董事長兼非執行董事 崔立新先生 創新實業集團有限公司 (CHUANGXIN INDUSTRIES HOLDINGS LIMITED) （於開曼群島註冊成立的有限公司） （股份代號：02788） 董事名單與其角色和職能 創新實業集團有限公司董事（「董事」）會（「董事會」）成員載列如下： 董事會設立四個委員會。下表提供各位董事在這些委員會中所擔任的職位。 | 董事 | 委員會 | | | | | --- | --- | --- | --- | --- | | | 審核委員會 提名委員會 | | 薪酬委員會 | 關連交易 控制委員會 | | 崔立新先生 | M | M | | | | 曹勇先生 | | | | | | 張建鄉先生 | | | | M | | 張悅女士 | | | | | | 伏騫先生 | | | | | | 劉言昭先生 | C | | M | C | | 鄭娟女士 | | M | C | M | | 申凌燕女士 | M | C | M | | 附註： C 有關委員會的主席 M 有關委員會的成員 香港，2025年11月21日 執行董事 曹勇先生 張建鄉先生 張悅女士 伏騫先生 獨立非執行董事 劉言昭先 ...

Chuangxin Industries Holdings Limited 創新實業集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：02788） 提名委員會職權範圍 下文載列創新實業集團有限公司（「本公司」）提名委員會（「委員會」）的職權範圍 （「職權範圍」）。 1. 目的 1.1 委員會旨在為本公司董事（「董事」）會（「董事會」）物色、考慮及推薦合適 人選出任本公司董事、監察評估董事會表現的程序、並制定及向董事會 建議提名指引，並須符合任何適用法律、法規及上市標準。 2. 組成 3. 會議 1 2.1 委員會由董事會不時委任，大部分成員必須為獨立非執行董事，並須符 合香港聯合交易所有限公司證券上市規則（「上市規則」）（經不時修訂）不 時訂明的獨立規定。 2.2 董事會須委任委員會內一名成員（須為董事長或獨立非執行董事）擔任主 席（「主席」）。 3.1 除下文另有指明外，本公司組織章程細則（「細則」）（經不時修訂）所載有 關規範董事會議及議事程序的規定，適用於委員會會議及議事程序。 3.2 委員會成員可親身出席委員會會議，亦可透過其他電子通訊方式或成員 協定的其他方式參與會議。 3.3 委員會須每 ...

Chuangxin Industries Holdings Limited 創新實業集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：02788） 3.1 除下文另有指明外，本公司組織章程細則（「細則」）（經不時修訂）所載有 關規範董事會議及議事程序的規定，適用於委員會會議及議事程序。 3.2 委員會成員可親身出席委員會會議，亦可透過其他電子通訊方式或成員 協定的其他方式參與會議。 3.3 委員會須每年至少舉行一次會議，並按情況需要召開更多會議。 3.4 委員會成員委任的替任人可於委員會會議上代表該成員。 3.5 主席須負責領導委員會，包括安排會議時間、制定會議議程及向董事會 定期匯報。 4. 接觸權 2 薪酬委員會職權範圍 下文載列創新實業集團有限公司（「本公司」）薪酬委員會（「委員會」）職權範圍 （「職權範圍」）。 1. 目的 1.1 委員會旨在就制定本公司董事（「董事」）及高級管理層薪酬政策及架構 （包括薪酬待遇、花紅及其他報酬）、建立正式透明的程序以制定薪酬政 策、評估董事及高級管理層表現、審閱並批准激勵計劃及董事服務合約 條款的政策，以及全體董事及高級管理層的薪酬待遇，向董事會（「董事 會 ...

Chuangxin Industries Holdings Limited （於開曼群島註冊成立的有限公司） （股份代號：02788） 2 3.4 如董事會、任何委員會成員及外聘核數師認為有必要，可要求召開會議。 3.5 本公司首席財務官以及內部與外聘核數師通常應至少各派一名代表出席 會議。董事會其他成員亦有權列席。然而，委員會每年須與外聘核數師 舉行至少兩次會議。委員會每年須與外聘及內部核數師舉行至少一次沒 有執行董事在場的會議。 3.6 委員會成員可以由其委任的替任人代表參加委員會會議。 3.7 主席須負責領導委員會，包括安排會議時間、制定會議議程及向董事會 定期匯報。 3.8 委員會會議可由其任何成員召開。 3.9 委員會會議的法定人數為兩名成員。 3.10 除委員會全體成員另有協定外，召開委員會例會須至少提前七日發出通 知。召開委員會所有其他會議亦須發出合理通知。主席須釐定委員會會 議是否屬例會。 3.11 會議議程及隨附輔助文件須於會議召開日期前至少三日（或成員可能協 定的其他期限）寄發予委員會全體成員及其他與會者（如適用）。 3.12 各成員均有一票投票權。根據細則，在任何委員會會議上提出的問題須 ...

