Core Viewpoint - The lithium battery industry chain is collectively shifting towards the Hong Kong stock market, driven by multiple logics including "capital internationalization, breaking through internal competition, and capacity going overseas" [1][3]. Group 1: IPO Trends - In the first half of 2025, multiple companies in the lithium battery sector have initiated their IPO processes, with 240 companies submitting applications in Hong Kong, including successful listings like CATL, which achieved a market value of 1.3 trillion yuan, marking the largest global IPO in the first half of the year [2]. - The trend of "A+H" dual listings is on the rise, with companies like EVE Energy and Xinwangda announcing their intentions to list in Hong Kong, following the footsteps of previously listed companies such as BYD and Contemporary Amperex Technology [2][4]. Group 2: Market Dynamics - The lithium battery industry is experiencing a reshuffle, with a mismatch in supply and demand leading to a rapid decline in battery prices, which in turn pressures the profits of industry players. Larger companies are looking to raise funds through IPOs to enhance technology and market share [5]. - The successful listing of Haibo Technology aims to expand into international markets to improve its revenue structure and gross margins, amidst intense price competition in the domestic market [6]. Group 3: Internationalization and Capacity Expansion - The shift towards Hong Kong is also motivated by the need for lithium battery companies to attract overseas capital and enhance their financing capabilities for international market expansion. Companies like EVE Energy and CATL are focusing on overseas projects in Hungary and Malaysia, with significant portions of their IPO funds allocated for these developments [10][11]. - The postponement of the EU Battery Regulation provides a window for Chinese lithium battery companies to establish a stronger presence in the European market, which is expected to become the second-largest lithium battery market globally [10]. Group 4: Supporting Industries - Several leading material companies are also expanding their overseas production capacities, such as Rongbai Technology's planned production base in Poland and Tianci Materials' investment in Morocco [11]. - The collective movement of major players in the lithium battery supply chain towards Hong Kong indicates a new competitive landscape for the industry as it seeks to enhance its international footprint [12].

随着投资热度的回升， 锂电行业多家企业IPO传来新进展！部分企业或开启申购、或顺利敲钟上市，也有企业一波三折，再次按下" 暂停 键"。 3月31日，从 深交所网站获悉， 共有16家企业更新IPO审核状态为"中止"， 其中有4家企业属于锂电行业，中止原因均为 财务资料已过有效 期。 01 电池端： 朗泰通科技原拟募资7亿元 东莞市朗泰通科技股份有限公司成立于2015年12月17日，是 专注电池研发、生产、销售与服务的高新技术企业，深耕电池行业20多年，目 前拥有磷酸铁锂、三元、镍氢等多种类的电池产线，主营产品包括32、26、18等系列圆柱电池及方向电池。 朗泰通科技于2022年10月开始辅导备案，2023年6月获受理，同年7月已问询，今年3月因 财务资料过期被中止。 招股书显示， 朗泰通科技 本次IPO计划募资7.02亿元，用于两大项目和补充流动资金，其中磷酸铁锂电池生产基地建设项目、研发中心建设 项目均 已获得相关主管部门的审批或备案。 | | | | | 单位: 万元 | | --- | --- | --- | --- | --- | | 序号 | 项目名称 | 总投资额 | 拟投入募集资金 | 建设期 | ...

继正力新能后，宏工科技也迎来IPO喜讯。 起点锂电获悉， 宏工科技 今日 开启申购，发行价 26.6 元 / 股，申购上限 0.45 万股，市盈率 7.05 倍，保荐机构 为 中信证券， 联席主 承销商为广发证券。 该公司 聚焦粉 / 粒 / 液 / 浆料等自动化处理产线及设备的研发、生产 、 销售 ，面 向锂电池 厂以及上游 正负极材料 厂 、精细化工等 领 域，国内头部锂电企业 宁德时代 / 比亚迪 / 亿纬 / 赣锋 / 远景 / 蜂巢 / 中创 / 欣旺达 等 均与其有合作关系 。 招股书显示， 202 1- 202 4 年前三季度公司营收分别约 5. 79 亿元、 21. 78 亿元、 3 1.98 亿元 、 14.59 亿元； 净利润约 5007 万 元、 2.97 亿元、 3.14 亿元 、 1.11 亿元 。 | 项目 | 2024 年 1-9 月/2024 | 2023 年/2023 年 | 2022 年/2022 年 | 2021 年/2021 年 | | --- | --- | --- | --- | --- | | | 年9月30日 | 12月 31 日 | 12月 31 日 | 12 ...