顺灏股份拟赴港IPO：总市值近百亿，上半年增利不增收

Core Viewpoint - Shunhao Co., Ltd. plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its global strategy and competitiveness, responding to national policies for new productivity development [1] Company Overview - Shunhao Co., Ltd. was established in 2004 and focuses on four main business areas: special environmental paper research, printing products, industrial hemp processing, and new tobacco products [1] Financial Performance - In the first half of 2025, the company reported revenue of 620 million CNY, a decrease of 12.19% year-on-year, while net profit attributable to shareholders was 33.3 million CNY, an increase of 23.11% year-on-year [2] - The decline in revenue is attributed to a drop in product sales [2] Product Revenue Breakdown - Major products include printing products and aluminum-plated paper, which generated revenues of 298 million CNY and 186 million CNY, respectively, reflecting decreases of 4.83% and 19.37% compared to the same period last year [4]