6月25日晚间，晋景新能发布了截至2025年3月31日止年度的年度业绩报告，翻阅过后，笔者认为"惊 喜"二字最适合概括这份业绩。 报告期内，晋景新能全年实现营业收入8.7亿港元，同比大幅增长92.3%，创下历史最高记录。与此同 时，其盈利能力的大幅提升更令人侧目。数据显示，公司毛利实现1.03亿港元，同比增幅高达266.8%； 归属股东净亏损从去年同期的7890万港元大幅收窄至1570万港元，距离盈亏平衡仅一步之遥。值得注意 的是，报告期内公司的经调整EBITDA实现扭亏为盈，从去年同期的-4010万港元增加至4480万港元。 公司自2022年获取香港首块动力电池处置牌照起步，逐步构建起涵盖运输、出口及拆解的全套资质壁 垒，彻底打通电池回收的合规通道。这一布局在本财年迎来收获期：逆向供应链业务不仅贡献了超过一 半的营收增量，其毛利率的跃升更表明技术壁垒正在转化为定价能力。 进一步拆解晋景新能的增长动力，可以看到，有两大引擎尤为关键。 在纵向链条整合上，公司通过收购本地领先的再生资源企业，将业务触角延伸至电池回收全生命周期， 紧密串联起动力电池回收利用的上下游环节——从前端收集网络、中端拆解检测到后端资源再生利 ...

Financial Performance - For the fiscal year ending March 31, 2025, the company reported revenue of approximately HKD 869.7 million, an increase of about HKD 417.5 million or 92.3% compared to HKD 452.2 million for the fiscal year ending March 31, 2024[3]. - The gross profit for the fiscal year ending March 31, 2025, was approximately HKD 102.7 million, up by about HKD 74.7 million or 266.8% from HKD 28.0 million in the previous year, resulting in a gross margin of approximately 11.8%[3]. - The adjusted EBITDA turned from a loss of approximately HKD 40.1 million for the fiscal year ending March 31, 2024, to a profit of approximately HKD 44.8 million for the fiscal year ending March 31, 2025, an improvement of about HKD 84.9 million[3]. - The net loss attributable to the company's owners for the fiscal year ending March 31, 2025, was approximately HKD 15.7 million, significantly reduced from a loss of HKD 78.9 million in the previous year[3]. - Basic and diluted loss per share for the fiscal year ending March 31, 2025, was approximately HKD 1.22, compared to HKD 6.61 for the fiscal year ending March 31, 2024[5]. Assets and Equity - The company's non-current assets increased to approximately HKD 341.6 million as of March 31, 2025, from HKD 158.9 million in the previous year[6]. - Current assets decreased to approximately HKD 537.7 million as of March 31, 2025, compared to HKD 665.7 million in the previous year[6]. - The company's total equity increased to approximately HKD 467.0 million as of March 31, 2025, from HKD 233.9 million in the previous year[7]. Revenue Segmentation - The group reported segment revenue from external customers of HKD 869,730,000 for the year ending March 31, 2025, with contributions of HKD 174,011,000 from upper structure construction and HKD 695,719,000 from reverse supply chain management and environmental services[15]. - For the year ending March 31, 2024, the segment revenue from external customers was HKD 452,192,000, with HKD 223,495,000 from upper structure construction and HKD 228,697,000 from reverse supply chain management and environmental services[16]. - Revenue from reverse supply chain management and environmental services surged to HKD 695,719,000 in 2025, up 204.5% from HKD 228,697,000 in 2024[21]. - Revenue from the construction and renovation services was HKD 174,011,000 in 2025, down 22.2% from HKD 223,495,000 in 2024[21]. Expenses and Losses - The group recorded a loss before tax of HKD 13,739,000 for the year ending March 31, 2025, which includes expenses related to share-based payments of HKD 38,914,000[15]. - The group experienced a significant loss in segment performance for the year ending March 31, 2024, with a total segment loss of HKD 20,079,000, including losses of HKD 16,508,000 from upper structure construction and HKD 3,571,000 from reverse supply chain management[16]. - Total operating expenses for the year ending March 31, 2025, were approximately HKD 121.2 million, an increase of approximately HKD 11.2 million or 10.2% from approximately HKD 110.0 million for the year ending March 31, 2024[57]. Share Capital and Dividends - The company did not recommend the payment of a final dividend for the fiscal year ending March 31, 2025, consistent with the previous year[3]. - The company plans to increase its authorized share capital from HKD 15 million (1.5 billion shares) to HKD 30 million (3 billion shares) as approved on September 28, 2023[47]. - The company issued a total of 191,890,000 new shares at a placement price of HKD 0.4 per share, raising approximately HKD 18 million on April 11, 2023[47]. - The company completed a debt capitalization agreement, issuing 103,650,000 shares at HKD 0.4 per share to settle HKD 41.46 million in notes, with net proceeds of approximately HKD 41.396 million after expenses[47]. - The company did not declare any dividends for 2025, consistent with 2024[26]. Employee and Operational Metrics - As of March 31, 2025, the group employed a total of 54 employees, an increase from 45 employees as of March 31, 2024[72]. - Total salary and related costs for the year ending March 31, 2025, amounted to approximately HKD 60.1 million, compared to HKD 45.6 million in 2024[72]. Compliance and Governance - The company has complied with the corporate governance code applicable to its operations as of March 31, 2025[95]. - The Audit Committee, established on July 25, 2018, consists of four independent non-executive directors and has reviewed the group's internal controls, risk management, and financial reporting for the fiscal year ending March 31, 2025[98]. - The auditors confirmed that the preliminary announcement aligns with the audited consolidated financial statements for the year ending March 31, 2025, but did not provide any opinion or verification conclusion[99]. Future Outlook and Plans - The company anticipates continued growth in its reverse supply chain management and environmental services, leveraging opportunities from proposed collaborations with European partners[52]. - The company plans to issue an additional 41,221,000 shares and 66,240,000 shares under various placements and incentive plans in the upcoming fiscal periods[47][48].

