510万起家到身价百亿，广州六旬富豪冲刺港股IPO

Core Viewpoint - Tinci Materials is pursuing a secondary public offering by applying for an H-share listing on the Hong Kong Stock Exchange, marking its second capital journey after over ten years on the A-share market [1][3]. Company Overview - Tinci Materials, a leading electrolyte manufacturer, has a market capitalization of 65.4 billion yuan as of the close on the 28th [3]. - The company previously planned to issue Global Depositary Receipts (GDR) on the Swiss Stock Exchange, but the project was terminated due to changing market conditions [3]. - Tinci Materials has signed a significant long-term supply agreement with Ruipu Lanjun for a minimum of 800,000 tons of electrolyte products by the end of 2030, which is the largest long-term contract disclosed since its listing [4]. Financial Performance - Tinci Materials' revenue has declined from 22.317 billion yuan in 2022 to an estimated 12.518 billion yuan in 2024, with net profit dropping from 5.714 billion yuan to 484 million yuan in the same period [10]. - The average selling price of lithium-ion battery materials has significantly decreased, from 48,331 yuan per ton in 2022 to 13,766 yuan per ton in the first half of 2025 [10]. - The company's accounts receivable turnover days increased to 132 days in 2024, reflecting tighter financial conditions [11]. Strategic Moves - The company aims to enhance its global presence through the Hong Kong IPO, with 80% of the raised funds allocated for global business development, including projects in Morocco and Texas [14]. - Tinci Materials recognizes the need to export more electrolytes overseas as domestic market competition intensifies, with only 4.38% of its 2024 revenue coming from international markets [13]. Leadership and Vision - Xu Jinfus, the founder, has shifted the company's focus from personal care products to lithium battery electrolytes, positioning Tinci as a global leader in the sector [9]. - The company has been the largest global supplier of electrolytes since 2016, with a projected market share of approximately 35.7% by 2024 [9].