格林美、金晟新能接连赴港上市，抢滩锂电“退役潮”

Core Insights - The article discusses the simultaneous IPO plans of two representative companies in China's power battery recycling industry, GreeenMe and Jinsheng New Energy, highlighting their differing business models and financial performances as they seek international capital [5][11][13]. Company Overview - GreenMe has submitted an application for a dual listing in A-shares and H-shares, while Jinsheng New Energy is updating its prospectus for its Hong Kong listing [3][4]. - GreenMe's founder, Professor Xu Kaihua, emphasizes a technology-driven, integrated industry chain approach, while Jinsheng New Energy, founded by the Li brothers, focuses on specialized technical services within specific segments of the industry [6][10]. Business Models - GreenMe operates an integrated business model that includes battery and vehicle recycling, as well as deep processing of recovered metal resources, creating a closed-loop system [7][8]. - Jinsheng New Energy positions itself as a third-party recycling specialist, focusing on the recovery of battery-grade lithium carbonate and other chemicals from retired batteries and production waste [10]. Financial Performance - GreenMe's revenue is projected to grow from 29.4 billion yuan in 2022 to 33.2 billion yuan in 2024, with a net profit of 1.16 billion yuan in 2023, recovering to 1.33 billion yuan in 2024 [11][12]. - Jinsheng New Energy's revenue is expected to decline from 2.9 billion yuan in 2022 to 2.16 billion yuan in 2024, with cumulative net losses of 959 million yuan from 2023 to the first half of 2025 [13][14]. Market Trends - The lithium battery recycling market is anticipated to experience explosive growth, driven by the retirement of first-generation batteries as electric vehicle sales surge [15]. - The competitive landscape is intensifying, with major players like CATL's Bangpu Recycling posing significant challenges to third-party recyclers [16]. Strategic Implications - Both companies' IPO efforts reflect a broader industry trend towards capital-intensive expansion and consolidation, as they seek to secure funding for growth and navigate a rapidly evolving market [15][16].