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 - The company, Guangdong Jinsheng New Energy Co., Ltd. (Jinsheng New Energy), has submitted a second IPO application to the Hong Kong Stock Exchange after a failed attempt 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: Business Overview - Jinsheng New Energy is the second-largest lithium battery recycling and regeneration enterprise globally, focusing on recycling solutions for lithium batteries, including ternary lithium batteries and lithium iron phosphate batteries [2]. - The company operates three production bases located in Zhaoqing, Yichun, and Ganzhou to prepare for the upcoming wave of retired lithium batteries [2]. - The main products include lithium carbonate, nickel sulfate, and cobalt sulfate, with nearly 80% of revenue coming from lithium and nickel recycling products in the first half of this year [2]. Group 2: Financial Performance - The company 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 [4]. - Net profit figures show that the company recorded a profit of RMB 1.51 billion in 2022, but incurred losses of RMB 4.71 billion in 2023, RMB 3.44 billion in 2024, and RMB 1.44 billion in the first half of 2025, totaling nearly RMB 9.6 billion in losses over the reporting period [4]. - 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 less than RMB 60,000 per ton in the first half of this year [3]. Group 3: Financial Health and Risks - The company's short-term solvency has deteriorated, with current and quick ratios both at 0.5 as of June 30, 2025, indicating financial risk [6]. - The net value of current assets has declined from RMB 656 million at the end of 2022 to -RMB 957 million by the end of 2024, further worsening to -RMB 1.029 billion in the first half of 2025 [6]. - The concentration of customers and suppliers has increased, with the top five customers accounting for 52.7% to 67.3% of revenue during the reporting period, and the largest single customer contributing 13.9% to 45.2% of revenue [4][5].