Group 1 - The China Securities Regulatory Commission (CSRC) has issued supplementary material requirements for 10 companies, including Guoen Technology, regarding their overseas listing application [1] - Guoen Technology submitted its listing application to the Hong Kong Stock Exchange on June 26, 2025, with CMB International as the sole sponsor [1] - The CSRC has requested Guoen Technology to clarify the debt repayment capability of its actual controller and whether its projects are classified as "high energy consumption" or "high emissions" [1] Group 2 - Guoen Technology is a comprehensive enterprise group driven by technological innovation, focusing on long-term scale efficiency [3] - The company implements a "one body, two wings" development strategy, establishing a vertically integrated industrial platform in the large chemical and health industries [3] - In the large chemical sector, Guoen Technology focuses on the chemical new materials industry chain, building a "new materials+" ecological circle and extending upstream to green petrochemical materials [3] - In the health sector, Guoen Technology concentrates on the natural collagen industry, developing a vertically integrated product layout from animal collagen to end products [3]

Group 1 - The China Securities Regulatory Commission (CSRC) has issued supplementary material requirements for 10 companies, including Guoen Technology, regarding their overseas listing applications [1] - Guoen Technology submitted its listing application to the Hong Kong Stock Exchange on June 26, 2025, with CMB International as its sole sponsor [1] - The CSRC has requested Guoen Technology to clarify the debt repayment ability of its actual controller and whether its projects are classified as "high energy consumption" or "high emissions" [1] Group 2 - Guoen Technology is a comprehensive enterprise group driven by technological innovation, focusing on long-term scale efficiency [3] - The company implements a "one body, two wings" development strategy, establishing a vertically integrated industrial platform in the large chemical and health industries [3] - In the large chemical sector, Guoen Technology is involved in the chemical new materials industry chain, creating a "new materials+" industrial ecosystem [3] - The company extends its operations upstream to green petrochemical materials and deepens its downstream layout in various industries, including electronics, automotive, new energy, and energy storage [3] - In the health sector, Guoen Technology focuses on the natural collagen industry, developing a vertically integrated product layout from animal collagen to end products [3]

出品 | 子弹财经 孟祥娜 国内化工新材料行业的头部企业国恩股份，正全力冲刺港交所上市。 7月10日，其在港交所递交招股书。国恩科技深耕大化工、大健康两大行业领域，其产品涵盖了胶原蛋白、空心胶囊、明胶、有机高分子材料等多个品 类，这些产品是生产医药、保健品、家电、食品及部分工业制品的核心原材料。 凭借这些产品，国恩股份头顶诸多头衔，它不仅是中国第二大有机高分子材料改性生产企业，也是中国最大的聚苯乙烯生产企业，更是中国内资品牌产量 第二大的空心胶囊生产企业，实力与行业地位不言而喻。 但近年来，国恩股份资产负债率不断攀升，利息费用高达上亿元，资金链承压明显。2024年，公司大健康板块营收下滑明显，且整体毛利率连年下降。 从发展布局而言，公司产能主要集中在国内，此次港股上市募资，意在扩大全球产能，包括建设泰国生产基地、在中国香港设立区域总部等。 这家已深耕行业25年的企业，能否顺利叩开港交所的大门，实现A+H两地上市的布局野心？ 1、青岛富豪夫妇掌舵，一年营收近200亿元 国恩股份由王爱国于2000年创办。这家诞生于青岛市城阳区青大工业园的企业，初始注册资本便达2.7亿元。 二十余年来，在王爱国的带领下，国恩股份从 ...

Core Viewpoint - Qingdao Guoen Technology Co., Ltd. has officially submitted its listing application to the Hong Kong Stock Exchange, marking a significant step in its capital market strategy and aiming to enhance its international influence and competitiveness [1] Group 1: Company Overview - Guoen Technology is a comprehensive enterprise group driven by technological innovation, focusing on long-term scale efficiency and implementing a "one body, two wings" development strategy in the large chemical and health industries [2] - In the large chemical sector, Guoen Technology is the second-largest organic polymer material modification producer in China and the largest producer of polystyrene, showcasing its strong market position [2] - In the health industry, Guoen Technology's subsidiary Dongbao Biological has established a comprehensive product layout from collagen to "collagen +", becoming a significant player in the health sector [3] Group 2: Financial Performance - The company has shown strong revenue growth, with total revenues of approximately RMB 134.06 billion, RMB 174.39 billion, and RMB 191.88 billion for the fiscal years 2022, 2023, and 2024, respectively [4] - The main revenue source is the large chemical sector, contributing RMB 183.3 billion in 2024, accounting for 95.6% of total revenue, while the health sector contributed RMB 8.53 billion, representing 4.4% of total revenue [5] - The overall gross profit margins for the fiscal years 2022, 2023, and 2024 were 11.8%, 9.2%, and 8.3%, respectively, with the health sector showing a higher margin of 23.2% in 2024 [6] Group 3: Future Prospects - The successful listing on the Hong Kong Stock Exchange is expected to provide new development opportunities for the company, allowing it to expand capacity, increase R&D investment, and enhance its domestic and international market presence [6] - The company's strong foundation in the large chemical and health sectors, along with its financial performance and future growth potential, positions it as a noteworthy investment opportunity [7]