemical cluster to enhance its epoxy propane production, benefiting from regional supply advantages and low-carbon transformation initiatives [7][35] - China Chemical, as a state-owned enterprise, benefits from the rising demand for engineering services related to epoxy propane production, supported by its global project experience and technological capabilities [8][36] - Weixing Chemical has a complete C3 industrial chain layout, with significant cost advantages in epoxy propane production, and is actively expanding into new energy materials [9][36] Group 4 - Huaitai Co. integrates its chemical production with green paper-making concepts, enhancing profitability through the rising prices of epoxy propane while maintaining a focus on sustainable practices [10][38] - Kent Catalysts specializes in catalysts for epoxy propane production, benefiting from the industry's growth and focusing on high-end catalyst development for new energy applications [11][39] - Dongfang Shenghong has a vertically integrated "refining-polyester" chain, leveraging the high demand for epoxy propane to enhance profitability while expanding into photovoltaic materials [12][40]

Group 1 - The acrylic acid concept increased by 2.64%, ranking third among concept sectors, with 13 stocks rising, including Hongqiang Co., which hit the daily limit, and Bohai Chemical, Taihe Technology, and Satellite Chemical, which rose by 7.56%, 6.71%, and 6.67% respectively [1] - The acrylic acid sector saw a net inflow of 329 million yuan from main funds, with 10 stocks receiving net inflows, and 5 stocks exceeding 10 million yuan in net inflow, led by Wanhua Chemical with a net inflow of 174 million yuan [2] - The top stocks by net inflow ratio included Hongqiang Co., ST Shenhua, and Daoshengtian, with net inflow ratios of 42.22%, 11.79%, and 5.01% respectively [3] Group 2 - The top performers in the acrylic acid sector included Wanhua Chemical with a 4.39% increase, Tianlong Group with a 6.04% increase, and Hongqiang Co. with a 10.00% increase [3] - The stocks with the largest declines included Guoen Co. with a decrease of 2.04%, Brother Technology with a decrease of 0.87%, and Akoli with a decrease of 0.61% [4] - The trading volume and turnover rates varied, with Hongqiang Co. having a turnover rate of 10.78% and Tianlong Group at 26.90% [3][4]

Group 1: Market Activity - A total of 26 companies submitted applications to the Hong Kong Stock Exchange last week, marking a recent high in submissions [2] - Among the 26 companies, 3 passed the hearing, and 1 company is currently in the process of an IPO [10][12] Group 2: Industry Highlights - The semiconductor and computing sectors are particularly active, with companies like Weizhao Semiconductor and Placo Electronics submitting applications [2] - Weizhao Semiconductor reported a revenue of 615 million yuan and a profit of 40.25 million yuan for the first nine months of 2025 [2] - Placo Electronics achieved a revenue of 751 million yuan and a profit of 76.11 million yuan for the same period [2] Group 3: Robotics Sector - Several robotics companies, including Yifei Intelligent and Estun, are also pursuing listings [3] - Estun is ranked first in the industrial robotics sector by revenue, with a market share of 1.7% globally [3] - TuoStar is recognized as a leader in the domestic industrial robotics market, with a revenue of 1.688 billion yuan and a net profit of 47 million yuan for the first nine months of 2025 [3] Group 4: Biopharmaceutical Sector - Multiple biopharmaceutical companies are applying for listings, including Zeling Bio and Exegenesis Bio Inc. [4][5] - Zeling Bio reported a loss of 1.19 million yuan for the first nine months of 2025, while Exegenesis Bio has not yet received regulatory approval for its products [5][6] - Shanghai Shengsheng achieved a revenue of 538 million yuan and a net profit of 11.3 million yuan for the same period [4] Group 5: Food and Beverage Sector - The food and beverage sector is seeing significant activity, with companies like Yuanji Food and Qian Dama submitting applications [7] - Yuanji Food reported an adjusted net profit of 192 million yuan for the first nine months of 2025, a 31% increase year-on-year [7] - Qian Dama achieved a GMV of 14.8 billion yuan in 2024, maintaining its position as the top player in the community fresh product retail chain industry [7] Group 6: New Listings - Four new stocks were listed last week, with all experiencing price increases on their first trading day [13] - The stock of Howie Group, a global leader in CMOS image sensors, rose by 16.22% on its debut [13] - Zhaoyi Innovation, a storage chip leader, saw its stock price increase by 38.27% on its first day of trading [13]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 出品：新浪财经上市公司研究院 作者：IPO再融资组/郑权 近日，国恩股份通过港交所聆讯，距港股上市又近一步。 但事实上，国恩股份自2015年在A股上市以来，海外收入占比都低于2%，公司国际化布局任重道远。wind数据显示，2015—2024年，国恩股份国外收入分 别为0.13亿元、0.11亿元、0.17亿元、0.42亿元、0.43亿元、1.11亿元、1.29亿元、1.92亿元、1.61亿元、3.04亿元，占总营收的比例分别为1.75%、0.88%、 0.83%、1.13%、0.85%、1.55%、1.32%、1.43%、0.92%、1.58%。 此外，国恩股份还计划将部分募资用于扩大国内大化工板块的产能，扩充宜兴的新生产基地的产能，用于生产有机高分子改性材料及╱或有机高分子复合材 料。 招股书显示，国恩股份计划将港股募资用于海外扩张、扩大国内大化工板块产能等。但事实上，国恩股份连续十年的海外收入占比低于2%，且大化工板块 的整体产能利用率还有提升空间，其中高分子复合材料2024年度的产能利用率仅57.5%。 招商证券国际为国恩股份此次港 ...

