本次发行股票实际募集资金总额扣除发行费用后的净额将用于以下项目：年产1.6万吨PVB树脂及年产 1.6万吨PVB功能性膜项目、年产6万吨水基型胶粘剂项目、PVA产业链节能增效技术改造项目、电石生 产线节能增效技术改造项目、研发中心建设项目、PVA产品中试装置建设项目、补充流动资金项目。拟 使用募集资金投资额合计18.65亿元。 双欣环保是一家专业从事聚乙烯醇(PVA)、聚乙烯醇特种纤维、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，电石作为化 工"基石"，主要用于生产乙炔进而合成PVC、PVA、BDO等重要化工材料，是有机化学工业上游的基础 性原材料。聚乙烯醇是一种水溶性可降解高分子材料，具有粘结性、成纤性、乳化稳定性、气体阻隔 性、成膜性、生物降解性等诸多性能，主要用于生产工业助剂、特种纤维、胶粘剂、安全玻璃夹层膜 (PVB膜)、水溶膜、光学膜等，广泛应用于精细化工、绿色建筑、造纸、纤维、汽车、可降解包装、光 电、医药等行业，是国家重点支持的新材料发展方向。 根据立信会计师事务所(特殊普通合伙)出具的标准无保留意见的《审计报告》 ...

Core Viewpoint - Anhui Wanwei High-tech Materials Co., Ltd. experienced a decline of 5.29% in stock price, currently trading at 6.09 CNY per share, with a market capitalization of 12.601 billion CNY [1] Company Overview - Anhui Wanwei High-tech Materials Co., Ltd. was established on May 23, 1997, and listed on May 28, 1997. The company is located in Chaohu City, Hefei, Anhui Province [1] - The main business involves the research, production, and sales of various products including Polyvinyl Alcohol (PVA), high-strength and high-modulus PVA fibers, PVA water-soluble fibers, PVB resins, PVA optical films, and other related products [1] - The revenue composition of the main business includes: - Polyvinyl Alcohol: 32.83% - Acetic Acid Methyl Ester: 15.54% - Others: 11.13% - Cement and Clinker: 7.38% - Polyester Chips: 6.90% - Redispersible Latex Powder: 6.33% - Vinyl Acetate: 4.75% - VAE Emulsion: 4.21% - High-strength and High-modulus PVA Fiber: 4.10% - Other (Supplement): 3.84% - PVB Intermediate Film: 1.80% - PVA Optical Film: 1.20% [1] Shareholder Information - Southern Fund's Southern CSI 1000 ETF (512100) is among the top ten circulating shareholders of Wanwei High-tech. In the third quarter, it reduced its holdings by 144,900 shares, now holding 13.473 million shares, which is 0.65% of the circulating shares [2] - The estimated floating loss for the ETF today is approximately 4.5808 million CNY [2] - The Southern CSI 1000 ETF was established on September 29, 2016, with a current scale of 76.63 billion CNY. Year-to-date return is 24.71%, ranking 1906 out of 4208 in its category; the one-year return is 18.97%, ranking 2143 out of 3972; and since inception, the return is 10.36% [2]

Core Viewpoint - Anhui Wanwei High-tech Materials Co., Ltd. has shown a significant increase in stock price, indicating positive market sentiment and potential investment interest [1] Company Overview - Anhui Wanwei High-tech Materials Co., Ltd. was established on May 23, 1997, and listed on May 28, 1997. The company is located in Chaohu City, Hefei, Anhui Province [1] - The company specializes in the research, production, and sales of various products, including Polyvinyl Alcohol (PVA), high-strength and high-modulus PVA fibers, PVA water-soluble fibers, PVB resins, and other related products [1] - The main revenue sources are as follows: PVA (32.83%), Acetic Acid Methyl Ester (15.54%), Other (11.13%), Cement and Clinker (7.38%), Polyester Chips (6.90%), and several other products [1] Fund Holdings - Guotai Fund has a significant holding in Wanwei High-tech, with the Guotai Quantitative Income Flexible Allocation Mixed A Fund (001789) holding 94,400 shares, representing 1.1% of the fund's net value, ranking as the eighth largest holding [2] - The fund has achieved a year-to-date return of 33.06%, ranking 2486 out of 8145 in its category [2] Fund Manager Performance - The fund manager Liang Xing has a tenure of 9 years and 161 days, with a total asset scale of 30.617 billion yuan and a best return of 1112.34% during his tenure [3] - Co-manager Wu Kefan has a tenure of 2 years and 161 days, managing assets of 2.092 billion yuan, with a best return of 66.34% [3]

