Core Viewpoint - The rapid growth of electric vehicle ownership in China is leading to a peak in battery retirements, creating significant opportunities in the battery recycling industry, which is projected to be a trillion-yuan market [1] Group 1: Company Overview - Jin Jing New Energy, listed on the Hong Kong main board in 2018, transitioned from traditional construction to the battery recycling sector in 2022 by obtaining the first battery disposal license in Hong Kong [3] - The company is constructing the "Hong Kong Environmental Park Battery Recycling Factory," the only licensed lithium battery recycling line in Hong Kong, with an initial processing capacity of 10,000 tons per year [3] Group 2: Global Strategy and Partnerships - Jin Jing New Energy has established a global recycling network extending to 28 countries, with 77 service nodes in key markets such as the US, Europe, and Southeast Asia [4] - The company has acquired Green Jade in Singapore to enhance compliance with EU environmental standards and strengthen its global resource allocation capabilities [4] - Collaborations with leading companies like Guoxuan High-Tech and CATL have been formed to deepen exploration in battery recycling services [4] Group 3: Financial Performance - For the fiscal year 2025, Jin Jing New Energy reported a 92.3% increase in revenue to HKD 870 million, with reverse supply chain management and environmental services contributing 80% of the revenue [5] - The net loss attributable to shareholders significantly narrowed from HKD 78.9 million to HKD 15.7 million, and adjusted EBITDA turned positive, increasing from a loss of HKD 40.1 million to HKD 44.8 million [5] Group 4: Market Position and Competitive Advantage - Jin Jing New Energy holds over 90% market share in Hong Kong's battery recycling sector, benefiting from early involvement and collaboration with the government to establish a complete recycling system [7] - The company aims to expand into Southeast Asia and the US, leveraging its established recycling network and strong partnerships with industry leaders to enhance its competitive edge [8][9] - The domestic battery recycling market in China is complex, with a significant number of unregulated players, highlighting the need for regulatory reinforcement to support legitimate businesses [10]
参会调研 | 晋景新能(01783.HK)：掘金千亿电池回收蓝海，龙头合作生态成型