Befar(SH:601678) Chang Jiang Shang Bao·2025-07-31 00:07Core Viewpoint - The company, Binhu Chemical Co., Ltd. (滨化股份), is planning to issue H-shares and list on the Hong Kong Stock Exchange to enhance its global strategy and accelerate overseas business development [1][2]. Group 1: Company Overview - Binhu Chemical has over 50 years of experience in chlor-alkali production and has developed into a comprehensive chemical enterprise with a complete industrial chain, including chlor-alkali, petrochemicals, new energy, and specialty chemicals [2][3]. - The company has maintained a strong market competitive advantage and has been consistently sharing profits with investors through cash dividends since its listing in 2010, totaling 2.338 billion yuan over 15 years [1][6]. Group 2: Financial Performance - In 2024, Binhu Chemical achieved operating revenue of 10.228 billion yuan, an increase of 4 billion yuan or 40% year-on-year, while the net profit attributable to shareholders decreased by 1.64 billion yuan or 42.77% to 219 million yuan [5][6]. - The decline in profit was attributed to a significant drop in the prices of main products, while the costs of raw materials and energy did not decrease proportionately [5]. - In the first quarter of 2025, the company reported a revenue of 3.782 billion yuan, a year-on-year increase of 94.14%, and a net profit of approximately 960 million yuan, up 225.75% [5][6]. Group 3: Market Strategy and Innovations - The company is actively expanding its overseas customer base and enhancing the synergy between domestic and foreign trade, which has improved market influence and product profit margins [3]. - As of the end of 2024, Binhu Chemical held 130 valid patents, including 43 invention patents, and invested 125 million yuan in research and development [6]. - The company emphasizes innovation-driven development and has achieved advanced technology levels across its industrial chain, ensuring continuous technological leadership [6].