五兄弟收废弃电池，要IPO了

Core Viewpoint - Guangdong Jinseng New Energy Co., Ltd. is seeking to list on the Hong Kong Stock Exchange, marking its second attempt after a previous application lapsed in December 2024 [1] Company Overview - Jinseng New Energy is a leading global provider of lithium battery recycling and regeneration solutions, valued at 7.3 billion yuan as of 2025 and recognized as a unicorn by Hurun [2][8] - The company was co-founded by the Li brothers from Guangdong, who collectively control approximately 55.05% of the voting rights [3] Business Model and Capabilities - Jinseng New Energy has developed an integrated ecosystem for lithium battery recycling, capable of recovering all valuable materials from used batteries, including lithium, nickel, cobalt, graphite, manganese, and iron [4] - The company has established end-to-end production capabilities, covering battery disassembly, production of cathode and anode materials, and repurposing used batteries for light applications [5] Market Position - As of 2024, Jinseng New Energy is the second-largest lithium battery recycling and regeneration company globally and the largest third-party provider in this sector [5] - The company operates three production facilities in Guangdong and Jiangxi provinces, with plans to increase its processing capacity for retired ternary lithium batteries to 280,000 tons by 2025 [5] Financial Performance - The global lithium battery recycling market is projected to grow rapidly, with an expected compound annual growth rate (CAGR) of 48.1% from 2024 to 2031 [6] - Jinseng New Energy's revenue from recycled products, including lithium carbonate and nickel sulfate, accounted for over 79% of total revenue in the first half of 2025 [6] - The company's revenue for 2022, 2023, and 2024 was 2.905 billion, 2.892 billion, and 2.157 billion yuan, respectively, with corresponding net profits of 151 million, -473 million, and -344 million yuan [6] Investment and Financing - Jinseng New Energy has raised a total of 1.36 billion yuan through four rounds of financing, with notable investors including CICC Capital and Bosch [7]