净利润“腰斩”又“腰斩”之后，这家A股公司准备做这事！

Core Viewpoint - Shenzhen Xingyuan Material Technology Co., Ltd. (referred to as "Xingyuan Material") has submitted its prospectus to the Hong Kong Stock Exchange for an IPO, facing challenges of increasing revenue without profit growth and declining gross margins, leading to a significant drop in stock price over the past three years [1][4]. Group 1: Company Overview - Xingyuan Material, established in 2003, is a manufacturer of lithium-ion battery separators, providing high-quality products to global clients including LG Energy, Samsung SDI, and CATL [3]. - The company is the first in China to master the dry-process unidirectional stretching technology for lithium-ion battery separators, holding the largest global market share in dry-process separators by shipment volume in 2024 [3]. Group 2: Financial Performance - From 2022 to 2024, Xingyuan Material's revenue increased from 28.67 billion to 35.06 billion, while net profit decreased from 7.48 billion to 3.71 billion, indicating a continuous decline in profitability [4]. - In Q1 2025, the company reported revenue of 8.81 billion, a year-on-year increase of 24.44%, but net profit dropped by 52.46% to 0.51 billion [4]. - The gross margin has been declining, with rates of 45.57%, 44.42%, and 29.09% during the reporting period, falling to 25.53% in Q1 2025, a decrease of 20.04 percentage points compared to 2022 [4]. Group 3: Market Position and Challenges - The company's accounts receivable increased from 1.27 billion in 2022 to 2.02 billion in 2024, indicating pressure on operating cash flow [5]. - As of July 16, the total market capitalization of Xingyuan Material on the A-share market was 16.4 billion, having evaporated over 60% from its peak [6]. Group 4: IPO and Fundraising Plans - Prior to the IPO, Xingyuan Material raised over 7.3 billion through various financing methods, including 6.5 billion from its initial public offering and 4.36 billion from private placements [9]. - The funds raised from the IPO are intended for expanding overseas networks, establishing production bases in Malaysia and the U.S., and developing solid-state battery products and new-generation lithium-ion battery separators [9].