Core Insights - The "A+H" listing model is becoming an important part of fundraising in the Hong Kong stock market [1] Group 1: Company Developments - Shandong Binhua Co., Ltd. has officially launched its "A+H" dual capital platform strategy, submitting its listing application for H-shares on the Hong Kong Stock Exchange [2] - The company was founded in 1968 and operates in three core sectors: chlor-alkali chemicals, C3 and C4 chemicals, and wet electronic chemicals [2] - LaKala Payment Co., Ltd. has also submitted an application for overseas listing on the Hong Kong Stock Exchange, with Citic Securities International as the sole sponsor [2] - Hitec Bio Co., Ltd. from Wuhan has announced plans to issue shares overseas and list on the Hong Kong Stock Exchange to enhance its global strategy [2] Group 2: Market Trends - Guanghetong Wireless Co., Ltd. has become the first wireless communication module company to achieve "A+H" listing, raising a total of HKD 2.9 billion through the issuance of approximately 135 million shares at HKD 21.50 each [3] - The funds raised will be used for research and development in robotics and edge AI, mergers and acquisitions, repaying bank loans, and supplementing working capital [3] - As of September 30, the Hong Kong Stock Exchange has raised USD 23.4 billion in IPOs this year, ranking first among major global stock exchanges [3] - The Hong Kong Stock Exchange has relaxed public holding requirements for "A+H" companies, allowing for either a projected market value of HKD 3 billion or a public holding of 10% [3] Group 3: IPO Activity - In the first nine months of the year, over 60 companies have gone public on the Hong Kong Stock Exchange, raising a total of HKD 182.9 billion, making it the top global market for IPOs [4] - There are approximately 300 pending listing applications, with half from new economy sectors such as electric vehicles, renewable energy, artificial intelligence, new materials, and biotechnology [4]

Core Viewpoint - Binhua Co., Ltd. has submitted an application for overseas listing (H-shares) on the Hong Kong Stock Exchange to enhance its global strategy and international brand image [1][4]. Group 1: Company Overview - Binhua Co., Ltd. is located in Binzhou, Shandong Province, and was established in 1968. It was listed on the Shanghai Stock Exchange in February 2010, primarily engaged in the production, processing, and sales of organic and inorganic chemical products, with key products including caustic soda and propylene oxide [4]. Group 2: Financial Performance - The company has experienced a trend of "increased revenue but decreased profit" in recent years. For the first half of 2025, Binhua reported a revenue of 7.35 billion yuan, a year-on-year increase of 61.4%, while the net profit attributable to shareholders was 111 million yuan, up 6.0% year-on-year. However, the net profit after deducting non-recurring items showed a loss of 13.28 million yuan, a decline of 112.6% year-on-year [4]. - From 2021 to 2024, the net profit attributable to shareholders has significantly declined from 1.626 billion yuan to 219 million yuan, marking three consecutive years of substantial decrease. In the first half of 2025, the gross margin was 8.51%, down 4.45 percentage points, and the net margin was 1.51%, down 0.80 percentage points [4]. Group 3: Strategic Initiatives - To address the stagnation in its main business, Binhua is actively seeking new opportunities. On October 1, 2023, the company announced plans to invest approximately 1.421 billion yuan in a new integrated energy storage project in collaboration with its wholly-owned subsidiary, Shandong Binhua New Energy Co., Ltd. [4][5]. - The project will include a 160MW wind farm, a 100MW solar power station, and a 130MW/260MWh energy storage system, with an expected annual net profit of approximately 50.35 million yuan after completion [5]. Group 4: Governance and Tax Matters - Since July 3, 2020, Binhua has been without a controlling shareholder due to the dissolution of a concerted action agreement among its major shareholders, which has lasted over five years. If the Hong Kong listing is successful, the shares of existing shareholders will be further diluted [5]. - The company has also disclosed a tax payment issue, requiring a total of 41.29 million yuan for corporate income tax and late fees, which will reduce the net profit attributable to shareholders for 2025 by approximately 37.2% of its first-half net profit [6].

