锂电回收企业再次冲刺IPO！

Core Viewpoint - The article discusses the challenges and opportunities faced by Jinsheng New Energy, a leading lithium battery recycling company, as it seeks to go public on the Hong Kong Stock Exchange amid financial difficulties and industry fluctuations [3][5][6]. Financial Performance - Jinsheng New Energy's revenue projections for 2022, 2023, and 2024 are approximately 2.9 billion, 2.89 billion, and 2.15 billion yuan respectively, with a profit of 151 million yuan in 2022, followed by losses of 471 million yuan in 2023 and a reduced loss of 344 million yuan in 2024 [3]. - The company's cash and cash equivalents have decreased from 211 million yuan in 2022 to 37 million yuan currently, indicating a significant reduction in liquidity [4]. - The company has a substantial debt obligation, with 1.8 billion yuan in bank loans due within a year, which is not sustainable given its current cash position [4]. Market Conditions - The decline in performance is attributed to market fluctuations affecting product prices, particularly the price of lithium carbonate, which fell from 396,300 yuan per ton in 2022 to 85,800 yuan per ton by the second half of 2024 [3]. - The lithium battery recycling sector is cyclical, with a predicted increase in retired lithium batteries in the coming years due to the surge in electric vehicle sales, which could lead to a recovery in the company's performance [8]. Strategic Moves - Jinsheng New Energy is pursuing a new battery recycling project in Huanggang, Hubei, with an investment exceeding 10 billion yuan and a planned processing capacity of 400,000 tons per year [4][5]. - The company has made multiple attempts to list on the Hong Kong Stock Exchange, with the latest application submitted on September 3, following a previous unsuccessful attempt in December 2022 [5][6]. Industry Context - The article highlights the competitive landscape, noting that major battery manufacturers like CATL and EVE Energy are expanding their recycling operations, which may impact Jinsheng New Energy's market position [8]. - The company aims to increase its production capacity to handle 280,000 tons of retired ternary lithium batteries annually by 2025, indicating a long-term growth strategy despite current challenges [8].