本次冲击上市，双欣环保拟募集资金约18.65亿元，扣除发行费用后的净额将全部投入年产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。 据了解，双欣环保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。公司IPO于2023年2月28日获得受 理，当年3月25日进入问询阶段。 北京商报讯（记者 马换换 王蔓蕾）10月24日晚间，深交所官网显示，内蒙古双欣环保材料股份有限公 司（以下简称"双欣环保"）主板IPO上会获得通过。 ...

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are less likely to be replaced [5] - The tightening of national environmental policies has led to the elimination of outdated production capacities, creating more opportunities for compliant companies and increasing industry concentration [6] Group 4: Environmental and Technological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]

据了解，双欣环保是一家从事聚乙烯醇(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。公司主板IPO于2023年 2月28日获得受理，当年3月25日进入问询阶段。 本次冲击上市，双欣环保拟募集资金约18.65亿元，扣除发行费用后的净额将全部投入年产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。 北京商报讯(记者马换换实习记者李佳雪)10月17日晚间，深交所官网显示，根据安排，内蒙古双欣环保 材料股份有限公司(以下简称"双欣环保")主板IPO将于10月24日上会迎考。 ...

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]