Group 1 - High-speed Electric achieved a revenue of 810 million yuan, a year-on-year increase of 30.33%, and a net profit of 36.33 million yuan, up 54.32% year-on-year for the first three quarters [1] - Huaguang Bio reported a revenue of 868 million yuan, a year-on-year increase of 17.98%, and a net profit of 16.33 million yuan, up 146.55% year-on-year for the first three quarters [2] - North Navigation turned a profit with a net profit of 125 million yuan for the first three quarters, compared to a loss in the previous year, with a revenue of 2.468 billion yuan, up 210.01% year-on-year [3] Group 2 - Wukuang New Energy reported a revenue of 5.054 billion yuan, a year-on-year increase of 33.96%, but a net loss of 20.1 million yuan for the first three quarters [4] - Century Rui Er achieved a revenue of 5.110 billion yuan, a year-on-year increase of 5.21%, and a net profit of 41.64 million yuan, up 27.23% year-on-year for the first three quarters [5] - Jiejie Micro reported a revenue of 2.502 billion yuan, a year-on-year increase of 24.70%, and a net profit of 34.7 million yuan, up 4.30% year-on-year for the first three quarters [6] Group 3 - Zhejiang Huaye achieved a revenue of 739 million yuan, a year-on-year increase of 11.08%, and a net profit of 181 million yuan, up 143.68% year-on-year for the first three quarters [7] - Lege Co. reported a revenue of 4.846 billion yuan, a year-on-year increase of 21.92%, but a net profit of 16.9 million yuan, down 36.33% year-on-year for the first three quarters [8] - Huichuan Technology achieved a revenue of 31.663 billion yuan, a year-on-year increase of 24.67%, and a net profit of 4.254 billion yuan, up 26.84% year-on-year for the first three quarters [9] Group 4 - Jieya Co. reported a revenue of 565 million yuan, a year-on-year increase of 38.44%, and a net profit of 67.9 million yuan, up 95.78% year-on-year for the first three quarters [10] - Hengtian Hailong reported a revenue of 829 million yuan, a year-on-year increase of 0.89%, but a net profit of 274,780 yuan, down 93% year-on-year for the first three quarters [11] - Baolidi achieved a revenue of 1.058 billion yuan, a year-on-year increase of 4.57%, and a net profit of 106 million yuan, up 31.25% year-on-year for the first three quarters [12] Group 5 - Feitian Chengxin reported a revenue of 520 million yuan, a year-on-year increase of 3.10%, and a net profit of 10.38 million yuan, up 146.05% year-on-year for the first three quarters [13] - Xiangqiang Co. reported a revenue of 1.237 billion yuan, a year-on-year increase of 9.19%, but a net profit of 171 million yuan, down 5.90% year-on-year for the first three quarters [14] - Guangzheng Eye Care reported a revenue of 663 million yuan, a year-on-year decrease of 5.05%, but a net profit of 17,340 yuan, turning from loss to profit for the first three quarters [15] Group 6 - Sand Technology achieved a revenue of 430 million yuan, a year-on-year increase of 26.94%, and a net profit of 115 million yuan, up 47.52% year-on-year for the first three quarters [16] - Tianhao Energy reported a revenue of 1.941 billion yuan, a year-on-year decrease of 36.05%, and a net profit of 95.74 million yuan, down 27.25% year-on-year for the first three quarters [17] - Yiyuan Communication achieved a revenue of 17.877 billion yuan, a year-on-year increase of 34.96%, and a net profit of 733 million yuan, up 105.65% year-on-year for the first three quarters [18] Group 7 - Zhenhai Co. reported a revenue of 295 million yuan, a year-on-year decrease of 9.96%, and a net profit of 51.69 million yuan, down 8% year-on-year for the first three quarters [19] - Xinda Securities received approval to issue up to 10 billion yuan in corporate bonds for technology innovation [20] - Jingong Steel Structure signed a contract worth 1.23 billion yuan for an overseas project [21] Group 8 - Chuanfa Longmang plans to invest 366 million yuan in a lithium dihydrogen phosphate project [22] - Ningbo Energy plans to invest 58.5 million yuan to establish a joint venture [23] - China Unicom plans to spin off its subsidiary for listing on the Growth Enterprise Market [24] Group 9 - China Unicom reported a revenue of 292.985 billion yuan, a year-on-year increase of 1%, and a net profit of 8.772 billion yuan, up 5.2% year-on-year for the first three quarters [25] - Haigang Co. announced a plan to reduce its shareholding by 0.9965% [26] - Jintongling's subsidiary is facing bankruptcy liquidation [27] Group 10 - Lanshi Heavy Industry plans to transfer 51.02% of its environmental company shares for 14.39 million yuan [28] - Lanshi Heavy Industry's shareholder plans to reduce its stake by 1% [29] - Dongtian Micro reported a revenue of 637 million yuan, a year-on-year increase of 53.91%, and a net profit of 80.03 million yuan, up 99.20% year-on-year for the first three quarters [30] Group 11 - Siling Co. reported a revenue of 581 million yuan, a year-on-year increase of 4.38%, and a net profit of 14 million yuan, up 2.17% year-on-year for the first three quarters [31] - Hanrui Cobalt achieved a revenue of 4.871 billion yuan, a year-on-year increase of 16.49%, and a net profit of 238 million yuan, up 42.57% year-on-year for the first three quarters [32] - Ganfeng Lithium's vice president plans to reduce his stake by 40,000 shares [33] Group 12 - Kaile Co. plans to acquire at least 50% of Kesheng Machinery [34] - Huace Navigation achieved a revenue of 2.618 billion yuan, a year-on-year increase of 15.47%, and a net profit of 493 million yuan, up 26.41% year-on-year for the first three quarters [35] - Jingbeifang reported a revenue of 3.613 billion yuan, a year-on-year increase of 5.14%, and a net profit of 243 million yuan, up 7.94% year-on-year for the first three quarters [36] Group 13 - Weiergao achieved a revenue of 1.122 billion yuan, a year-on-year increase of 51.93%, and a net profit of 69.79 million yuan, up 48.11% year-on-year for the first three quarters [37] - Hanyi Co. reported a revenue of 139 million yuan, a year-on-year increase of 1.10%, and a net profit of 904,470 yuan, up 78.52% year-on-year for the first three quarters [38] - Boya Precision achieved a revenue of 387 million yuan, a year-on-year increase of 47.27%, and a net profit of 66.11 million yuan, up 82.87% year-on-year for the first three quarters [39] Group 14 - Qianfang Technology achieved a revenue of 5.256 billion yuan, a year-on-year decrease of 2.82%, and a net profit of 189 million yuan, up 1098.97% year-on-year for the first three quarters [40] - Binhua Co. submitted an application for H-share listing [41] - Chengde Lulu reported a revenue of 1.956 billion yuan, a year-on-year decrease of 9.42%, and a net profit of 384 million yuan, down 8.47% year-on-year for the first three quarters [42] Group 15 - Beifang Changlong reported a revenue of 122 million yuan, a year-on-year increase of 159.21%, but a net profit of 11.29 million yuan, turning from profit to loss for the first three quarters [43]

