地方产业链协同的"合力"，也在资本市场上愈发凸显。 崔立新的两张版图：滨州与霍林郭勒 如果梳理创新实业的发展路径，一个核心人物就是56岁的山东企业家——崔立新。他是山东创新集团董事长，同时也是A股上市公司创新新材 （600361.SH）的实际控制人。 从最初不足百人的小作坊，到国内铝合金材料生产与研发的重要基地，崔立新在过去数十年间不断扩张产业版图。 港股市场近日迎来三年来工业金属行业规模最大的IPO。由山东铝业大亨崔立新执掌的创新实业集团有限公司（下称"创新实业"，02788.HK）正式登陆港 交所，将其位于内蒙古霍林郭勒的电解铝冶炼和山东滨州的氧化铝精炼资产推向资本市场。 这是今年以来港股规模前十的IPO，也是自2022年以来工业金属板块体量最大的一单。 一个值得市场留意的细节是，在创新实业的基石投资者名单中，最特别的一位是来自同一地区、同一产业链的铝业巨头——魏桥创业集团旗下的中国宏桥 集团，后者以基石身份认购3000万美元。 魏桥创业集团与崔立新掌舵的中国创新集团，同为山东滨州邹平起家，是铝产业链中举足轻重的两家龙头企业。此番中国宏桥以基石投资者身份入场，也 被赋予了更强的区域产业协同信号。 在创新实 ...

Core Viewpoint - Innovation Industry has successfully listed on the Hong Kong stock market, with a significant first-day increase of 32.76%, bringing its market capitalization close to HKD 30 billion [1] Group 1: Company Overview - Innovation Industry focuses on the upstream aluminum industry chain, specifically in alumina refining and electrolytic aluminum smelting [2] - The company is the fourth largest electrolytic aluminum production base in North China and the twelfth largest electrolytic aluminum producer in China based on 2024 production [2] Group 2: Financial Performance - Revenue increased from CNY 13.49 billion in 2022 to CNY 13.81 billion in 2023, and is projected to reach CNY 15.16 billion in 2024 [3] - Net profit rose from CNY 0.91 billion in 2022 to CNY 1.08 billion in 2023, with a significant increase to CNY 2.63 billion in 2024 [3] - Revenue for the first five months of 2024 was CNY 5.88 billion, up 22.6% from the same period in 2025 [3] Group 3: Client Relationships - Innovation Industry's largest client is Innovation New Materials, which is also controlled by the same actual controller, Cui Lixin [4] - Revenue from Innovation New Materials accounted for 78.8%, 76.6%, and 59.8% of Innovation Industry's total revenue for 2023, 2024, and the first five months of 2025, respectively [4] Group 4: Investment and Market Strategy - The company plans to allocate 50% of the net proceeds from its global offering to a project in Saudi Arabia, indicating a strategy for overseas expansion [5] - A significant number of institutional investors participated in the IPO, including Hillhouse Capital, which invested approximately HKD 777 million [6]

Core Viewpoint - Innovation Industry, an electrolytic aluminum company, successfully listed on the Hong Kong stock market, experiencing a significant first-day increase of 32.76%, with a market capitalization nearing HKD 30 billion [1] Group 1: Company Overview - Innovation Industry focuses on the upstream aluminum industry chain, specifically in alumina refining and electrolytic aluminum smelting [2] - The company is the fourth largest electrolytic aluminum production base in North China and the twelfth largest electrolytic aluminum producer in China based on 2024 production capacity [2] Group 2: Financial Performance - Revenue increased from CNY 13.49 billion in 2022 to CNY 13.81 billion in 2023, and is projected to rise to CNY 15.16 billion in 2024 [3] - Net profit rose from CNY 0.91 billion in 2022 to CNY 1.08 billion in 2023, with a significant increase to CNY 2.63 billion expected in 2024 [3] - Revenue for the first five months of 2024 was CNY 5.88 billion, showing a 22.6% increase to CNY 7.21 billion in the same period of 2025 [3] Group 3: Client Relationships - Innovation Industry's largest client is Innovation New Materials, which is also controlled by the same individual, with significant revenue dependence: CNY 10.89 billion in 2023, CNY 11.61 billion in 2024, and CNY 4.32 billion in the first five months of 2025, accounting for 78.8%, 76.6%, and 59.8% of total revenue respectively [4] Group 4: Investment and Market Strategy - The company plans to allocate 50% of the net proceeds from its global offering to a project in Saudi Arabia, indicating a strategy for overseas expansion and increased production capacity [5] - A number of top-tier investment institutions participated in the cornerstone investment, including Hillhouse Capital, which invested over HKD 770 million [6]

