2025年10月22日，滨化股份首次向港交所递交招股书，拟在香港主板实现A+H上市，联席保荐人为华泰国际、建银国际。 公司是国内领先的综合型化工集团，2024年收入达102.28亿元，2025年上半年收入73.54亿元，同比增长61%，净利润1.36亿元，同比增长15%。 LiveReport获悉，滨化集团股份有限公司Befar Group Co., Ltd（简称"滨化股份"）于2025年10月22日在港交所递交上市申请，拟在香港主板上市。 这是该公司第1次递表香港，其已于2010年2月在A股上市（代码：601678），截至10月22日收盘，市值约88亿人民币。 公司是一家国内领先的以科技创新与绿色低碳为核心驱动力的综合型化工集团，始建于1968年，深耕化工行业50余年。公司的业务领域包括氯碱化学品、碳三碳四化学品及湿电子化学品三大核 公司在氯碱化学品行业稳居龙头地位，同时在石化碳三碳四产品及湿电子化学品领域实现高速成长，核心产品包括烧碱、环氧丙烷、MTBE、电子级氢氟酸等。 根据弗若斯特沙利文（Frost & Sullivan）报告，按2024年收入计，公司是中国最大的粒状烧碱、食品级片状烧碱、三氯乙烯、四 ...

Core Viewpoint -滨化集团股份有限公司 (滨化股份) is pursuing an IPO on the Hong Kong Stock Exchange, revealing a growth in revenue for 2024 but a decline in profits during the same period, alongside a significant increase in its debt-to-asset ratio, which reached 90.8% by mid-2025 [2][6]. Financial Performance - The revenue figures for滨化股份 from 2022 to 2024 are as follows: RMB 88.92 billion in 2022, RMB 73.06 billion in 2023, RMB 102.28 billion in 2024, and RMB 73.54 billion for the first half of 2025. However, profits decreased from RMB 12.03 billion in 2022 to RMB 2.17 billion in 2024 and further to RMB 1.36 billion in the first half of 2025 [3][4]. - The gross profit margin has significantly declined from 26.5% in 2022 to 6.4% in 2024, with net profit margins also dropping from 13.5% to 2.1% during the same period [7]. Debt and Inventory Management - The debt level of滨化股份 has rapidly increased, with the debt-to-asset ratio rising from 41.9% in 2022 to 90.8% by June 2025 [6][7]. - The company's inventory and contract costs have surged from RMB 580 million in 2022 to RMB 1.072 billion by the end of 2024, marking an 84.8% increase [4][5]. Business Operations and Strategy -滨化股份 operates in three main segments: chlor-alkali chemicals, C3 and C4 chemicals, and wet electronic chemicals, maintaining a leading position in the chlor-alkali chemicals sector and achieving rapid growth in the petrochemical and electronic chemicals fields [3]. - The company plans to utilize the funds raised from the IPO for various projects, including the construction of a source-network-load-storage project, enhancing R&D capabilities, and expanding its overseas sales and service network [7].