Core Viewpoint - Greeenmei's upcoming Hong Kong IPO is driven by a pressing need for external financing due to a significant debt gap of nearly 9 billion yuan, despite the company's expanding revenue scale and declining unit value [1][4]. Financial Performance - In the first half of 2025, the company reported a revenue of 17.561 billion yuan, a year-on-year increase of 1.28%, with nearly 60% of this revenue coming from the new energy battery materials business, which grew only 0.56% year-on-year [1][6]. - The company's net profit attributable to shareholders reached 799 million yuan, reflecting a year-on-year growth of 13.91% [6]. Capital Expenditure and Debt - The company's capital expenditure surged from 1.426 billion yuan in 2020 to 11.938 billion yuan in 2024, with 6.628 billion yuan spent in the first half of 2025 [2]. - As of mid-2025, the company had short-term debts of 14.294 billion yuan and long-term debts of 18.686 billion yuan, while its cash and cash equivalents (excluding restricted funds) totaled only 5.4 billion yuan, indicating a short-term debt gap of nearly 10 billion yuan [4]. Business Model and Operations - The company operates a dual business model focusing on "urban mining" and "new energy materials manufacturing," recovering key mineral resources and electronic waste [1]. - Despite a challenging industry environment, the company achieved a significant increase in production capacity utilization, with an average utilization rate of over 95% in its new energy business in 2024, significantly higher than the industry average [6][7]. Inventory and Financial Health - The company's inventory and prepayments rose sharply from 7.479 billion yuan in 2020 to 16.506 billion yuan by mid-2025, accounting for 94% of its revenue during the same period [7]. - The company's gross margin was reported at 15.29% in 2024, higher than its competitor, Zhongwei, which had a gross margin of 12.12% [7].

Group 1 - The company plans to list H-shares on the Hong Kong Stock Exchange to open overseas financing channels and support future international business development [2] - The H-share listing is not expected to significantly impact the A-share market [2] - The company is actively discussing with intermediaries regarding the details of the H-share issuance and listing [2] Group 2 - In 2024, the company achieved a revenue of 33.2 billion yuan, a year-on-year increase of 8.75%, and a net profit of 1.02 billion yuan, up 9.19% [3] - The net cash flow from operating activities for 2024 was 3.055 billion yuan, reflecting a significant year-on-year growth of 41.14% [3] - In Q1 2025, the company reported a revenue of approximately 9.496 billion yuan, a 13.67% increase year-on-year, and a net profit of about 511 million yuan, up 12.1% [3] Group 3 - The company sees a balanced future market for ternary batteries and lithium iron phosphate (LFP&LMFP) batteries, each thriving in their respective advantageous markets [4] - Ternary batteries are recognized for their high capacity, long range, and superior circular economy performance, with a growing trend in global mid-to-high-end vehicle configurations [4] - The company remains optimistic about the value of rare metals like nickel, cobalt, and lithium in the recycling of ternary battery materials and their unique advantages in low-altitude economy and solid-state battery applications [4]

