金晟新能二度递表港交所，碳酸锂价格下跌致连亏三年，短期借款激增至18亿元

Core Viewpoint - Guangdong Jinseng New Energy Co., Ltd. (Jinseng New Energy), the world's second-largest lithium battery recycling and regeneration company, has submitted a listing application to the Hong Kong Stock Exchange, with CICC and CMB International as joint sponsors [1] Financial Performance - Revenue for Jinseng New Energy from 2022 to 2024 is projected to be approximately RMB 2.905 billion, RMB 2.891 billion, and RMB 2.157 billion respectively, with a revenue of RMB 937 million in the first half of 2025, representing a year-on-year decrease of 5.83% [2] - The company reported a net profit of RMB 151 million in 2022, but incurred losses of RMB 471 million in 2023 and RMB 344 million in 2024, with a loss of RMB 144 million in the first half of 2025, slightly widening year-on-year [2] Product Pricing and Market Conditions - The average selling price of lithium carbonate products dropped from RMB 396,300 per ton in 2022 to RMB 196,400 per ton in 2023, a decline of 50.44%, and further decreased to RMB 85,800 per ton in the first half of 2024, down 64.1% compared to the first half of 2023 [3] - Despite an increase in sales volume of lithium carbonate, nickel sulfate, and cobalt sulfate products compared to 2022, the significant price drop of these products has led to operational losses in 2023 [2][3] Cash Flow and Debt Situation - Cash and cash equivalents decreased from RMB 211 million at the end of 2022 to RMB 37 million by mid-2025, indicating a potential liquidity issue [3] - As of June 2025, the company had RMB 1.8 billion in bank loans due within one year, which cash and cash equivalents cannot cover, highlighting short-term repayment risks [3] Ownership Structure - Jinseng New Energy was founded by the Li brothers from Guangdong, each holding an average of 20% of the shares since the company's inception in 2010, collectively controlling approximately 55.05% of the voting rights prior to the IPO [3]