大涨187%！中石化的客户和“对手”，高分子“小巨人”上市

Core Viewpoint - Inner Mongolia Shuangxin Environmental Protection Materials Co., Ltd. (Shuangxin Environmental) was listed on the Shenzhen Stock Exchange on December 30, with a closing price of 19.68 yuan, an increase of 187% from the issue price. The company plans to raise 1.865 billion yuan for various projects, marking the largest IPO in the chemical industry in A-shares in the past two years [1]. Fundraising Projects - The company plans to invest the raised funds in several projects, including: - Annual production of 16,000 tons of PVB resin and functional films, with an investment of 557.53 million yuan [2]. - Annual production of 60,000 tons of water-based adhesives, with an investment of 351.58 million yuan [2]. - Energy-saving and efficiency improvement projects for the PVA industry chain and calcium carbide production line, with investments of 170.50 million yuan and 120 million yuan respectively [2]. - Construction of a PVA product pilot device and a research center, with investments of 79.26 million yuan and 169.02 million yuan respectively [2]. - Total planned investment amounts to 1.877 billion yuan [2]. Industry Position - Shuangxin Environmental was established in 2009 and has built a complete industrial chain from limestone to special fibers. It is recognized as a national-level "little giant" enterprise specializing in new technologies [2]. - The company is a leading producer of polyvinyl alcohol (PVA) in China, with a production capacity of 130,000 tons per year, accounting for approximately 13% of the domestic market share [3][4]. Market Dynamics - The global PVA production capacity is approximately 1.834 million tons per year, with the Asia-Pacific region accounting for over 82% of the total. China is the largest producer, with a capacity of about 1.096 million tons [3]. - The market for PVA products is expanding, particularly in high-value applications such as PVB films and biodegradable water-soluble films, as international giants exit the market [5]. Financial Performance - The company's revenue for 2022-2024 is projected to be 5.06 billion yuan, 3.78 billion yuan, and 3.486 billion yuan respectively, with net profits of 807 million yuan, 558 million yuan, and 521 million yuan [6]. - As of the first half of 2025, the company reported revenue of 1.797 billion yuan and a net profit of 281 million yuan [6][7].