Core Viewpoint - The company, Guangdong Jingsheng New Energy Co., Ltd., is attempting to list on the Hong Kong Stock Exchange for the second time after its initial application lapsed in December 2024, amid significant financial losses and market volatility in the lithium battery recycling sector [1]. Financial Performance - The company has experienced a "roller coaster" financial performance, with revenues declining from 29.05 billion yuan in 2022 to 9.37 billion yuan in the first half of 2025, indicating a continuous downward trend [2]. - The company reported a profit of 1.51 billion yuan in 2022 but has since incurred losses of 4.71 billion yuan in 2023, 3.44 billion yuan in 2024, and 1.44 billion yuan in the first half of 2025, totaling over 10 billion yuan in losses over the past three and a half years [2]. Market Conditions - The core reason for the company's losses is attributed to the drastic decline in prices of lithium carbonate, nickel, and cobalt, leading to a situation where product prices are lower than production costs [2]. - The average price of lithium carbonate plummeted from 426,900 yuan per ton in 2022 to 62,300 yuan per ton in the first half of 2025, representing a cumulative decline of over 80% [4]. Customer Concentration - The company's sales are heavily reliant on a few major clients, with revenue from the top five customers accounting for 52.7% to 67.3% of total revenue during the reporting period, indicating increasing customer concentration [2]. - The largest single customer contributed 13.9% to 45.2% of total revenue over the same period, raising concerns about the company's dependency on a limited customer base [2]. Accounts Receivable - The turnover days for trade receivables increased from 38 days in 2022 to 56 days in the first half of 2025, a nearly 50% rise, which is significantly higher than the industry average [3]. - The high customer concentration and low collection efficiency create a negative feedback loop, where major clients demand extended payment terms, increasing the risk of bad debts for the company [3]. Valuation and Ownership - The company was founded by the Li brothers in 2010 and has undergone multiple rounds of financing, with its valuation fluctuating significantly, peaking at 12 billion yuan in March 2023 and dropping to 6.2 billion yuan in July 2024 before recovering to 7.6 billion yuan in November 2024 [5]. - The current valuation has decreased by over 30% from its peak, reflecting the volatility in the industry [5]. Strategic Direction - In response to industry fluctuations, the company aims to establish a closed-loop industry model from "recycling to regeneration" to mitigate reliance on market conditions for profitability [5].

国盛证券研报指出，再升科技拟收购迈科隆实现VIP产业闭环，看好板块成长潜力。本次收购设置业绩 对赌条款，保障三年盈利。本次收购有望实现双赢，强化再升科技在真空绝热板领域的整体竞争力。再 升科技系全球空气过滤及保温节能细分领域的头部企业之一，本次收购进一步完善了公司在VIP保温材 料领域的纵向产业布局，结合近期新国标出台对VIP材料的潜在利好，在此契机下公司及时整合VIP业 务链，该板块有望发力成为增长新动能。预计公司2025-2027年归母净利润分别为1亿元、1.4亿元、1.7 亿元，对应PE分别为50倍、35倍、29倍，维持"买入"评级。 ...

8月1日晚间，再升科技（603601）（沪市代码：603601）公告称，公司拟以自有资金收购四川迈科隆真空新材料有限公司（以下简称"迈科 隆"）控股股东、实际控制人杨兴志持有的迈科隆49%股权，交易对价2.31亿元。 同时，杨兴志将其持有的迈科隆剩余17.6668%股权所对应的表决权等股东权利（分红权、收益权、处分权除外）委托再升科技行使。再升科技 将取得迈科隆董事会控制权，迈科隆将成为再升科技的控股子公司并纳入合并报表范围。 据再升科技介绍，迈科隆成立于2017年，主要从事研发、生产、销售真空绝热板及其衍生品，产品主要应用于高端家电领域、冷链领域、新兴 应用领域等。 值得注意的是，再升科技透露，本次股权转让因迈科隆少数股东郭彦女士系公司控股股东、实际控制人郭茂的姐姐，因此本次交易完成后将形 成"上市公司与关联人共同投资"之情形，构成《上海证券交易所股票上市规则》所规定的关联交易。 | 序号 | 股东姓名/名称 | 认缴出资额 (人民币元) | 持股比例 | | --- | --- | --- | --- | | | 杨兴志 | 21,428,600.00 | 66.6668% | | 2 | 郭彦 | 7, ...

南都电源在安徽布局的电池厂即将投产。 起点锂电获悉，南都旗下位于安徽阜阳的 华拓新能源二期 4GW 储能电池项目 已进入 设备调试阶段， 即将在 9 月投产 。 该项目总投资 20 亿元。 该 项目投资 20 亿元 ，主要生产 5G 通信后备电源、民用动力电池 、 储能电池，二期项目投产后总产能将达 7GWh ，年产值 预计将达到 5 0 亿元 ，此前 一期 3GWh 项目 已 于 2023 年 5 月投产， 主要生产 软包 电池 ， 用于 民用动力电源、通信后备电源等领域。 01 4 月 23 日公司宣布筹划登陆香港联交所。其实，本次上市就是为补血。 南都旗下新势力 南都电源 自 1994 年 成立后经历多个风口，已经形成 涵盖储能、绿色出行、通信数据、资源再生等四大 板块业务，安徽 南都成立于 2020 年，位于安徽阜阳界首，是南都电源 旗下重要势力。 该子公司具体分为六个部分 ，分别 是： 安徽华铂再生资源、界首市南都华宇电源、安徽南都华铂新材料、华拓新能源、浙江长兴南都电源 、 四川南都国舰新能源。 那么为何南都电源看重了界首市，据 公司副总经理刘培松 接受采访时称 ，公司规划新项目时 进行了全国考察 ...