{动力电池退役潮起，金晟新能源如何破局循环经济与盈利难题？

Core Viewpoint - The rapid growth of the domestic electric vehicle market since 2020 has led to an increasing focus on the disposal and recycling of retired power batteries, with Jinsheng New Energy's IPO highlighting its business model and operational challenges [1][3]. Group 1: Company Overview - Jinsheng New Energy's core business is lithium battery recycling and regeneration, establishing a circular economy model by connecting downstream applications with upstream material production [3]. - The company is the second-largest lithium battery recycling enterprise globally, with production bases in Zhaoqing, Yichun, and Ganzhou to address the upcoming peak of retired batteries [3]. Group 2: Market Dynamics - According to a report by Frost & Sullivan, the total amount of retired lithium batteries in mainland China is expected to reach 455,100 tons in 2024, with 54.9% from power batteries and 44.8% from consumer electronics [3]. - The total volume of retired lithium batteries in China is projected to surge to 4.8 million tons by 2031, with a compound annual growth rate of 40.1% from 2024 to 2031 [3]. Group 3: Financial Performance - Jinsheng New Energy reported a net profit of 151 million yuan in 2022, but faced losses in the subsequent two years: a net loss of 471 million yuan in 2023 and a projected net loss of 344 million yuan in 2024 [4][6]. - The company's financial challenges are attributed to significant fluctuations in raw material prices, particularly lithium carbonate, which dropped from 426,900 yuan per ton in 2022 to 80,100 yuan per ton in 2024 [4][6]. Group 4: Operational Challenges - The company faces competition from both battery manufacturers and third-party recyclers, with the latter needing to establish collection points and partnerships to acquire retired batteries [4]. - Jinsheng New Energy's gross profit has been pressured by both product prices and raw material costs, leading to a nearly doubled inventory impairment loss in 2023 compared to 2022 [4][6]. - To improve profitability, the company plans to optimize procurement and inventory management, diversify product offerings, and enhance operational efficiency [4][6]. Group 5: Industry Outlook - The lithium battery recycling market is still in its early development stages, requiring continuous investment to establish market position [7]. - Jinsheng New Energy must navigate price volatility and differentiate itself amid competition from automakers with their own recycling systems [7].