双欣环保首次公开发行股票并在主板上市网上路演 股票代码：001369 本活动将于2025年12月18日（星期四）14:00-17:00在全景路演举行，欢迎广大投资者踊跃参与！ 双欣环保 董事、总经理兼财务总监 刘志勇 双欣环保 副总经理、董事会秘书 安志敏 中金公司投资银行部执行总经理、保荐代表人赵欢 中金公司 投资银行部副总经理、保荐代表人周斌 公司简介 内蒙古双欣环保材料股份有限公司成立于2009年6月，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。根据中国化纤工业协会统计，以集团口径计算，公司是国内第三大的聚乙 烯醇生产企业，已成为全国聚乙烯醇三大生产基地之一。 经过多年的技术创新和生产实践，公司在聚乙烯醇及上下游领域掌握了多项核心技术与生产工艺，形成了国内先进的技术成果。截至2025年6月30日，公 司作为中国化学纤维工业协会维纶专业委员会副主任单位、中国节能协会碳中和专业委员会常务委员单位、内蒙古石油和化学工业协会副会长单位及中国 石油和化学联合会理事单位、内蒙古进出口企业协会理事单 ...

2025 年 12 月 16 日 公司研究●证券研究报告 双欣环保（001369.SZ） 新股覆盖研究 投资要点 本周二（12 月 16 日）有一家主板上市公司"双欣环保"询价。 | 交易数据 | | | --- | --- | | 总市值（百万元） | | | 流通市值（百万元） | | | 总股本（百万股） | 860.00 | | 流通股本（百万股） | | | 12 个月价格区间 | / | | 分析师 | 李蕙 | | SAC | 执业证书编号：S0910519100001 | | | lihui1@huajinsc.cn | | 报告联系人 | 戴筝筝 daizhengzheng@huajinsc.cn | 相关报告 华金证券-新股- 新股专题覆盖报告（元创股 份）-2025 年 103 期-总第 629 期 2025.12.9 华金证券-新股- 新股专题覆盖报告（健信超 导）-2025 年 102 期-总第 628 期 2025.12.8 华金证券-新股- 新股专题覆盖报告（天溯计 量）-2025 年 101 期-总第 627 期 2025.12.7 华金证券-新股- 新股专题覆盖报告（锡华科 ...

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].

Group 1 - The core viewpoint of the article is that Inner Mongolia Shuangxin Environmental Protection Materials Co., Ltd. has successfully registered its IPO on the Shenzhen Stock Exchange, marking a significant milestone for the company [1] - The company 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 [1] - The IPO process began on February 28, 2023, with the company entering the inquiry stage on March 25, 2023, and receiving approval on October 24, 2025, before submitting the registration on October 27, 2025 [1] Group 2 - The company aims to raise approximately 1.865 billion yuan through this IPO [2]

Group 1 - The China Securities Regulatory Commission has approved Inner Mongolia Shuangxin Environmental Protection Materials Co., Ltd. for its initial public offering on the Shenzhen Stock Exchange, with a fundraising target of 1.86538 billion yuan [1] - Shuangxin Environmental Protection is a high-tech enterprise specializing 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 [4] - The company has a complete industrial chain layout for polyvinyl alcohol, which is a water-soluble biodegradable polymer material with various properties, widely used in industries such as fine chemicals, green construction, and pharmaceuticals [4] Group 2 - Calcium carbide, a key raw material in the chemical industry, is primarily used to produce acetylene, which is then synthesized into important chemical materials like PVC, PVA, and BDO [4] - The applications of polyvinyl alcohol include industrial additives, special fibers, adhesives, safety glass interlayer films, water-soluble films, optical films, and more, making it a focus area for national support in new material development [4]

Core Viewpoint - Inner Mongolia Shuangxin Environmental Protection Materials Co., Ltd. has passed the IPO review by the Shenzhen Stock Exchange, marking it as the 63rd company approved for listing this year [1] Group 1: Company Overview - Shuangxin Environmental Protection specializes 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] - As of the signing date of the prospectus, Shuangxin Chemical holds 49,116.70 million shares, accounting for 57.11% of the total share capital, making it the controlling shareholder [1] Group 2: IPO Details - Shuangxin Environmental Protection plans to publicly issue no more than 287,000,000 shares, which will not be less than 10.00% of the total share capital after issuance [2] - The company aims to raise approximately 186.54 million yuan for various projects, including the production of PVB resin and functional films, water-based adhesives, energy-saving technology upgrades, and the establishment of a research and development center [2] Group 3: Review Committee Inquiries - The review committee inquired about the feasibility and prudence of the 2025 performance forecast, considering industry policies, main business models, product price trends, new product development, and order execution [3] - Questions were raised regarding the composition and basis of sales and technical service fees, as well as the necessity and reasonableness of sales services provided by partners [3]

Core Viewpoint - Inner Mongolia Shuangxin Environmental Protection Materials Co., Ltd. has successfully passed the IPO review on the Shenzhen Stock Exchange, marking a significant step towards its public listing [1] Company Overview - Shuangxin Environmental Protection specializes 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 is recognized as a high-tech enterprise [1] IPO Details - The IPO application was accepted on February 28, 2023, and entered the inquiry stage on March 25, 2023 [1] - The company aims to raise approximately 1.865 billion yuan, with the net proceeds after issuance costs to be fully invested in various projects [1] Fund Utilization - The raised funds will be allocated to the following projects: - Annual production of 16,000 tons of PVB resin and 16,000 tons of PVB 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 - Establishment of pilot testing facilities for PVA products - Supplementing working capital [1]