青岛国恩科技股份有限公司(简称：国恩股份（002768）(002768.SZ))于6月26日递交的港股招股书满6个月，于12月26日失效，递表时招商证券国际为其独家 保荐人。 | 26/06/2025 | 青島國恩科技股份有限公司 | | --- | --- | | | 10/07/2025 整體協調人公告 - 委任（經修訂） 歴 | | | 26/06/2025 申請版本（第一次呈交） 全文檔案 [四] 多檔案 > | | | 前提交文件: | | | 26/06/2025 整體協調人公告 - 委任 歴 | 据此前招股书披露，国恩股份是一家以科技创新为核心驱动力、以长期规模效益为目标的综合性企业集团。公司践行"一体两翼"的发展战略，构建了纵向一 体化的产业平台，深耕大化工、大健康两大行业领域。 根据弗若斯特沙利文的资料，按2024年中国高分子材料改性相关板块营收计，国恩股份是中国第二大的有机高分子材料改性生产企业。按2024年中国聚苯乙 烯相关产能计，公司是中国最大的聚苯乙烯生产企业。 ...

据此前招股书披露，国恩股份是一家以科技创新为核心驱动力、以长期规模效益为目标的综合性企业集团。公司践行"一体两翼"的发展战略，构建了纵向一 体化的产业平台，深耕大化工、大健康两大行业领域。 根据弗若斯特沙利文的资料，按2024年中国高分子材料改性相关板块营收计，国恩股份是中国第二大的有机高分子材料改性生产企业。按2024年中国聚苯乙 烯相关产能计，公司是中国最大的聚苯乙烯生产企业。 智通财经APP获悉，青岛国恩科技股份有限公司(简称：国恩股份(002768.SZ))于6月26日递交的港股招股书满6个月，于12月26日失效，递表时招商证券国际 为其独家保荐人。 | 26/06/2025 | 青島國恩科技股份有限公司 | | --- | --- | | | 10/07/2025 整體協調人公告 - 委任（經修訂） 四 | | | 26/06/2025 申請版本（第一次呈交） 全文檔案 [四] 多檔案 > | | | 前提交文件: | | | 26/06/2025 整體協調人公告 - 委任 四 | ...

智通财经APP获悉，青岛国恩科技股份有限公司(简称：国恩股份(002768.SZ))于6月26日递交的港股招股书满6个月，于12月26日失效，递表时招商证券国际 为其独家保荐人。 根据弗若斯特沙利文的资料，按2024年中国高分子材料改性相关板块营收计，国恩股份是中国第二大的有机高分子材料改性生产企业。按2024年中国聚苯乙 烯相关产能计，公司是中国最大的聚苯乙烯生产企业。 | 26/06/2025 | 青島國恩科技股份有限公司 | | --- | --- | | | 10/07/2025 整體協調人公告 - 委任（經修訂） 四 | | | 26/06/2025 申請版本（第一次呈交） 全文檔案 [四] 多檔案 > | | | 前提交文件: | | | 26/06/2025 整體協調人公告 - 委任 四 | 据此前招股书披露，国恩股份是一家以科技创新为核心驱动力、以长期规模效益为目标的综合性企业集团。公司践行"一体两翼"的发展战略，构建了纵向一 体化的产业平台，深耕大化工、大健康两大行业领域。 ...

Group 1 - Qingdao Gon Technology Co., Ltd. has received approval from the China Securities Regulatory Commission for overseas issuance of up to 54.05 million shares, which will be listed on the Hong Kong Stock Exchange [1] - The company was established in 2000 and focuses on technological innovation, aiming for long-term scale efficiency in the large chemical and health industries [1] - As of 2024, Qingdao Gon is the second-largest organic polymer material modification producer in China and the largest producer of polystyrene based on production capacity [1] Group 2 - In the health industry, Qingdao Gon ranks second in bone gelatin production volume in China and is the leading domestic brand in this sector as of 2024 [2] - The company is also the second-largest domestic brand producer of hollow capsules in China based on production volume in 2024 [2]

Summary of Conference Call for Xianghe Industrial and Hezhixiang Company Industry and Company Overview - The conference call discusses Xianghe Industrial and its investment in Hezhixiang Company, focusing on the advancements in modified polytetrafluoroethylene (PTFE) technology and its applications in various high-end industries such as aerospace and nuclear power [2][3][31]. Core Points and Arguments Technological Advancements - Hezhixiang's irradiation-modified PTFE technology addresses issues of creep, porosity, and wear resistance found in traditional PTFE, making it irreplaceable in the chemical industry [2][4]. - The technology transforms the lamellar structure of PTFE into a spherulitic structure, significantly enhancing wear resistance and creep resistance, with some products outperforming high-end 1,700 series products available in the market [2][5]. - The modified domestic materials have shown performance exceeding that of imported materials, such as 3M's 1,700 series, despite a higher initial pricing acceptance period [2][8]. Market Position and Competitive Advantage - There is currently no domestic or global competitor capable of achieving a thousand-ton level of industrial production for this technology, providing Hezhixiang with a clear competitive advantage [6]. - The company has received positive feedback from both domestic and international markets, with applications in high-end fields like nuclear power and aerospace [6][12]. - Hezhixiang is actively competing with international giants like Saint-Gobain and John Crane by offering comprehensive system solutions rather than just individual materials [9][31]. Strategic Partnerships and Collaborations - Hezhixiang has established collaborations with companies such as Sanhua and Geely for testing and joint development agreements in the electronic expansion valve sector [12]. - The company is also working with Xi'an Jiaotong University and other partners to develop products for hydrogen compressors and nuclear applications [13]. Future Development and Market Expansion - The company aims to expand its production capacity significantly, with plans for a new production line expected to be operational by late 2027 or early 2028, which will enhance its output to 600 tons annually [25]. - Hezhixiang is targeting high-end markets, including mechanical dry friction, electronic expansion valves, and nuclear power pumps, while also exploring emerging applications in robotics and rail systems [16][28]. Additional Important Insights - The annual usage of electronic expansion valves is estimated to be between 20 million to 40 million units, with material costs being a minor component of the overall expense [17]. - The company is developing a new version of PTFE that could replace many existing applications and partially substitute PEEK applications, focusing on sectors with strong domestic demand for alternatives to imported materials [26][28]. - Hezhixiang's pricing strategy positions its products competitively against PEEK materials, with modified products priced between 400,000 to 600,000 yuan per ton [29][22]. Conclusion - The investment by Xianghe Industrial in Hezhixiang is a strategic move aimed at diversifying into high polymer material applications, enhancing the overall scale and quality of the listed company while addressing the growing demand for domestic alternatives in high-tech industries [31].