（原标题：双欣环保(001369.SZ)：公司PVB树脂下游电子玻纤和MLCC可以应用于半导体方面） 格隆汇1月9日丨双欣环保(001369.SZ)在投资者互动平台表示，公司PVB树脂下游电子玻纤和MLCC可以 应用于半导体方面。 ...

Core Viewpoint - Inner Mongolia Shuangxin Environmental Protection Materials Co., Ltd. (Shuangxin Environmental) was listed on the Shenzhen Stock Exchange on December 30, with a closing price of 19.68 yuan, an increase of 187% from the issue price. The company plans to raise 1.865 billion yuan for various projects, marking the largest IPO in the chemical industry in A-shares in the past two years [1]. Fundraising Projects - The company plans to invest the raised funds in several projects, including: - Annual production of 16,000 tons of PVB resin and functional films, with an investment of 557.53 million yuan [2]. - Annual production of 60,000 tons of water-based adhesives, with an investment of 351.58 million yuan [2]. - Energy-saving and efficiency improvement projects for the PVA industry chain and calcium carbide production line, with investments of 170.50 million yuan and 120 million yuan respectively [2]. - Construction of a PVA product pilot device and a research center, with investments of 79.26 million yuan and 169.02 million yuan respectively [2]. - Total planned investment amounts to 1.877 billion yuan [2]. Industry Position - Shuangxin Environmental was established in 2009 and has built a complete industrial chain from limestone to special fibers. It is recognized as a national-level "little giant" enterprise specializing in new technologies [2]. - The company is a leading producer of polyvinyl alcohol (PVA) in China, with a production capacity of 130,000 tons per year, accounting for approximately 13% of the domestic market share [3][4]. Market Dynamics - The global PVA production capacity is approximately 1.834 million tons per year, with the Asia-Pacific region accounting for over 82% of the total. China is the largest producer, with a capacity of about 1.096 million tons [3]. - The market for PVA products is expanding, particularly in high-value applications such as PVB films and biodegradable water-soluble films, as international giants exit the market [5]. Financial Performance - The company's revenue for 2022-2024 is projected to be 5.06 billion yuan, 3.78 billion yuan, and 3.486 billion yuan respectively, with net profits of 807 million yuan, 558 million yuan, and 521 million yuan [6]. - As of the first half of 2025, the company reported revenue of 1.797 billion yuan and a net profit of 281 million yuan [6][7].

Core Viewpoint - Shuangxin Environmental Protection (001369.SZ) was listed on the Shenzhen Stock Exchange, with a first-day closing price of 19.68 yuan, reflecting a significant increase of 187.30% from the issue price of 6.85 yuan [1] Group 1: IPO Details - The company issued a total of 287 million shares, accounting for 25.02% of the total share capital post-issue, with no existing shareholders selling shares [1] - The total amount raised from the IPO was 196,595 million yuan, with a net amount of 179,982.55 million yuan after deducting issuance costs of 16,612.45 million yuan [1] - The final raised funds were 6,555.79 million yuan less than the original plan of 186,538.34 million yuan [1] Group 2: Fund Utilization - The raised funds will be allocated to several projects, including the annual production of 16,000 tons of PVB resin and functional films, 60,000 tons of water-based adhesives, energy-saving technology upgrades in the PVA industry chain, and construction of a research and development center [1] - Additional funds will also support the construction of pilot testing facilities for PVA products and supplement working capital [1] Group 3: Underwriting Information - The sponsor for the IPO was China International Capital Corporation, with representatives Zhou Bin and Zhao Huan [2] - The total issuance costs (excluding VAT) amounted to 16,612.45 million yuan, with an issuance cost per share of 0.58 yuan, including underwriting fees of 13,671.22 million yuan [2]

Group 1 - N Shuangxin (001369) was listed today, opening with a rise of 186.13%, and closing with an increase of 187.30%, with a total trading volume of 146 million shares and a turnover of 3.045 billion yuan, resulting in a turnover rate of 72.62% [2] - Other newly listed stocks today include N Qiangyi, which rose by 165.61% with a turnover rate of 74.20%, and N Yufan, which increased by 124.36% with a turnover rate of 75.03% [2] Group 2 - The company primarily engages in the research, production, and sales of products along the PVA industry chain, including polyvinyl alcohol, specialty fibers, vinyl acetate, and calcium carbide [3] - The total number of shares issued in this offering was 287 million, with an online issuance of 14.325 million shares at a price of 6.85 yuan per share, resulting in a price-to-earnings ratio of 16.19, compared to the industry average of 28.75 [3] - The total funds raised from the initial public offering amounted to 1.966 billion yuan, which will be allocated to projects such as the annual production of 12,000 tons of PVB resin, 16,000 tons of functional PVB film, working capital, R&D center construction, and energy-saving technology upgrades in the PVA industry chain [3]

