增长225%！又一化工龙头，拟赴港上市

Core Viewpoint - Binhu Chemical is planning to issue H-shares and list on the Hong Kong Stock Exchange to enhance its global strategy and international brand image, with no change in controlling shareholders [1] Company Overview - Binhu Chemical's main business includes the production, processing, and sales of organic and inorganic chemical products, with key products being caustic soda and propylene oxide [1] - The company has a caustic soda production capacity of 610,000 tons, ranking among the top in Shandong Province, and is the largest producer of granular caustic soda in China [1] Production and Technology - The company has developed the world's first industrialized ion membrane electrolysis device and has established the first domestic continuous production facility for trichloroethylene [1] - Binhu Chemical is the first in China to achieve large-scale industrialization of granular caustic soda, breaking foreign technology monopolies [1] - The company has a propylene oxide production capacity of 510,000 tons, with leading technology and operational standards in the domestic chlor-alkali production sector [2] Financial Performance - In 2024, the company achieved an operating income of approximately 10.228 billion yuan, a year-on-year increase of 40%, while net profit attributable to shareholders was about 219 million yuan, a decrease of 42.77% [2] - In Q1 2025, the company reported an operating income of approximately 3.782 billion yuan, a year-on-year increase of 94.14%, and a net profit of about 96 million yuan, a year-on-year increase of 225.75% [2] Product Completion - In 2024, the company completed the following production: - Caustic soda: 787,800 tons - Propylene oxide: 281,600 tons - Trichloroethylene: 79,000 tons - Other products include electronic-grade hydrogen fluoride and lithium hexafluorophosphate [4]