"叮……"，12月30日9时25分，随着深圳证券交易所（以下简称深交所）一阵清脆的钟声，内蒙古双欣 环保材料股份有限公司（以下简称双欣环保）成功登陆深交所主板，成为内蒙古2025年第四家上市企 业。至此，2025年内蒙古新增企业上市闯入全国前十，为资本市场高质量发展注入强劲动能。 作为国内聚乙烯醇（PVA）行业三大龙头企业之一、国内聚乙烯醇行业首家民营企业，双欣环保此次上 市备受市场瞩目。企业申购代码001369，定价每股6.85元，共募集资金19.66亿元。 双欣环保在深交所鸣钟上市。 双欣环保于2009年在鄂尔多斯成立，注册资本8.6亿元。双欣环保依靠科技创新在化工新材料的全球赛 道上竞逐，成为推动中国化工新材料产业崛起的强劲力量。目前，公司已拥有完整的"石灰石-电石-醋 酸乙烯-聚乙烯醇-聚乙烯醇特种纤维等下游产品"循环经济产业链，累计获得授权专利260余项，通过内 蒙古科技成果鉴定19项，部分聚乙烯醇产品实现了进口替代，为我国聚乙烯醇乃至化工新材料行业的发 展做出了积极贡献。 刚刚参加完上市启动仪式的双欣环保董事长张飞雄说，公司将利用本次募集资金进一步提升创新能力， 提高公司PVB功能性膜、水基型胶粘 ...

12月18日下午，内蒙古双欣环保材料股份有限公司（以下简称"双欣环保"，股票代码：001369.SZ）首 次公开发行股票并在主板上市网上路演在全景路演举行。 投资者交流环节，问及近年来业绩表现，双欣环保董事、总经理兼财务总监刘志勇介绍，在供应端收紧 及产能优化、上游原材料和能源成本上升、下游需求扩张等因素影响下，公司所处电石-聚乙烯醇产业 链在2022年处于行业周期高位，发行人主要产品营业收入较高。2023年、2024年，受产业链景气度回 落，下游涂料、建材、纺织等应用领域市场需求减弱以及原材料、能源价格下降等因素影响，公司存在 营业收入下滑情况。2024年度，公司实现营业收入34.86亿元，较2023年度下滑7.85%，较2022年度下滑 31.12%。2025年1-6月，发行人实现营业收入17.97亿元，同比提升1.81%，经营业绩止跌回稳。 天眼查信息显示，双欣环保是一家专业从事聚乙烯醇（PVA）、特种纤维、醋酸乙烯（VAC）、碳化钙 （电石）等PVA产业链上下游产品的研发、生产、销售的高新技术企业，拥有聚乙烯醇全产业链布局。 其中，PVA作为水溶性可降解高分子材料，广泛应用于精细化工、绿色建筑、可降解 ...

Core Viewpoint - The company, Shuangxin Environmental Protection, has announced the results of its online issuance, with a total of 286,503 winning numbers for investors to subscribe to 500 shares each, reflecting strong interest in its stock offering [1]. Group 1: Company Overview - Shuangxin Environmental Protection specializes in the research, production, and sales of polyvinyl alcohol (PVA), special fibers, vinyl acetate (VAC), and calcium carbide, establishing a circular economy industrial chain centered on PVA [2]. - The company has become one of the three major production bases for polyvinyl alcohol in China, with a projected production of 116,900 tons in 2024, accounting for approximately 13% of the domestic total [2]. Group 2: Financial and Operational Highlights - The company’s production and operations of PVA and related products are currently running at full capacity with low inventory levels, indicating high capacity utilization and sales rates [3]. - The total number of new shares issued is 287 million, with an online issuance of 143 million shares at a price of 6.85 yuan per share, raising a total of 1.966 billion yuan [3]. Group 3: Fund Utilization and Market Strategy - The raised funds will be allocated to projects including the annual production of 16,000 tons of PVB resin and functional films, 60,000 tons of water-based adhesives, energy-saving technology upgrades in the PVA industrial chain, and the establishment of a research and development center [3]. - The company aims to enhance the production capacity of high-value-added products and strengthen its technological capabilities to meet the growing market demand in emerging fields, accelerating the domestic substitution process in high-value sectors [3]. - The trend of domestic substitution for high-end products and the exploration of international markets is seen as an inevitable direction for the future development of domestic PVA enterprises [3].

