Core Viewpoint - Shuangxin Environmental Protection (001369.SZ) was listed on the Shenzhen Stock Exchange, with a first-day closing price of 19.68 yuan, reflecting a significant increase of 187.30% from the issue price of 6.85 yuan [1] Group 1: IPO Details - The company issued a total of 287 million shares, accounting for 25.02% of the total share capital post-issue, with no existing shareholders selling shares [1] - The total amount raised from the IPO was 196,595 million yuan, with a net amount of 179,982.55 million yuan after deducting issuance costs of 16,612.45 million yuan [1] - The final raised funds were 6,555.79 million yuan less than the original plan of 186,538.34 million yuan [1] Group 2: Fund Utilization - The raised funds will be allocated to several 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 industry chain, and construction of a research and development center [1] - Additional funds will also support the construction of pilot testing facilities for PVA products and supplement working capital [1] Group 3: Underwriting Information - The sponsor for the IPO was China International Capital Corporation, with representatives Zhou Bin and Zhao Huan [2] - The total issuance costs (excluding VAT) amounted to 16,612.45 million yuan, with an issuance cost per share of 0.58 yuan, including underwriting fees of 13,671.22 million yuan [2]

Group 1 - N Shuangxin (001369) was listed today, opening with a rise of 186.13%, and closing with an increase of 187.30%, with a total trading volume of 146 million shares and a turnover of 3.045 billion yuan, resulting in a turnover rate of 72.62% [2] - Other newly listed stocks today include N Qiangyi, which rose by 165.61% with a turnover rate of 74.20%, and N Yufan, which increased by 124.36% with a turnover rate of 75.03% [2] Group 2 - The company primarily engages in the research, production, and sales of products along the PVA industry chain, including polyvinyl alcohol, specialty fibers, vinyl acetate, and calcium carbide [3] - The total number of shares issued in this offering was 287 million, with an online issuance of 14.325 million shares at a price of 6.85 yuan per share, resulting in a price-to-earnings ratio of 16.19, compared to the industry average of 28.75 [3] - The total funds raised from the initial public offering amounted to 1.966 billion yuan, which will be allocated to projects such as the annual production of 12,000 tons of PVB resin, 16,000 tons of functional PVB film, working capital, R&D center construction, and energy-saving technology upgrades in the PVA industry chain [3]

Core Viewpoint - Inner Mongolia Shuangxin Environmental Protection Materials Co., Ltd. is set to launch its IPO with a price of 6.85 yuan per share and a P/E ratio of 16.19, aiming to raise 1.865 billion yuan by issuing up to 287 million shares, marking its entry into the capital market [2][6]. Group 1: Company Overview - Shuangxin Environmental Protection specializes in the full industrial chain of polyvinyl alcohol (PVA), including R&D, production, and sales of PVA and its derivatives [4]. - 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 [4]. - Shuangxin's products are widely used across various industries, including fine chemicals, green construction, and pharmaceuticals, and are supported by national policies promoting new materials [4]. Group 2: Production Capacity and Market Position - In 2024, Shuangxin is projected to produce 116,900 tons of PVA, accounting for approximately 13% of the domestic total output [5]. - The company will have an acetylene production capacity of 870,000 tons in 2024, ranking 8th nationally, with a market share of 2.06% [5]. - Shuangxin's products are distributed across 29 provinces in China and exported to over 40 countries and regions, including Europe and Southeast Asia [5]. Group 3: Financial Performance - Shuangxin's revenue exceeded 3 billion yuan and net profit surpassed 500 million yuan for the years 2022 to 2024 [6]. - The company reported revenues of 5.061 billion yuan, 3.783 billion yuan, and 3.486 billion yuan for the years 2022, 2023, and 2024, respectively, with net profits of 807 million yuan, 557 million yuan, and 520 million yuan for the same years [6]. - The funds raised from the IPO will be allocated to various projects, including the production of PVB resin and functional films, water-based adhesives, and energy-saving technology upgrades [6].

Group 1 - The company, Shuangxin Environmental Protection, has initiated its subscription with a total issuance of 28,700,000 shares, of which 6,027,000 shares are available for online subscription at a price of 6.85 yuan per share, resulting in a price-to-earnings ratio of 16.19 times [1][3] - The maximum subscription limit for a single account is set at 60,000 shares, with subscriptions required to be in multiples of 500 shares [1][3] - The funds raised will be allocated to various projects, including a 12,000-ton annual production of PVB resin project, a 16,000-ton annual production of PVB functional film project, and a working capital supplement project [3] Group 2 - The company's main business focuses on the research, development, production, and sales of products along the PVA industry chain [2] - Key financial indicators for the company show total assets of 57.17 billion yuan in 2024, a decrease in operating income to 34.86 billion yuan in 2024 from 50.61 billion yuan in 2022, and a net profit of 5.21 billion yuan in 2024 [3] - The weighted return on equity is projected to be 12.05% in 2024, down from 26.09% in 2022, indicating a decline in profitability [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].

