双欣环保：拟首发募资18.65亿元加码PVB膜材等高附加值产品 12月19日申购

Core Viewpoint - The company aims to raise funds for various projects to enhance production capacity, improve technology, and meet the growing market demand for high-value products, thereby strengthening its competitive position in the industry [1]. Fundraising Projects - The company plans to invest in the following projects with a total fundraising target of approximately 187.79 million: 1. Annual production of 16,000 tons of PVB resin and functional films: 55.75 million 2. Annual production of 60,000 tons of water-based adhesives: 35.15 million 3. PVA industry chain energy-saving and efficiency improvement: 17.05 million 4. Calcium carbide production line energy-saving and efficiency improvement: 12 million 5. R&D center construction: 16.90 million 6. PVA product pilot plant construction: 7.93 million 7. Supplementing working capital: 43 million [2]. Industry Position and Achievements - The company has established a complete industrial chain for polyvinyl alcohol (PVA) and has developed advanced technologies, contributing to domestic product substitution. Its products are recognized as "Inner Mongolia Brand Products" and are sold in over 40 countries and regions [2]. - The company is one of the three major PVA production bases in China, indicating a strong market presence and competitive advantage [2]. Development Vision - The company aims to become a leading global enterprise in green chemical new materials by enhancing technological innovation, optimizing governance, and focusing on high-quality, diversified, and high-value products [3]. Financial Overview - The company reported a net cash flow from operating activities of 4.98 billion, a year-on-year increase of 42.48%. The net cash flow from financing activities was 1.55 billion, an increase of 2.36 billion year-on-year [21]. - The company’s total assets turnover ratio has shown a downward trend, indicating potential inefficiencies in asset utilization [29]. Shareholding Structure - As of October 27, 2025, the largest shareholder is Inner Mongolia Shuangxin Energy Chemical Co., Ltd., holding 57.11% of the shares [55].