董事长100%持股，近八成收入来自关联方！谋求IPO盛宴

Core Viewpoint - Innovation International Industrial Group Limited has submitted a prospectus to the Hong Kong Stock Exchange for an IPO, marking its second attempt after a previous application lapsed in July 2025. The company is primarily owned by its chairman, with a significant portion of its revenue derived from related parties, and has shown notable growth in the past three years, although profitability has declined in the first five months of 2025 [1][6]. Company Overview - Innovation International was established in 2012 and focuses on the production and sale of electrolytic aluminum and alumina, with its chairman, Cui Lixin, holding 100% of the shares through Bloomsbury Holding, indicating a centralized decision-making structure [3]. - The company operates in the upstream aluminum production sector, specifically in alumina refining and electrolytic aluminum smelting, which are the highest value-added segments of the aluminum industry according to CRU [3]. Production Capacity - As of the reporting period, Innovation International has an annual design capacity of 788,100 tons for electrolytic aluminum and 1,200,000 tons for alumina. The company has also received approval for a hydroxide aluminum production capacity of 2,980,000 tons, with 1,480,000 tons already in operation and the remaining 1,500,000 tons in trial production [3]. - The electrolytic aluminum smelting plant located in Hohhot, Inner Mongolia, is the third-largest in North China, and the company ranks as the twelfth-largest electrolytic aluminum producer in China [3]. Financial Performance - The company's revenue for the years 2022 to 2024 and the first five months of 2025 was reported as 13.49 billion, 13.815 billion, 15.163 billion, and 7.214 billion respectively, with a compound annual growth rate of 6.0% over the three years [6]. - However, the gross margin has significantly decreased from 28.2% in 2024 to 19.9% in the first five months of 2025, a drop of 8.3 percentage points, while the net profit margin fell from 17.3% to 11.9%, a decline of 5.4 percentage points [6]. Revenue Sources - The primary source of revenue for Innovation International is electrolytic aluminum, contributing 95.5%, 90.5%, 85.0%, and 76.6% of total revenue in the respective years [6]. - A substantial portion of the company's revenue comes 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, indicating a potential reliance on a single customer [6]. Future Plans - The funds raised from the IPO will be allocated to expanding overseas production capacity, including the construction of electrolytic aluminum smelting plants and the purchase of production equipment, as well as green energy projects and working capital [7].