Core Viewpoint - The company, Inner Mongolia Shuangxin Environmental Protection Materials Co., Ltd., is focused on expanding its product offerings in high-value downstream areas of polyvinyl alcohol (PVA) and green chemicals to optimize its revenue structure and achieve sustainable long-term growth [1][2][5]. Group 1: Company Overview - Shuangxin Environmental is a high-tech enterprise engaged in the research, production, and sales of PVA, specialty fibers, vinyl acetate (VAC), and calcium carbide, with a complete PVA industry chain layout [1][2]. - The company has an annual production capacity of 130,000 tons of PVA and 870,000 tons of calcium carbide, ranking among the top three in PVA production in 2024 [2][5]. Group 2: Product and 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 [4]. - Shuangxin's PVA and related products have received recognition as brand-name products in Inner Mongolia, and the company has established long-term partnerships with influential manufacturers in various industries [4][5]. Group 3: Financial Performance - The company reported revenues of 5.061 billion yuan, 3.783 billion yuan, and 3.486 billion yuan for the years 2022 to 2024, with net profits of 808 million yuan, 558 million yuan, and 521 million yuan respectively [5][6]. - For the first half of 2025, the company achieved revenues of 1.797 billion yuan and net profits of 281 million yuan, with an expected annual revenue of 3.719 billion yuan, reflecting a growth of 6.66% [6]. Group 4: Future Growth and Investment - The company plans to invest the net proceeds of approximately 1.798 billion yuan from its IPO into projects aimed at enhancing production capacity and energy efficiency, as well as research and development [7]. - The strategic focus includes expanding into high-value downstream products such as PVB resins and functional films, as well as improving energy efficiency in production processes [7][8].

Core Viewpoint - The company, Inner Mongolia Shuangxin Environmental Protection Materials Co., Ltd., is positioned as the third-largest producer of polyvinyl alcohol (PVA) in China, focusing on sustainable development and a circular economy in its operations [1][2]. Group 1: Company Overview - Shuangxin Environmental Protection specializes in the research, production, and sales of PVA, special fibers, vinyl acetate, and calcium carbide, establishing a comprehensive PVA industry chain [1][2]. - The company has an annual PVA production capacity of 130,000 tons and an annual calcium carbide production capacity of 870,000 tons, ranking fifth in national sales of calcium carbide [2]. Group 2: Technological Capabilities - The company has developed core technologies for the industrialization of PVA and its upstream and downstream products, including polymerization, alcoholysis, and distillation [3]. - Shuangxin has undertaken significant research projects, including a major technology research project for high-performance PVA and a national key research and development plan [3]. Group 3: 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 [4]. - Shuangxin's PVA and related products have received recognition as brand-name products in Inner Mongolia, and the company has established long-term partnerships with influential manufacturers [4]. Group 4: Growth Potential - The company is expected to increase its market share in high-end PVA applications, supported by strategic partnerships and a growing demand for PVB films and biodegradable packaging [5]. - Financial projections indicate steady revenue growth, with expected revenues of 3.72 billion yuan in 2025, reflecting a 6.66% increase from the previous year [6]. Group 5: Fundraising and Investment Plans - The company plans to raise approximately 1.865 billion yuan through its IPO, with funds allocated to projects aimed at enhancing production capacity and energy efficiency [7]. - Investment will focus on expanding PVB resin and functional film production, as well as improving R&D capabilities and operational flexibility [7]. Group 6: Future Outlook - Shuangxin aims to leverage its IPO to enhance innovation and become a leading player in the PVA industry, adhering to principles of integrity and user service [8]. - The company is set to launch its public offering on December 19, 2025, with a focus on capitalizing on opportunities in the chemical industry [8].

Core Viewpoint - The company, Shuangxin Environmental Protection, is issuing 287 million new shares at a price of 6.85 yuan per share, aiming to raise a total of 1.966 billion yuan to fund various projects, including the production of PVB resin and functional films, as well as water-based adhesives and technology upgrades in its production processes [1]. Group 1: Company Overview - Shuangxin Environmental Protection specializes in the research, production, and sales of polyvinyl alcohol (PVA) and its related products, establishing a circular economy industrial chain centered around PVA [1]. - The company has become one of the three major production bases for PVA in China, with a projected production of 116,900 tons in 2024, accounting for approximately 13% of the national total [1]. Group 2: Market Position and Applications - PVA is a water-soluble, biodegradable polymer material used in various industries, including fine chemicals, green construction, and pharmaceuticals, and is a key focus of national support for new material development [2]. - The company has established long-term partnerships with influential domestic manufacturers and exports its products to over 40 countries, including major clients in Thailand, India, and the Netherlands [2]. Group 3: Strategic Development and Future Prospects - The company is focusing on low-carbon, green, and high-value-added development trends in the chemical industry, improving its production processes to reduce pollution and enhance resource utilization [3]. - New product lines, including high-value PVB resins and optical films, are being developed to meet the growing market demand in emerging sectors, contributing to the domestic replacement of high-end products [3]. - The fundraising will enhance the company's production capacity for high-value products and accelerate the domestic replacement process in the PVA industry [3].

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].