Core Viewpoint - Shenzhen Xingyuan Material Technology Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, aiming to leverage its position as a leading lithium-ion battery separator manufacturer with over 20 years of industry experience [1] Group 1: Company Overview - Xingyuan Material is recognized as a world-class manufacturer of lithium-ion battery separators, being the first in China to master dry unidirectional stretching technology for separators [1] - The company has achieved the highest global market share in dry separators by shipment volume in 2024 and is also the first to achieve mass exports of lithium-ion battery separators [1] - It possesses all three production technologies for lithium-ion battery separators: dry, wet, and coated [1] Group 2: Market Position and Performance - As an early entrant in the lithium-ion battery industry, Xingyuan Material has established itself as a well-known supplier and technology innovator in the global separator market [2] - The company has independent equipment research and design capabilities and has developed a world-class battery separator production line [2] - Xingyuan Material's global market share for lithium-ion battery separators increased from 11.0% in 2020 to 14.4% in 2024 [2] Group 3: Financial Performance - The company's revenue for 2022, 2023, and 2024 is projected to be RMB 2.867 billion, RMB 2.982 billion, and RMB 3.506 billion, respectively, with net profits of RMB 748 million, RMB 594 million, and RMB 371 million [3] - In Q1 2025, the company reported revenue of RMB 881 million and a net profit of RMB 51 million [3] - The gross profit margin has shown a declining trend, with figures of 44.8%, 43.3%, 28.1%, and 23.6% for 2022, 2023, 2024, and Q1 2025, respectively [3] Group 4: Risks - The company faces pressure from declining average product prices due to increased market competition, which could adversely affect its gross profit margin and overall financial performance [3] - High customer concentration poses a risk, with the top five customers accounting for 67.4%, 63.8%, 50.9%, and 60.9% of revenue in 2022, 2023, 2024, and Q1 2025, respectively [4] - The company's reliance solely on lithium-ion battery separators exposes it to risks related to policy changes and market demand fluctuations [4]

Core Viewpoint - The article highlights the innovative advancements of Ruizhi New Energy in the battery materials sector, showcasing their first-generation active functional separator and second-generation quasi/solid-state electrolyte membrane at the CIBF2025 event, emphasizing their commitment to providing high safety and high energy density solutions for various battery applications [1][3][5]. Group 1: First-Generation Active Functional Separator - The first-generation active functional separator developed by Ruizhi New Energy utilizes independently researched functional coating materials, significantly enhancing the safety, thermal resistance, and rate performance of liquid and semi-solid state battery cells [3]. - This separator features a three-dimensional lithium conduction channel constructed through semi-solid electrolyte technology, which is a breakthrough compared to traditional inorganic and organic coating materials [3]. Group 2: Second-Generation Quasi/Solid-State Electrolyte Membrane - The second-generation quasi/solid-state electrolyte membrane, known as SCS ion conductor, addresses the technical bottlenecks of solid-state batteries, promising a new era of energy density [5]. - This membrane, combined with self-supporting substrate materials, is designed for next-generation solid-state battery cells, significantly improving energy density and safety performance while ensuring long cycle life [5]. Group 3: Industry Engagement and Future Outlook - During CIBF2025, Ruizhi New Energy showcased its leading position in the battery separator field, attracting global industry partners and research institutions for in-depth discussions on technological collaboration and market applications [7]. - The company aims to drive industry upgrades through core technological breakthroughs and continues to focus on battery material innovation, contributing to the development of a green energy future [7].