SDICSI 2025 年 1 月 28 日 国恩科技 (2768.HK) 国恩科技（2768.HK）IPO 点评报告 报告摘要 公司概览 公司是专注于化工新材料及明胶、胶原蛋白上下游产品的中国供应商。产品包括绿色石化 材料，如芳香烯烃、苯乙烯、聚苯乙烯及有机高分子改性材料及有机高分子复合材料，应用 在汽车、新能源及家电等领域；大健康行业包括明胶、胶原蛋白、空心胶囊等。大化工板块 占收入的95%以上。根据招股书，按照2024年销售收入计，公司是中国第二大有机高分子改 性材料及有机高分子复合材料企业，市场份额2.5%；于2024年，按产能计公司是中国最大的 聚苯乙烯企业。 根据招股书，公司收入稳健增长，2022-2024年度总收入分别约为人民币134.1/174.4/191.9 亿元，2025年首十个月收入174.4亿元，同比+10%。2022-2024年度归母净利分别为 6.63/4.71/6.85亿元，有所波动；2025年首十个月归母净利7.12亿元，同比+40%，有较快增 长。 行业状况及前景 根据招股书引用弗若斯特沙利文，全球有机高分子改性材料和有机高分子复合材料市场规 模预计2025-2029年复合增 ...

转自：推广 港股新股市场，出现火爆认购。 2026年1月27日，青岛国恩科技股份有限公司（以下简称"国恩股份"）正式启动H股招股。根据招股信息，国恩股份本次全球发售H股发行股数为3000万股， 其中，香港公开发售股约占全球发售总数10%，国际发售约占90%。H股发行的价格区间初步确定为34港元至42港元。 根据1月27日港股收盘后的数据显示，国恩股份启动H股发售首日，投资者热情高涨，截至发稿，公开发售部分已突破33亿港元，超额认购倍数近30倍（老 虎证券）。 招股书显示，国恩科技招股期为2026年1月27日至1月30日，将于2月4日上市，每手200股，入场费为8484.71港元。此举完成后，国恩股份将实现"A+H"两地 上市。 这家总部位于青岛的化工新材料领军企业，在A股上市10周年之际，又迈出"A+H"双平台上市的关键一步。其引人瞩目的基石投资者阵容和清晰的募资用 途，向市场传递了强烈的上行信号。 此次H股发行，国恩股份基石投资者阵容强大，其中包括利冠投资有限公司（以下简称"利冠"）、SLD International Enterprises Limited（以下简称"SLD"）、 丞安国际有限公司（以下简 ...

国恩科技(02768.HK)发布公告，公司拟全球发售3000万股H股，中国香港发售股份300万股，国际发售股份2700万股(以上可予重新分配)；2026年1月27日 至1月30日招股，预期定价日为2月2日；发售价每股发售股份34.00-42.00港元，H股的每手买卖单位将为200股，招商证券国际为独家保荐人；预期H股将 于2026年2月4日开始于联交所买卖。 公司已订立基石投资协议，据此，基石投资者已同意遵照若干条件，按发售价认购或促使其指定实体认购可购入的有关数目的发售股份，总金额为约3.2 亿港元。假设发售价为42.00港元(即招股章程所述最高发售价)，基石投资者将认购的发售股份总数将为760.2万股发售股份。 基石投资者包括利冠投资有限公司("利冠")、SLD International Enterprises Limited("SLD International")、丞安国际有限公司("丞安国际")、申万宏源证券、 First Seafront Fund Series SPC、新嘉财富证券有限公司("新嘉财富")、Luminous Horizon Limited("Luminous Horizon") ...

公司已订立基石投资协议，据此，基石投资者已同意遵照若干条件，按发售价认购或促使其指定实体认 购可购入的有关数目的发售股份，总金额为约3.2亿港元。假设发售价为42.00港元(即本招股章程所述最 高发售价)，基石投资者将认购的发售股份总数将为760.2万股发售股份。基石投资者包括利冠投资有限 公司("利冠")、SLD International Enterprises Limited("SLD International")、丞安国际有限公司("丞安国 际")、申万宏源证券（000562）、First Seafront Fund Series SPC、新嘉财富证券有限公司("新嘉财富")、 Luminous Horizon Limited("Luminous Horizon")、富国香港(为富国基金的全资附属公司)。 公司将收取的所得款项净额将约为10.58亿港元，假设发售价为每股H股38.00港元(即指示性发售价范围 的中位数)。约50.0%将分配至扩大公司位于泰国的新生产基地的产能。约35.0%将分配至扩大公司位于 中国的新生产基地产能。约10.0%将分配至公司在香港的投资，包括设立地区总部及生产基地升级。 ...

