动力电池退役后去了哪儿？这家回收企业告诉你

Core Viewpoint - Jinsheng New Energy has faced continuous losses over the past three years due to inventory impairment, despite a brief profit in 2022. The company is preparing for an IPO in Hong Kong, highlighting its business model focused on lithium battery recycling and reuse, which connects downstream applications with upstream battery material production, forming a circular economy within the lithium battery industry [1][3]. Company Performance - Jinsheng New Energy reported a revenue of 2.905 billion yuan in 2022, with a net profit of 151 million yuan, driven by increased demand in the electric vehicle and energy storage sectors. However, the company has since experienced losses, with revenues of 2.891 billion yuan and 2.157 billion yuan in 2023 and 2024, respectively, alongside net losses of 471 million yuan and 344 million yuan [8][9]. - The company’s inventory impairment losses increased from 57 million yuan in 2022 to 109 million yuan in 2023, significantly impacting gross profit [9]. Market Potential - The lithium battery recycling and reuse market is emerging with substantial growth potential. According to Frost & Sullivan, the total amount of retired lithium batteries in mainland China is expected to grow from 157,100 tons in 2020 to 455,100 tons in 2024, representing a compound annual growth rate (CAGR) of 30.5%. By 2031, this figure is projected to reach 4.8 million tons, with a CAGR of 40.1% from 2024 to 2031 [4][5]. - Jinsheng New Energy is positioned as the second-largest lithium battery recycling and reuse company globally and the largest third-party provider in this sector, with operations in key locations to address the upcoming wave of retired lithium batteries [3][4]. Industry Dynamics - The primary sources of retired lithium batteries are power batteries and consumer electronics, accounting for 54.9% and 44.8% of the total retired batteries, respectively, in 2024 [3]. - The electric vehicle industry has seen rapid growth since 2020, leading to a significant increase in the volume of retired batteries. Battery manufacturers have advantages in recycling due to established sales networks and service systems, which allow them to provide convenient battery recovery services [5]. Future Outlook - Jinsheng New Energy plans to achieve profitability by enhancing price volatility resilience, optimizing procurement and inventory management, diversifying product offerings, and improving operational efficiency. The company aims to mitigate pricing risks through mechanisms such as price locking and dynamic pricing contracts [9].