Core Viewpoint - Guoen Co., Ltd. plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its international capital operation platform and accelerate the establishment of a dual circulation pattern in the domestic and international markets [1] Group 1: Company Overview - Guoen Co., Ltd. was established in 2000 and is headquartered in Qingdao, focusing on two core industries: large chemicals and health [1] - The company operates a vertically integrated industrial platform and implements a "one body, two wings" development strategy, forming a cluster of new chemical materials [1] - The company has a strong presence in the health sector through its subsidiary Dongbao Biological, which produces a variety of products including gelatin and collagen [1] Group 2: Chemical Industry Segment - The large chemical segment generated revenue of 17.369 billion yuan in 2024, accounting for 90.38% of total revenue, with a year-on-year growth of 11.62% [3] - The company has established long-term stable partnerships with major clients such as Hisense, Gree, TCL, Huawei, BOE, and CATL [3] - Current production capacities include 1.08 million tons for organic polymer modified materials, 400,000 tons for organic polymer composite materials, and 900,000 tons for green petrochemical materials [4] Group 3: Product Development and Market Strategy - The company is enhancing its market share in the new energy vehicle sector by improving the performance of modified materials such as PP, PC, ABS, and PA [2] - In the energy storage battery sector, the company is advancing the application of flame-retardant and anti-explosion materials [2] - Future plans include expanding production capacities for polystyrene and developing new products like high-performance polyolefin elastomers and biodegradable materials [5] Group 4: Financial Performance - In 2024, the health segment generated revenue of 885 million yuan, accounting for 4.6% of total revenue [5] - Overall, the company achieved a total revenue of 19.22 billion yuan in 2024, a year-on-year increase of 10.21%, with a net profit of 676 million yuan, up 45.18% [5] - The first quarter of 2025 reported total revenue of 4.412 billion yuan, a slight decrease of 0.23% year-on-year, with a net profit of 111 million yuan, down 9.79% [6]

在大化工产业领域，国恩股份全力打造以绿色石化材料、有机高分子改性材料、有机高分子复合材料为 主的三大业务引擎，多维度构建"新材料+"产业生态圈，不断完善大化工产业纵向一体化布局。 大健康产业领域，国恩股份子公司东宝生物专业从事明胶、胶原蛋白及其延伸品的研发、生产、销售， 为下游用户提供全面系统的产品及服务方案，产品运营方式分为To B端业务和To C端业务。在To B端业 务方面，主要包括明胶、代血浆明胶、空心胶囊、胶原蛋白等，主要应用于药用辅料、医用胶原、营养 大健康市场、美妆、医疗医美、新材料应用等领域；在To C端产品方面，拥有以天然胶原蛋白肽为基础 成分的"胶原+"系列营养健康品、美妆产品等，能够满足不断发展的健康市场需求。 国恩股份（002768）5月26日晚间公告，公司拟发行H股股票并申请于香港联交所主板挂牌上市。 国恩股份表示，赴港上市是为深入推进公司全球化战略布局，打造国际化资本运作平台，加快构建国内 国际双循环格局，进一步助推公司产业全球化布局升维。公司将充分考虑现有股东的利益和境内外资本 市场的情况，在股东大会决议有效期内(即经公司股东大会审议通过之日起18个月或同意延长的其他期 限)选择 ...

【DT新材料】 获悉，5月25日， 国恩股份 发布公告称， 公司于2025年5月26日召开董事会和监事 会，审议通过发行H股股票并在香港联交所主板挂牌上市的议案 。公司计划通过发行境外上市外资 股（H股）股票，打造国际化资本运作平台，加快构建国内国际双循环格局。 国恩股份 成立于2000年，总部位于青岛市城阳区青大工业园，是一家以 大化工 和 大健康 为两大核 心产业的上市公司。公司以国恩系纵向一体化产业平台为中枢，实施"一体两翼"发展战略，形成了绿 色石化、有机高分子改性、有机高分子复合材料、可降解材料、光显材料、运动健康材料以及新能源 汽车轻量化结构部品等化工新材料产业集群。 同时，控股胶原领域上市公司 东宝生物 ，通过明胶、 代血浆明胶、胶原蛋白、空心胶囊、双蛋白膳食纤维、美妆产品等在"医、美、健、食"的广泛应用， 深入布局大健康产业细分领域。 公 司 大化工板块 涵盖有机高分子改性材料、有机高分子复合材料、绿色石化材料及新材料等多个领 域， 通过技术创新和产品升级，形成了从通用改性材料到高端特种材料的矩阵化产品体系，广泛应 用于家电、汽车、新能源等领域。 在动力电池、储能电池等相关产业方向，加快推进 ...

