Senior(SZ:300568) Ge Long Hui·2025-07-31 10:26Core Viewpoint - Shenzhen Xingyuan Material Technology Co., Ltd. is seeking a dual listing on the Hong Kong Stock Exchange, having recently submitted its prospectus, with CITIC Securities International as the sole sponsor [1][2]. Company Overview - Founded in September 2003 and transformed into a joint-stock company in 2008, the company is headquartered in Shenzhen, Guangdong Province. It was listed on the ChiNext board in December 2016 and on the Swiss Stock Exchange in December 2023 [2]. - As of July 31, 2025, the company's A-share market capitalization is approximately 15.6 billion RMB [3]. Financial Performance - The company's revenue for the years 2022, 2023, 2024, and the first quarter of 2025 was 2.867 billion RMB, 2.982 billion RMB, 3.506 billion RMB, and 881 million RMB, respectively. Net profits for the same periods were 748 million RMB, 594 million RMB, 371 million RMB, and 51 million RMB [6][8]. - The gross profit margins for the reporting periods were 44.8%, 43.3%, 28.1%, and 23.6%, indicating a downward trend [9]. Product Segmentation - The company specializes in lithium-ion battery separator manufacturing, utilizing all three production technologies: dry, wet, and coated separators. In 2024, the revenue breakdown was approximately 72.5% from coated separators, 14.1% from wet separators, and 13.4% from dry separators [4]. Market Position and Competition - The global battery separator market is projected to grow significantly, with a compound annual growth rate of 44.5% from 2020 to 2024. The company ranks second globally in lithium-ion battery separator shipments, increasing its market share from 11.0% in 2020 to 14.4% in 2024 [11]. - The company faces high customer concentration risk, with its top five customers accounting for 67.4% of total revenue during the reporting periods [10]. Future Plans - The company plans to raise 6.3 billion HKD for expansion, including establishing production bases in Malaysia and the United States, and a research and operations center in Singapore [11].