510万起家到身价百亿 年过六旬富豪冲刺港股再打“突围战”

Core Viewpoint - Tinci Materials is initiating its second capital journey by applying for an IPO on the Hong Kong Stock Exchange, following its successful listing on the Shenzhen Stock Exchange in 2014, amidst a challenging market environment for lithium battery electrolyte products [2][3]. Company Overview - Tinci Materials, a leading electrolyte manufacturer, has been listed on the Shenzhen Stock Exchange for over ten years and is now seeking to expand its capital base through a Hong Kong IPO [3]. - The company has established significant partnerships, including a major supply agreement with Ruipu Lanjun for at least 800,000 tons of electrolyte products by the end of 2030, marking the largest long-term contract disclosed since its listing [5]. Financial Performance - Tinci Materials experienced a peak revenue of 22.317 billion yuan in 2022, but revenues are projected to decline to 12.518 billion yuan by 2024 due to increased competition and falling prices [9]. - The average price of lithium-ion battery materials has seen a drastic reduction from 48,331 yuan per ton in 2022 to 13,766 yuan per ton in the first half of 2025 [9]. - The company's net profit is also expected to drop significantly, from 5.714 billion yuan in 2022 to just 484 million yuan in 2024 [9]. Market Position and Strategy - Tinci Materials has maintained its position as the world's largest electrolyte supplier since 2016, with a projected global market share of approximately 35.7% by 2024 [8]. - The company is focusing on expanding its overseas market presence, which currently accounts for only 4.38% of total revenue, compared to competitors like Sinoma and Dodo, which have higher overseas revenue ratios [12][12]. Future Plans - The IPO proceeds will primarily support global business development, with 80% allocated to overseas projects, including a 150,000-ton electrolyte production facility in Morocco, expected to be completed by the end of 2028 [14]. - Tinci Materials aims to leverage the Hong Kong listing as a strategic move to enhance its global competitiveness and address the challenges posed by domestic market saturation [12].