GON(SZ:002768) Xin Lang Cai Jing·2026-01-15 12:48Core Viewpoint - Guoen Technology Co., Ltd. is set to achieve a dual listing in Hong Kong after passing the main board listing hearing, aiming to enhance its "chemical new materials + health" dual business strategy and accelerate overseas capacity layout [1][4]. Group 1: Business Strategy - The company has established a unique "one body, two wings" business structure, leveraging vertical integration to create significant scale advantages [1]. - In the chemical sector, Guoen is the second-largest supplier of organic polymer modified materials and organic polymer composite materials in China, with a market share of approximately 2.5% as of 2024 [1]. - The health segment, through its subsidiary Dongbao Biological, has formed a complete closed loop in the collagen industry, benefiting from domestic substitution and consumption upgrades [2]. Group 2: Financial Performance - Guoen has demonstrated robust revenue growth, with a compound annual growth rate (CAGR) of 19.6% from fiscal year 2022 to fiscal year 2024, achieving revenues of RMB 134.06 billion, RMB 174.39 billion, and RMB 191.88 billion respectively [3]. - The company recorded revenue of RMB 174.44 billion in the first ten months of fiscal year 2025, continuing its stable growth trajectory [3]. - The combination of stable chemical business and high-barrier health business enhances overall operational resilience and profitability [3]. Group 3: Future Outlook and Expansion Plans - The company plans to establish a new production base in Thailand to better serve overseas customers and mitigate trade barriers [4]. - Domestic capacity expansion is planned in Yixing, Jiangsu, to further consolidate market share [5]. - A regional headquarters will be set up in Hong Kong to deepen global research and development and capital operations [6].