Core Insights - The report highlights a mixed performance in the Hong Kong stock market, with the Hang Seng Index rising by 0.51% while the Hang Seng Tech Index fell by 1% [2] - The paper discusses the significant rebound in the real estate sector, with notable increases in stock prices for several property companies, attributed to a more lenient regulatory environment [3] - The consumer sector also showed positive movements, particularly in the sports and beverage segments, indicating a shift in investor sentiment towards traditional sectors amid tech stock volatility [4] Company Overview - The specific company under review, Guo'en Technology (2768.HK), specializes in chemical new materials and gelatin, with a strong focus on organic polymer modified materials and organic polymer composite materials [7] - The company is projected to be the second-largest player in China's organic polymer modified materials market by sales revenue in 2024, holding a market share of 2.5% [7] - Revenue growth is expected to be steady, with total revenues forecasted at approximately RMB 134.1 billion, RMB 174.4 billion, and RMB 191.9 billion for the years 2022, 2023, and 2024 respectively [7] Industry Status and Outlook - The global market for organic polymer modified materials and organic polymer composite materials is expected to grow at a compound annual growth rate (CAGR) of 12.6% from 2025 to 2029, with China's growth rate projected at 14.1% [8] - The largest application for these materials is in the home appliance sector, accounting for 38.2% of usage, followed by the automotive industry at 17.9% [8] Advantages and Opportunities - The company benefits from a vertically integrated model that strengthens its market position in the organic polymer modified materials sector [9] - Strategic expansion into the health sector is part of a dual growth engine strategy, enhancing the company's growth potential [9] - The company has established long-term partnerships with leading enterprises, supported by a strong reputation and innovative capabilities [9] Fundraising Purpose - Approximately 50% of the funds raised (around HKD 528.5 million) will be allocated to establishing a new production base in Thailand to expand capacity [11] - About 35% (around HKD 370.5 million) will be used to enhance the production capacity of the existing facility in Yixing, China [11] - The remaining funds will support operational expenses and general corporate purposes [11] Investment Recommendations - The company ranks second in the organic polymer modified materials sector in China and is the largest producer of polystyrene by capacity [13] - The projected growth in net profit for the first ten months of 2025 is 40% year-on-year, indicating strong financial performance [13] - Despite competitive pressures and potential fluctuations in raw material prices, the company presents a compelling investment opportunity with a significant discount in its valuation compared to its A-share counterpart [13]

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 ...

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") ...

2026年以来，港股新股市场表现亮眼，包括壁仞科技（06082.HK）、兆易创新（03986.HK）在内的新股在上市首日均录得上涨。 而根据最新消息，来自A股市场的国恩科技（02768.HK）也已经在港股市场开启了招股，距离港股上市已经不远。 具体来看，此次国恩科技拟全球发售约3000万股H股，采用B机制发行。其中，香港公开发售300万股（可予重新分配），占约10%，国际发售2700万股，占 约90%（可予重新分配）。另有约15%超额配股权。 发售价为每股34-42港元，假设超额配股权未获行使，以定价区间中值38港元计算，预期募集资金净额为约10.58亿港元。其中，约50.0%将分配至扩大公司 位于泰国的新生产基地（"泰国生产基地"）的产能；约35.0%将分配至扩大公司位于中国的新生产基地（"宜兴生产基地"）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；剩余约5.0%将用作运营资金及一般企业用途。 国恩科技的招股期为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。 值得注意的是，国恩科技此次发行的基石阵容强大，包括利冠、丞安国际、申 ...

国恩科技1月27日至1月30日招股，拟全球发售3000万股，其中香港发售占10%，国际发售占90%，并有 15%超额配股权。发售价为每股34.00—42.00港元，每手200股，预计2026年2月4日在联交所上市。 在大健康板块，公司聚焦天然胶原产业，建立了从胶原蛋白肽类/衍生原料到终端产品的布局。根据弗 若斯特沙利文资料，2024年按产量计，公司是中国市场第二、中国内资品牌第一的骨明胶生产企业，以 及中国内资品牌第二大的空心胶囊生产企业。 公司已与利冠投资、SLD International、丞安国际等基石投资者签订协议，共认购约3.2亿港元发售股 份。 假设发售价为中位数每股38.00港元，公司预计所得款项净额约为10.58亿港元。其中，约50.0%将用于 扩大泰国新生产基地产能，约35.0%用于扩大中国新生产基地产能，约10.0%用于香港投资(包括设立地 区总部及生产基地升级)，其余约5.0%将用作运营资金及一般企业用途。 该公司是中国化工新材料及明胶、胶原蛋白上下游产品的供应商，业务涵盖化工行业及大健康行业。 在大化工板块，公司专注于化工新材料产业链，产品线覆盖上游绿色石化材料(如芳香烯烃、苯乙烯、 ...

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]

Company Overview - Guoen Technology is a Chinese supplier focused on new chemical materials and gelatin, collagen upstream and downstream products, serving the chemical and health industries [4] - The company engages in research, production, and sales of products for industrial and commercial use, with clients including manufacturers in automotive, new energy, and home appliances [4] - In the health sector, Guoen Technology's clients include medical and pharmaceutical manufacturers who use its products as raw materials for supplements and medications [4] Market Position - According to Frost & Sullivan, Guoen Technology is the second-largest organic polymer modified materials and organic polymer composite materials company in China by sales revenue, with a market share of 2.5% in 2024 [5] - The company is the largest polystyrene producer in China by production capacity in 2024 [5] - In the health sector, Guoen Technology is the second-largest bone gelatin producer in China by output and the largest domestic brand in the same category [5] Financial Performance - The company reported revenues of approximately RMB 134.06 billion, RMB 174.39 billion, RMB 191.88 billion, and RMB 174.44 billion for the fiscal years 2022, 2023, 2024, and the first ten months of 2025, 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 [7] - The return on equity for the fiscal years 2022, 2023, 2024, and the first ten months of 2025 was 12.3%, 8.5%, 10.2%, and 9.5%, respectively [10] Industry Overview - The global polymer materials market is projected to grow from RMB 298.9 billion in 2020 to RMB 456.15 billion in 2024, with a compound annual growth rate (CAGR) of 11.1% [12] - China's polymer materials market is expected to expand from RMB 110.8 billion in 2020 to RMB 162.8 billion in 2024, with a CAGR of 10.1% [12] - The organic polymer modified materials and organic polymer composite materials market is anticipated to grow from RMB 84.81 billion in 2020 to RMB 150.38 billion in 2024, with a CAGR of 15.4% [14]