金十数据整理：每日港股市场要闻速递（6月20日 周五） 重要新闻： 个股新闻： 1. 金融监管总局人身险司向业内发文，分红险分红水平不得"内卷式"竞争。 2. 知情人士：光伏三季度"减产令"升级，开工率环降10%、低价销售将审计核查。 3. 三部门召开加强新能源汽车安全管理工作视频会，会议要求，不搞"内卷式"竞争，不以牺牲产品性 能、降低产品质量为代价实现短期的"降本增效"。 1. 深交所：将恒瑞医药调入港股通标的证券名单。 2. 三花智控(02050.HK)：发售价厘定为每股H股22.53港元。 3. 非凡领越(00933.HK)收购合共1809万股李宁(02331.HK)股份。 4. 晋景新能(01783.HK)：与亿纬锂能正式启动全球锂电回收网络平台。 5. 南京熊猫电子股份(00553.HK)挂牌出售ENC股权，旨在优化资产结构。 6. HYPEBEAST(00150.HK)发布年度业绩，纯损2103.1万港元，同比盈转亏。 7. 计划为芯片业务引入战略投资者？蔚来汽车(09866.HK)：这属于猜测性信息。 8. 欧科云链(01499.HK)：预期年度股东应占亏损不多于2000万港元，同比收窄。 9 ...

金十数据6月19日讯，6月19日，晋景新能(01783.HK)在港交所公告，作为公司与亿纬锂能根据备忘录共 同推动电池回收网络等项目的一部分，双方将借助于2025年6月18日正式启动的全球锂电回收网络平 台，在全球化布局、数字化溯源等领域开展合作，致力于在国际层面实现对退役电池材料的有效回收及 再利用。 晋景新能：与亿纬锂能正式启动全球锂电回收网络平台 ...

