锂电回收龙头金晟新能三年三谋上市

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-shares and Hong Kong stocks [1][6]. Group 1: Company Overview - Jinseng New Energy is a provider of lithium battery recycling and regeneration solutions, offering products such as lithium carbonate, nickel sulfate, and cobalt sulfate, which are widely used in electric vehicles, energy storage systems, and consumer electronics [3][6]. - According to a report by Frost & Sullivan, Jinseng New Energy is the second-largest lithium battery recycling and regeneration company globally and the largest third-party provider in this sector as of 2024 [3][6]. Group 2: Financial Performance - The financial performance of Jinseng New Energy has been declining, with revenues of approximately 2.905 billion yuan, 2.892 billion yuan, and 2.157 billion yuan from 2022 to 2024, respectively, showing a continuous decrease [3]. - The company reported net profits of 151 million yuan in 2022, a loss of 471 million yuan in 2023, and a loss of 344 million yuan in 2024, with no profitability achieved in the first half of 2025, where revenue was about 937 million yuan, down from 995 million yuan in the same period the previous year [3][4]. Group 3: Financial Pressure and Debt - As of June 30, 2025, Jinseng New Energy had interest-bearing bank loans and other borrowings totaling 2.1 billion yuan, with 1.8 billion yuan due within one year [4]. - The company's asset-liability ratio has increased significantly, standing at approximately 48.5% at the end of 2022, 61.6% at the end of 2023, and 74.8% at the end of 2024, with a slight decrease to 73.3% in the first half of 2025 [4]. Group 4: Market Position and Valuation - Jinseng New Energy has completed five rounds of financing since 2021, raising a total of 1.508 billion yuan, with the latest round in May 2025 raising 148 million yuan at a pre-investment valuation of approximately 10.2 billion yuan [7]. - The company is currently valued at over 10 billion yuan, ranking 1183rd on the 2025 Hurun Global Unicorn List [5][7]. Group 5: Ownership Structure - The company was founded by the Li brothers, who collectively control approximately 55.69% of the voting rights through various agreements and partnerships [7].