金晟新能源：拟赴港ipo扩产 拓展上游原材料资源

Core Viewpoint - Guangdong Jinsheng New Energy Co., Ltd. has submitted an application to the Hong Kong Stock Exchange, positioning itself as a leading provider of lithium battery recycling and regeneration solutions globally, aiming for a sustainable future [1] Group 1: Company Overview - Jinsheng New Energy is the second largest lithium battery recycling and regeneration company globally by sales revenue in 2024, and the largest third-party provider in this sector [1] - The company has established an integrated ecosystem for lithium battery recycling since its inception in 2014, leveraging its first-mover advantage and comprehensive capabilities [1] Group 2: Fundraising and Use of Proceeds - The funds raised from the application will be used for the construction of a facility in Ganzhou, Jiangxi Province, to process retired lithium iron phosphate batteries, expand upstream raw material resources, enhance R&D capabilities, and attract talent [1] Group 3: Financial Performance - In 2024, the company reported a revenue of 2.157 billion yuan, a year-on-year decrease of 25.39%, and a net loss attributable to shareholders of 344 million yuan, an improvement from a loss of 471 million yuan in the previous year [2] - For the first half of 2025, the company achieved a revenue of 937 million yuan, down 5.83% year-on-year, with a net loss of 144 million yuan, slightly worse than the loss of 143 million yuan in the same period last year [2] Group 4: Cash Flow Analysis - In 2024, the net cash flow from operating activities was -187 million yuan, a decrease of 129 million yuan year-on-year, while financing activities generated a net cash flow of 652 million yuan, down 216 million yuan [6] - For the first half of 2025, the net cash flow from operating activities was 638,000 yuan, a significant decline of 98.4% year-on-year [6] Group 5: Asset Changes - As of June 2025, the company's cash and cash equivalents increased by 48.98%, while inventory decreased by 57.97% [10] - Prepaid accounts decreased by 22.83%, and fixed assets increased by 1.42% [10] Group 6: Liability Changes - As of June 2025, long-term borrowings decreased by 19.77%, while deferred income increased by 22.25% [13] - Other payables decreased by 16.63%, and accounts payable increased by 0.78% [13]