在大健康行业领域，公司聚焦天然胶原产业，向下纵向延伸产业链。公司的主要子公司东宝生物拥有几 十年的悠久历史，依托从胶原到"胶原+"纵向一体化发展战略，已成功建立起覆盖胶原蛋白肽类╱衍生 原料到终端产品的产品布局，正逐步发展成为大健康产业细分领域综合性集团，形成规模效益。根据弗 若斯特沙利文的资料，按2024年中国骨明胶行业产量计，公司是中国市场产量位居第二、中国内资品牌 产量位居第一的骨明胶生产企业;按2024年中国空心胶囊行业相关产量计，公司是中国内资品牌产量第 二大的空心胶囊生产企业。 公司已订立基石投资协议，据此，基石投资者已同意遵照若干条件，按发售价认购或促使其指定实体认 购可购入的有关数目的发售股份，总金额为约3.2亿港元。假设发售价为42.00港元(即本招股章程所述最 高发售价)，基石投资者将认购的发售股份总数将为760.2万股发售股份。基石投资者包括利冠投资有限 公司("利冠")、SLD International Enterprises Limited("SLD International")、丞安国际有限公司("丞安国 际")、申万宏源证券、First Seafront Fund Serie ...

格隆汇1月27日丨国恩科技(02768.HK)发布公告，公司拟全球发售3000万股H股，中国香港发售股份300 万股，国际发售股份2700万股(以上可予重新分配)；2026年1月27日至1月30日招股，预期定价日为2月2 日；发售价每股发售股份34.00-42.00港元，H股的每手买卖单位将为200股，招商证券国际为独家保荐 人；预期H股将于2026年2月4日开始于联交所买卖。 公司已订立基石投资协议，据此，基石投资者已同意遵照若干条件，按发售价认购或促使其指定实体认 购可购入的有关数目的发售股份，总金额为约3.2亿港元。假设发售价为42.00港元(即本招股章程所述最 高发售价)，基石投资者将认购的发售股份总数将为760.2万股发售股份。基石投资者包括利冠投资有限 公司("利冠")、SLD International Enterprises Limited("SLD International")、丞安国际有限公司("丞安国 际")、申万宏源证券、First Seafront Fund Series SPC、新嘉财富证券有限公司("新嘉财富")、Luminous Horizon Limited("Lumino ...

Core Viewpoint - Guoen Technology Co., Ltd. is set to achieve a dual listing in Hong Kong after passing the main board listing hearing, aiming to enhance its "chemical new materials + health" dual business strategy and accelerate overseas capacity layout [1][4]. Group 1: Business Strategy - The company has established a unique "one body, two wings" business structure, leveraging vertical integration to create significant scale advantages [1]. - In the chemical sector, Guoen is the second-largest supplier of organic polymer modified materials and organic polymer composite materials in China, with a market share of approximately 2.5% as of 2024 [1]. - The health segment, through its subsidiary Dongbao Biological, has formed a complete closed loop in the collagen industry, benefiting from domestic substitution and consumption upgrades [2]. Group 2: Financial Performance - Guoen has demonstrated robust revenue growth, with a compound annual growth rate (CAGR) of 19.6% from fiscal year 2022 to fiscal year 2024, achieving revenues of RMB 134.06 billion, RMB 174.39 billion, and RMB 191.88 billion respectively [3]. - The company recorded revenue of RMB 174.44 billion in the first ten months of fiscal year 2025, continuing its stable growth trajectory [3]. - The combination of stable chemical business and high-barrier health business enhances overall operational resilience and profitability [3]. Group 3: Future Outlook and Expansion Plans - The company plans to establish a new production base in Thailand to better serve overseas customers and mitigate trade barriers [4]. - Domestic capacity expansion is planned in Yixing, Jiangsu, to further consolidate market share [5]. - A regional headquarters will be set up in Hong Kong to deepen global research and development and capital operations [6].

