On December 19, Inner Mongolia Shuangxin Environment-Friendly Material (001369.SZ) opened its subscription with an issue price of 6.85 yuan per share. The maximum subscription limit is 60,000 shares, and the P/E ratio stands at 16.19x. The company is listed on the Shenzhen Stock Exchange, with China International Capital Corporation (CICC) acting as its sponsor.
According to the prospectus, Shuangxin is a high-tech enterprise specializing in the R&D, production, and sales of polyvinyl alcohol (PVA), PVA specialty fibers, vinyl acetate (VAC), and calcium carbide (electro lime), covering the entire PVA industry chain. In terms of operational scale, the company ranks as China's third-largest PVA producer and is one of the country's three major PVA production bases, based on industry association statistics.
In the PVA segment, the company operates production lines for vinyl acetate, PVA, and specialty fibers. For its calcium carbide business, it has established production lines for limestone mining and crushing, quicklime, calcium carbide, and cement clinker derived from carbide slag. Calcium carbide, a foundational chemical material, is primarily used to produce acetylene for synthesizing key industrial materials such as PVC, PVA, and BDO.
PVA is a water-soluble, biodegradable polymer with properties like adhesiveness, fiber-forming capability, emulsion stability, gas barrier performance, film-forming ability, and biodegradability. It is widely used in industrial additives, specialty fibers, adhesives, PVB films for safety glass, water-soluble films, optical films, and other applications across industries like fine chemicals, green construction, papermaking, textiles, automotive, biodegradable packaging, optoelectronics, and pharmaceuticals.
Industry data shows that in 2024, Shuangxin ranked among the top three in PVA production, accounting for about 13% of China's total output. The company's calcium carbide capacity reached 870,000 tons, representing 2.06% of the national total (ranking 8th). Its commercial calcium carbide sales exceeded 500,000 tons, making up 2.86% of domestic sales (5th place).
The company's products are sold in 29 Chinese provinces (autonomous regions/municipalities) and exported to over 40 countries and regions in Europe, South America, and Southeast Asia.
Financially, the company reported revenues of 5.061 billion yuan (2022), 3.783 billion yuan (2023), 3.486 billion yuan (2024), and 1.797 billion yuan (Jan–Jun 2025). Net profits for the same periods were 807 million yuan, 558 million yuan, 521 million yuan, and 281 million yuan, respectively.
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