According to disclosure by the Hong Kong Stock Exchange on September 28, Shandong Linuo Pharmaceutical Packaging Co., Ltd. (referred to as Linuo Pharma Packaging, 301188.SZ) has submitted a listing application to the Main Board of the Hong Kong Stock Exchange, with China Merchants Securities International and Ligao Financial Group serving as its joint sponsors.
According to Frost & Sullivan data, based on 2025 sales revenue, Linuo Pharma Packaging ranks 9th among pharmaceutical glass packaging suppliers in China with a market share of 2.4%. Additionally, according to Frost & Sullivan data, in the daily-use heat-resistant glass market, the company ranks first in China and second globally, with market shares of 9.5% and 5.1%, respectively.
Company Overview
The prospectus shows that Linuo Pharma Packaging is a well-known borosilicate specialty glass supplier in China. The company focuses on the development, manufacturing, and sales of borosilicate pharmaceutical glass packaging and daily-use heat-resistant glass, with products applied in the pharmaceutical, biotechnology, food and beverage, and household industries.
Leveraging its research and development capabilities in furnace design and glass melting technology, Linuo Pharma Packaging has developed China's first hexagonal stepped all-electric glass melting furnace.
The company's product portfolio covers (i) pharmaceutical glass packaging, including tubing vials, molded vials, and others such as RTU, PFS, and borosilicate glass tubes; (ii) daily-use heat-resistant glass, including heat-resistant glass tableware, glass turntables, and other heat-resistant glass products; and (iii) others, primarily including sales of remaining raw materials, molds, and scrap materials.
The company's pharmaceutical glass packaging is designed and manufactured according to relevant product types and applications, meeting stringent technical and quality standards. It generally possesses chemical stability, water resistance, thermal shock resistance, and mechanical strength, supporting its use in the packaging of biologics, vaccines, insulin, contrast agents, injectable drugs, and other pharmaceuticals. The company's daily-use heat-resistant glass generally features a low thermal expansion coefficient and heat-resistant and thermal shock-resistant properties, suitable for food storage containers, cookware, microwave turntables, and other daily applications.
Linuo Pharma Packaging has a diversified customer base covering domestic and international markets. During the track record period, its products were sold to customers in approximately 60 countries and regions across the Americas, Asia, and Europe. The company is committed to continuously improving its existing pharmaceutical glass packaging and daily-use heat-resistant glass products while focusing on developing new products with higher value-added characteristics and significant market potential. During the track record period, the company launched sterile drug delivery glass packaging products.
In recent years, the company has also made strategic investments in the development of glass substrates for semiconductor packaging to drive further business growth. In June 2026, the pilot furnace at the company's Glass New Material Innovation Incubation Center was ignited, and preliminary trial production of glass substrates for semiconductor packaging began. As of the latest practicable date, the company has begun providing glass substrate samples to semiconductor packaging industry participants for testing.
The company has mastered proprietary technologies across all major stages of borosilicate specialty glass production and has independently developed some production processes and equipment for glass melting, forming, online visual inspection, and sterile packaging. These capabilities support the company's mass production of pharmaceutical glass packaging, including molded and tubing vials, RTU, and PFS that comply with relevant standards of the Chinese Pharmacopoeia, European Pharmacopoeia, and United States Pharmacopoeia, as well as its daily-use heat-resistant glass products.
With its expertise in borosilicate glass melting, the company is developing low-expansion glass formulations and ultra-thin, ultra-flat glass substrates for semiconductor packaging, and is collaborating with research institutions on trial production, sample testing, and customer validation. As of June 30, 2026, the company's R&D team had 140 members and held 156 patents, including 141 Chinese patents and 15 overseas patents.
Financial Information
Revenue: For the years 2023, 2024, and 2025, and the six months ended June 30, 2026, the company achieved revenue of approximately RMB 947 million, RMB 1,081 million, RMB 981 million, and RMB 673 million, respectively.
Gross Profit and Gross Profit Margin: For the years 2023, 2024, and 2025, and the six months ended June 30, 2026, the company recorded gross profit of approximately RMB 157 million, RMB 193 million, RMB 197 million, and RMB 144 million, respectively, corresponding to gross profit margins of 16.6%, 17.9%, 20.1%, and 21.4%, respectively.
Profit for the Year/Period: For the years 2023, 2024, and 2025, and the six months ended June 30, 2026, the company recorded profit for the year/period of approximately RMB 65.918 million, RMB 66.068 million, RMB 39.66 million, and RMB 31.157 million, respectively.
Industry Overview
The upstream of the pharmaceutical glass packaging industry mainly includes suppliers of glass raw materials, energy, and production equipment. Midstream enterprises produce pharmaceutical glass packaging through glass melting, molding, or the "tube drawing-bottle making" process, and carry out post-processing and testing such as coating, siliconization, cleaning, sterilization, and inspection. The downstream mainly includes pharmaceutical companies and filling service providers. After drug filling, products enter medical institutions through distribution channels and are ultimately used by patients.