Group 1 - Company officially submitted an application for listing H-shares on the Hong Kong Stock Exchange, marking a significant step in its internationalization strategy after 15 years in the A-share market [1] - The company is the largest producer in China for several chemical products, including granular caustic soda and trichloroethylene, according to Frost & Sullivan [3] - The company is also one of the few domestic manufacturers capable of producing electronic-grade hydrogen fluoride for advanced semiconductor processes [3] Group 2 - The company has initiated a key project, investing 1.421 billion yuan in the Beihai Binhua New Materials integrated energy storage project, which is crucial for its green development strategy [3] - The funds raised from the Hong Kong IPO will be used to promote the "new energy + chemical" coupling development model and enhance international business expansion [3] - The company has shown strong financial performance, with revenues of 8.892 billion yuan, 7.306 billion yuan, and 10.228 billion yuan for the years 2022, 2023, and 2024 respectively [3] Group 3 - The company has been operating for over 50 years, focusing on technological innovation and green low-carbon initiatives [4] - It has three manufacturing bases and employs over 2,500 staff, with high production unit utilization [4]

Core Insights - Binhua Co., Ltd. has submitted an application for the issuance of overseas listed shares (H-shares) and listing on the Hong Kong Stock Exchange on October 22, 2025 [1] - The company aims to enhance its global strategy, accelerate overseas business development, and improve its international brand image and competitive strength [1] - Binhua's net profit has declined for three consecutive years, with figures of 1.626 billion, 1.178 billion, 383 million, and 219 million yuan from 2021 to 2024 [1] Financial Performance - For the first half of 2025, Binhua reported operating revenue of 7.35 billion yuan, a year-on-year increase of 61.4% [1] - The net profit attributable to shareholders was 111 million yuan, up 6.0% year-on-year [1] - However, the net profit after deducting non-recurring items showed a loss of 13.28 million yuan, a decline of 112.6% year-on-year [1] Shareholding Structure - Since July 3, 2020, Binhua has been in a state of no actual controller for over five years, following the termination of a joint action agreement by its original founders [2] - The company's shareholding is relatively dispersed, and the issuance of H-shares will further dilute the shares of existing shareholders [2]

