Economic Observation Network Shougang Langze officially submitted its application for listing on the main board to the Hong Kong Stock Exchange on March 27, 2026, with Yuexiu Financing Co., Ltd. as the exclusive sponsor. This event has continued to receive media attention in the past week (as of April 14). The company's core business is carbon capture and utilization (CCUS) technology, which uses synthetic biological pathways to convert industrial exhaust into ethanol and microbial proteins. Currently, it has four production facilities in Hebei, Ningxia, Guizhou, and plans to expand sustainable aviation fuel (SAF) projects If this IPO is successful, it will provide financial support for the company's technological iteration and capacity expansion.

Financial Statement Analysis
According to the financial data disclosed in the prospectus, the total revenue of Shougang Langze from 2023 to 2025 has decreased from 593 million yuan to 522 million yuan, and the net loss has continued to expand during the same period, with a net loss of 325 million yuan in 2025. The decline in performance is mainly affected by factors such as the decrease in fuel ethanol market prices and fluctuations in upstream industrial exhaust gas supply (such as the Guizhou facility's capacity utilization rate of only 14.9% in 2025) The company has a high concentration of customers, with the top five customers accounting for about 80% of the revenue, and closely related transactions with the controlling shareholder Shougang Group (59.0% of exhaust gas procurement in 2025), posing challenges to profit stability ?

Institutional Perspective
The analysis points out that the technological advantage of Shougang Langze lies in its low-cost carbon capture and the potential for industrialization of synthetic biotechnology, but the current profit dilemma (such as net current liabilities and patent dependence on LanzaTech Group) is the main risk point. The key to its future growth depends on its ability to expand into high value-added fields such as SAF, and whether it can improve its financial structure through IPO The new regulations for the steel industry (released on April 3) may indirectly affect the related party Shougang Group, but their direct impact on Shougang Langze is limited.

The above content is based on publicly available information and does not constitute investment advice.