鲁股观察 | 赴港鲁股队伍再壮大，滨化股份正筹划港交所上市

Core Viewpoint - Binhua Co., Ltd. is planning to issue H-shares and list on the Hong Kong Stock Exchange, marking a significant step in its global strategy [1][4]. Company Overview - Binhua Co., Ltd. has over 50 years of experience in the chlor-alkali chemical industry, focusing on the production, processing, and sales of organic and inorganic chemical products [3]. - The company is a leading producer of caustic soda in Shandong Province, with an annual production capacity of 610,000 tons, and is the largest producer of food-grade caustic soda in China [3]. - In the field of propylene oxide, Binhua Co., Ltd. has an annual production capacity of 510,000 tons, accounting for 6.25% of the national total, and has recently achieved a significant technological breakthrough in its production process [3]. Financial Performance - In 2024, Binhua Co., Ltd. reported operating revenue of 10.228 billion yuan, a year-on-year increase of 40%, primarily driven by increased propylene sales from its subsidiary [4]. - However, the company's net profit attributable to shareholders decreased by 42.77% to 219 million yuan due to falling product prices and limited reductions in raw material costs [4]. - For Q1 2025, the company achieved total operating revenue of 3.782 billion yuan, a year-on-year increase of 94.14%, with net profit attributable to shareholders rising by 225.75% to approximately 96 million yuan [6]. H-Share Listing Process - The specific details of the H-share listing, including issuance scale and pricing range, are still under discussion with intermediaries [6]. - The listing process will require approval from the company's board and shareholders, as well as regulatory review by the China Securities Regulatory Commission and the Hong Kong Stock Exchange [6].