Core Viewpoint - Double Xin Environmental Protection Materials Co., Ltd. (hereinafter referred to as "Double Xin Environmental Protection") is set to go public, showcasing its advanced technology and production capabilities in the polyvinyl alcohol (PVA) industry, with a focus on sustainable development and innovation [1][2][7]. Group 1: Company Overview - Double Xin Environmental Protection specializes in the research, production, and sales of PVA and its upstream and downstream products, establishing a comprehensive industrial chain [2]. - The company has achieved significant technological advancements, holding 260 authorized patents and participating in the drafting of 13 national and local standards by 2025 [1][2]. - The annual production capacity for PVA is 130,000 tons, with the company ranking among the top three in the industry for PVA production in 2024 [2]. Group 2: Market Performance - The company operates at full capacity with high utilization rates, distributing products across 29 provinces in China and exporting to over 40 countries [3]. - Double Xin Environmental Protection has established long-term partnerships with influential manufacturers in various sectors, enhancing its market presence [3]. - The company has received recognition for its products, including brand honors from Inner Mongolia Autonomous Region [3]. Group 3: Financial Performance - The company has demonstrated steady revenue growth, with projected revenues of 50.61 billion yuan, 37.83 billion yuan, and 34.86 billion yuan for the years 2022 to 2024, respectively [4]. - Net profits for the same period are expected to be 8.08 billion yuan, 5.58 billion yuan, and 5.21 billion yuan, indicating strong profitability [4]. - For the first half of 2025, the company reported revenues of 1.797 billion yuan and net profits of 281 million yuan, with an expected annual revenue growth of 6.66% [5]. Group 4: Future Growth and Projects - The company plans to utilize the funds raised from its IPO to enhance production capacity and invest in energy-efficient technology projects [6]. - Key projects include the production of PVB resin and functional films, as well as the development of water-based adhesives, aimed at increasing the value-added product offerings [6]. - The company aims to strengthen its position in high-end markets and capitalize on the growing demand for eco-friendly materials [4][6].

Group 1: New Stock Offerings - Three new stocks available for subscription include Shuangxin Environmental Protection (001369.SZ), Yufan Technology (001396.SZ), and Qiangyi Co., Ltd. (688809.SH) [1] - A new stock listed is Youxun Co., Ltd. (688807.SH) [1] Group 2: Shuangxin Environmental Protection - Established in June 2009, Shuangxin Environmental Protection specializes in the R&D, production, and sales of PVA and related products, forming a complete circular economy industrial chain [2] - It ranks as the third-largest PVA producer in China, with a projected production of 116,900 tons in 2024, accounting for approximately 13% of the national total [2] - The company has stable partnerships with notable domestic clients and international collaborations, including a strategic partnership with Mitsubishi Chemical [3] Group 3: Yufan Technology - Yufan Technology focuses on smart diagnostics and health assessments for drainage systems, serving primarily government and state-owned enterprises [4] - The company has shown consistent revenue growth from 513 million yuan in 2022 to a projected 804 million yuan in 2025, with net profits increasing from 81 million yuan to 140 million yuan in the same period [4][5] - The core team has significant industry experience, enhancing the company's market position [5] Group 4: Qiangyi Co., Ltd. - Qiangyi Co., Ltd. specializes in semiconductor testing hardware, particularly probe cards, and ranks among the top ten global semiconductor probe card manufacturers [7] - The company achieved revenues of 254 million yuan in 2022, projected to grow to 641 million yuan by 2024, with net profits increasing from 16 million yuan to 233 million yuan [7] - There is a high customer concentration risk, with significant revenue dependence on a few major clients [8] Group 5: Youxun Co., Ltd. - Youxun Co., Ltd. is engaged in the R&D and sales of optical communication front-end chips, holding a leading market position in China [9] - The company is recognized as a national champion in the optical communication sector, with a significant market share in its product category [9] - There is a potential control risk due to the actual controller's significant influence over the company, which may affect decision-making and operational stability [10]