Company Overview - Guoen Co., Ltd. (002768) is undergoing a listing hearing on the Hong Kong Stock Exchange, sponsored exclusively by China Merchants Securities International. The company operates in two main segments: Advanced Chemicals (Chemical New Materials) and Health Products (Gelatin, Collagen, and related upstream and downstream products) [1] Advanced Chemicals Segment - The Advanced Chemicals segment focuses on the chemical new materials industry, offering products such as green petrochemical materials (e.g., aromatic olefins, styrene, polystyrene) and organic polymer modified materials and composites. These products serve downstream industries including automotive, new energy, and home appliances [1] - According to Frost & Sullivan, Guoen Co., Ltd. is the second largest company in China for organic polymer modified materials and organic polymer composites by sales revenue in 2024, holding a market share of 2.5%. It is also the largest producer of polystyrene in China by production capacity in 2024 [1] Health Products Segment - The Health Products segment focuses on the natural collagen industry, developing collagen peptide derivatives and end products through its subsidiary Dongbao Biological (300239). The primary customers are medical and pharmaceutical manufacturers [1] - Based on Frost & Sullivan's data, Guoen Co., Ltd. ranks as the second largest producer of bone gelatin in China by production volume in 2024, and it is the largest domestic brand in this category. Additionally, it is the second largest domestic brand in the hollow capsule production sector in China, according to 2024 production volume estimates [1] Market Outlook - The market for organic polymer modified materials and organic polymer composites in China is projected to grow from RMB 544.8 billion in 2024 to RMB 1,037.5 billion by 2029, reflecting a compound annual growth rate (CAGR) of 14.1% [2]

Core Viewpoint - Qingdao Guoen Technology Co., Ltd. is preparing for its listing on the Hong Kong Stock Exchange, focusing on new chemical materials and gelatin, with a strong emphasis on both the chemical and health industries [1]. Group 1: Company Overview - Guoen Technology specializes in the research, production, and sales of products for the chemical and health industries, serving clients in sectors such as automotive, renewable energy, and healthcare [3]. - The company is recognized as the second-largest producer of organic polymer modified materials and organic polymer composite materials in China, holding a market share of 2.5% as of 2024 [4]. Group 2: Product and Market Position - In the chemical sector, Guoen's product range includes upstream green petrochemical materials and midstream organic polymer modified materials, catering to diverse applications in electronics, automotive, and energy storage [4]. - In the health sector, the company focuses on the natural collagen industry, with its subsidiary Dongbao Bio leveraging a vertically integrated strategy to cover the entire value chain from collagen to end products [5]. Group 3: Financial Performance - The company's revenue for the fiscal years 2022, 2023, 2024, and the first ten months of 2025 were approximately RMB 134.06 billion, RMB 174.39 billion, RMB 191.88 billion, and RMB 174.44 billion, respectively [6]. - The net profit for the same periods was RMB 7.24 billion, RMB 5.4 billion, RMB 7.21 billion, and RMB 7.21 billion [6].

Group 1: Company Overview - Qingdao Guoen Technology Co., Ltd. (002768.SZ) is focused on new chemical materials and gelatin, collagen upstream and downstream products, and has passed the listing hearing on the Hong Kong Stock Exchange [1] - The company serves the chemical and health industries, primarily engaged in the R&D, production, and sales of products for industrial and commercial use [3] Group 2: Industry Position - In the chemical industry, Guoen Technology is the second-largest company in China for organic polymer modified materials and organic polymer composite materials, with a market share of 2.5% as of 2024 [4] - The company is also the largest producer of polystyrene in China by production capacity as of 2024 [4] Group 3: Product and Market Focus - Guoen Technology focuses on the natural collagen industry, with a vertical integration strategy that covers collagen peptide derivatives to end products [5] - The company is the second-largest producer of bone gelatin in China and the second-largest domestic brand in the hollow capsule production industry as of 2024 [6] Group 4: Market Growth - The market size for organic polymer modified materials and organic polymer composite materials is projected to grow from RMB 303.8 billion in 2020 to RMB 544.8 billion in 2024, with a compound annual growth rate (CAGR) of 15.7% [6] - The market is expected to continue growing at a CAGR of 14.1% from 2025 to 2029, reaching RMB 1,037.5 billion by 2029 [6] Group 5: Financial Performance - Guoen Technology's revenues for the fiscal years 2022, 2023, 2024, and the first ten months of 2025 were approximately RMB 13.41 billion, RMB 17.44 billion, RMB 19.19 billion, and RMB 17.44 billion respectively [6][7] - The company reported net profits of RMB 724 million, RMB 540 million, RMB 721 million, and RMB 721 million for the same periods [6][8]