Befar(SH:601678) Xin Lang Cai Jing·2025-11-03 04:36Company Overview - Company submitted its IPO application to the Hong Kong Stock Exchange on October 22, 2025, aiming for a dual listing (A+H) [1] - Company is a leading comprehensive chemical group in China, with a revenue of approximately RMB 10.228 billion in 2024 and RMB 7.354 billion in the first half of 2025, representing a year-on-year growth of 61% [2] - The company has been established since 1968 and focuses on technological innovation and green low-carbon development [2] - It holds a leading position in the chlor-alkali chemical industry and has achieved rapid growth in petrochemical and wet electronic chemicals [2] Financial Performance - For the first half of 2025, the company reported a net profit of RMB 136 million, a year-on-year increase of 15% [2] - Revenue for the years ending December 31 for 2022, 2023, and 2024 were approximately RMB 88.92 billion, RMB 73.06 billion, and RMB 102.28 billion respectively [5] - Gross profit for the first half of 2025 was RMB 617 million, reflecting a year-on-year increase of 22.16% [5] Industry Situation - The sales revenue of caustic soda in China increased from RMB 62.3 billion in 2020 to RMB 121.1 billion in 2024, with a compound annual growth rate (CAGR) of 18.1% [7] - The company holds a 1.2% market share in China's caustic soda production and ranks first in the market share for food-grade flake caustic soda at 70.2% [10] - The sales revenue of epoxy propane in China is projected to grow from RMB 25.5 billion in 2020 to RMB 35.9 billion in 2024, with a CAGR of 8.9% [10] Management Structure - The board of directors consists of nine members, including four executive directors, one non-executive director, and four independent non-executive directors [15] - Key executives include the chairman and executive director, who is responsible for overall strategic development and investment planning [16] Shareholding Structure - Prior to the Hong Kong listing, major shareholders include Binzhou and Yi holding 9.90%, and Zhang Zhongzheng holding 5.63% [17]