首钢朗泽，再冲刺“CCUS第一股”！

Core Viewpoint - Beijing Shougang Longze Technology Co., Ltd. (Shougang Longze) is focused on the carbon capture, utilization, and storage (CCUS) industry, aiming to produce low-carbon products such as ethanol and microbial protein through innovative technologies [4]. Company Progress - Shougang Longze submitted its listing application to the Hong Kong Stock Exchange on March 27, 2024, with Yuexiu Finance as the exclusive sponsor [2]. - The company has successfully operated four large-scale production facilities in China, demonstrating the replicability of its proprietary technology [4]. - Shougang Longze has completed multiple rounds of financing since its establishment in 2011, with Shougang Group being the largest shareholder at 26.54% [4]. Business Model - The business model includes product sales (mainly ethanol and microbial protein) and providing comprehensive low-carbon solutions to industrial clients [5]. - The primary raw materials for production are carbon-containing industrial waste gases generated from steel and ferroalloy production processes [5]. - The company has commercialized first-generation decarbonization technology utilizing carbon monoxide and is developing second-generation negative carbon technology [5]. Financial Performance - Revenue projections for Shougang Longze are approximately 593 million RMB for 2023, 564 million RMB for 2024, and 522 million RMB for 2025 [6]. - The company is expected to incur losses of about 110 million RMB in 2023, 246 million RMB in 2024, and 325 million RMB in 2025 [6]. Industry Trends - The development of CCUS projects in China is rapidly increasing, with 16 new projects added in 2021 and expected to reach 20 by 2025, driven by government support [7]. - There is a growing willingness among enterprises to invest in CCUS projects to reduce carbon emissions, indicating a strong growth trend for the CCUS industry in the coming years [9].