Core Viewpoint - Binhu Chemical Co., Ltd. is planning to list on the Hong Kong Stock Exchange, facing challenges such as fluctuating gross margins and high debt levels, while transitioning its revenue focus from chlor-alkali chemicals to propylene and butylene chemicals [1][4]. Financial Performance - As of mid-2025, the company's debt-to-asset ratio has risen to 90.8%, with short-term borrowings amounting to 4.889 billion yuan and cash and cash equivalents at only 1.333 billion yuan [1][7]. - Revenue has shown volatility, decreasing from 8.892 billion yuan in 2022 to 7.306 billion yuan in 2023, a year-on-year decline of 17.8%. However, revenue increased by 40% to 10.228 billion yuan in 2024, and continued to grow by 61.4% to 7.354 billion yuan in the first half of 2025 [4][7]. - The company's gross margin has significantly declined from 26.5% in 2022 to 8.4% in the first half of 2025, with chlor-alkali chemicals experiencing a drop from 24.2% in 2022 to 15% in 2024 [4][7]. Business Transition - Binhu Chemical has shifted its revenue structure, with chlor-alkali chemicals accounting for 90.8% of total revenue in 2022, while propylene and butylene chemicals generated 3.487 billion yuan in revenue by mid-2025, representing 47.4% of total revenue [4][7]. - The company is recognized as the largest producer of various chemical products in China, including granular caustic soda and epoxy propane, according to Frost & Sullivan [4]. Shareholder Structure and Dividends - The largest single shareholder is Binzhou Heyi, holding 9.9% of the shares, while other significant shareholders include Zhang Zhongzheng and Yu Jiang with 5.63% and 1.77% respectively [10]. - Since its listing, the company has maintained a consistent dividend policy, distributing a total of 2.358 billion yuan in dividends with an average payout ratio of 27.08% [9].

江苏恒兴新材料科技股份有限公司 （宜兴经济技术开发区永宁支路） 首次公开发行股票并在主板上市 招股说明书 （注册稿） 本公司的发行申请尚需经上海证券交易所和中国证监会履行相应 保荐机构（主承销商） 程序。本招股说明书不具有据以发行股票的法律效力，仅供预先披露 之用。投资者应当以正式公告的招股说明书作为投资决定的依据。 （中国（上海）自由贸易试验区商城路 618 号） 江苏恒兴新材料科技股份有限公司 首次公开发行股票并在主板上市招股说明书 声明：中国证监会、交易所对本次发行所作的任何决定或意见，均不表明 其对发行人注册申请文件及所披露信息的真实性、准确性、完整性作出保证， 也不表明其对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判 断或保证。任何与之相反的声明均属虚假不实陈述。 1-1-2 江苏恒兴新材料科技股份有限公司 首次公开发行股票并在主板上市招股说明书 | .. | | --- | | 六、发行人是否存在特别表决权股份或类似安排……………………………………………………………………………………………………………………………………………………………………………………………………………………………… ...