Befar(SH:601678) Zhong Guo Jing Ying Bao·2025-10-31 20:18Core Viewpoint - Binhua Co., Ltd. (601678.SH) has submitted an application for a Hong Kong IPO to establish an "A+H" dual financing platform, focusing on green energy projects, high-end transformation, overseas market expansion, and R&D enhancement to implement its "New Energy + Chemical" integration strategy [2][5] Financial Performance - Binhua's net profit has declined for three consecutive years, with revenues of 8.892 billion yuan in 2022, 7.306 billion yuan in 2023, and 10.228 billion yuan in 2024, while net profits were 1.178 billion yuan, 383 million yuan, and 219 million yuan respectively [2] - In the first half of 2025, Binhua reported revenues of 7.35 billion yuan, a year-on-year increase of 61.36%, but a net loss of 13.28 million yuan, a decline of 112.6% year-on-year [4] Industry Context - The epoxy propane industry is facing oversupply due to concentrated capacity expansion, with a projected cost of 8,097 yuan per ton in the first half of 2025, leading to an overall industry loss of 520 yuan per ton [3][4] - Factors such as trade tariffs, geopolitical conflicts, and high shipping costs are negatively impacting downstream product demand, contributing to price declines in the epoxy propane market [4] Strategic Initiatives - Binhua aims to reverse its performance decline through capacity expansion, including a 240,000-ton/year epoxy propane project that commenced production in May 2024 [3] - The company plans to invest in green energy infrastructure, including a project in the Binhai North Sea Economic Development Zone with 160 MW wind power, 100 MW solar power, and 130 MW/260 MWh energy storage, targeting over 60% green electricity usage [5][6] - Binhua is also focusing on high-end electronic chemicals, planning to build a facility with an annual capacity of 17,000 tons for key materials in the semiconductor industry [5][6] Market Expansion - The company intends to strengthen its overseas market presence, particularly in MTBE chemical products, and enhance its global sales and service network [6] - R&D efforts will focus on high-value-added products along the industry chain, such as bio-based pentamethylenediamine and new processing machinery [6]