GEM(SZ:002340) 经济观察报·2025-08-26 11:56Core Viewpoint - The article discusses the surge of domestic lithium battery industry companies, including Greeenme, planning to list in Hong Kong, highlighting the strategic importance of this move for global expansion and capital acquisition [2][3][6]. Group 1: Company Overview - Greeenme, established in 2001 and headquartered in Shenzhen, focuses on battery materials and battery recycling, with a significant growth in its recycling business due to the increasing retirement of power batteries [2]. - The company has a waste battery processing capacity of several hundred thousand tons annually, recovering over 10% of retired power batteries in China and 20% of the country's nickel resources [2]. Group 2: Financial Performance - Greeenme reported a revenue of 33.2 billion yuan in 2024, a year-on-year increase of 8.75%, with a net profit of 1.02 billion yuan, up 9.19% [4]. - The ternary materials business generated 25.76 billion yuan, accounting for 77.6% of total revenue, while the battery recycling business contributed 7.44 billion yuan, making up 22.4% of revenue [4]. - The company aims to increase its battery recycling scale to over 500,000 tons and achieve sales exceeding 10 billion yuan by 2030, anticipating a peak in battery retirements around 2027-2030 [4][5]. Group 3: Market Trends and Challenges - The article notes a trend of domestic lithium battery companies, including CATL and others, pursuing listings in Hong Kong, driven by favorable policies and the need for global expansion [3][6]. - Greeenme faces challenges in maintaining profitability, with fluctuating net profits despite significant revenue growth from 12.47 billion yuan in 2020 to 33.2 billion yuan in 2024 [5]. - The company is expanding its partnerships with major battery manufacturers and automakers to enhance its recycling capabilities and market position [5]. Group 4: Regulatory Environment - The regulatory framework for battery recycling in China is evolving, with new guidelines aimed at improving the recycling system and ensuring compliance [6]. - Internationally, the EU has implemented stricter standards for battery management, which may impact the operational landscape for companies like Greeenme [6].