Group 1 - Ruthenium-iridium-titanium mesh is penetrating the new energy and chemical industries, acting as an "industrial vitamin" due to its exceptional corrosion resistance and conductivity [1] - In a domestic chlor-alkali enterprise, the ruthenium-iridium-titanium mesh anode has a lifespan of 8 years, which is 300% longer than traditional graphite electrodes, and reduces the electricity consumption for producing caustic soda by 15% [1] - The recycling market is experiencing a significant value transformation, with the price of used mesh materials showing a notable gradient, reaching 820 RMB/kg for materials containing 15g/m² of ruthenium and 5g/m² of iridium [1] Group 2 - Traditional pyrometallurgical recovery has a recovery rate of only 70%, while a leading company has improved ruthenium recovery to 92% and iridium purity to 99.95% using a "microwave digestion-ion exchange" technology [3] - The demand for ruthenium-based catalysts is expected to reach 220 tons/year by 2030 due to the global hydrogen energy strategy, creating a tight supply-demand balance that increases the recycling value of used ruthenium-iridium-titanium mesh [3] - The comprehensive recovery rate of ruthenium and iridium from recycled mesh materials has increased by 18 percentage points from 2020, directly boosting the gross profit margin of a recycling company to over 35% [3] Group 3 - The dual revolution in materials and resources is constructing a closed-loop value chain, where front-end applications drive industry upgrades and back-end recycling ensures resource security [6] - Establishing a graded management system for waste mesh materials and utilizing rapid detection technologies can maximize recycling value for waste-producing enterprises [6] - Advanced technologies like supercritical CO₂ extraction are key for recyclers to break through industry homogenization in the context of increasingly scarce precious metal resources [6]

Core Viewpoint - The IPO application of Qingdao Gulf Chemical Co., Ltd. has been withdrawn, leading to the termination of its listing review by the Shanghai Stock Exchange [1]. Company Overview - Gulf Chemical was established in 1999, evolving from the state-owned Qingdao Chemical Plant, and has over 20 years of experience in the chlor-alkali chemical industry [4]. - The company operates in the production and sales of chlor-alkali chemicals, organic chemical raw materials, high polymer materials, and inorganic silicon products, with key products including PVC, styrene, polystyrene, and caustic soda [4]. Production Capacity - Gulf Chemical has established production capacities of 850,000 tons/year for ethylene-based PVC, 500,000 tons/year for styrene, 200,000 tons/year for polystyrene, 555,000 tons/year for caustic soda, and 160,000 tons/year for sodium metasilicate [5]. - The company ranks first in domestic production capacity for ethylene-based PVC [5]. Future Projects - Gulf Chemical has ongoing and planned projects including a 240,000 tons/year high-end polycarbonate bisphenol A project, a 3×75,000 tons/year epoxy chloropropane green circular economy project, a 150,000 tons/year epoxy resin project, and a 400,000 tons/year ethylene oxychlorination project [5]. Financial Performance - The company reported revenues of 6.053 billion yuan, 13.028 billion yuan, and 6.962 billion yuan for the years 2020, 2021, and the first half of 2022, respectively, with net profits of 301 million yuan, 2.077 billion yuan, and 1.006 billion yuan during the same periods [5]. Shareholding Structure - Gulf Group holds 62% of Gulf Chemical's shares, making it the controlling shareholder, while the actual controller is the Qingdao State-owned Assets Supervision and Administration Commission through Qingdao Investment [6]. IPO Plans - In February 2023, Gulf Chemical's IPO application was accepted, with plans to raise 3 billion yuan for various projects, including the green circular economy project and working capital [6].