IPO Review and Registration Progress - Four companies passed the IPO review last week, including Jianxin Superconductor, Muxi Co., Shuangxin Environmental Protection, and Aishalen [3][4] - Jianxin Superconductor focuses on the R&D, production, and sales of core components for MRI equipment, with projected revenues of 359 million, 451 million, and 425 million yuan from 2022 to 2024 [3] - Muxi Co. specializes in high-performance GPU chips and plans to raise 3.904 billion yuan through its IPO [3][4] - Shuangxin Environmental Protection reported a revenue decline of 25.25% and 7.85% for 2023 and 2024, respectively, due to industry downturns [4][5] - Aishalen, primarily engaged in OEM for medical care pads, expects revenues of 692 million yuan in 2024 [5] Upcoming IPOs - Three companies are set to undergo IPO reviews this week, including Jiangtian Technology, Taijin New Energy, and Hongban Technology [6] - Jiangtian Technology, which focuses on label printing, reported revenue growth from 384 million yuan in 2022 to 538 million yuan in 2024 [6] - Taijin New Energy, involved in high-end green electrolytic equipment, expects revenues to grow from 1.005 billion yuan in 2022 to 2.194 billion yuan in 2024 [7] - Hongban Technology, specializing in printed circuit boards, achieved a revenue increase of 43.48% year-on-year for the first three quarters of 2025 [8] New Stock Listings and Subscriptions - Four new stocks are scheduled to be listed this week, including Heyuan Bio, Taikang Ying, Xi'an Yicai, and Bibete [12] - Heyuan Bio is a biopharmaceutical company with eight drugs in the pipeline, while Taikang Ying focuses on mining and construction tires [12] - Xi'an Yicai, specializing in 12-inch silicon wafers, reported a revenue of 1.933 billion yuan for the first three quarters of 2025 [13] - Bibete, a biopharmaceutical firm, has no revenue but has one innovative drug approved for market [13] Recent IPO Approvals - Two companies, Angrui Micro and Yuxun Co., received IPO registration approvals, both from the "hard technology" sector [11] - Angrui Micro specializes in RF front-end chips, while Yuxun Co. focuses on optical communication front-end transceiver chips [11] Financial Performance Highlights - Jianxin Superconductor's net profits are projected to grow from 35 million yuan in 2022 to 56 million yuan in 2024 [3] - Shuangxin Environmental Protection anticipates a net profit of 52.5 million yuan in 2025, a slight increase from previous years [4] - Hongban Technology's net profit surged by 306.91% year-on-year for the first three quarters of 2025 [8] - Taijin New Energy's new signed orders for electrolytic equipment dropped significantly, raising concerns about future performance [7]

Core Insights - Four companies are set to present their IPO applications, with a focus on various sectors including environmental protection, medical imaging, and artificial intelligence [1] Group 1: Upcoming IPOs - Double Xin Environmental Protection plans to list on the Shenzhen Main Board, aiming to raise 1.865 billion yuan for projects related to PVB resin and functional films, among others [1][2] - Two companies, Jianxin Superconductor and Muxi Co., are targeting the Sci-Tech Innovation Board (STAR Market) with proposed fundraising amounts of 775 million yuan each [1][3] - Aishalen is preparing for an IPO on the Beijing Stock Exchange, with a target of raising 300 million yuan [1][4] Group 2: Company Profiles - Double Xin Environmental Protection specializes in the research, production, and sales of PVA and related products, boasting a full industry chain layout [2] - Jianxin Superconductor focuses on the development and production of core components for medical MRI equipment [3] - Muxi Co. is engaged in the research, design, and sales of full-stack GPU products for AI training and general computing [3] - Aishalen is dedicated to the medical health sector, producing disposable medical supplies for rehabilitation and protection [4]

