Core Viewpoint - The China Securities Regulatory Commission (CSRC) has approved the initial public offering (IPO) registration application of Inner Mongolia Shuangxin Environmental Materials Co., Ltd., allowing it to list on the Shenzhen Stock Exchange main board, with the approval date being November 7, 2025 [1][2][3]. Company Overview - Inner Mongolia Shuangxin Environmental Materials Co., Ltd. specializes in the research, production, and sales of products along the polyvinyl alcohol (PVA) industry chain, including PVA, special fibers, vinyl acetate (VAC), and calcium carbide [6]. - The company is recognized as the third-largest PVA producer in China and is one of the three major production bases for PVA in the country [7]. Shareholding Structure - Shuangxin Chemical holds 49,116,700 shares, accounting for 57.11% of the total share capital, making it the controlling shareholder. The actual controller, Qiao Yuhua, indirectly controls 62.10% of the voting rights through Shuangxin Resources and Antel [8]. Financial Performance - The company's revenue for the reporting periods was as follows: 506,138.28 million yuan, 378,325.31 million yuan, 348,621.48 million yuan, and 179,698.38 million yuan. The net profit attributable to the parent company after deducting non-recurring gains and losses was 80,301.00 million yuan, 52,648.91 million yuan, 48,531.57 million yuan, and 26,888.46 million yuan [9]. - As of June 30, 2025, the total assets amounted to 623,579.57 million yuan, with a debt-to-asset ratio of 20.69% [10]. Fundraising and Investment Plans - The company plans to raise approximately 1.86538 billion yuan through the IPO. The funds will be allocated to projects including the production of PVB resin and functional films, water-based adhesives, and energy-saving technology upgrades [11]. - The investment aims to enhance the production capacity of high-value-added products, improve technological capabilities, and optimize the product structure to meet the growing market demand in emerging sectors [11].

Core Viewpoint - Inner Mongolia Shuangxin Environmental Protection Materials Co., Ltd. (Shuangxin Environmental) has successfully passed the listing committee meeting of the Shenzhen Stock Exchange, aiming to raise 1.86538 billion yuan [1] Company Overview - Established in June 2009, Shuangxin Environmental specializes in the research, production, and sales of polyvinyl alcohol (PVA), PVA specialty fibers, vinyl acetate (VAC), and calcium carbide, with a complete PVA industry chain layout [1] - It is the third-largest PVA producer in China and one of the three major production bases for PVA in the country [1] Production Capacity and Market Position - In 2024, the company is expected to produce 116,900 tons of PVA, accounting for approximately 13% of the national total [1] - The company's calcium carbide production capacity is 870,000 tons, representing 2.06% of the national capacity, ranking eighth in the country [1] - Shuangxin Environmental maintains a stable advanced position in the industry amid a stable supply structure and concentration of advantages among leading enterprises [1] Market Recognition and Client Relationships - The company's products are sold in 29 provinces and exported to over 40 countries and regions, including Europe, South America, and Southeast Asia [2] - Long-term stable partnerships have been established with influential manufacturers in the PVA and related product sectors, as well as large clients in the calcium carbide downstream [2] Core Technology and Revenue Contribution - The company's core technologies cover various production processes, with core technology products contributing over 90% to the main business revenue during the reporting period [2] Fundraising and Investment Projects - The net proceeds from the stock issuance will be allocated to several projects, including: - 16,000 tons of PVB resin and functional film project (investment: 557.53 million yuan) - 60,000 tons of water-based adhesive project (investment: 351.58 million yuan) - PVA industry chain energy-saving and efficiency improvement project (investment: 170.50 million yuan) - Calcium carbide production line energy-saving and efficiency improvement project (investment: 120.00 million yuan) - R&D center construction project (investment: 169.02 million yuan) - PVA product pilot device construction project (investment: 79.26 million yuan) - Working capital replenishment project (investment: 430.00 million yuan) [2] Financial Performance - The company reported revenues of 5.061 billion yuan in 2022, with projected revenues of 3.783 billion yuan in 2023 and 3.486 billion yuan in 2024 [2] - Net profits for the same periods were 807 million yuan, 558 million yuan, and 520 million yuan, respectively [2] - In the first half of 2025, revenue showed a year-on-year increase of 1.81%, indicating a stabilization in operational performance [2] Key Financial Metrics - As of June 30, 2025, total assets amounted to 6.236 billion yuan, with equity attributable to shareholders of 4.874 billion yuan [3] - The company's debt-to-asset ratio was 20.69% [3] - Basic earnings per share were 0.33 yuan, with a diluted earnings per share of 0.33 yuan [3] - R&D expenditure accounted for 3.17% of revenue [3]