昆仑新能源转战港交所 净利尚未扭亏

Core Viewpoint - Kunlun New Energy Materials Technology (Yichang) Co., Ltd. is shifting its focus to the Hong Kong stock market for its IPO after previously withdrawing its application for the ChiNext board, despite facing significant financial challenges in 2024, including a substantial drop in revenue and a transition from profit to loss [1][2]. Financial Performance - In 2023, the company reported revenues of approximately 1.577 billion yuan, which decreased to about 1.021 billion yuan in 2024, resulting in a net profit of 86.17 million yuan in 2023 turning into a loss of 27.61 million yuan in 2024 [2][3]. - For the first three quarters of 2025, the company achieved revenues of 1.032 billion yuan, an increase from 744 million yuan in the same period of the previous year, with a reduced net loss of approximately 13,600 yuan compared to a loss of 15.65 million yuan in the prior year [3]. Product Pricing and Sales - The average selling price of the company's main product, electrolyte, has significantly decreased, with prices dropping from 30,000 yuan per ton in 2023 to 14,000 yuan per ton in the first three quarters of 2025 [4]. - The sales revenue from electrolytes constituted about 99.6%, 99%, and 98.9% of the company's total revenue for 2023, 2024, and the first three quarters of 2025, respectively [4]. 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 during the same periods [7][6]. Market Position and Strategy - Kunlun New Energy is ranked third globally among electrolyte suppliers by shipment volume for the first three quarters of 2025 [2]. - The company has primarily focused on the domestic market, with over 99% of its revenue coming from sales to mainland China during the reporting periods [5]. IPO Context - The shift from attempting to list on the ChiNext board to the Hong Kong stock market may indicate a strategic pivot towards international customers and a pressing need for financing [8].