Core Viewpoint - Tinci Materials is planning to issue H-shares and apply for listing on the Hong Kong Stock Exchange, aiming for global expansion in the personal care industry [2][6]. Company Overview - Founded in 2000, Tinci Materials started in the personal care sector and now covers lithium-ion battery materials, personal care materials, and specialty chemicals [4]. - The company is the second-largest producer of Carbomer in the industry with a capacity of 5,000 tons and is the largest producer of amphoteric surfactants in Asia [4]. Business Performance - In 2024, Tinci Materials' total revenue is projected to be 12.518 billion yuan, with personal care materials and specialty chemicals contributing 1.161 billion yuan, accounting for 9.27% of total revenue, reflecting a year-on-year growth of 14.14% and a gross margin of 30.04% [4]. Product Portfolio - Tinci Materials' personal care product offerings include surfactants, silicone oils, water-soluble polymers, cationic conditioning agents, and organic silicon, serving various sectors such as skincare, color cosmetics, and hair care, with sales exceeding 110,000 tons in 2024 [4]. Strategic Partnerships - The company has established stable partnerships with major beauty brands such as L'Oréal, Procter & Gamble, and Unilever for the development and supply of key raw materials [4]. Global Expansion Plans - Tinci Materials aims to accelerate its internationalization process, with over 30 subsidiaries and production bases established by early 2025, expanding its operational area from 99 acres to over 6,500 acres [6]. - The company has set up subsidiaries in the U.S., Germany, Morocco, and Singapore, and a laboratory in South Korea, primarily related to its battery materials business [6]. Market Trends - The global hair care industry is expected to maintain steady growth, with North America and Europe markets becoming saturated, while Asia and Africa are projected to show strong growth [9]. - The company plans to focus on market and regulatory trends, targeting segments such as household cleaning products, functional hair care, and baby care products [6].