动力电池退役后去了哪儿？金晟新能源告诉你

Core Viewpoint - The article discusses the challenges and opportunities in the lithium battery recycling industry, particularly focusing on the business model of Guangdong Jingsheng New Energy Co., Ltd. (Jingsheng New Energy), which is preparing for an IPO in Hong Kong while facing financial difficulties due to fluctuating raw material prices and inventory devaluation [1][8]. Industry Overview - The lithium battery recycling and regeneration market is emerging with significant growth potential, driven by the increasing volume of retired batteries from electric vehicles and consumer electronics [3][4]. - The total amount of retired lithium batteries in mainland China is projected to grow from 157,100 tons in 2020 to 455,100 tons in 2024, with a compound annual growth rate (CAGR) of 30.5% [3]. Company Profile - Jingsheng New Energy is identified as the second-largest lithium battery recycling and regeneration company globally, and the largest third-party provider in this sector [2]. - The company operates three production facilities in Guangdong and Jiangxi provinces to prepare for the anticipated surge in retired lithium batteries [2]. Financial Performance - In 2022, Jingsheng New Energy reported revenue of 2.905 billion yuan and a net profit of 151 million yuan, benefiting from increased demand in the electric vehicle and energy storage sectors [8]. - However, the company has faced continuous losses since then, with projected revenues of 2.891 billion yuan in 2023 and 2.157 billion yuan in 2024, alongside net losses of 471 million yuan and 344 million yuan, respectively [8][11]. - The significant drop in lithium carbonate prices, from 426,900 yuan per ton in 2022 to 60,000 yuan per ton in 2025, has adversely affected the company's profitability due to inventory devaluation and pricing mismatches [10][11]. Market Dynamics - The primary sources of retired lithium batteries are power batteries from electric vehicles and consumer electronics, accounting for 54.9% and 44.8% of the total retired batteries, respectively [2]. - The lifespan of power batteries typically ranges from five to eight years, leading to a growing supply of retired batteries as the electric vehicle market expands [2][4]. Future Outlook - Jingsheng New Energy plans to enhance its resilience to price fluctuations, optimize procurement and inventory management, and diversify its product offerings to achieve profitability [10].