Core Viewpoint - Guoen Co., Ltd. has successfully passed the main board listing hearing at the Hong Kong Stock Exchange, moving closer to achieving its "A+H" dual listing strategy [1] Company Overview - Guoen Co., Ltd. was established in 2000 with a registered capital of 271 million RMB and is based in Qingdao, Shandong Province. The company was listed on the Shenzhen Stock Exchange in 2015 [1] - The company focuses on technological innovation and aims for long-term scale efficiency, operating in the large chemical and health sectors. It has developed a vertically integrated industrial platform and has diversified into various chemical new materials [1] - Guoen Co. has a controlling stake in Dongbao Biological (300239.SZ), which operates in the health sector, offering products such as gelatin, collagen, and dietary fibers [1] Financial Performance - Guoen Co. reported revenues of 134 billion RMB, 174.4 billion RMB, and 191.9 billion RMB for the fiscal years 2022, 2023, and 2024, respectively. The net profits for the same years were 720 million RMB, 540 million RMB, and 720 million RMB, with a compound annual growth rate (CAGR) of 19.6% [2] - For the first ten months of 2025, the company achieved revenues of 174.4 billion RMB and a gross profit of 18.1 billion RMB [2] Market Outlook - The market for modified and composite materials in China is expected to exceed one trillion RMB from 2025 to 2029. The collagen market is projected to reach 246.2 billion RMB by 2029 [3] Strategic Initiatives - The listing on the Hong Kong Stock Exchange aims to enhance the company's global strategic layout and create an international capital operation platform [3] - Guoen Co. plans to establish a regional headquarters in Hong Kong to support its international operations and supply chain expansion [6] - The company intends to use the funds raised from the listing for establishing a production base in Thailand, expanding production capacity in Yixing, and upgrading its Hong Kong production base [6]

Core Viewpoint - Guoen Co., Ltd. has officially passed the listing hearing on the Hong Kong Stock Exchange, moving closer to achieving its "A+H" dual listing strategy [1] Company Overview - Guoen Co., Ltd. was established in 2000 with a registered capital of 271 million yuan and is based in Qingdao, Shandong Province. The company was listed on the Shenzhen Stock Exchange in 2015 [1] - The company focuses on technological innovation and aims for long-term scale efficiency, operating in the large chemical and health sectors. It has developed a vertically integrated industrial platform and has diversified into various chemical new materials [1][3] - Guoen Co., Ltd. controls Dongbao Biological (300239.SZ), which operates in the health sector, offering products such as gelatin, collagen, and dietary fibers [1] Financial Performance - Guoen Co., Ltd. reported revenues of 13.406 billion yuan, 17.438 billion yuan, and 19.187 billion yuan for the fiscal years 2022, 2023, and 2024, respectively. The net profits for the same years were 720 million yuan, 540 million yuan, and 720 million yuan, with a compound annual growth rate (CAGR) of 19.6% [2] - For the first ten months of 2025, the company achieved revenues of 17.443 billion yuan and a gross profit of 1.81 billion yuan [2] Market Outlook - The market for modified and composite materials in China is expected to exceed one trillion yuan from 2025 to 2029. The collagen market is projected to reach 246.2 billion yuan by 2029 [3] Strategic Initiatives - The company aims to establish a regional headquarters in Hong Kong to support its global strategy and enhance its international operations [6] - The funds raised from the listing will be used for establishing a production base in Thailand, expanding production capacity in Yixing, upgrading the Hong Kong production base, and general corporate purposes [6]

