Core Viewpoint - Shenzhen Xingyuan Material Technology Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, aiming to leverage its leading position in the lithium-ion battery separator market, particularly with its proprietary dry-process technology [1][3]. Company Overview - Xingyuan Material is recognized as a world-class manufacturer of lithium-ion battery separators and is the first in China to achieve mass export of these products [3]. - The company possesses all three production technologies for lithium-ion battery separators: dry, wet, and coated separators [3]. - It has established a global network with production bases in China, Europe, Southeast Asia, and the United States, and has R&D centers in various regions including South China, East China, Japan, and Sweden [4]. Market Position - According to Frost & Sullivan, Xingyuan Material ranked second globally in lithium-ion battery separator shipments over the past five years, with its market share increasing from 11.0% in 2020 to 14.4% in 2024 [3]. - The global battery separator market is projected to grow significantly, with total shipment volume expected to rise from 6.4 billion square meters in 2020 to 27.7 billion square meters in 2024, reflecting a compound annual growth rate (CAGR) of 44.5% [4]. Financial Performance - For the fiscal years 2022, 2023, and 2024, the company reported revenues of approximately RMB 2.867 billion, RMB 2.982 billion, and RMB 3.506 billion, respectively [5][6]. - The net profit for the same periods was approximately RMB 748 million, RMB 594 million, and RMB 371 million, indicating a downward trend in profitability [5][6].