Group 1 - The Fourth China-Central and Eastern European Countries Expo and International Consumer Goods Expo was held in Ningbo, Zhejiang Province from May 22 to 25, focusing on deepening economic and trade cooperation and promoting cultural exchanges [1] - The Guangdong delegation included over 140 representatives from nearly 70 enterprises and trade associations, aiming to help Guangdong enterprises expand domestic and international markets [1] - The Guangdong Pavilion showcased over 100 innovative products from more than 30 leading companies, covering strategic emerging fields such as smart manufacturing, electronic information, home appliances, and new energy vehicles [1] Group 2 - A special exhibition area for the "Guangdong Foreign Trade Transformation and Upgrading Base (Dongfeng Small Appliances)" was set up, demonstrating the integration of industrial clusters and cross-border e-commerce ecosystems [1] - During the expo, over 30 retail, e-commerce platforms, and import-export trade buyers were organized to visit and procure, enriching procurement channels and expanding market share [1] - On May 22, a Guangdong-Zhejiang (Ningbo) economic and trade exchange event attracted nearly 150 representatives from key enterprises and trade associations, showcasing industry development prospects and local business environments [2]

Core Viewpoint - The Canton Fair exemplifies the trend towards open and fair free trade, demonstrating its resilience and importance in the current global trade landscape [1][9]. Group 1: Historical Context and Significance - The early archives of the Canton Fair serve as a testament to China's efforts to break through Western trade blockades and establish international communication [2]. - The establishment of the Canton Fair in 1957 was a crucial step in overcoming economic sanctions and expanding international markets, reflecting China's commitment to developing foreign trade [2][4]. - The principles of "contract respect" and "quality over quantity" highlighted in the archives underscore the importance of credibility in international trade, which remains relevant today [2][3]. Group 2: Evolution of China's Trade Environment - The development of the Canton Fair mirrors China's transition from a closed economy to a globally open economy, with significant changes occurring at key milestones such as the reform and opening-up policy and China's accession to the WTO [4][5]. - The Canton Fair has evolved through three major phases: 1. "Window-type trade" under a planned economy until 1978, where it played a key role in foreign exchange earnings [4]. 2. "Scale expansion" driven by market reforms from 1979 to 2012, marked by increased participation of private enterprises and a shift towards a more diverse range of export products [4][5]. 3. "Structural optimization" from 2013 onwards, focusing on high-quality development amidst global trade conflicts and technological advancements [5]. Group 3: Role in Global Trade and Economic Cooperation - The Canton Fair acts as a "stabilizing anchor" in the face of global trade tensions, providing an alternative trading channel that bypasses protectionist barriers [10]. - It serves as a "testing ground" for new digital trade rules and standards, enhancing procurement efficiency through innovative models like "online matching + offline transactions" [10][11]. - The fair's ability to attract over 280,000 foreign buyers from 219 countries and regions demonstrates its effectiveness in fostering international trade relationships [10]. Group 4: Future Directions and Policy Implications - The Canton Fair is positioned to further enhance trade facilitation by optimizing the trade environment and reducing barriers, while also sharing its successful practices with other countries [10][11]. - The fair's experience in market-driven rule innovation can inform global economic governance and promote dialogue on trade standards and regulations [11].

力博得公司副总裁黄道臣表示，品牌在内循环不断深化，依托"华为智选"生态链实现渠道渗透率提升， 通过2021年及2022年数亿元的营收数据验证国内市场的品牌溢价能力。其研发部主导的智能牙刷核心专 利布局（如与华为联合开发的声波技术）形成技术壁垒，支撑产品定价权向中高端市场迁移。力博得还 加紧构建品牌数字中台，通过消费者大数据分析精准对接供给侧改革，参考京东、天猫等平台的C2M 反向定制模式，将用户需求直接导人研发体系，缩短产品迭代周期。力博得在外循环不断突破，借 力"一带一路"市场拓展经验，在东南亚、中东七国建立差异化产品矩阵。通过参与电动牙刷团体标准制 定(2019)、冲牙器标准制定(2020)，将中国技术标准嵌入国际供应链体系，实现从产品出口到技术标准 输出的质变。 2025年5月10日，中国迎来第九个品牌日。在"双循环"战略深入推进、全球产业链重构加速的背景下， 中国制造品牌正经历从"世界工厂"向"价值高地"的蜕变。从技术突破到质量飞跃，从文化出圈到全球布 局，像华为、长江存储、比亚迪（002594）、宁德时代（300750）、大疆等中国制造企业凭借可验证的 技术"硬实力"见证中国品牌从"跟跑"到"领跑" ...