Investment Rating - The investment rating for the company is not explicitly stated in the provided documents, but it is implied that the company is considered a strong player in its industry due to its market position and growth potential [38]. Core Insights - The company, Shuangxin Environmental Protection, is a leading player in the domestic polyvinyl alcohol (PVA) industry, with a complete circular economy industrial chain from limestone to calcium carbide, vinyl acetate, polyvinyl alcohol, and specialty fibers [28][29]. - The company has shown a decline in revenue and net profit from 2022 to 2024, with projected growth in 2025, indicating a potential recovery phase [10][35]. - The company is actively expanding its product offerings and market reach, focusing on high-value-added PVA products and downstream applications [29][30]. Financial Performance - The company achieved operating revenues of 5.061 billion yuan in 2022, 3.783 billion yuan in 2023, and 3.486 billion yuan in 2024, with year-over-year changes of 11.97%, -25.25%, and -7.85% respectively [10][5]. - The net profit attributable to the parent company was 808 million yuan in 2022, 558 million yuan in 2023, and 521 million yuan in 2024, with year-over-year changes of 3.48%, -30.91%, and -6.65% respectively [10][5]. - For the first half of 2025, the company reported operating revenue of 2.668 billion yuan, a 2.68% increase compared to the same period in 2024, and a net profit of 404 million yuan, a 2.01% increase [10]. Industry Overview - The company operates in the calcium carbide and polyvinyl alcohol industries, which are critical to the chemical sector in China, with the country being the largest producer and consumer of calcium carbide globally [16][21]. - The domestic calcium carbide production capacity was approximately 42 million tons in 2024, with a utilization rate of 74% [16]. - The polyvinyl alcohol market is also growing, with China's production capacity accounting for about 60% of the global total, indicating strong domestic demand and potential for further growth [21][27]. Competitive Position - Shuangxin Environmental Protection is one of the top three players in the domestic PVA industry, with significant market share and established relationships with major clients both domestically and internationally [28][29]. - The company has formed strategic partnerships, such as with Mitsubishi Chemical, enhancing its market presence and product offerings [28]. - Compared to its peers, the company has a lower revenue scale but a higher sales gross margin, indicating strong operational efficiency [35][36].

Investment Rating - The investment rating for the company is positioned at 2.53 points, placing it in the 34.4% percentile of the AHP model for non-technology innovation systems, indicating a lower upstream level [5][8]. Core Insights - The company has established a complete circular economy industrial chain centered around PVA, achieving self-sufficiency in key raw materials and diversifying downstream products. As of the end of 2024, the company has a PVA production capacity of 130,000 tons and an acetylene production capacity of 870,000 tons, ranking third and eighth in market share in China, respectively [5][10]. - The company is implementing a "dual high" reduction plan to decrease the revenue contribution from PVA and acetylene to 40% by 2027, while actively expanding into high-value downstream sectors [5][18]. - The company has signed significant sales agreements for high-end products, including a projected annual sales of 300 million yuan for PVA water-soluble films and 700 million yuan for DMC/EMC/DEC products, indicating a strong potential for revenue growth [20][41]. Summary by Sections AHP Score and Expected Allocation Ratio - The company is set to go public on December 11, 2025, with an AHP score of 2.53, indicating a lower upstream level. The expected allocation ratios for offline investors are 0.0173% for Class A and 0.0150% for Class B under neutral conditions [8][9]. Fundamental Highlights and Features - The company has built a circular economy industrial chain around PVA, achieving self-sufficiency in acetylene and diversifying into various downstream products. This structure helps mitigate risks associated with raw material price fluctuations [10][16]. - The company is facing intense competition in the domestic PVA market, with high-end products largely dominated by foreign imports. However, there is significant potential for domestic substitution in high-value applications [16][17]. - The "dual high" reduction plan aims to decrease the production and sales scale of high-pollution products, with a focus on expanding into high-value non-high-pollution products [18][19]. Comparable Company Financial Metrics - The company has experienced a decline in revenue and net profit from 2022 to 2024, with a CAGR of -17.01% and -19.69%, respectively, primarily due to falling prices of acetylene and PVA [22][24]. - The company’s gross margin has stabilized due to cost reduction efforts, with sales gross margins of 24.92% in 2022, 21.76% in 2023, and 22.22% in 2024 [24][25]. - The company maintains a lower debt ratio compared to its peers, with an asset-liability ratio of 26.62% in 2022, indicating a strong financial position [29][30]. Fundraising Projects and Development Vision - The company plans to raise funds for projects including the production of PVB resin and functional films, water-based adhesives, and energy efficiency upgrades, with a total investment of 1.878 billion yuan [41][42]. - The expected internal rate of return for the PVB resin project is 20.20%, indicating strong profitability potential [42].

