“全球第二大锂电池回收及再生利用企业”金晟新能二次闯关港交所：两年半亏损近10亿元，短期偿债能力恶化

Core Viewpoint - Guangdong Jinsheng New Energy Co., Ltd. (hereinafter referred to as "Jinsheng New Energy") has submitted its IPO application to the Hong Kong Stock Exchange, marking its second attempt after a failed submission in December 2024. The funds raised will be used for various purposes including the construction of a production base for recycling retired lithium iron phosphate batteries, expanding upstream raw material resources, enhancing R&D capabilities, and general corporate purposes [1][2]. Group 1: Company Overview - Jinsheng New Energy, established in 2010, is the second-largest lithium battery recycling and regeneration company globally, and the largest third-party provider in this sector, according to a report by Frost & Sullivan [2]. - The company operates three production bases located in Zhaoqing, Yichun, and Ganzhou to prepare for the upcoming wave of retired lithium batteries [2]. Group 2: Financial Performance - Jinsheng New Energy has experienced a continuous decline in revenue over the past two years, with reported revenues of RMB 29.05 billion, RMB 28.92 billion, RMB 21.57 billion, and RMB 9.37 billion for the respective years [5]. - The company recorded a cumulative loss of nearly RMB 10 billion over the past two and a half years, with only 2022 showing a profit of RMB 1.51 billion, while losses in 2023 and 2024 amounted to RMB 4.71 billion and RMB 3.44 billion respectively [5]. - The average selling prices of key products have significantly decreased, with lithium carbonate prices dropping nearly 85% from approximately RMB 400,000 per ton in 2022 to below RMB 60,000 per ton in the first half of this year [4]. Group 3: Financial Ratios and Risks - The company's short-term solvency has deteriorated, with both the current ratio and quick ratio falling to 0.5 as of June 30, 2025, indicating increasing financial risk [8][9]. - The asset-liability ratio has risen from 48.5% at the end of 2022 to 73.3% by mid-2024, reflecting a growing reliance on debt [8][9]. - Jinsheng New Energy's net cash flow from operating activities has been negative for three consecutive years, primarily due to increased trade receivables following business expansion [9].