A-share subscription| Shuangxin Environmental Protection (001369.SZ) opens subscription with a complete layout of the polyethylene alcohol industry chain.

On December 19th, Shuangxin Environmental Protection (001369.SZ) began its IPO, with an issuing price of 6.85 yuan per share and a subscription limit of 60,000 shares. The price-earnings ratio is 16.19 times, and it is listed on the Shenzhen Stock Exchange, with CICC as its sponsor. The prospectus shows that Shuangxin Environmental Protection is a high-tech enterprise specializing in research, development, production, and sales of upstream and downstream products in the PVA industry chain, including PVA, PVA special fibers, VAC, and calcium carbide (acetylene). The company has a complete layout of the PVA industry chain. In terms of operational scale, according to statistics from the China Chemical Fiber Industry Association, calculated on a group basis, the company is the third-largest PVA producer in China and has become one of the three major PVA production bases in the country. In the PVA business sector, the company has production lines for VAC, PVA, and special fibers. In the calcium carbide business sector, the company has production lines for limestone mining and crushing, lime production, calcium carbide production, and production of cement clinker from calcium carbide slag. Calcium carbide, as a cornerstone of the chemical industry, is mainly used in the production of acetylene and subsequently synthesizing important chemical materials such as PVC, PVA, and BDO. It is a fundamental raw material for the upstream organic chemical industry. PVA is a water-soluble, degradable high polymer material with properties such as adhesion, fiber-forming, emulsifying stability, gas barrier, film-forming, biodegradability, etc. It is mainly used in the production of industrial additives, special fibers, adhesives, safety glass interlayer films (PVB films), water-soluble films, optical films, etc., and is widely used in industries such as fine chemicals, green buildings, papermaking, fibers, automobiles, degradable packaging, optoelectronics, medicine, etc. It is a key direction for the development of new materials supported by the country. According to statistics from the China National Chemical Engineering Fiber Industry Association, the company's PVA production volume ranks in the top three in the industry by 2024, accounting for approximately 13% of the total domestic production volume. The company's calcium carbide production capacity is 870,000 tons, and according to statistics from the China Calcium Carbide Industry Association, the company's calcium carbide production capacity accounted for 2.06% of the national total in 2024, ranking 8th in the country. Among them, the sales volume of commercial calcium carbide exceeds 500,000 tons, accounting for 2.86% of the national commercial calcium carbide sales volume, ranking 5th in the country. In terms of market recognition, the company's products are sold domestically in 29 provinces (autonomous regions, municipalities directly under the central government), and some products are exported to more than 40 countries and regions in Europe, South America, Southeast Asia, etc. Financially, the company achieved operating revenues of 5.061 billion yuan, 3.783 billion yuan, 3.486 billion yuan, and 1.797 billion yuan in 2022, 2023, 2024, and January-June 2025 respectively. During the same period, it achieved net profits of 807 million yuan, 558 million yuan, 521 million yuan, and 281 million yuan.