Investment Rating - The investment rating for the company is positioned at 2.53 points, placing it in the 34.4% percentile of the AHP model, indicating a lower tier in the upstream segment [10]. Core Insights - The company has established a complete industrial chain centered around PVA, achieving self-sufficiency in key raw materials and expanding downstream product offerings. As of the end of 2024, the company has a PVA production capacity of 130,000 tons and calcium carbide capacity of 870,000 tons, ranking third and eighth in market share in China, respectively [11][12]. - The company is implementing a "dual high" reduction plan to decrease the revenue contribution from PVA and calcium carbide to 40% by 2027, while actively expanding into high-value downstream sectors [12][20]. - The company has faced declining revenues and profits due to falling prices of calcium carbide and PVA, with a projected revenue of 3.718 billion yuan in 2025, reflecting a 6.66% year-on-year growth [24]. Summary by Sections AHP Score and Expected Allocation Ratio - The company’s AHP score, adjusted for liquidity premium factors, is 2.53, indicating a lower tier in the upstream segment. The expected allocation ratios for offline investors are 0.0173% for Class A and 0.0150% for Class B under a neutral scenario [10][11]. Fundamental Highlights and Features - The company has built a circular economy industrial chain around PVA, achieving self-sufficiency in calcium carbide and expanding into various downstream products. This strategy helps mitigate raw material price volatility [11][12]. - The company is focusing on high-value products, with plans to reduce the production and sales scale of high-pollution products, aiming for a significant shift towards high-value non-high-pollution products [20][22]. Comparable Company Financial Metrics - The company’s revenue and net profit have shown a declining trend, with a CAGR of -17.01% and -19.69% from 2022 to 2024, primarily due to falling prices of calcium carbide and PVA [24]. - The company’s average sales gross margin is higher than that of comparable companies, benefiting from cost reduction measures and energy-saving upgrades [27][28]. Fundraising Projects and Development Vision - The company plans to raise funds for projects including the production of PVB resin and functional films, water-based adhesives, and energy efficiency upgrades, with a total investment of 1.878 billion yuan [46][47].

