再谋上市！昆仑新能源“转战”港交所，近半营收来自集团A

Core Viewpoint - Kunlun New Energy Materials Technology Co., Ltd. is shifting its focus to the Hong Kong stock market for an IPO after its previous attempt on the ChiNext was halted. However, the company faced significant challenges in 2024, with a sharp decline in revenue and a transition from profit to loss, although losses narrowed in the first three quarters of 2025 [1][3]. Group 1: Financial Performance - In 2023, the company reported revenue of approximately 1.576 billion RMB, which dropped to about 1.021 billion RMB in 2024, and further to around 744.1 million RMB in the first three quarters of 2024 [2]. - The net profit for 2023 was approximately 86.17 million RMB, which turned into a loss of about 27.61 million RMB in 2024. In the first three quarters of 2025, the loss was reduced to approximately 15.65 million RMB [2][3]. - For the first three quarters of 2025, the company achieved revenue of approximately 1.032 billion RMB, an increase from 744.1 million RMB in the same period of the previous year, with a significantly reduced loss of about 136,000 RMB compared to a loss of 15.65 million RMB in the previous year [4]. Group 2: Product Pricing and Market Dynamics - The average selling price of the company's main product, electrolyte, has significantly decreased, with prices dropping from 30,000 RMB/ton in 2023 to 14,000 RMB/ton in the first three quarters of 2025 [5]. - The sales revenue from electrolyte products accounted for approximately 99.6%, 99%, and 98.9% of total revenue in 2023, 2024, and the first three quarters of 2025, respectively [5]. Group 3: Customer Concentration - The company has a high customer concentration, with the top five customers accounting for 82.1%, 73%, and 73% of total revenue in 2023, 2024, and the first three quarters of 2025, respectively [7]. - Group A, the company's largest customer, contributed approximately 60.1%, 59.3%, and 49.6% of total revenue in the respective periods [7][8]. Group 4: IPO Context and Strategy - The company previously attempted to list on the ChiNext but withdrew its application in May 2024. The shift to the Hong Kong market is seen as a strategic move to access international capital and address urgent financing needs [8]. - The company has primarily focused on domestic sales, with over 99% of revenue coming from mainland China during the reporting periods [6].