据了解，聚乙烯醇是一种水溶性可降解高分子材料，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。 公司客户质量优质，在国内市场，公司与建滔集团、吉林化纤（000420）、东方雨虹（002271）等多家 下游行业内具有较强影响力的厂家形成长期稳定的合作关系。在海外市场，公司产品出口全球40余个国 家，主要海外客户包括泰国暹罗水泥集团、印度RAMCO公司、荷兰CORDIAL公司等。 随着汽车、建筑、光电、绿色包装及医药等应用领域的迅速发展，PVA下游的PVB、PVA光学膜、PVA 水溶膜等新产品需求快速增长，成为PVA产业链的重要延伸方向。我国已成为全球最大的聚乙烯醇生产 基地，但在PVA下游高附加值产品方面的生产能力相对欠缺。目前，高端产品的国产替代、国际市场的 开拓已成为国内PVA企业未来发展的必然趋势。随着下游行业的持续发展和国内PVA供给质量的提升， 高附加值PVA产品领域具有广阔的国产替代空间。 12月17日晚间，双欣环保（001369）公布发行公告，公司 ...

策 略 研 究 2025 年 12 月 15 日 双欣环保：全产业链布局，高端化转 型提速 新股分析 证券分析师 彭文玉 A0230517080001 pengwy@swsresearch.com 朱敏 A0230524050004 zhumin@swsresearch.com 任奕璇 A0230525050002 renyx2@swsresearch.com 研究支持 陈榕杰 A0230125080001 chenrj@swsresearch.com 联系人 陈榕杰 (8621)23297818× chenrj@swsresearch.com 本研究报告仅通过邮件提供给 博时基金 博时基金管理有限公司(researchreport@bosera.com) 使用。1 ——注册制新股纵览 20251215 本期投资提示： 相关研究 - 请务必仔细阅读正文之后的各项信息披露与声明 申 购 策 略 证 券 研 究 报 告 ⚫ 剔除流动性溢价因素后，双欣环保 2.53 分，位于总分的 34.4%分位。双欣环保于 2025 年 12 月 11 日招股，将在主板上市。剔除、考虑流动性溢价因素后，我们测算双欣环保 AHP ...

据招股书，公司本次募集资金拟投向年产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以及补充流动资金。 募集资金使用有助于提高公司PVB功能性 膜、水基型胶粘剂等高附加值产品的生产能力，增强技术实力，推动节能降耗，降低生产成本，完善产业链布局，从而进一步提升公司核心竞争力和行业地 位，在提升公司效益、优化产品结构的同时，能够满足下游新兴领域日益增长的市场需求，加速高附加值领域的国产替代进程，本次融资具有必要性。 | 序号 | 募集资金投资项目名称 | 项目投资规模 拟使用募集资 | | --- | --- | --- | | 1 | 年产 1.6 万吨 PVB 树脂及年产 1.6 万吨 PVB 功 能性膜项目 | 55.753.00 | | 2 | 年产 6 万吨水基型胶粘剂项目 | 35.158.00 | | 3 | PVA 产业链节能增效技术改造项目 | 17.050.00 | | 4 | 电石生产线节能增效技术改造项目 | 12,000.00 | | રે ...

双欣环保启动招股，公司布局聚乙烯醇全产业链，经营规模排名行业前三，已成为聚乙烯醇及上下游领域内的重要企业。 公司本次拟发行不超过28700万股，募集资金拟投向年产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 装置建设项目以及补充流动资金。 | | | | 单位: 万元 | | --- | --- | --- | --- | | 序号 | 募集资金投资项目名称 | 项目投资规模 | 拟使用募集资金投资 | | | | | 题 | | | 年产 1.6 万吨 PVB 树脂及年产 1.6 万吨 PVB 功 能性膜项目 | 55.753.00 | 55.731.26 | | 2 | 年产6万吨水基型胶粘剂项目 | 35.158.00 | 35.112.35 | | 3 | PVA产业链节能增效技术改造项目 | 17.050.00 | 16.584.84 | | র্ব | 电石生产线节能增效技术改造项目 | 12.000.00 | 11.362.41 | | ਵ | 研发中心建 ...