产业"抱团" 山东乡村振兴闯出新路 中新网济南12月12日电 (王采怡)"最开始想扩大生产的时候，连个像样的车间都没有，现在有了场地， 生意越来越好。"在菏泽市单县终兴镇杨菜园村，诚兴制衣的负责人王伟说，看到镇上服帽产业集群越 做越大，自己也想跟着"抱团"发展。 知道企业的难处后，杨菜园村把闲置的建设用地腾了出来，又协调了废弃的旧校舍，用不到两个月的时 间，给企业腾出了能放生产线、存原料的新场地，为诚兴制衣找"落脚地"。 目前，终兴镇服帽加工产业集群越做越大，车间里的工人大多是周边的村民，每天骑车几分钟就能到 厂，下班还能接孩子、做晚饭，日子安稳又有奔头。 "以前我们接单看运气，现在订单稳定了，还能接触到以前不敢想的大平台。大家'抱团'发展，心里有 底了。"棉服厂负责人杨琴说。 终兴镇杨菜园村诚兴制衣的发展，是山东多地产业"抱团"，乡村振兴闯出新路的缩影。政府"搭台"，干 部"跑腿"，让企业"抱团"发展，让民众在家门口把日子过红火。 寒意渐浓，济南市莱芜区茶业口镇西嵬石村的高标准水肥一体化大棚内却暖意融融。村民陈传强对着智 能温控器微调湿度，看着一排排整齐列队的蓝莓盆栽感慨道："以前种地靠天吃饭，现在管上万株 ...

Summary of Yongdong Co., Ltd. Conference Call Company Overview - Yongdong Co., Ltd. specializes in carbon black and coal chemical products, with respective shares of 65% and 35%, and a high proportion of specialty carbon black at 19% [2][3] - The company has maintained a 100% capacity utilization rate since its listing in 2015, compared to the industry average of 78% [3] Financial Performance - Since its IPO in 2015, Yongdong has never reported an annual loss, with a profit of over 50 million yuan in 2015, accounting for half of the entire carbon black industry's profits at that time [4] - The lowest profit was recorded in 2022, attributed to ongoing construction projects, including a 500,000-ton coal tar deep processing project and a 40,000-ton high-end tire carbon black production line [4] - The 200,000-ton NU oil deep processing project is expected to generate a profit of 190 million yuan, indicating a positive economic outlook [4][17] Future Development Plans - By 2025, Yongdong plans to complete several projects: 500,000 tons of coal tar deep processing, a 20 MW power generation project, and a 40,000-ton high-end tire carbon black production line [2][5] - The NU oil deep processing project is expected to be operational in the first half of 2026, with plans to extend into higher value-added coal chemical products and continue R&D on specialty carbon black and lithium battery materials [2][5] Market Dynamics - Recent price increases in traditional tire rubber carbon black are driven by rising raw material costs, with the industry price having reached a cyclical bottom and showing signs of rebound [6] - The carbon black industry is currently at a cyclical low, with prices at their lowest point, but there are indications of potential recovery [9] Competitive Strategies - Yongdong employs a dual business model by integrating coal tar processing with carbon black production, enhancing its risk resistance [7] - The company focuses on R&D of new specialty carbon blacks, such as conductive and high-color carbon blacks, and aims to increase their proportion in total production [7][8] - The transition from sodium phenolate to higher-margin phenolic fine chemicals is part of the strategy to enhance profitability [7] Specialty Carbon Black Insights - Specialty carbon black has a significant price and margin difference compared to regular carbon black, currently priced at approximately 12,000 yuan/ton, with potential for future price increases [13] - The production of specialty carbon black is gradually increasing, with new production lines expected to reach full capacity by 2026 [12] R&D and Product Development - The conductive carbon black segment includes three categories: ordinary, mid-to-high-end, and lithium battery conductive carbon black, with the latter still in the trial phase [14] - Conductive carbon black currently accounts for about 5% of total revenue, with expectations for it to become a significant growth driver [14] Current Projects and Progress - Yongdong has four ongoing projects, including the 500,000-ton NU deep processing project, which is expected to be completed ahead of schedule [15][18] - The 20 MW tail gas power generation project is operational, and the 40,000-ton high-end carbon black project was completed in October [18] Market Outlook and Strategies - Despite recent underperformance in the ordinary tire carbon black market, Yongdong remains optimistic about future developments, particularly in specialty carbon black production [19] - The company plans to continue expanding its fine processing capabilities for coal tar products to enhance overall value [19] Financial Considerations - Yongdong aims to increase capacity and diversify its product line to reward shareholders and boost stock prices, while maintaining a low debt-to-asset ratio for financial stability [20]