百亿改性塑料大厂，今日上市！

Core Viewpoint - Guoen Co., Ltd. is advancing its internationalization strategy by issuing H-shares at a price of HKD 36.00 per share, set to be listed on February 4, 2026, on the Hong Kong Stock Exchange, aiming to enhance its capital operation platform and support the dual circulation strategy in China [2]. Group 1: Company Overview - Guoen Co., Ltd. was established in 2000 and focuses on two core industries: large-scale chemicals and health [3]. - The company was listed on the Shenzhen Stock Exchange in 2015 [3]. Group 2: Health Sector - In the health sector, Guoen holds a controlling stake in Dongbao Biological, which specializes in collagen products, including gelatin, blood plasma gelatin, collagen protein, and beauty products, with applications in medicine, beauty, health, and food [4]. Group 3: Chemical Sector - In the chemical sector, Guoen has developed a cluster of new chemical materials, including green petrochemicals, organic polymer modifications, and biodegradable materials, establishing long-term partnerships with major clients like Hisense, Gree, TCL, Huawei, BOE, and CATL [5]. - The company has announced a new project for producing 20,000 square meters of aviation-grade acrylic glass, with an investment of CNY 560 million, aimed at becoming a key supplier of aviation transparent materials in China [6]. Group 4: Production Capacity - Current production capacities include: - Organic polymer modification: 1.08 million tons, with 300,000 tons under construction - Organic polymer composite materials: 400,000 tons, with 100,000 tons under construction - Green petrochemical materials: 900,000 tons, with 1.02 million tons under construction - Polystyrene (PS): 600,000 tons per year from the first phase of a project, with a second phase of 400,000 tons underway [7][8]. Group 5: Financial Performance - In 2024, Guoen achieved a total revenue of CNY 19.22 billion, a year-on-year increase of 10.21%, with a net profit of CNY 676 million, up 45.18% [9]. - For the first three quarters of 2025, the company reported total revenue of CNY 15.497 billion, a 9.44% increase year-on-year, and a net profit of CNY 615 million, up 34.24% [10].