除本公告另有界定者外，本公告所用的詞彙與創新實業集團有限公司（「本公司」）於2025年11 月14日（星期五）刊發的招股章程（「招股章程」）所界定者具有相同涵義。 本公告乃根據香港法例第571W章《證券及期貨（穩定價格）規則》第9(2)條作出。 本公告僅供參考，並不構成對任何人士進行收購、購買或認購本公司任何證券的要約或誘使作 出要約的邀請。本公告並非招股章程。潛在投資者在決定是否投資於發售股份前，應細閱招股 章程內有關下文所述全球發售的詳細資料。有關發售股份的任何投資決定應僅依賴招股章程所 提供的資料而作出。 本公告概不構成要約出售或遊說要約購買發售股份，而在任何作出有關要約、遊說或出售即屬 違法的司法權區內，概不得出售任何發售股份。本公告不得直接或間接於或向美國或法律禁止 有關派發的任何其他司法權區發佈、刊發或派發，而本公告亦並非在美國或任何其他司法權區 出售或遊說購買或認購證券的要約。發售股份並無亦不會根據美國證券法或美國任何州證券法 登記，亦不得於美國境內或向美國人士（定義見美國證券法S規例）或代表美國人士或為其利益 提呈發售、出售、抵押或轉讓，惟獲豁免遵守美國證券法登記規定或屬毋須遵守美國證券法登 ...

Group 1 - The company is focusing on an integrated layout of alumina and electrolytic aluminum, with plans to expand electrolytic aluminum capacity in Saudi Arabia, which is expected to become a rare investment target in the industry due to its increasing electrolytic aluminum output [1][2] - By December 2025, the company aims to achieve a domestic production capacity of 788,000 tons of electrolytic aluminum and 3.2 million tons of alumina, with an alumina self-sufficiency rate exceeding 100% [2] - The electrolytic aluminum production is located in Hohhot, Inner Mongolia, where energy costs are advantageous due to abundant coal resources, and the company is also transitioning to green energy with wind power projects [3] Group 2 - The company's performance is on an upward trend, with projected revenues increasing by 9.8% year-on-year in 2024 and a significant net profit growth of 104.8% [4] - The company plans to invest in a comprehensive aluminum industry chain project in Saudi Arabia, with an initial capacity of 500,000 tons of electrolytic aluminum and aluminum alloy, expected to contribute significantly to the company's performance post-2027 [5] - The project in Saudi Arabia is anticipated to enhance the company's earnings due to lower electricity costs from abundant natural gas resources [5]

国联民生证券发布研报称，公司主营氧化铝、电解铝一体化冶炼，截至2025年12月中旬在国内形成78.8 万吨电解铝、320万吨氧化铝产能，氧化铝自给率超100%。2025年公司向海外扩张，在沙特规划投资50 万吨铝产业链综合项目，打造新的业绩增长点，IPO募集资金主要用于沙特项目和国内绿电建设，该行 认为公司将成为行业内稀有的有电解铝量增的标的。 智通财经APP获悉，创新实业(02788)涨近4%，截至发稿，涨3.11%，报18.91港元，成交额3376.68万港 元。 该行表示，2025年3月公司规划和创新集团、创新新材等共同投资沙特红海铝产业链综合项目，公司持 有项目33.6%股权。沙特红海项目首期规划50万吨电解铝+铝合金产能，最终产品面向沙特本土和欧美 市场，项目建设期18-24个月，该行预计2027年投产。沙特天然气资源丰富，电力成本较低，项目投产 后将显著增厚公司业绩。创新集团持有的项目股权未来有望注入上市公司，权益比例提升将进一步增加 沙特项目业绩贡献。 ...

Core Viewpoint - Guolian Minsheng initiates coverage on Innovation Industry (02788) with a "recommend" rating, highlighting the company's integrated layout in energy, alumina, and electrolytic aluminum, which positions it favorably in terms of energy costs and potential for cost reduction with green electricity integration [1] Group 1: Business Overview - The company focuses on integrated smelting of alumina and electrolytic aluminum, aiming to achieve 788,000 tons of electrolytic aluminum and 3.2 million tons of alumina capacity by mid-December 2025, with an alumina self-sufficiency rate exceeding 100% [2] - The electrolytic aluminum production is located in Hohhot, Inner Mongolia, benefiting from advantageous energy costs due to abundant coal resources, while the alumina production is primarily in Binzhou, Shandong [3] Group 2: Performance and Growth - The company has a robust production capacity, with electrolytic aluminum production running at near full capacity, yielding 744,000 tons in 2022 and projected increases in subsequent years, leading to a revenue growth forecast of 9.8% year-on-year in 2024 and 22.6% in early 2025 [4] - The company plans to invest in a comprehensive aluminum industry project in Saudi Arabia, with an initial capacity of 500,000 tons of electrolytic aluminum and aluminum alloy, expected to significantly enhance performance upon completion in 2027 [5]

