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].

10月22日，滨化股份正式向香港联合交易所有限公司递交上市申请，拟发行H股股票并在主板挂牌上 市，联席保荐人为华泰国际和建银国际。在登陆A股15年后，滨化股份正式启动"A+H"双资本平台战 略，其国际化布局迈出关键一步。 在"双碳"浪潮下，滨化股份以能源突破推动绿色低碳转型的路径更具行业参考价值。公司斥资14.21亿 元启动北海滨华新材料源网荷储一体化项目，这一项目既是其绿色发展战略的关键落子，也是提升整体 经济效益的重要布局。滨化股份在招股书中明确，此次港股IPO募集的资金将用于推进"新能源+化 工"耦合发展模式，深化科创引领、加大研发开支并拓展国际业务布局。 从经营基本面来看，滨化股份近年发展势头持续向好，于2022年度、2023年度、2024年度，公司分别取 得收入88.92亿元、73.06亿元、102.28亿元，期内利润分别为12.03亿元、3.99亿元、2.17亿元。2025年上 半年更是交出亮眼成绩单，上半年实现营收73.54亿元，同比大幅增长61.36%，期内利润为1.36亿元， 同比增长15.32%。 公开数据显示，滨化股份是一家国内领先的以科技创新与绿色低碳为核心驱动力的综合型化工集团，公 ...