创新实业：IPO申购指南

Group 1: IPO Details - The IPO is scheduled for November 24, 2025, with a suggested subscription date of November 14, 2025[1] - The offering price ranges from HKD 10.18 to HKD 10.99, with a midpoint of HKD 10.58[1] - The total fundraising amount is estimated at HKD 51.13 billion, net of underwriting fees and estimated global offering expenses[1] - The total number of shares offered is 500 million, subject to adjustments based on the exercise of the over-allotment option[1] Group 2: Company Overview - The company focuses on the electrolytic aluminum business, specifically alumina refining and electrolytic aluminum smelting[2] - It ranks as the 12th largest electrolytic aluminum producer in China, with a significant production base in Inner Mongolia[2] Group 3: Market Trends - The domestic electrolytic aluminum market is in a tight supply-demand balance, with prices expected to rise gradually until 2029[3] - Key growth drivers include energy transition, vehicle electrification, and lightweighting, particularly in China[3] Group 4: Cost Efficiency - The company has achieved a high self-sufficiency rate in electricity supply, with rates of approximately 81%, 81%, 88%, 84%, and 87% from 2022 to May 2025, exceeding the market average of 57% in 2024[4] - The average electricity cost for producing one ton of electrolytic aluminum is significantly lower than the industry average, with costs of RMB 5,439, RMB 5,266, and RMB 4,786 for 2022, 2023, and 2024 respectively[6] Group 5: Financial Performance - The company has shown rapid net profit growth, with net profits of RMB 912.9 million, RMB 1,080.6 million, and RMB 2,629.5 million from 2022 to 2024, reflecting a compound annual growth rate of 69.7%[7] - The projected earnings per share (EPS) for 2024 is estimated at HKD 1.44, leading to a price-to-earnings (PE) ratio of approximately 7.35X, indicating a valuation advantage compared to peers[8]