開曼群島 股份有限公司 《公司法》（經修訂） Chuangxin Industries Holdings Limited 創新實業集團有限公司 的 經修訂和重列的 組織章程大綱及細則 （於2025年11月9日通過特別決議案有條件採納 並於本公司股份在香港聯合交易所有限公司上市當日生效） 開曼群島 股份有限公司 《公司法》（經修訂） Chuangxin Industries Holdings Limited 創新實業集團有限公司 的 經修訂和重列的 組織章程大綱 （於2025年11月9日通過特別決議案有條件採納 並於本公司股份在香港聯合交易所有限公司上市當日生效） 開曼群島 股份有限公司 《公司法》（經修訂） Chuangxin Industries Holdings Limited 創新實業集團有限公司 的 經修訂和重列的 組織章程大綱 （於2025年11月9日通過特別決議案有條件採納 並於本公司股份在香港聯合交易所有限公司上市當日生效） 1 本公司的名稱為Chuangxin Industries Holdings Limited創新實業集團有限公 司。 2 本公司的註冊辦事處位於Campbells Corp ...

Core Viewpoint - Innovation Industry is set to launch its global IPO on November 14, with pricing expected on November 20 and listing on November 24, marking a significant milestone for the company and the third spin-off IPO in Hong Kong this year [1] Group 1: IPO Details - The IPO price range is set between HKD 10.18 and HKD 10.99 per share, with a base issuance of 500 million shares, leading to a total issuance scale of HKD 50.9 billion to HKD 55.0 billion [1] - If the green shoe option is fully exercised, the total issuance could reach HKD 58.5 billion to HKD 63.2 billion [1] Group 2: Cornerstone Investors - The IPO has attracted significant attention, with 17 well-known institutions participating as cornerstone investors, totaling an investment of USD 326 million, which accounts for 49.8% of the base issuance scale [2] - Hillhouse Capital is the largest investor with USD 75 million, representing 11.5% of the issuance scale [3] - Other notable investors include domestic private equity firms and foreign institutions, highlighting strong confidence in the company's value [3][4] Group 3: Financial Performance - Despite a strong cornerstone investor lineup, Innovation Industry's historical performance shows a significant disparity compared to peers, with revenue growth from 2022 to 2024 at a compound annual growth rate (CAGR) of 6.0% [6] - The company reported revenues of CNY 134.9 billion, CNY 138.1 billion, CNY 151.6 billion, and CNY 72.1 billion for the years 2022 to 2025 (first five months), with a year-on-year growth of 22.6% in the first five months of 2025 [6][8] - Net profit figures for the same periods were CNY 9.1 billion, CNY 10.8 billion, CNY 26.3 billion, and CNY 8.6 billion, with a CAGR of 70% from 2022 to 2024, but a decline of 14.4% year-on-year in the first five months of 2025 [7][8] Group 4: Dependency on Related Parties - The company shows a high dependency on related parties, with revenue from related party Innovation New Materials accounting for 78.8%, 76.6%, and 59.8% of total revenue in 2023, 2024, and the first five months of 2025, respectively [9][10] - Although the percentage is decreasing, the reliance on related parties remains a concern for long-term sustainability [9] Group 5: Internationalization and Future Prospects - Innovation Industry's internationalization efforts are still in the planning stage, with a projected investment of HKD 21.8 billion in a joint venture for a 500,000-ton electrolytic aluminum project in Saudi Arabia, expected to start construction by the end of 2026 [11] - Compared to peers like Nanshan Aluminum International, which has established a strong market presence in Southeast Asia, Innovation Industry's international business remains limited [11][12] Group 6: Valuation and Market Position - If priced at the lower end of the IPO range, the total market capitalization would be HKD 20.4 billion, with a price-to-earnings (P/E) ratio of 8.5 times for 2024 [13][14] - In comparison, peers like China Hongqiao have higher P/E ratios, indicating that Innovation Industry's valuation may not be particularly attractive when considering its growth quality and market position [13][14]

智通财经APP获悉，创新实业(02788)正在招股中。截止11月18日，富途、辉立、耀才等券商合计为创新 实业借出1083.9295亿港元，超购逾196倍。 | 新股仔展(11月18日) | | | | | --- | --- | --- | --- | | 新股 | 券商 | | 息率% | | 创新实业 | 富途 | 487.60 | 0.00 | | 辉立 | | 310.00 | 0.00 | | 化成 | | 28.50 | 0.00 | | 耀才 | | 25.00 | 0.00 | | (02788) | 信诚 | 15.00 HEI | 0.00 | | 閣立 | | 10.50 | 0.00 | | 时富 | | 1.14 | 0.00 | | 艾德 | | 0.5765 | 0.00 | | 其他总和 | | 205.6130 | | | 并计 | | 1083.9295 | | | | | 集资额:5.50亿元 | | | | | 认购:超购逾196倍 | | ...

