锂电回收撑起百亿估值，独角兽金晟新能再冲IPO

Core Viewpoint - Guangdong Jinseng New Energy Co., Ltd. (hereinafter referred to as "Jinseng New Energy") has submitted its IPO application to the Hong Kong Stock Exchange, indicating a pressing need for financing despite previous unsuccessful attempts to list on both A-share and Hong Kong markets [1] Financial Performance - Jinseng New Energy has not achieved profitability in the first half of the year, with revenues declining from approximately 29.05 billion yuan in 2022 to 21.57 billion yuan in 2024, and corresponding net profits showing a downward trend from 1.51 billion yuan to -3.44 billion yuan [4] - Cumulative losses for the company from 2023 to the first half of 2025 are approximately 9.59 billion yuan, with a reported revenue of about 9.37 billion yuan in the first half of 2025, down from 9.95 billion yuan in the same period last year [4] Financial Pressure - As of June 30, 2025, Jinseng New Energy has interest-bearing bank loans and other borrowings amounting to 2.1 billion yuan, with 1.8 billion yuan due within one year [5] - The company's debt-to-asset ratio has increased significantly, from approximately 48.5% in 2022 to 74.8% in 2024, with a slight decrease to 73.3% in the first half of 2025 [5] Market Position - Jinseng New Energy is recognized as the second-largest lithium battery recycling and regeneration company globally, and the largest third-party lithium battery recycling and regeneration enterprise, according to a report by Frost & Sullivan [6] - The company has a valuation exceeding 10.2 billion yuan based on a recent investment round, which is approximately 30 billion yuan higher than its valuation listed in the 2025 Hurun Global Unicorn List [8] Ownership Structure - The founding brothers, Li Sen, Li Xin, Li Yan, Li Wang, and Li Yao, collectively control 55.69% of the voting rights in Jinseng New Energy [8]