(d)回收技术合作：双方将在电池回收技术方面进行合作，共享或共同研发更高效、环保的回收技术， 共同推动废旧电池材料的有效回收及再利用；及 (e)香港电动化项目：双方将致力于共同开展梯次电池技术的研发与应用，透过技术创新及实践，探索 梯次利用的应用场景，助力香港电动化转型。 作为公司与亿纬锂能根据备忘录共同推动电池回收网络等项目的一部分，双方将藉助于2025年6月18日 正式启动的全球锂电回收网络平台，在全球化布局、数字化溯源等领域开展合作，致力于在国际层面实 现对退役电池材料的有效回收及再利用。 董事会认为，公司与亿纬锂能订立的备忘录将优化电池回收业务，各方将致力于开发创新合作模式，在 全球范围内打造高效及有效的电池材料回收及绿色物流解决方案。该等合作(倘落实)将进一步巩固公司 作为全球新能源业务市场先导者的地位。拟进行之合作亦符合公司的发展战略。 格隆汇6月19日丨晋景新能(01783.HK)公布，于2025年3月25日，公司与亿纬锂能(统称"双方")订立一份 谅解备忘录(「备忘录」)。根据备忘录的条款(其中包括)，公司与亿纬锂能将就以下项目进行紧密合 作： (a)回收网络共建共享：双方将采用共建共享模式， ...

自2024年10月18日挂牌成立以来，中国资源循环集团(以下简称"中国资环集团")以"国家队"身份展开一 系列的战略布局，其通过央地协同与产业链垂直整合的双轮驱动，加速构建了覆盖废钢、电子产品、废 旧电池、有色金属、塑料等全领域的资源循环生态系统。 晋景新能拥有的香港首间动力电池处理设施对于组建战略性再生资源全球供应链具有特殊的战略性意 义。据公开资料显示，晋景新能的香港首间动力电池处理设施是香港乃至大湾区新能源产业链的关键项 目，集智能处理、梯次利用、资源再生于一体的高智能储能产品处理基地，设计产能直接可满足香港 2035年规划的电动车电池处理需求，预计于2025年底试运营，并于2026年正式投产。在签约仪式上，香 港特区政府环境及生态局局长谢展寰出席並表示，该项目既是香港电池回收技术发展的重要里程碑，也 是配合香港政府电动车电池生产者责任计划的重要平台。 作为串联起大湾区与国外资源、国内制造通路的关键载体，晋景新能香港首间动力电池处置设施已成为 其区域协同与全球化战略的核心枢纽，有望成为未来香港从传统金融中心向"国际绿色科技枢纽"转型的 标杆案例。这就意味着，在以香港为"桥头堡"建立链接海内外市场的战略性 ...

昨日，晋景新能宣布，与中国资源循环集团旗下中资环国际开发（深圳）有限公司（以下简称"中资环 国际"）、宁德时代控股的广东邦普循环科技有限公司（以下简称"邦普循环"）达成三方战略合作，拟 在政策研判、技术协同及海外网点建设领域展开深度探索。 这一动作不仅标志着中国电池回收产业首次实现"国家队+产业龙头+全球化服务商"的三角资源闭环， 更揭示了新能源后市场从零散竞争向体系化作战的转型趋势——依托政策洞察、技术沉淀与网络覆盖的 三维优势，晋景新能或将在全球绿色供应链重构中抢占先发身位。 一、战略协同，实现资源互补、构建全生命周期管理闭环 据了解，晋景新能的核心业务涵盖逆向供应链管理及绿色能源解决方案，其全球服务网络覆盖美洲、欧 洲及亚洲，尤其在电池回收领域已通过香港环保园的处置设施建立技术示范点。 4月25日，中国资环粤港澳大湾区展业推进会在深圳成功举办。会上，中国资环绿色投资公司、中资环 国际开发公司与晋景新能在内的各相关合作企业签署多项合作协议，为后续战略协同埋下伏笔。推进会 期间释放的合作信号，迅速转化为实质性动作。 此次合作的两大伙伴——中资环国际与邦普循环，分别背靠中国资源循环集团与宁德时代，前者是国内 ...

| 北京控股(00392) | 32.350 | 32.500 | 1.25% | | --- | --- | --- | --- | | 赤子城科技(09911) | 8.180 | 8.300 | 1.22% | | 交通银行(03328) | 6.860 | 7.010 | 1.20% | | 达芙妮国际(00210) | 0.455 | 0.490 | 1.03% | | 置富产业信托(00778) | 4.460 | 4.470 | 0.99% | | 网易－Ｓ(09999) | 166.100 | 173.200 | 0.99% | | 保诚(02378) | 85.000 | 85.650 | 0.94% | | 耀才证券金融(01428) | 7.640 | 8.730 | 0.92% | | 君百延集团(08372) | 0.113 | 0.120 | 0.84% | | 哈尔滨电气(01133) | 4.860 | 4.950 | 0.41% | | 康臣药业(01681) | 9.750 | 9.940 | 0.40% | | 电讯盈科(00008) | 5.320 | 5.400 | ...

