五兄弟创立的公司持续“失血” 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]. - 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 [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 continued losses in the first half of 2025 amounting to 144 million yuan [3][4]. - Cumulatively, the company has incurred losses of approximately 959 million yuan from 2023 to the first half of 2025 [3]. 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 debt-to-asset ratio has increased significantly, standing at approximately 48.5%, 61.6%, and 74.8% at the end of 2022, 2023, and 2024, respectively, with a slight decrease to 73.3% by mid-2025 [4]. Group 4: Market Position and Valuation - Jinseng New Energy's latest valuation exceeds 10 billion yuan, ranking 1183rd on the 2025 Hurun Global Unicorn List [5][7]. - The company has completed five rounds of financing since 2021, raising a total of 1.508 billion yuan [7]. - The founding Li brothers collectively control approximately 55.69% of the voting rights in the company [7].