电池“小巨人”，IPO终止！

Core Viewpoint - Jiangsu Ronghui General Lithium Industry Co., Ltd. has failed its IPO application for the second time, indicating challenges in the lithium industry and the company's operational difficulties [2][3]. Group 1: Company Overview - Jiangsu Ronghui was established in 2006, focusing on battery-grade lithium carbonate and lithium hydroxide, essential materials for lithium-ion battery cathodes [2]. - The company is recognized as a national-level "little giant" enterprise specializing in new materials [2]. Group 2: IPO Plans and Financial Performance - The company planned to raise 3.06 billion yuan through its IPO to fund projects for producing 60,000 tons of battery-grade lithium carbonate and 68,000 tons of battery-grade monohydrate lithium hydroxide, along with working capital [3]. - Financial performance from 2020 to 2022 shows revenue growth from 506 million yuan in 2020 to 5.91 billion yuan in 2022, with net profit turning from a loss of 45.39 million yuan in 2020 to a profit of 1.91 billion yuan in 2022 [3]. Group 3: Customer Base and Market Challenges - Major customers during the reporting period included companies like Bettery, Dingsheng Technology, and Sanyuan, with the top five customers accounting for 58.36%, 71.79%, and 73.65% of revenue in respective years [3]. - The company does not own lithium mines, and with lithium prices plummeting in 2023, its performance is expected to decline amid industry overcapacity and intense competition [3].