Core Viewpoint - Inner Mongolia Shuangxin Environmental Protection Materials Co., Ltd. is set to launch its IPO with a price of 6.85 yuan per share and a P/E ratio of 16.19, aiming to raise 1.865 billion yuan by issuing up to 287 million shares, marking its entry into the capital market [2][6]. Group 1: Company Overview - Shuangxin Environmental Protection specializes in the full industrial chain of polyvinyl alcohol (PVA), including R&D, production, and sales of PVA and its derivatives [4]. - 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 [4]. - Shuangxin's products are widely used across various industries, including fine chemicals, green construction, and pharmaceuticals, and are supported by national policies promoting new materials [4]. Group 2: Production Capacity and Market Position - In 2024, Shuangxin is projected to produce 116,900 tons of PVA, accounting for approximately 13% of the domestic total output [5]. - The company will have an acetylene production capacity of 870,000 tons in 2024, ranking 8th nationally, with a market share of 2.06% [5]. - Shuangxin's products are distributed across 29 provinces in China and exported to over 40 countries and regions, including Europe and Southeast Asia [5]. Group 3: Financial Performance - Shuangxin's revenue exceeded 3 billion yuan and net profit surpassed 500 million yuan for the years 2022 to 2024 [6]. - The company reported revenues of 5.061 billion yuan, 3.783 billion yuan, and 3.486 billion yuan for the years 2022, 2023, and 2024, respectively, with net profits of 807 million yuan, 557 million yuan, and 520 million yuan for the same years [6]. - The funds raised from the IPO will be allocated to various projects, including the production of PVB resin and functional films, water-based adhesives, and energy-saving technology upgrades [6].

中国上市公司网 12月19日，内蒙古双欣环保材料股份有限公司(股票简称：双欣环保;股票代码：001369)启动申购程序， 发行市盈率16.19倍，申购代码001369，定价6.85元/股，单一账户申购上限6万股，标志着这家聚乙烯醇 (PVA)行业领军企业即将登陆资本市场。 当前，我国聚乙烯醇(PVA)行业正处于技术升级与需求结构优化的关键转折点。根据中国化学纤维工业 协会数据，2024年我国PVA表观消费量回升至68.4万吨，同比增长4.9%，其中高附加值特种PVA产品需 求增速达8.2%，远高于常规产品3.5%的增速。这一趋势背后，是汽车轻量化、光电显示、可降解包装 等新兴领域对PVA光学膜、水溶膜、PVB膜等高端产品的爆发式需求。 双欣环保作为国内三大PVA生产基地之一，凭借"石灰石—电石—醋酸乙烯—聚乙烯醇—特种纤维"全产 业链布局，精准把握了这一行业升级机遇。公司2024年PVA产量达11.69万吨，占全国总产量的13%，特 种纤维产量0.78万吨，占国内总产量的21%，在高端产品领域已形成显著优势。更值得关注的是，其部 分PVA产品已实现国产替代，双欣牌聚乙烯醇和高强高模聚乙烯醇纤维更获得内蒙古自治 ...

Group 1 - The company, Shuangxin Environmental Protection, has initiated its subscription with a total issuance of 28,700,000 shares, of which 6,027,000 shares are available for online subscription at a price of 6.85 yuan per share, resulting in a price-to-earnings ratio of 16.19 times [1][3] - The maximum subscription limit for a single account is set at 60,000 shares, with subscriptions required to be in multiples of 500 shares [1][3] - The funds raised will be allocated to various projects, including a 12,000-ton annual production of PVB resin project, a 16,000-ton annual production of PVB functional film project, and a working capital supplement project [3] Group 2 - The company's main business focuses on the research, development, production, and sales of products along the PVA industry chain [2] - Key financial indicators for the company show total assets of 57.17 billion yuan in 2024, a decrease in operating income to 34.86 billion yuan in 2024 from 50.61 billion yuan in 2022, and a net profit of 5.21 billion yuan in 2024 [3] - The weighted return on equity is projected to be 12.05% in 2024, down from 26.09% in 2022, indicating a decline in profitability [3]

