Core Viewpoint - Guangdong Jinseng New Energy Co., Ltd. has appointed Jianyin International Financial Co., Ltd. as its overall coordinator for the Hong Kong IPO, having submitted its application to the Hong Kong Stock Exchange [1] Company Overview - Jinseng New Energy is a leading provider of lithium battery recycling and regeneration solutions globally, ranked as the second largest in terms of sales revenue from regeneration in 2024 and the largest third-party recycling company [1][2] - The company's recycling business includes mainstream battery systems such as ternary lithium batteries and lithium iron phosphate batteries, with products used in electric vehicles, energy storage systems, and consumer electronics [2] Financial Performance - The company has experienced a decline in revenue over recent years, with reported revenues of 2.905 billion yuan, 2.892 billion yuan, 2.157 billion yuan, and 937 million yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively [2] - Net profits have also declined, with figures of 151 million yuan, -471 million yuan, -344 million yuan, and -144 million yuan for the same periods [2] - The company recorded gross losses of 157.6 million yuan and 87.7 million yuan in 2023 and 2024, attributed to price volatility of products and significant impairment losses on inventory [3] Market Challenges - The average price of lithium carbonate has significantly decreased, dropping from 426,900 yuan per ton in 2022 to 62,300 yuan per ton by June 30, 2025, impacting the market value of recycled products and compressing profit margins [5] - The company faces operational risks, including increased reliance on major clients for revenue, with the top four clients contributing 67.3% of revenue in the first half of 2025 [5] - Short-term debt pressure is notable, with interest-bearing bank loans and other borrowings totaling 2.1 billion yuan and 1.8 billion yuan due within a year, while cash and cash equivalents stand at only 36.61 million yuan [5] Competitive Landscape - The lithium battery recycling industry is becoming increasingly competitive, with large battery manufacturers and automakers entering the recycling business, putting pressure on third-party recyclers like Jinseng New Energy [6] - The presence of numerous low-cost "black workshop" enterprises further disrupts market order [6] Strategic Focus - The company needs to enhance its channel capabilities and resource integration to secure stable and low-cost access to waste battery materials [8] - Jinseng New Energy plans to expand its operations upstream and downstream in the lithium material production chain, aiming to establish a closed-loop industrial chain and direct links with major battery manufacturers [8] - The long-term outlook for the lithium battery recycling market remains positive, with projections indicating a compound annual growth rate of 48.1% from 2024, reaching a processing scale of 20.6 million tons by 2031 [9]
业绩持续下滑，经营面临考验 金晟新能二次冲刺港股上市胜算几何
Zhong Guo Neng Yuan Wang·2025-10-16 06:55