GON(SZ:002768) Zhi Tong Cai Jing·2026-01-14 12:50Group 1 - The core viewpoint of the article is that Qingdao Guoen Technology Co., Ltd. has passed the listing hearing on the Hong Kong Stock Exchange, with China Merchants Securities International as the sole sponsor, focusing on new chemical materials and gelatin, collagen products [1] Group 2 - Guoen Technology serves the chemical and health industries, engaging in the R&D, production, and sales of products for industrial and commercial use [3] - The company has a diverse client base, including manufacturers in downstream industries such as automotive, new energy, and home appliances, as well as medical and pharmaceutical manufacturers in the health sector [3] - Guoen Technology is the second-largest company in China for organic polymer modified materials and organic polymer composite materials by sales revenue, holding a market share of 2.5% in 2024 [3] - The company is also the largest producer of polystyrene in China by production capacity in 2024 [3] Group 3 - Guoen Technology focuses on the natural collagen industry, with its subsidiary Dongbao Biological leveraging a vertical integration strategy to cover the entire value chain from collagen to end products [4] - The company is the second-largest producer of bone gelatin in China by production volume and the second-largest domestic brand in the hollow capsule industry by production volume in 2024 [5] Group 4 - The market size for organic polymer modified materials and organic polymer composite materials is projected to grow from RMB 303.8 billion in 2020 to RMB 544.8 billion in 2024, with a compound annual growth rate (CAGR) of 15.7% [5] - Guoen Technology's revenues for the fiscal years 2022, 2023, 2024, and the first ten months of 2025 are approximately RMB 13.41 billion, RMB 17.44 billion, RMB 19.19 billion, and RMB 17.44 billion respectively [5][6] - The company's net profits for the same periods are approximately RMB 724 million, RMB 540 million, RMB 721 million, and RMB 721 million [5][6]