中经记者 陈家运 北京报道 为扭转业绩滑坡局面，滨化股份试图通过产能扩张重构业务增长曲线。 近日，在氯碱化工行业深耕五十余年的滨化股份（601678.SH）递交港股上市申请，拟构建"A+H"双融 资平台。 据招股书披露，本次募集资金重点投向绿能项目建设、高端化转型、海外市场拓展及研发能力提升四大 方向，旨在推动"新能源+化工"融合战略的落地。 "港股市场能够为滨化股份提供更广泛的投资者基础和多元化融资渠道。"中研普华研究员邹志丹在接受 《中国经营报》记者采访时表示，滨化股份赴港募资计划投向源网荷储一体化等项目。据悉，相关项目 建成后，年自发自用电量达4.24亿kWh，绿电占比超60%，不仅大幅降低碳排放，也顺应了全球低碳发 展趋势。 净利润连续三年下滑 滨化股份主要从事有机、无机化工产品的生产、加工与销售，主要产品包括烧碱和环氧丙烷等。 作为国内氯碱化工领域的老牌企业，滨化股份近年却业绩承压。 财务数据显示，2022年至2024年，滨化股份分别实现营业收入88.92亿元、73.06亿元、102.28亿元；实 现归母净利润11.78亿元、3.83亿元、2.19亿元。 2024年5月11日，滨化股份披露定增预案， ...

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].