Financial Performance - In 2024, the company achieved a revenue of CNY 33.2 billion, a year-on-year increase of 8.75%, marking a historical high [3] - The net profit attributable to shareholders reached CNY 1.02 billion, up 9.19% year-on-year [3] - In Q1 2025, the company reported a revenue of CNY 9.496 billion, a 13.67% increase compared to the same period last year [3] - The net profit for Q1 2025 was CNY 511 million, reflecting a 12.10% year-on-year growth [3] Market Trends and Challenges - The global ternary battery market share is declining, with domestic share dropping to 18% in 2024, posing strategic challenges [2] - By 2030, the global market for ternary batteries and lithium iron phosphate (LFP) batteries is expected to balance out [2] - The company anticipates a significant increase in the recycling of retired power batteries, with an estimated utilization of over 300,000 tons in 2024 [6] Innovation and Technology - The company has invested CNY 8 billion in technology, achieving significant breakthroughs in nickel resources, ternary precursors, and battery recycling [2][3] - The company has developed a complete CTP battery pack disassembly process with a disassembly yield exceeding 92%, significantly higher than the industry average of 80% [5] - The company is focusing on digital upgrades and AI integration to enhance operational efficiency and innovation [3] Strategic Initiatives - The company aims to achieve a revenue target of CNY 60 billion by 2027, emphasizing resource recycling and new energy material manufacturing [6] - Plans for 2025 include expanding production capacity and forming strategic alliances to enhance competitiveness [3][4] - The company is actively pursuing global partnerships to mitigate trade challenges and enhance market stability [6] Environmental and Regulatory Factors - The company is adapting to changes in electronic waste subsidy policies, which have led to a reduction in electronic waste dismantling scale [4] - The company is committed to sustainable practices, focusing on low-carbon nickel resource products to align with global environmental standards [17] Talent and Management - The company has implemented a talent reserve strategy, focusing on recruiting innovative and globally-minded individuals to strengthen its management team [4] - A new management team has been appointed to navigate future challenges and drive international expansion [4] Financial Strategy - The company plans to optimize its capital structure and enhance shareholder value through share buybacks and dividend policies [22] - The company is exploring overseas financing options, including issuing H-shares and green bonds, to support its global expansion [20]

Core Viewpoint - The company has reported significant growth in its first quarter of 2025, with record high sales revenue, net profit, and operating cash flow, driven by strong demand in its dual-track business model of urban mining and new energy materials manufacturing [24][25]. Financial Performance - The company achieved operating revenue of 9.496 billion yuan, a year-on-year increase of 13.67% [24] - Net profit attributable to shareholders reached 511 million yuan, up 12.10% year-on-year [24] - The net cash flow from operating activities was 634 million yuan, reflecting a substantial increase of 77.92% compared to the previous year [24] - Investment income surged by 1.35 billion yuan, marking a growth of 4,103.55% due to the sale of ECOPRO MAT shares [4] Business Operations - The average capacity utilization rate for core products exceeded 97%, with a strong average shipment growth rate of approximately 42% [24] - Nickel resource MHP shipments exceeded 25,000 tons, showing a significant year-on-year increase of over 138% [7] - The company has successfully completed the election of a new management team, focusing on attracting young and innovative talent to enhance its competitive edge [9][10] Strategic Initiatives - The company has initiated a global supplier alliance to address trade challenges and enhance market stability, involving over 120 global suppliers [13][25] - Strategic partnerships have been established with ECOPRO and other firms to develop an integrated supply chain for nickel resources and precursor materials in Indonesia [14][25] - The company is actively pursuing overseas capital market development, including plans for H-share issuance in Hong Kong [16] ESG and Social Responsibility - The company has signed a memorandum of understanding with UNU Yogyakarta University in Indonesia to promote higher education cooperation, reflecting its commitment to social responsibility and cultural exchange [17] - The company has achieved ISO37301 compliance management system certification, enhancing its risk management capabilities [19] Governance and Shareholder Engagement - The company has completed a new round of share repurchase amounting to 137 million yuan, aimed at boosting market confidence [16][37] - The company has consistently maintained high standards in information disclosure, receiving an A rating for eleven consecutive years from the Shenzhen Stock Exchange [36]

浙江荣泰电工器材股份有限公司 （浙江省嘉兴市南湖区凤桥镇中兴路 308 号） 首次公开发行股票并在主板上市 招股意向书 保荐人（主承销商） （北京市西城区金融大街 5 号（新盛大厦）12 层、15 层） 浙江荣泰电工器材股份有限公司 招股意向书 声 明 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发 行人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表 明其对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保 证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》规定，股票依法发行后，发行人经营与收益的变化，由发 行人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行 承担股票依法发行后因发行人经营与收益变化或者股票价格变动引致的投资风 险。 1-1-1 浙江荣泰电工器材股份有限公司 招股意向书 本次发行概况 | 发行股票类型： | 人民币普通股（A 股） | | | | --- | --- | --- | --- | | 发行股数： | 本次拟公开发行股票数量 7,000.00 万股，占发行后总股本的 25.00%；本次发行不进行原股东公开发售股 ...