锂电回收巨头再次冲刺IPO！

Core Viewpoint - Jinsheng New Energy has submitted a second IPO application to the Hong Kong Stock Exchange on September 3, 2025, after a failed attempt in December 2024. The company aims to leverage growth opportunities in the global lithium battery recycling market while addressing challenges such as price volatility and financial risks [1][8]. Industry Position and Core Business Layout - Market Position: Jinsheng New Energy ranks second globally in lithium battery recycling by sales revenue in 2023, maintaining its position as the largest third-party recycler in 2024 [2]. - Products and Applications: The company specializes in key materials such as lithium carbonate, nickel sulfate, and cobalt sulfate, which are essential for electric vehicle batteries, energy storage systems, and consumer electronics [2]. - Capacity Layout: Jinsheng has established three production bases in Zhaoqing, Yichun, and Ganzhou, focusing on the recycling of ternary lithium batteries and lithium iron phosphate batteries [2]. Shareholder and Financing Background - Notable Shareholders: The company has prominent investors including Fosun International, Dacheng Venture Capital, Shaanxi Automobile, GAC Group, and Bosch. In May 2025, it completed a financing round, receiving 148 million yuan from Jiangxi Dongliang [3]. Financial Performance: Revenue Fluctuations and Ongoing Losses - Revenue Trends: The company's revenue fluctuated from 1.133 billion yuan in 2021 to 2.905 billion yuan in 2022, then slightly decreased to 2.892 billion yuan in 2023. In 2024, revenue dropped to 2.157 billion yuan, with a further decline to 937 million yuan in the first half of 2025, representing a year-on-year decrease of 5.83% [5]. - Losses: After a profit of 151 million yuan in 2022, cumulative losses reached nearly 960 million yuan from 2023 to the first half of 2025, primarily due to falling product prices, inventory write-downs, and increased administrative and R&D expenses [5]. Core Product Prices and Deteriorating Debt Servicing Ability - Price Declines: The average price of lithium carbonate plummeted from nearly 400,000 yuan per ton in 2022 to less than 60,000 yuan per ton in the first half of 2025, a decrease of 85%. Nickel sulfate and cobalt sulfate prices also fell by 34% and 50%, respectively [6]. - Short-term Debt Risks: As of June 2025, the current ratio and quick ratio were both only 0.5, with net current assets at -1.029 billion yuan, indicating a significant deterioration in short-term debt servicing ability [6]. - Customer and Supplier Concentration: In the first half of 2025, the top five customers accounted for 67.3% of sales, with the largest single customer representing 45.2%. The top five suppliers accounted for 51.4% of purchases, with the largest supplier at 35.2%, raising concerns about supply chain stability [6]. Listing Challenges and Future Plans - Core Risk Factors: The cyclical nature of the lithium battery raw material market leads to significant price fluctuations, which can mismatch revenue and costs, as seen with the sharp decline in lithium carbonate prices in 2023 that triggered losses [7]. - Capacity Expansion Pressure: The company is advancing the construction of a lithium iron phosphate battery processing line at its Ganzhou base, but faces risks of industry overcapacity and intensified price competition that could further compress profits [7]. Fundraising Purpose - The funds raised from the IPO will be used to enhance the retired battery recycling network, improve R&D capabilities, attract industry talent, and supplement working capital to alleviate short-term debt pressures and meet operational needs [8].