Group 1 - China's economy achieved expected goals and tasks in 2024, with significant progress in high-quality development despite various uncertainties [1] - The government aims to boost consumption and expand domestic demand as the primary driver of economic growth, especially in response to weak external demand [1][2] - The reliance of China's economy on foreign trade is relatively low, with exports accounting for only 18.9% of GDP in 2024, compared to 34.9% in 2006 [1] Group 2 - China is accelerating the construction of a new development pattern focused on domestic circulation, with strong growth in sectors like artificial intelligence, new energy, and high-end equipment manufacturing [2] - Breakthroughs in generative AI and intelligent driving indicate China's leading position in these fields, supported by a large domestic market and engineering talent [2] - The advancements in technology are expected to lead to a wave of high-quality enterprises with core competitiveness in the global market [2]

Economic Performance - In the first four months of the year, Henan's industrial added value, fixed asset investment, and retail sales of consumer goods grew by 8.6%, 6.4%, and 7.2% year-on-year, respectively, surpassing the national averages by 2.2, 2.4, and 2.5 percentage points [1] - The province's industrial investment increased by 26.6% year-on-year, exceeding the national growth rate of 14.9% [4] - In April, the production of lithium-ion batteries and new energy vehicles rose by 82.1% and 24.4% year-on-year, respectively [4] Policy Support - The provincial government has implemented a series of rapid and specific measures to support economic growth, including 28 policy initiatives for the first quarter and 24 for the second quarter [4] - High-level mobilization meetings have been held to foster a competitive atmosphere across the province [4] - Financial incentives have been provided to enterprises operating at full capacity, and a service mechanism covering 900 industrial and 600 service enterprises has been established [5] Industrial Upgrading - The Luoyang Bearing Group has achieved a 70% share of high-end bearings in its total output, with a 40% market share in domestic wind power main bearings [5] - The province is focusing on upgrading traditional industries and nurturing emerging sectors, with a strong emphasis on innovation and quality supply [5] - The agricultural sector is also modernizing, with a technology contribution rate of 65.7% and over 97% coverage of quality seeds for major crops [5] Demand and Consumption - Henan has launched consumption promotion activities with a budget of 1.5 billion yuan, distributing consumer vouchers to stimulate spending [7] - Retail sales of consumer goods in April increased by 14.9%, outpacing the national growth rate of 8.6% [7] - Over 80% of retail goods maintained growth, indicating strong consumer demand [7] Investment and Trade - Investment in projects worth over 100 million yuan grew by 10.6% in the first four months, contributing to a 6.7 percentage point increase in overall investment [8] - The province's foreign trade has reached record highs for the same period, demonstrating resilience despite global economic challenges [8] - Agricultural exports from Lu County amounted to 594 million yuan in the first four months, showcasing the province's export capabilities [8]

Group 1 - The event focused on building a risk prevention system for overseas Chinese enterprises in line with the "Belt and Road" initiative, attracting over 60 foreign-related companies and representatives from overseas institutions [1] - The Fujian Provincial Department of Commerce emphasized the need for a robust risk control system as the internationalization of Fujian enterprises accelerates [1] - The forum aimed to create a systematic risk control platform for enterprises, utilizing innovative insurance models and technology to provide comprehensive risk solutions for projects along the Maritime Silk Road [1] Group 2 - The training session highlighted high-frequency risk scenarios such as political violence, natural disasters, and personal accidents, with customized comprehensive solutions presented to participating companies [2] - The Fujian Provincial Department of Commerce plans to continue the "Global Protection Plan for Fujian Merchants," organizing specialized training sessions in sectors like African infrastructure and Middle Eastern energy [2] - Since 2024, the company has launched exclusive discount plans for foreign-related small and micro enterprises, providing customized insurance and policy interpretation services to enhance risk management [2]

Group 1 - The global economic and trade environment is undergoing profound changes, with increasing uncertainty due to high tariffs and rising protectionism, which suppresses corporate investment decisions and innovation [4][5] - The restructuring of the international trade and investment system creates new development opportunities for global South countries, as they can attract more trade and investment due to their competitive advantages in lower costs and tariffs [4][5] - The importance of enhancing domestic circulation in China is emphasized, with suggestions to break down barriers in the unified market, evaluate macro policies effectively, and support the development of the private economy [8][6] Group 2 - The need for China to increase fiscal spending and social security to stimulate domestic demand and achieve economic rebalancing is highlighted [7][6] - The diversification of the global monetary system is anticipated, with more currencies from emerging markets participating in international transactions and an increased focus on digital currencies for cross-border trade [9]