GEM(SZ:002340) Zhi Tong Cai Jing·2025-09-22 13:46Core Viewpoint - Greeenme (002340) has submitted an application for listing on the Hong Kong Stock Exchange, with JPMorgan, CITIC Securities, and CITIC Jianye International as joint sponsors. The company is already listed on the Shenzhen Stock Exchange [1]. Group 1: Company Overview - Greeenme is a leader in the recycling of critical metal resources and lithium-ion batteries, as well as a prominent player in the global new energy materials manufacturing industry [4]. - The company operates a comprehensive business model centered around a circular economy, focusing on three core areas: critical metal resources, lithium-ion battery and end-of-life vehicle recycling, and new energy materials [4]. Group 2: Critical Metal Resources - Greeenme recycles critical metal resources including nickel, cobalt, tungsten, lithium, germanium, titanium, copper, manganese, gold, silver, and platinum, ranking first in China for the recovery of nickel, cobalt, and tungsten based on 2024 recovery volume [4]. - The company is a pioneer in developing smelting technologies for nickel, cobalt, and tungsten, and has built the world's largest high-pressure autoclave for red mud nickel ore, producing MHP of industry-leading quality [4]. - Greeenme has established a production base in Indonesia with an annual MHP production capacity of 150,000 tons, ranking among the top three globally based on 2024 MHP equity output [4]. Group 3: Lithium-Ion Battery and End-of-Life Vehicle Recycling - Greeenme procures retired lithium-ion batteries from third parties and recycles batteries from end-of-life electric vehicles (EVs), utilizing some batteries for secondary use while others are processed to produce metal intermediates for battery manufacturing [5]. - The company has partnerships with over 1,000 automotive and battery manufacturers globally and has established six lithium-ion battery recycling subsidiaries in China, all included in the MIIT whitelist. It ranks first in the domestic market for third-party retired lithium-ion battery recycling based on 2024 recovery volume [5]. Group 4: New Energy Materials - Greeenme supplies products such as ternary precursors and cathode materials for lithium-ion batteries, and cobalt oxide for 3C batteries, having established stable long-term relationships with nine of the top ten lithium-ion battery companies globally [6]. - Based on 2024 shipment volume, Greeenme ranks second globally in the supply of ternary precursors and cobalt oxide, and has the capability to achieve self-sufficiency in key raw materials needed for new energy materials production [6]. Group 5: Financial Performance - For the fiscal years ending December 31 and the six months ending June 30, Greeenme reported revenues of 29.39 billion RMB, 30.53 billion RMB, 33.20 billion RMB, and 17.56 billion RMB for 2022, 2023, 2024, and the first half of 2025, respectively [6][7]. - The company's profits for the same periods were approximately 1.33 billion RMB, 1.16 billion RMB, 1.33 billion RMB, and 842.77 million RMB [6][7].