Group 1 - Hengsheng Energy reported that its CVD diamond product revenue accounted for 0.15% of total revenue in the first half of 2025, amounting to 683,500 yuan [1][2] - Hengyi Petrochemical's project for an annual production of 1.2 million tons of caprolactam and polyamide integration has entered the trial production phase [1][2] - Beixin Road and Bridge won a public works construction project worth 399 million yuan [1][2] Group 2 - Harsen Co. plans to acquire 45% equity in Dongtai Hongyu for 27 million yuan [1][2] - Shennong Technology's board member Huang Yong intends to reduce his holdings by up to 2.9 million shares [1][2] - Haon Automotive Electric received a product designation letter, estimating total revenue of approximately 576 million yuan over its lifecycle [1][2] Group 3 - Coldray Mining reported a net profit of 238 million yuan for the first three quarters, representing a year-on-year increase of 42.57% [1][2] - Tonghuashun's net profit for the first three quarters reached 1.206 billion yuan, up 85.29% year-on-year [1][2] - Binhua Co. submitted an application for H-share listing on the Hong Kong Stock Exchange [1][2]

Group 1: Earnings Reports - Tonghuashun reported a 39.67% increase in revenue to 3.261 billion yuan for the first three quarters of 2025, with a net profit increase of 85.29% to 1.206 billion yuan [2] - Weihua New Materials experienced a 15.18% decline in revenue to approximately 660 million yuan for the first three quarters, but a significant net profit increase of 250.04% in Q3 to approximately 25.38 million yuan [1] - Yanjing Co. achieved a 22.99% revenue growth to 1.295 billion yuan for the first three quarters, with a net profit increase of 27.95% to approximately 42.5 million yuan [1] - XH Technology reported a 26.47% revenue increase to approximately 742 million yuan for the first three quarters, with a net profit increase of 186.19% to approximately 95.47 million yuan [5] - Dongtian Micro reported a 53.91% revenue increase to approximately 637 million yuan for the first three quarters, with a net profit increase of 99.2% to approximately 80.03 million yuan [6] Group 2: Corporate Actions - China Unicom plans to spin off its subsidiary, Unicom Smart Network Technology, for listing on the Shenzhen Stock Exchange's Growth Enterprise Market, aiming to enhance innovation and competitiveness in the vehicle networking industry [3] - Kailer Co. is planning to acquire at least 50% of Kesheng Electromechanical, aiming to enter the high-end coating equipment sector [11] - Huitong Technology is preparing for an H-share listing in Hong Kong, with management authorized to initiate the process [11] Group 3: Other Notable Developments - Hengyi Petrochemical's subsidiary has successfully entered the trial production phase of a new project aimed at increasing its nylon production capacity [12] - Sichuan Chengyu's subsidiary signed a sand and gravel supply contract for a highway project, with a total transaction amount expected to be under 100 million yuan [14] - Sanwang Communication's board received a proposal for a share buyback plan, with a total amount not less than 20 million yuan [14]

Core Viewpoint - The company, Binhu Chemical (601678.SH), has submitted an application for the issuance of overseas listed shares (H shares) and for listing on the main board of the Hong Kong Stock Exchange on October 22, 2025 [1] Group 1 - The application was officially submitted to the Hong Kong Stock Exchange [1] - The application materials were published on the Hong Kong Stock Exchange's website on the same day [1]

Core Viewpoint - Binhua Co., Ltd. has submitted an application for the issuance of overseas listed shares (H shares) and for listing on the main board of the Hong Kong Stock Exchange on October 22, 2025 [1] Group 1 - The company has filed the application with the Hong Kong Stock Exchange [1] - The application materials for this issuance and listing have been published on the Hong Kong Stock Exchange website on the same day [1]

滨化集团股份有限公司（以下简称"公司"）已于2025年10月22日向香港联合交 易所有限公司（以下简称"香港联交所"）递交了发行境外上市股份（H股）并在香港 联交所主板挂牌上市（以下简称"本次发行上市"）的申请，并于同日在香港联交所 网站刊登了本次发行上市的申请资料。 证券代码：601678 股票简称：滨化股份 公告编号：2025-073 滨化集团股份有限公司 关于向香港联交所递交 H 股发行上市的申请 并刊发申请资料的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 1 个人或实体收购、购买或认购公司本次发行的境外上市股份（H股）的要约或要约邀请。 公司本次发行并上市尚需取得香港证监会和香港联交所、中国证券监督管理委员 会等相关政府机关、监管机构、证券交易所的批准、核准或备案，该事项仍存在不确 定性。公司将根据该事项的进展情况依法及时履行信息披露义务，敬请广大投资者注 意投资风险。 特此公告。 滨化集团股份有限公司董事会 本次发行上市事项的相关申请资料为公司按照香港证券及期货事务监察委员会 （以下简称"香港证监会"）和香 ...