Core Viewpoint - Guolian Minsheng has initiated coverage on Chuangxin Industry (02788) with a "Buy" rating, highlighting the company's integrated layout in energy, alumina, and electrolytic aluminum, which positions it favorably in terms of energy costs in Inner Mongolia. The company is expected to benefit from the integration of green electricity, leading to further reductions in electrolytic aluminum costs. The aluminum industry is currently experiencing a tight supply-demand balance, with prices expected to trend upwards [1]. Group 1: Integrated Layout and Expansion - The company focuses on the integrated smelting of alumina and electrolytic aluminum, aiming to achieve a domestic capacity of 788,000 tons of electrolytic aluminum and 3.2 million tons of alumina by mid-December 2025, with an alumina self-sufficiency rate exceeding 100% [1]. - The company plans to expand overseas by investing in a 500,000-ton aluminum industry chain project in Saudi Arabia, which is expected to become a new growth driver. Funds raised from the IPO will primarily support this Saudi project and domestic green electricity initiatives [1]. Group 2: Cost Advantages and Production Capacity - The electrolytic aluminum production is located in Hohlin Gol, Inner Mongolia, where energy costs are advantageous due to abundant coal resources. The company is also constructing a wind power-based power station in Inner Mongolia to support its green transition, with green electricity costs ranging from 0.1 to 0.18 yuan per kilowatt-hour, which is lower than coal power costs [2]. - The company relies on overseas purchases for bauxite, with projected alumina production from 2022 to May 2025 being 710,000 tons, 1.55 million tons, 1.54 million tons, and 660,000 tons, primarily for internal use. The electrolytic aluminum production lines are expected to operate at full capacity, with production figures of 744,000 tons, 758,000 tons, 755,000 tons, and 311,000 tons during the same period [3]. Group 3: Growth Opportunities in Saudi Arabia - In March 2025, the company, in collaboration with Innovation Group and Innovation New Materials, plans to invest in a comprehensive aluminum industry chain project in the Red Sea region of Saudi Arabia, holding a 33.6% stake in the project. The first phase of the project aims for a capacity of 500,000 tons of electrolytic aluminum and aluminum alloys, targeting both the local Saudi market and Europe and the U.S. [4]. - The project is expected to take 18 to 24 months for construction, with production anticipated to commence in 2027. The abundant natural gas resources and low electricity costs in Saudi Arabia are expected to significantly enhance the company's performance post-launch [4].

Investment Rating - The report gives a "Buy" rating for the company, indicating a positive outlook for its future performance [3]. Core Views - The company is positioned as a rare growth-oriented electrolytic aluminum enterprise, with a focus on integrated production of alumina and electrolytic aluminum. It is expanding its capacity in Saudi Arabia, which is expected to be a significant growth driver [6][7]. - The company has a strong domestic production base with a total capacity of 788,000 tons of electrolytic aluminum and 3.2 million tons of alumina, with a self-sufficiency rate exceeding 100% for alumina [6][21]. - The report highlights the company's competitive advantage in energy costs due to its location in Inner Mongolia, where it has access to abundant coal resources and is transitioning to green energy sources [6][16]. Summary by Sections 1. Domestic Integrated Layout and Overseas Expansion - The company has established a comprehensive alumina and electrolytic aluminum production layout, with significant investments planned for a 500,000-ton aluminum project in Saudi Arabia [13][21]. - The company aims to enhance its green energy usage by developing wind and solar power projects in Inner Mongolia, which will further reduce energy costs [13][16]. 2. Financial Performance - The company's revenue is projected to grow from RMB 15.16 billion in 2024 to RMB 18.95 billion in 2027, with a notable increase in net profit from RMB 2.06 billion to RMB 4.73 billion during the same period [2]. - The report indicates a strong upward trend in overall performance, with a projected net profit growth rate of 104.9% in 2024 [23]. 3. Industry Overview - The report notes that the electrolytic aluminum market is characterized by a tight supply-demand balance, with limited new capacity expected to come online in the near term [43][48]. - The domestic aluminum industry is nearing its capacity ceiling, with a projected net increase of only 65,000 tons in 2025, indicating limited supply elasticity [48][51]. 4. Company-Specific Insights - The company is recognized as a unique growth-oriented player in the electrolytic aluminum sector, with a focus on expanding its production capacity both domestically and internationally [6][21]. - The report emphasizes the company's strategic advantage in energy costs and its robust production capabilities, which are expected to support its growth trajectory [6][16].

Group 1 - The company, Innovation Industry (02788), announced the issuance of 75 million ordinary shares due to the full exercise of the over-allotment option on December 5, 2025 [1]

Group 1 - The company, Innovation Industry (02788), announced the issuance of 75 million ordinary shares due to the full exercise of the over-allotment option on December 5, 2025 [1]

Core Viewpoint - Innovation Industry (02788.HK) has exercised its over-allotment option and issued 75 million ordinary shares on December 5, 2025 [1] Related Events - Innovation Industry (02788.HK) has fully exercised its over-allotment option to issue 75 million shares [1]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 創新實業集團有限公司 呈交日期： 2025年12月5日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 | | 是 | | | | 證券代號 (如上市) 02788 | 說明 | | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | | 事件 | 已發行股份（不包括庫存 ...