Core Viewpoint - Inner Mongolia Shuangxin Environmental Protection Materials Co., Ltd. is set to hold its main board IPO meeting on October 24, aiming to raise approximately 1.865 billion yuan for various projects [1] Company Overview - Shuangxin Environmental Protection is engaged in the research, production, and sales of products along the polyvinyl alcohol (PVA) industry chain, including PVA, specialty fibers, vinyl acetate (VAC), and calcium carbide [1] - The company has a complete industrial chain layout for polyvinyl alcohol [1] IPO Details - The IPO was accepted on February 28, 2023, and entered the inquiry stage on March 25, 2023 [1] - The funds raised will be allocated to several projects, including: - Annual production of 16,000 tons of PVB resin and functional films - Annual production of 60,000 tons of water-based adhesives - Energy-saving and efficiency-enhancing technology transformation projects for the PVA industry chain and calcium carbide production line - Construction of a research and development center - Construction of pilot testing facilities for PVA products - Supplementing working capital [1]

Core Viewpoint - Wanhua Chemical (SH600063) has announced a significant increase in its expected net profit for the first three quarters of 2025, projecting a year-on-year growth of 69.81% to 109.77% [1][2]. Financial Performance - The company anticipates a net profit attributable to shareholders of between 340 million to 420 million yuan, compared to 200 million yuan in the same period last year, representing an increase of 140 million to 220 million yuan [2]. - The expected net profit after deducting non-recurring gains and losses is projected to be between 324 million to 404 million yuan, up from 180 million yuan year-on-year, indicating a growth of 79.88% to 124.29% [2]. - The basic earnings per share for the same period last year was 0.09 yuan [2]. Business Drivers - The increase in performance is attributed to several factors: - The company has adjusted its sales strategy, leading to a steady increase in foreign trade market share, with PVA export volume rising over 40% and acetic acid methyl export volume increasing by around 30% [3]. - Focus on high-value new materials in the PVA downstream sector has led to increased R&D investment, breaking foreign monopolies in certain products, resulting in strong sales and profitability for PVA optical films and other new materials [3]. - A significant drop in the prices of raw materials such as coal, acetic acid, and PTA has improved the gross margins of products like PVA and polyester chips [3]. - Enhanced cost control measures and efficiency improvements have contributed to better operational performance [3]. Non-Recurring Gains - The company expects non-recurring gains and losses attributable to shareholders to be around 16 million yuan, which is not expected to have a significant impact on overall performance [3]. Company Overview - Anhui Wanhua High-tech Materials Co., Ltd. is located in Chaohu City, Anhui Province, and was established on May 23, 1997, with its listing date on May 28, 1997 [6]. - The company's main business includes the research, production, and sales of various products such as polyvinyl alcohol (PVA), high-strength PVA fibers, PVA optical films, and other related materials [6].

Group 1 - The core point of the news is the significant stock price increase of Anhui Wanwei High New Materials Co., Ltd., which has risen 5.02% on September 12, reaching 6.07 CNY per share, with a total market capitalization of 12.559 billion CNY [1] - The stock has experienced a continuous increase for six days, with a cumulative growth of 16.77% during this period [1] - The company specializes in the research, production, and sales of various products, including polyvinyl alcohol (PVA), PVA fibers, PVB resin, and other related materials, with the main revenue sources being PVA (32.83%) and methyl acetate (15.54%) [1] Group 2 - From the perspective of major circulating shareholders, Southern Fund's Southern CSI 1000 ETF (512100) increased its holdings by 2.5846 million shares in the second quarter, now holding 13.6179 million shares, accounting for 0.71% of circulating shares [2] - The ETF has generated a floating profit of approximately 3.9492 million CNY today and 11.3029 million CNY during the six-day increase [2] - The Southern CSI 1000 ETF has a total scale of 64.953 billion CNY and has achieved a year-to-date return of 25.52% [2]