罗姆与NextChem于2024年建立合作，旨在加强PMMA在欧洲的循环利用。罗姆目标在2030年前通过回 收手段消除其PMMA相关生产废料的焚烧与填埋。 目前，MyRemono正在意大利建设一座年处理5000吨的PMMA化学回收工业规模工厂，计划2026年完 工。根据2024年12月签署的协议，罗姆已同意采购该意大利工厂生产的再生MMA，用于生产循环 PMMA产品。 中化新网讯12月16日，意大利Maire集团子公司NextChem宣布，其已获得甲基丙烯酸酯(MMA)生产商罗 姆公司委托，将对在德国沃尔姆斯建设废聚甲基丙烯酸甲酯(PMMA)化学回收工厂进行可行性研究。 该研究将由NextChem旗下MyRemono公司执行，计划建设年处理5000吨PMMA废料的设施，并将完全 集成至罗姆现有生产基地。项目拟采用NextChem专有的NXRe解聚技术，据称可比传统方法将甲基丙烯 酸甲酯及其主要衍生物PMMA的碳足迹降低90%以上，将消费前及消费后的PMMA废料转化为再生 MMA。 ...

Core Viewpoint - Ronglian Recycling Technology International Co., Ltd. is pursuing an IPO in Hong Kong, revealing significant financial challenges, including a 58.5% drop in net profit for the first half of 2025 compared to the same period in 2024, and a 2.6 percentage point decline in gross margin for the same period, indicating various operational risks and challenges ahead [1]. Group 1: Business Model and Operations - The company focuses on the research and production of recycled acrylic materials, providing recycled MMA and PMMA sheets, and has been recognized as a "High-tech Enterprise" since 2020, holding 7 invention patents and 19 utility model patents, showcasing its technological advantages [2]. - The company collects waste PMMA from acrylic manufacturers and plastic recycling companies to convert it into recycled MMA, which is then used to produce PMMA sheets, supporting a sustainable industrial chain and promoting circular economy development [3]. Group 2: Financial Data Analysis - Revenue growth is notable, with total revenue increasing by approximately 53.9% from 133,188 thousand RMB in FY2023 to 205,031 thousand RMB in FY2024, and a 20.2% increase in the first half of 2025 compared to the same period in 2024, driven by rising demand for recycled acrylic products [4]. - Net profit showed volatility, increasing by about 44.0% from 24,173 thousand RMB in FY2023 to 34,812 thousand RMB in FY2024, but then plummeting by approximately 55.3% in the first half of 2025 to 7,071 thousand RMB due to rising expenses and reduced government subsidies [4]. - Gross margin fluctuated, increasing from approximately 23.0% in FY2023 to 23.9% in FY2024, but slightly decreasing to 21.3% in the first half of 2025 due to falling average selling prices and increased costs from new PMMA production lines [5]. - Net profit margin decreased from 18.1% in FY2023 to 17.0% in FY2024, and further dropped to 7.2% in the first half of 2025, reflecting the impact of revenue, costs, and government subsidies [6]. Group 3: Customer and Supplier Concentration - The company has a high customer concentration risk, with sales to its top five customers accounting for approximately 54.8%, 71.4%, and 65.3% of total revenue in FY2023, FY2024, and the first half of 2025, respectively, indicating potential vulnerability if key customers are lost [8]. - Supplier concentration is also significant, with purchases from the top five suppliers representing 45.8% to 69.5% of total procurement from FY2023 to the first half of 2025, which poses risks related to dependency on a limited number of suppliers [14]. Group 4: Industry Position and Competition - Ronglian Recycling Technology ranks first in domestic production capacity for recycled MMA in FY2024, holding a market share of 4.4%, and also ranks first in revenue for recycled MMA and PMMA sheets with a market share of 4.0%, although the industry remains fragmented and competitive [11].

Core Viewpoint - Ronglian Regeneration Technology, established in March 2017, is a leading manufacturer of recycled acrylic products in China, focusing on the research and production of recycled MMA and PMMA sheets, promoting the use of renewable resources to advance the circular economy [3]. Industry Overview - The recycled acrylic and reuse industry in China has seen significant growth due to the government's prioritization of environmental protection, with favorable policies driving demand for recycled acrylic products [3]. - The implementation of environmental policies, such as the State Council's 2024 directive on accelerating the construction of a waste recycling system, is expected to sustain the growth in demand for the company's products [3]. Company Performance - The production capacity of recycled MMA is projected to increase from approximately 13,776 tons in the 2023 fiscal year to about 20,448 tons in the 2024 fiscal year, with an additional 9,432 tons expected in the first half of 2025 [4]. - The company has added two new MMA production lines in January 2024 to meet anticipated customer demand, with internal production of recycled MMA for PMMA sheet manufacturing accounting for approximately 70.2%, 59.5%, and 83.0% of total production in the respective fiscal years [4]. - The third PMMA sheet production line is in trial production and is expected to be operational by the fourth quarter of 2025, which will enhance operational efficiency and product delivery capabilities [4]. Financial Performance - The company's revenue for the fiscal years 2023, 2024, and the first half of 2025 is approximately RMB 133.2 million, RMB 205.0 million, and RMB 97.8 million, respectively [6]. - The profit figures for the same periods are RMB 24.2 million, RMB 34.8 million, and RMB 7.1 million, indicating a positive growth trend in profitability [6].

Core Viewpoint - Ronglian Regeneration Technology International Limited has submitted an application to the Hong Kong Stock Exchange for listing on the GEM, with Zhongtai International as the sole sponsor [1]. Company Overview - Ronglian Regeneration Technology was established in March 2017 and is a manufacturer of recycled acrylic products in China, focusing on the research and production of recycled acrylic materials [3]. - The company provides recycled MMA and PMMA sheets and is committed to promoting the use of renewable resources to advance the circular economy [3]. - According to Frost & Sullivan, the company ranks first in China in terms of revenue from recycled MMA and PMMA sheets for the fiscal year ending December 31, 2024 [3]. Industry Context - The recycled acrylic and reuse industry has seen significant growth due to the Chinese government's prioritization of environmental protection [3]. - The implementation of various favorable environmental policies, such as the State Council's "Opinions on Accelerating the Construction of a Waste Recycling System" to be released in 2024, is expected to drive continuous growth in demand for the company's recycled acrylic products [3]. Production Capacity and Expansion - The production capacity of recycled MMA is projected to increase from approximately 13,776 tons in the fiscal year 2023 to about 20,448 tons in the fiscal year 2024, and around 9,432 tons in the first half of 2025 [4]. - The company plans to add two new MMA production lines in January 2024 to meet anticipated customer demand [4]. - During the reporting period, approximately 6,895 tons, 9,914 tons, and 5,918 tons of recycled MMA were used for internal production of recycled PMMA sheets, accounting for about 70.2%, 59.5%, and 83.0% of the total recycled MMA production in the respective fiscal years [4]. Financial Performance - For the fiscal years 2023, 2024, and the first half of 2025, the company's revenues were approximately RMB 133.19 million, RMB 205.03 million, and RMB 97.79 million, respectively [6]. - The company achieved profits of RMB 24.17 million, RMB 34.81 million, and RMB 7.07 million for the same periods [6].