1月15日，国恩股份涨0.39%，成交额1.24亿元。两融数据显示，当日国恩股份获融资买入额1260.59万 元，融资偿还1025.44万元，融资净买入235.15万元。截至1月15日，国恩股份融资融券余额合计4.01亿 元。 截至9月30日，国恩股份股东户数1.27万，较上期减少20.62%；人均流通股13940股，较上期增加 25.97%。2025年1月-9月，国恩股份实现营业收入154.97亿元，同比增长9.44%；归母净利润6.15亿元， 同比增长34.24%。 分红方面，国恩股份A股上市后累计派现4.77亿元。近三年，累计派现1.90亿元。 机构持仓方面，截止2025年9月30日，国恩股份十大流通股东中，泉果旭源三年持有期混合A （016709）位居第五大流通股东，持股543.41万股，为新进股东。香港中央结算有限公司位居第八大流 通股东，持股315.28万股，相比上期减少230.06万股。万家人工智能混合A（006281）位居第十大流通 股东，持股278.61万股，为新进股东。富国均衡优选混合（010662）、富国成长领航混合（010966）退 出十大流通股东之列。 责任编辑：小浪快报 融资方面， ...

Core Viewpoint - Guoen Technology Co., Ltd. is set to achieve a dual listing in Hong Kong after passing the main board listing hearing, aiming to enhance its "chemical new materials + health" dual business strategy and accelerate overseas capacity layout [1][4]. Group 1: Business Strategy - The company has established a unique "one body, two wings" business structure, leveraging vertical integration to create significant scale advantages [1]. - In the chemical sector, Guoen is the second-largest supplier of organic polymer modified materials and organic polymer composite materials in China, with a market share of approximately 2.5% as of 2024 [1]. - The health segment, through its subsidiary Dongbao Biological, has formed a complete closed loop in the collagen industry, benefiting from domestic substitution and consumption upgrades [2]. Group 2: Financial Performance - Guoen has demonstrated robust revenue growth, with a compound annual growth rate (CAGR) of 19.6% from fiscal year 2022 to fiscal year 2024, achieving revenues of RMB 134.06 billion, RMB 174.39 billion, and RMB 191.88 billion respectively [3]. - The company recorded revenue of RMB 174.44 billion in the first ten months of fiscal year 2025, continuing its stable growth trajectory [3]. - The combination of stable chemical business and high-barrier health business enhances overall operational resilience and profitability [3]. Group 3: Future Outlook and Expansion Plans - The company plans to establish a new production base in Thailand to better serve overseas customers and mitigate trade barriers [4]. - Domestic capacity expansion is planned in Yixing, Jiangsu, to further consolidate market share [5]. - A regional headquarters will be set up in Hong Kong to deepen global research and development and capital operations [6].

Company Overview - Guoen Co., Ltd. (002768) is undergoing a listing hearing on the Hong Kong Stock Exchange, sponsored exclusively by China Merchants Securities International. The company operates in two main segments: Advanced Chemicals (Chemical New Materials) and Health Products (Gelatin, Collagen, and related upstream and downstream products) [1] Advanced Chemicals Segment - The Advanced Chemicals segment focuses on the chemical new materials industry, offering products such as green petrochemical materials (e.g., aromatic olefins, styrene, polystyrene) and organic polymer modified materials and composites. These products serve downstream industries including automotive, new energy, and home appliances [1] - According to Frost & Sullivan, Guoen Co., Ltd. is the second largest company in China for organic polymer modified materials and organic polymer composites by sales revenue in 2024, holding a market share of 2.5%. It is also the largest producer of polystyrene in China by production capacity in 2024 [1] Health Products Segment - The Health Products segment focuses on the natural collagen industry, developing collagen peptide derivatives and end products through its subsidiary Dongbao Biological (300239). The primary customers are medical and pharmaceutical manufacturers [1] - Based on Frost & Sullivan's data, Guoen Co., Ltd. ranks as the second largest producer of bone gelatin in China by production volume in 2024, and it is the largest domestic brand in this category. Additionally, it is the second largest domestic brand in the hollow capsule production sector in China, according to 2024 production volume estimates [1] Market Outlook - The market for organic polymer modified materials and organic polymer composites in China is projected to grow from RMB 544.8 billion in 2024 to RMB 1,037.5 billion by 2029, reflecting a compound annual growth rate (CAGR) of 14.1% [2]