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]

Core Viewpoint - The strong performance of China's polyvinyl alcohol (PVA) exports in 2023, with a volume of 135,500 tons from January to July, representing a year-on-year growth of 10.63% [1] Group 1: Company Overview - Inner Mongolia Shuangxin Environmental Protection Materials Co., Ltd. (Shuangxin Environmental) is one of the few companies in China with a full PVA industry chain layout, ranking among the top three in domestic production capacity [2] - The company plans to raise 1.865 billion yuan through its IPO to invest in energy-saving and efficiency-enhancing technology upgrades in the PVA industry chain, aligning with current domestic "dual carbon" policies [2][3] Group 2: Market Position and Strategy - Shuangxin Environmental has established an integrated industry chain centered on PVA, utilizing limestone, calcium carbide, and acetic acid to produce PVA and specialty fibers, with applications in fine chemicals, green construction, and more [4] - The company maintains a stable market share of approximately 17% in the domestic PVA market and 16% in the international specialty fiber market, making it the third-largest PVA producer in China [4] Group 3: Customer Relationships and Industry Dynamics - Downstream customers have strict requirements for PVA suppliers, leading to long-term partnerships with established suppliers like Shuangxin Environmental, which are less likely to be replaced [5] - The tightening of national environmental policies has led to the elimination of outdated production capacities, creating more opportunities for compliant companies and increasing industry concentration [6] Group 4: Environmental and Technological Advantages - Shuangxin Environmental has a differentiated advantage in green production, utilizing advanced closed large-scale calcium carbide furnaces to improve energy efficiency and reduce emissions [7] - The company has received recognition for its energy-saving measures, including being the first in Ordos City to pass the national energy-saving standardization demonstration project [8] Group 5: Market Outlook - The PVA market is expected to continue its high growth trajectory, driven by demand for downstream products like PVB and PVA optical films [9][10] - The exit of outdated capacities is enhancing industry concentration, with China's PVA production capacity expected to be 1.096 million tons per year by mid-2025, a reduction of 250,000 tons since 2015 [10] Group 6: Policy Support - The Ministry of Industry and Information Technology and other departments have released a plan to guide the planning and layout of major petrochemical projects, aiming for high-quality industry development [12][13] Group 7: Future Opportunities - Shuangxin Environmental's IPO fundraising will support projects to produce high-value-added products like PVB resin and functional films, enhancing its market share in the PVA downstream sector [14]

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 Points - The Shenzhen Stock Exchange will hold its 24th listing review meeting on October 24, 2025, to review the application of Inner Mongolia Shuangxin Environmental Protection Materials Co., Ltd. [1] - The company aims to raise funds totaling 186,538.34 million yuan for various projects, including the production of PVB resin and functional films, water-based adhesives, and energy-saving technology upgrades [1][2] Fundraising Projects - Project 1: Annual production of 16,000 tons of PVB resin and functional films, with an investment scale of 55,753.00 million yuan and intended fundraising of 55,731.26 million yuan [2] - Project 2: Annual production of 60,000 tons of water-based adhesives, with an investment scale of 35,158.00 million yuan and intended fundraising of 35,112.35 million yuan [2] - Project 3: PVA industry chain energy-saving technology upgrade project, with an investment scale of 17,050.00 million yuan and intended fundraising of 16,584.84 million yuan [2] - Project 4: Calcium carbide production line energy-saving technology upgrade project, with an investment scale of 12,000.00 million yuan and intended fundraising of 11,362.41 million yuan [2] - Project 5: R&D center construction project, with an investment scale of 16,901.60 million yuan and intended fundraising of 16,880.66 million yuan [2] - Project 6: PVA product pilot plant construction project, with an investment scale of 7,925.82 million yuan and intended fundraising of 7,866.81 million yuan [2] - Project 7: Supplementing working capital, with an investment scale of 43,000.00 million yuan and intended fundraising of 43,000.00 million yuan [2] - Total investment scale is 187,788.42 million yuan, with intended fundraising of 186,538.34 million yuan [2] Shareholding Structure - Inner Mongolia Shuangxin Energy Chemical Co., Ltd. holds 49,116.70 million shares, accounting for 57.11% of the total share capital, making it the controlling shareholder [2] - Qiao Yuhua indirectly controls 62.10% of the voting rights through Shuangxin Resources and Antel, making him the actual controller of the company [2] Underwriter Information - The sponsor (lead underwriter) for Shuangxin Environmental Protection is China International Capital Corporation, with representatives Zhou Bin and Zhao Huan [3]