Core Viewpoint - Innovation International has submitted a second IPO application to the Hong Kong Stock Exchange, updating financial data and business details from its previous application, with plans to raise funds for expanding overseas electrolytic aluminum smelting capacity, building green energy power stations, and optimizing working capital to support its globalization strategy and sustainable development goals [1][2]. Group 1: Company Overview - Innovation International is a leading upstream enterprise in the aluminum industry chain, focusing on the production and sales of electrolytic aluminum and alumina [2]. - The company has a significant cost advantage due to its strategic locations in Inner Mongolia and Shandong, with transportation costs approximately 15% lower than inland peers and industrial electricity prices 40% lower than coastal regions [2]. - The company has achieved a self-sufficiency rate of 84% for alumina and 88% for electricity, significantly higher than the industry average [2]. Group 2: Financial Performance - The company's revenue from electrolytic aluminum accounted for 95.5%, 90.5%, 85%, and 76.6% of total revenue from 2022 to the first five months of 2025, while revenue from alumina and other products increased from 2% to 21.1% during the same period [2]. - Net profit increased from 913 million yuan in 2022 to 2.63 billion yuan in 2024, but fell by 14.4% to 856 million yuan in the first five months of 2025 due to rising coal prices affecting production costs [4]. Group 3: Customer Dependency - Innovation International's largest customer is its affiliate, Innovation New Materials, which accounted for 78.8%, 76.6%, and 59.8% of the company's revenue in 2023, 2024, and the first five months of 2025, respectively [6]. - The company emphasizes that the terms of transactions with Innovation New Materials are fair and comparable to those offered by independent third parties, indicating a diversified customer base despite the significant revenue dependency [6]. Group 4: Industry Position - According to a CRU report, Innovation International is the fourth largest electrolytic aluminum production base in North China and the twelfth largest electrolytic aluminum producer in China by 2024 production capacity [3]. - The company has been recognized as a national-level green factory by the Ministry of Industry and Information Technology in 2024 [3].
时隔半年 电解铝“十二弟”创新国际再闯港交所
Mei Ri Jing Ji Xin Wen·2025-08-05 14:00