Core Insights - Zhongwei Co., Ltd. has made significant progress in its H-share issuance and listing process, with the application submitted to the Hong Kong Stock Exchange on October 23, 2025, and the listing hearing successfully conducted on October 2, 2025 [1][2] - The company is a leading player in the new energy materials sector in China, with a diverse product matrix including nickel-based, cobalt-based, phosphorus-based, and sodium-based materials, achieving top global market shares in nickel and cobalt materials for five consecutive years [1][2] Group 1 - Zhongwei Co., Ltd. has submitted an updated application for H-share issuance to the Hong Kong Stock Exchange, indicating a smooth progression of its IPO [1] - The company has established a comprehensive product matrix and technological layout in new energy materials, including high-performance nickel and cobalt materials, which dominate the market [1] - The phosphorus materials business has rapidly developed, positioning the company among the industry's top players, while sodium-based products have achieved mass production [1] Group 2 - Since 2017, Zhongwei Co., Ltd. has maintained continuous growth in operational scale and revenue, capitalizing on industry expansion and strategically positioning itself during industry adjustments [2] - The company has implemented a "new four modernizations" strategy focusing on technological diversification, global development, digital operations, and ecological industry integration [2] - Zhongwei Co., Ltd. is building an integrated closed-loop industrial model encompassing resource development, ore smelting, raw material refining, new energy material manufacturing, and terminal recycling [2]

Core Viewpoint - Zhongwei Co., Ltd. is progressing with its H-share issuance and listing in Hong Kong, having submitted an updated application to the Hong Kong Stock Exchange on October 23, 2025, following a successful hearing on October 2, 2025 [1][2] Group 1: Company Developments - Zhongwei Co., Ltd. is a leading domestic new energy materials science company with a diversified product matrix including nickel-based, cobalt-based, phosphorus-based, and sodium-based materials [1] - The company has achieved the number one global market share for nickel and cobalt materials for five consecutive years, with its phosphorus materials business rapidly developing into a leading position in the industry [1] - The sodium-based products have achieved mass production, and the company has successfully implemented dual technology routes [1] Group 2: Financial Performance - Since the public disclosure of performance data from 2017 to 2024, Zhongwei Co., Ltd. has maintained continuous growth in operational scale and revenue [2] - The company has experienced rapid performance release during the industry boom and has strategically positioned itself during the industry adjustment period [2] - Under the "New Four Modernizations" strategy, which focuses on technological diversification, global development, digital operations, and ecological industrialization, the company is building an integrated closed-loop industrial model from resource development to end-cycle recycling [2]

Core Viewpoint - Zhongwei Co., Ltd. is progressing with its H-share listing application on the Hong Kong Stock Exchange, indicating a strong position in the new energy materials sector and a commitment to expanding its market presence [1][2]. Group 1: H-share Listing Progress - On October 23, 2025, Zhongwei Co., Ltd. submitted an updated application for its H-share listing to the Hong Kong Stock Exchange [1]. - The listing committee held a hearing on October 2, 2025, and the company’s IPO application has successfully advanced to the latter stage [1]. - The joint sponsors received a letter from the Hong Kong Stock Exchange on October 3, 2025, confirming the review of the listing application [1]. Group 2: Company Overview and Market Position - Zhongwei Co., Ltd. is a leading company in the new energy materials sector, with a diverse product matrix including nickel-based, cobalt-based, phosphorus-based, and sodium-based materials [1]. - Nickel and cobalt materials have maintained the number one global market share for five consecutive years, while the phosphorus materials business has rapidly developed into a leading position in the industry [1]. - The company has achieved mass production of sodium-based products and successfully implemented dual technology routes [1]. Group 3: Business Strategy and Growth - Since 2017, Zhongwei Co., Ltd. has experienced continuous growth in operational scale and revenue, capitalizing on the industry's explosive growth and strategically positioning itself during industry adjustments [2]. - The company is guided by a "new four modernizations" strategy focusing on technological diversification, global development, digital operations, and ecological industry integration [2]. - Zhongwei Co., Ltd. is building an integrated closed-loop industrial model encompassing raw ore smelting, raw material refining, new energy material manufacturing, and terminal recycling [2].