Core Viewpoint - Innovation Industry Group, a leading electrolytic aluminum company from Inner Mongolia, is set to launch its IPO on November 24 on the Hong Kong Stock Exchange, having secured significant cornerstone investments totaling approximately $351 million from 17 prominent investors, indicating strong confidence in the company's fundamentals and growth prospects [1] Company Overview - Innovation Industry focuses on the upstream high-value-added segments of the aluminum industry, primarily producing and selling electrolytic aluminum and alumina. According to CRU reports, it ranks as the fourth largest electrolytic aluminum producer in North China and the twelfth largest in China by 2024 production capacity [2] - The company's core competitiveness lies in its integrated ecosystem of "energy - alumina refining - electrolytic aluminum smelting," which provides two key advantages: a high self-sufficiency rate for key raw materials, with alumina self-sufficiency projected at approximately 84% in 2024, and excellent energy security, maintaining a long-term electricity self-sufficiency rate of around 88% [2] Financial Performance - From 2022 to 2024, Innovation Industry's revenue is expected to grow from 13.49 billion yuan to 15.16 billion yuan, while net profit is projected to increase significantly from 0.88 billion yuan to 2.06 billion yuan, demonstrating strong profit growth momentum [2] Operational Efficiency - Through continuous technological innovation and refined management, Innovation Industry has achieved industry-leading results in cost reduction and efficiency enhancement. The company's electrolytic aluminum smelting power consumption is controlled at 13,366 kWh per ton for 2024, below the industry average, with plans to further reduce it to 13,290 kWh by the end of 2025 [3] - The company's highly automated production allows for an annual per capita output of 590 to 670 tons, which is 2.2 to 2.6 times the industry average. The estimated cash cost per ton of aluminum for 2024 is approximately 15,112 yuan, significantly lower than the Chinese average of around 17,700 yuan per ton, placing its cost control capabilities among the top 5% domestically and the top 30% globally [3] Industry Outlook - The global electrolytic aluminum industry is currently experiencing a "demand expansion, supply constraint" scenario, driven by growth in sectors such as new energy vehicles and photovoltaic energy storage. It is anticipated that there will be a domestic annual demand gap exceeding one million tons before 2034 due to a production capacity cap of 45 million tons and overseas environmental policy restrictions [3] - Of the net proceeds from the IPO, 50% will be allocated to expanding overseas capacity (such as a 500,000-ton electrolytic aluminum project in Saudi Arabia), 40% will be invested in green energy projects, and 10% will be used to supplement working capital. The Saudi project, leveraging local cheap energy and a 4.6% annual demand growth rate in the Middle East, is expected to become the company's second growth curve, further opening up global growth opportunities [3]

Core Viewpoint - The successful IPO of Innovation International Industrial Group Limited is supported by a strong base of cornerstone investors, reflecting confidence in the company's long-term value and growth potential [3][4][17]. Group 1: IPO and Market Reception - Innovation International's IPO has attracted significant interest, with over 54 times subscription as of November 17, indicating robust market demand and investor confidence in the company's fundamentals [2][12]. - The cornerstone investor lineup includes 17 top-tier institutions, with a total subscription amount of approximately 3.36 billion USD, equivalent to about 26.12 billion HKD, representing nearly 50% of the total offering [2][4]. Group 2: Competitive Advantages and Industry Position - The company focuses on high-value segments of the aluminum industry, specifically refining and smelting, creating a competitive edge through an integrated ecosystem covering key production stages [8][11]. - Innovation International has achieved a human output of 590 to 670 tons of electrolytic aluminum per person, significantly exceeding the industry average by 2.2 to 2.6 times [11]. - The company boasts a self-sufficiency rate of approximately 84% for alumina and 88% for electricity, far surpassing the industry average of about 57%, providing a strong competitive barrier [11][12]. Group 3: Industry Outlook and Strategic Expansion - The electrolytic aluminum sector is entering a structural upturn driven by sustained demand growth and supply constraints, with a projected market demand gap exceeding one million tons by 2034 [12][13]. - The company is planning to expand its electrolytic aluminum production capacity in Saudi Arabia, capitalizing on the region's abundant energy resources and projected annual demand growth of 4.6% from 2025 to 2028 [13][14]. Group 4: Conclusion - The IPO of Innovation International exemplifies how companies that deeply engage in their industry and build integrated advantages can attract top institutional investors, reflecting a consensus on the structural opportunities within the global aluminum market [15][16][17].