GEM(SZ:002340) Xin Lang Cai Jing·2025-09-02 21:11Core Viewpoint - Greeenmei's upcoming Hong Kong IPO is driven by a pressing need for external financing due to a significant debt gap of nearly 9 billion yuan, despite the company's expanding revenue scale and declining unit value [1][4]. Financial Performance - In the first half of 2025, the company reported a revenue of 17.561 billion yuan, a year-on-year increase of 1.28%, with nearly 60% of this revenue coming from the new energy battery materials business, which grew only 0.56% year-on-year [1][6]. - The company's net profit attributable to shareholders reached 799 million yuan, reflecting a year-on-year growth of 13.91% [6]. Capital Expenditure and Debt - The company's capital expenditure surged from 1.426 billion yuan in 2020 to 11.938 billion yuan in 2024, with 6.628 billion yuan spent in the first half of 2025 [2]. - As of mid-2025, the company had short-term debts of 14.294 billion yuan and long-term debts of 18.686 billion yuan, while its cash and cash equivalents (excluding restricted funds) totaled only 5.4 billion yuan, indicating a short-term debt gap of nearly 10 billion yuan [4]. Business Model and Operations - The company operates a dual business model focusing on "urban mining" and "new energy materials manufacturing," recovering key mineral resources and electronic waste [1]. - Despite a challenging industry environment, the company achieved a significant increase in production capacity utilization, with an average utilization rate of over 95% in its new energy business in 2024, significantly higher than the industry average [6][7]. Inventory and Financial Health - The company's inventory and prepayments rose sharply from 7.479 billion yuan in 2020 to 16.506 billion yuan by mid-2025, accounting for 94% of its revenue during the same period [7]. - The company's gross margin was reported at 15.29% in 2024, higher than its competitor, Zhongwei, which had a gross margin of 12.12% [7].