增长225%！又一化工龙头，拟赴港上市

Core Viewpoint - Binhu Chemical is planning to issue H-shares and list on the Hong Kong Stock Exchange to enhance its global strategy and international brand image, without changing its controlling shareholder structure [1]. Group 1: Company Overview - Binhu Chemical's main business includes the production, processing, and sales of organic and inorganic chemical products, with key products being caustic soda and propylene oxide [2]. - The company has a caustic soda production capacity of 610,000 tons, ranking among the top in Shandong Province, and is the largest producer of granular caustic soda in China [3]. Group 2: Production Capabilities - Binhu Chemical has developed the world's first industrialized ion membrane electrolysis cell and the first domestic continuous production facility for trichloroethylene, breaking foreign technology monopolies [3]. - The company has a propylene oxide production capacity of 510,000 tons, with leading technology and operational levels in the domestic chlor-alkali production sector [3]. Group 3: Financial Performance - In 2024, the company achieved a revenue of approximately 10.228 billion yuan, a year-on-year increase of 40%, but the net profit attributable to shareholders decreased by 42.77% to about 219 million yuan [5]. - In the first quarter of 2025, the company reported a revenue of approximately 3.782 billion yuan, a year-on-year increase of 94.14%, with a net profit of about 96 million yuan, up 225.75% year-on-year [6]. Group 4: Product Performance - The cumulative production of caustic soda in 2024 reached 787,800 tons, with other products like epoxy propane and trichloroethylene also contributing to the overall output [7]. - The company has successfully passed expert verification for its calcium soap saponification process for propylene oxide production, becoming the first domestic enterprise to achieve this [4].