Core Viewpoint - Innovation Industry is set to officially list on the Hong Kong stock market on November 24, following a successful dark market phase where its stock price increased by 26.02% [1][2]. Group 1: Company Overview - Innovation Industry is the twelfth largest electrolytic aluminum producer in China and focuses on the upstream aluminum industry, specifically alumina refining and electrolytic aluminum smelting [7][8]. - The company is controlled by Cui Lixin, who also controls the A-share company Innovation New Materials [4][15]. - The electrolytic aluminum production is highly energy-intensive, and Innovation Industry benefits from self-generated electricity and low power costs due to abundant resources in Inner Mongolia [8][9]. Group 2: Financial Performance - Revenue growth has been consistent, with total revenue increasing from RMB 134.90 billion in 2022 to RMB 138.15 billion in 2023, and projected to reach RMB 151.63 billion in 2024 [10][12]. - The net profit rose from RMB 9.13 billion in 2022 to RMB 10.81 billion in 2023, with a significant increase expected to RMB 26.30 billion in 2024 [12][10]. Group 3: Business Relationships - Innovation Industry has a close business relationship with Innovation New Materials, which is its largest customer, accounting for 78.8% of its revenue in 2023 [15][16]. - The company emphasizes that transactions with Innovation New Materials are conducted at fair market rates and do not indicate excessive reliance on related parties [16]. Group 4: Market Participation - The IPO attracted significant interest from top-tier investment institutions, including Hillhouse Capital, Jinglin, and China Hongqiao, indicating strong market confidence [18][19].

Core Viewpoint - Innovation International Industrial Group Limited, the twelfth largest electrolytic aluminum producer in China, has launched its Hong Kong IPO, attracting significant backing from top global investors, signaling a positive trend for the recovering Hong Kong IPO market [1][2]. Group 1: IPO Details - The company aims to raise up to HKD 5.5 billion (approximately USD 707 million) through the IPO, which has garnered commitments from cornerstone investors including Glencore, Hillhouse Capital, and Millennium Management, who have agreed to subscribe to about USD 336 million worth of shares, nearly half of the maximum fundraising amount [1][2]. - The IPO price range is set between HKD 10.18 and HKD 10.99 per share, with the listing expected on November 24 [2]. Group 2: Use of Proceeds - Approximately half of the net proceeds from the IPO will be allocated for overseas expansion, while the remaining funds will be used for green energy projects, working capital, and general corporate purposes [2]. Group 3: Business Model and Performance - Innovation International focuses on the upstream aluminum industry, specifically alumina refining and electrolytic aluminum smelting, with a significant cost advantage due to its strategic locations in Inner Mongolia and Shandong [3]. - The company achieved an alumina self-sufficiency rate of 84% and an electricity self-sufficiency rate of 88% in 2024, well above industry averages [3]. - From 2022 to 2024, the company's net profit increased from RMB 913 million to RMB 2.63 billion, although it faced a 14.4% decline in net profit to RMB 856 million in the first five months of 2025 due to rising coal prices [3]. Group 4: Customer Dependency - Innovation International has a significant reliance on a single major customer, Innovation New Materials, which accounted for 78.8% and 76.6% of its total revenue in 2023 and 2024, respectively [4]. - The revenue from the top five customers represented 86.6% of total revenue in 2024, significantly higher than peers like Tianshan Aluminum and Yun Aluminum [4]. Group 5: Corporate Structure - Prior to the IPO, the company underwent internal restructuring, with its chairman, Cui Lixin, holding 100% of the shares through Bloomsbury Holding before the IPO, and is expected to retain about 75% post-listing [5].

Core Viewpoint - Innovation International has submitted a second IPO application to the Hong Kong Stock Exchange, updating financial data and business details from its previous submission, with plans to use the raised funds for expanding overseas electrolytic aluminum smelting capacity, building green energy power stations, and optimizing working capital to support its globalization strategy and sustainable development goals [1][2]. Group 1: Company Overview - Innovation International is a leading upstream enterprise in the aluminum industry chain, focusing on the production and sales of electrolytic aluminum and alumina [2]. - The company has significant cost advantages due to its strategic locations in Inner Mongolia and Shandong, with transportation costs approximately 15% lower than inland peers and industrial electricity prices 40% lower than those in eastern coastal regions [2]. - The company has achieved a self-sufficiency rate of 84% for alumina and 88% for electricity, which is significantly higher than the industry average [2]. Group 2: Financial Performance - The revenue from electrolytic aluminum accounted for 95.5%, 90.5%, 85%, and 76.6% of total revenue for the years 2022, 2023, 2024, and the first five months of 2025, respectively [2]. - The net profit of Innovation International increased from 913 million yuan in 2022 to 2.63 billion yuan in 2024, benefiting from rising electrolytic aluminum prices, but saw a decline of 14.4% to 856 million yuan in the first five months of 2025 due to rising coal prices affecting production costs [4]. Group 3: Customer Dependency - Innovation International's largest customer is its affiliate, Innovation New Materials, which accounted for 78.8%, 76.6%, and 59.8% of the company's revenue in 2023, 2024, and the first five months of 2025, respectively [6]. - The company emphasizes that the terms of transactions with Innovation New Materials are fair and comparable to those with independent third parties, asserting that it maintains independent customer channels despite the high revenue dependency [6]. Group 4: Regulatory Scrutiny - The China Securities Regulatory Commission has requested clarification on various aspects of Innovation International's operations, including foreign investment procedures related to the establishment of its subsidiary, Beijing Chuangyuan, and the acquisition of Inner Mongolia Chuangyuan [9].