Core Insights - The collaboration between JinJing New Energy (01783.HK) and Jinko Energy aims to leverage their global channels, technological advantages, and recycling networks to promote the transition to a low-carbon economy [1][4] - The partnership is positioned to capitalize on the emerging trillion-level market for battery recycling as China enters a large-scale retirement phase for electric vehicle batteries [1][3] Group 1: Resource Integration and Market Expansion - Jinko Energy, a leading global energy storage manufacturer, has demonstrated strong performance in large-scale energy storage systems, with its latest product, the Blue Whale SunTera G3, featuring a capacity of 6.25MWh [2] - Jinko's parent company has secured 16 overseas projects in 2024, with a total capacity of 3.65GWh in new energy storage registrations, indicating significant market presence [2] - The estimated market value of the recycling space per GWh is approximately 228 million yuan, suggesting that Jinko's new storage registrations could yield a disposal value of 365 million yuan [2] Group 2: Industry Opportunities and Strategic Positioning - The global energy storage market is expected to grow significantly, with IRENA predicting a market size of 793GWh by 2029, driven by the demand for wind and solar energy storage [3] - JinJing New Energy has established a mature recycling network across 28 countries, enhancing its position in resource recycling and utilization [4] - The collaboration will create a closed-loop system of "recycling-reuse-storage," allowing Jinko to provide a stable source of retired batteries for JinJing, thereby increasing the value of recycled materials [4] Group 3: Synergistic Empowerment and Global Expansion - The partnership not only aims for market expansion but also seeks to create economic benefits while injecting sustainable momentum into China's renewable energy industry [5] - Jinko plans to rank among the top three in the energy storage industry within 3 to 5 years, relying on global and localized service integration [6] - The collaboration serves as a model for overcoming challenges faced by Chinese energy storage companies in international markets, such as certification barriers and localization issues [6][7] Group 4: Long-term Value Creation - This partnership signifies a shift from single product exports to a model that combines "system solutions and global service capabilities," enhancing the competitive edge of Chinese energy storage firms [7] - The successful implementation of this model could lead to further expansion into various segments of the renewable energy market, strengthening China's bargaining power in the global green energy supply chain [7] - The collaboration is expected to be a key driver for the global low-carbon economy, creating long-term value for investors [7]

与国内电池回收市场不同，海外市场的产业体系相对成熟，回收渠道在整个回收链条中扮演着重要角 色，因此海外回收市场素有"得渠道者得天下"之称。且由于回收渠道的搭建投资大、建设周期长等特 点，不利于快速拓展，因此国内锂电池厂商及储能制造商在出海时往往选择与拥有丰富回收渠道及强大 运营实力的公司进行合作。 而于全球28个国家拥有超过70个服务网点及本地业务的晋景新能便成为了国内锂电池厂商及储能制造商 出海时首选的合作对象，国轩高科、晶科储能纷纷展开与晋景新能的合作便是基于此产业逻辑。 而此次晋景新能与晶科储能签署的谅解备忘录主要涉及两个方面，其一是双方将在全球回收市场展开合 作，专注于建立全面的回收网络，晋景新能将向晶科储能开放其全球回收网点，促进双方资源共享，最 大限度地提高双方的营运效率及在全球回收市场的影响;其二是未来双方在全球范围内探索特定战略市 场的合作机会，以实现全球伙伴关系。 虽然更多的合作机会需要在未来进一步探讨，但二者全球伙伴关系的定调意味着这是双方全球深度战略 合作的开始，且晶科能源在储能方面的高速扩张计划将让晋景新能电池回收业务的未来发展充满想象空 间。 作为光伏组件领域的龙头企业，晶科能源20 ...