The global pharmaceutical glass packaging market size decreased from RMB 78.2 billion in 2021 to RMB 74.3 billion in 2025, with a compound annual growth rate of -1.3%. During this period, global public health events drove a phased increase in demand for vaccine and related injectable packaging, with the pharmaceutical glass packaging market size reaching RMB 84.8 billion in 2023; thereafter, as related demand returned to normal and pharmaceutical companies digested inventory, the market size declined. The global market size is expected to grow to RMB 86.9 billion by 2030, with a compound annual growth rate of 3.2% during the forecast period. In the future, global population aging, the development of biologics and high-value injectables, and improved drug accessibility in emerging markets will continue to drive demand for pharmaceutical glass packaging.
China's pharmaceutical glass packaging market size decreased from RMB 15.7 billion in 2021 to RMB 14.0 billion in 2025, with a compound annual growth rate of -2.8%. During this period, especially in 2024 and 2025, some traditional pharmaceutical glass products experienced declines in both sales volume and price. Centralized volume-based procurement and broader medical insurance cost control measures increased cost pressures on pharmaceutical companies, further prompting them to exercise stricter control over packaging procurement costs and inventory management. These factors, combined with intensified competition in the standardized product market, led to an overall market contraction; although the substitution of medium borosilicate materials continued to advance, it has not fully offset the impact of declining traditional product scale. China's market size is expected to grow to RMB 17.5 billion by 2030, with a compound annual growth rate of 4.6% during the forecast period. In the future, the continued advancement of consistency evaluation and the upgrading of pharmaceutical packaging materials will accelerate the substitution of traditional materials by medium borosilicate glass; at the same time, the development of innovative drugs, biologics, and precision drug delivery products will further drive demand for high-value pharmaceutical glass packaging.
The upstream of the daily-use heat-resistant glass industry chain mainly includes raw materials such as quartz sand, borax, and boric acid, as well as suppliers of energy, manufacturing equipment, and molds; midstream enterprises produce heat-resistant glass products of different specifications through batching and melting, pressing or blow molding, and post-processing inspection; the downstream mainly includes daily consumer goods brand owners, home appliance manufacturers, and retail distribution channels, with products ultimately used in household and commercial dining scenarios.
The global daily-use heat-resistant glass market size grew from RMB 10.1 billion in 2021 to RMB 11.8 billion in 2025, with a compound annual growth rate of 3.9%. During this period, glass products gradually replaced some plastic and metal kitchenware due to their characteristics of not easily absorbing odors, being easy to clean, and being reusable; in 2024, affected by inventory adjustments in European and American consumer goods, the market experienced a short-term decline before resuming growth. The global market size is expected to further grow to RMB 15.0 billion by 2030, with a compound annual growth rate of 4.8% during the forecast period. In the future, product upgrades and quality improvements in European and American markets, as well as increased penetration of heat-resistant kitchenware in emerging markets such as Asia and Latin America, will jointly drive global market growth.
China's daily-use heat-resistant glass market size grew from RMB 3.7 billion in 2021 to RMB 4.1 billion in 2025, with a compound annual growth rate of 2.6%. During this period, market growth mainly came from increased demand for borosilicate glass products, but competition in standardized kitchenware products and price pressures limited overall growth. China's market size is expected to further grow to RMB 5.3 billion by 2030, with a compound annual growth rate of 4.9% during the forecast period. In the future, growth in the Chinese market will come more from product structure upgrading, with high borosilicate glass further extending to complex shapes, lightweight products, and high-precision home appliance components, driving increased product value-added and market size; during the same period, the traditional soda-lime glass market is expected to remain generally stable.
Board of Directors Information
The board of directors will consist of eight directors, including two executive directors, two non-executive directors, and four independent non-executive directors. Directors serve three-year terms and must be re-elected upon expiration of their respective terms.
Shareholding Structure
Mr. Gao Yuankun holds 25.75% through Linuo Investment Holdings, the employee incentive platform Hongdao New Energy holds 1.56%, and other A-share shareholders collectively hold 72.69%. As of the latest practicable date, Linuo Investment Holdings is 78.87% owned by Linuo Group, which is 80% owned by Mr. Gao. Under the Securities and Futures Ordinance, Linuo Group and Mr. Gao are each deemed to have an interest in the shares held by Linuo Investment Holdings. As of the latest practicable date, 53,930,000 A-shares held by Linuo Investment Holdings have been pledged to certain commercial banks in China as collateral. Ms. Chen Lianna is the spouse of Mr. Gao. Under the Securities and Futures Ordinance, Ms. Chen Lianna is deemed to have an interest in the shares controlled by Mr. Gao.
Intermediary Team
Joint Sponsors: China Merchants Securities (Hong Kong) Co., Ltd., Ligao Corporate Finance Limited. Company Legal Advisors: Regarding Hong Kong law: Han Kun Law Offices LLP; regarding PRC law: Zhong Lun Law Firm. Joint Sponsor Legal Advisors: Regarding Hong Kong law and US law: Reed Smith Richards Butler LLP; regarding PRC law: Beijing Shihui Law Firm. Independent Auditor and Reporting Accountant: Tianjian International Certified Public Accountants Limited. Industry Advisor: Frost & Sullivan (Beijing) Consulting Co., Ltd. Compliance Advisor: Ligao Corporate Finance Limited.