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 for an IPO on the Hong Kong Stock Exchange, marking its second attempt after a previous application lapsed in July 2025. The company derives nearly 80% of its revenue from related parties, and while its performance showed significant growth over the past three years, there has been a noticeable decline in profit quality in the first five months of 2025 [1][8]. Company Overview - Established in 2012, Innovation International focuses on the production and sale of electrolytic aluminum and alumina, with its chairman, Cui Lixin, holding 100% ownership through Bloomsbury Holding. The company operates primarily in the upstream aluminum production sector, which includes bauxite mining, alumina refining, and electrolytic aluminum smelting [4]. - According to a report by CRU, Innovation International is the third-largest electrolytic aluminum production base in North China and ranks as the twelfth largest electrolytic aluminum producer in China [4]. Production Capacity - The company has an annual design capacity of 788,100 tons for electrolytic aluminum and 1,200,000 tons for alumina. It 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 [4]. Revenue and Profitability - For the years 2022 to 2024 and the first five months of 2025, the company's revenue figures were 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. Corresponding net profits were 0.913 billion, 1.081 billion, 2.63 billion, and 0.855 billion [8]. - The gross margin significantly declined 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 decrease of 5.4 percentage points [8]. Revenue Sources - The primary revenue source for Innovation International is electrolytic aluminum, contributing 95.5%, 90.5%, 85.0%, and 76.6% of total revenue in the respective periods. Notably, revenue from related party Innovation New Materials accounted for 78.8%, 76.6%, and 59.8% of total revenue in 2023, 2024, and the first five months of 2025, indicating a potential risk of dependency on a single client [8]. 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. Additionally, investments will be made in green energy projects, including the establishment of renewable energy power stations [9].