Core Viewpoint - Double Xin Environmental Protection Materials Co., Ltd. (hereinafter referred to as "Double Xin Environmental Protection") is set to go public, showcasing its advanced technology and production capabilities in the polyvinyl alcohol (PVA) industry, with a focus on sustainable development and innovation [1][2][7]. Group 1: Company Overview - Double Xin Environmental Protection specializes in the research, production, and sales of PVA and its upstream and downstream products, establishing a comprehensive industrial chain [2]. - The company has achieved significant technological advancements, holding 260 authorized patents and participating in the drafting of 13 national and local standards by 2025 [1][2]. - The annual production capacity for PVA is 130,000 tons, with the company ranking among the top three in the industry for PVA production in 2024 [2]. Group 2: Market Performance - The company operates at full capacity with high utilization rates, distributing products across 29 provinces in China and exporting to over 40 countries [3]. - Double Xin Environmental Protection has established long-term partnerships with influential manufacturers in various sectors, enhancing its market presence [3]. - The company has received recognition for its products, including brand honors from Inner Mongolia Autonomous Region [3]. Group 3: Financial Performance - The company has demonstrated steady revenue growth, with projected revenues of 50.61 billion yuan, 37.83 billion yuan, and 34.86 billion yuan for the years 2022 to 2024, respectively [4]. - Net profits for the same period are expected to be 8.08 billion yuan, 5.58 billion yuan, and 5.21 billion yuan, indicating strong profitability [4]. - For the first half of 2025, the company reported revenues of 1.797 billion yuan and net profits of 281 million yuan, with an expected annual revenue growth of 6.66% [5]. Group 4: Future Growth and Projects - The company plans to utilize the funds raised from its IPO to enhance production capacity and invest in energy-efficient technology projects [6]. - Key projects include the production of PVB resin and functional films, as well as the development of water-based adhesives, aimed at increasing the value-added product offerings [6]. - The company aims to strengthen its position in high-end markets and capitalize on the growing demand for eco-friendly materials [4][6].

Core Viewpoint - The company, Inner Mongolia Shuangxin Environmental Protection Materials Co., Ltd., is focused on expanding its product offerings in high-value downstream areas of polyvinyl alcohol (PVA) and green chemicals to optimize its revenue structure and achieve sustainable long-term growth [1][2][5]. Group 1: Company Overview - Shuangxin Environmental is a high-tech enterprise engaged in the research, production, and sales of PVA, specialty fibers, vinyl acetate (VAC), and calcium carbide, with a complete PVA industry chain layout [1][2]. - The company has an annual production capacity of 130,000 tons of PVA and 870,000 tons of calcium carbide, ranking among the top three in PVA production in 2024 [2][5]. Group 2: Product and Market Performance - The company operates at full capacity with high utilization rates, distributing products across 29 provinces in China and exporting to over 40 countries [4]. - Shuangxin's PVA and related products have received recognition as brand-name products in Inner Mongolia, and the company has established long-term partnerships with influential manufacturers in various industries [4][5]. Group 3: Financial Performance - The company reported revenues of 5.061 billion yuan, 3.783 billion yuan, and 3.486 billion yuan for the years 2022 to 2024, with net profits of 808 million yuan, 558 million yuan, and 521 million yuan respectively [5][6]. - For the first half of 2025, the company achieved revenues of 1.797 billion yuan and net profits of 281 million yuan, with an expected annual revenue of 3.719 billion yuan, reflecting a growth of 6.66% [6]. Group 4: Future Growth and Investment - The company plans to invest the net proceeds of approximately 1.798 billion yuan from its IPO into projects aimed at enhancing production capacity and energy efficiency, as well as research and development [7]. - The strategic focus includes expanding into high-value downstream products such as PVB resins and functional films, as well as improving energy efficiency in production processes [7][8].

Core Viewpoint - The company, Inner Mongolia Shuangxin Environmental Protection Materials Co., Ltd., is positioned as the third-largest producer of polyvinyl alcohol (PVA) in China, focusing on sustainable development and a circular economy in its operations [1][2]. Group 1: Company Overview - Shuangxin Environmental Protection specializes in the research, production, and sales of PVA, special fibers, vinyl acetate, and calcium carbide, establishing a comprehensive PVA industry chain [1][2]. - The company has an annual PVA production capacity of 130,000 tons and an annual calcium carbide production capacity of 870,000 tons, ranking fifth in national sales of calcium carbide [2]. Group 2: Technological Capabilities - The company has developed core technologies for the industrialization of PVA and its upstream and downstream products, including polymerization, alcoholysis, and distillation [3]. - Shuangxin has undertaken significant research projects, including a major technology research project for high-performance PVA and a national key research and development plan [3]. Group 3: Market Performance - The company operates at full capacity with high utilization rates, distributing products across 29 provinces in China and exporting to over 40 countries [4]. - Shuangxin's PVA and related products have received recognition as brand-name products in Inner Mongolia, and the company has established long-term partnerships with influential manufacturers [4]. Group 4: Growth Potential - The company is expected to increase its market share in high-end PVA applications, supported by strategic partnerships and a growing demand for PVB films and biodegradable packaging [5]. - Financial projections indicate steady revenue growth, with expected revenues of 3.72 billion yuan in 2025, reflecting a 6.66% increase from the previous year [6]. Group 5: Fundraising and Investment Plans - The company plans to raise approximately 1.865 billion yuan through its IPO, with funds allocated to projects aimed at enhancing production capacity and energy efficiency [7]. - Investment will focus on expanding PVB resin and functional film production, as well as improving R&D capabilities and operational flexibility [7]. Group 6: Future Outlook - Shuangxin aims to leverage its IPO to enhance innovation and become a leading player in the PVA industry, adhering to principles of integrity and user service [8]. - The company is set to launch its public offering on December 19, 2025, with a focus on capitalizing on opportunities in the chemical industry [8].