天赐材料告别瑞士GDR，能否成功闯关港交所？

Core Viewpoint - The company Tianqi Materials has submitted an IPO application for listing on the Hong Kong Stock Exchange, aiming to raise funds primarily for global business expansion and R&D activities, following a previous attempt to list on the Swiss Stock Exchange that was terminated due to market conditions [1][2]. Group 1: Company Overview - Tianqi Materials, established in 2000 and headquartered in Guangzhou, focuses on providing lithium-ion battery materials, daily chemical materials, and specialty chemicals [2]. - The company has successfully expanded its business into cathode materials and adhesives for lithium batteries, forming a comprehensive solution for lithium-ion battery materials [2]. - As of mid-2025, the company operates 15 production bases in China and is planning new facilities in Morocco and the United States [3]. Group 2: Financial Performance - Revenue figures for Tianqi Materials during the reporting period were 22.317 billion, 15.405 billion, 12.518 billion, and 7.029 billion yuan, with net profits of 5.714 billion, 1.891 billion, 0.484 billion, and 0.268 billion yuan respectively [4]. - The average selling price of lithium battery materials has significantly decreased, from approximately 48,300 yuan per ton in 2022 to about 23,000 yuan in 2023, representing a decline of 52.32%, and further dropping to around 13,800 yuan in 2024, a 40% decrease from 2023 [4]. - The gross margin for the lithium battery materials business fell from 38.6% in 2022 to 17% in the first half of 2025, impacting the overall gross margin which decreased from 38% to 18.7% during the same period [4]. Group 3: Client and Supplier Relationships - The primary customers for Tianqi Materials' lithium-ion battery materials include battery manufacturers, automotive manufacturers, and consumer electronics manufacturers, with revenue from the top five customers accounting for 70.8%, 71.2%, 58.7%, and 58.7% during the reporting periods [5]. - Most raw materials are sourced domestically, with the top five suppliers accounting for 36.9%, 36.0%, 33.8%, and 33.6% of total procurement costs in the respective periods [6]. Group 4: Financing and Market Position - The IPO on the Hong Kong Stock Exchange will mark the sixth round of financing for Tianqi Materials, which has previously raised approximately 6.25 billion yuan through five rounds of direct financing since its A-share listing in 2014 [7][8]. - The company's stock price has experienced significant volatility, peaking at 170.51 yuan in October 2021 and dropping over 92.46% to a low of 12.86 yuan in September 2024, with a current price of 30.24 yuan as of September 22 [8]. - The trend of lithium companies seeking listings in Hong Kong is increasing, with several companies already disclosing plans or having listed on the exchange in 2025 [8].