Core Viewpoint - Guangdong Jinseng New Energy Co., Ltd. (hereinafter referred to as "Jinseng New Energy") has submitted its IPO application to the Hong Kong Stock Exchange, indicating a pressing need for financing despite previous unsuccessful attempts to list on both A-shares and Hong Kong stocks [1][6]. Group 1: Company Overview - Jinseng New Energy is a provider of lithium battery recycling and regeneration solutions, offering products such as lithium carbonate, nickel sulfate, and cobalt sulfate, which are widely used in electric vehicles, energy storage systems, and consumer electronics [3][6]. - According to a report by Frost & Sullivan, Jinseng New Energy is the second-largest lithium battery recycling and regeneration company globally and the largest third-party provider in this sector as of 2024 [3][6]. Group 2: Financial Performance - The financial performance of Jinseng New Energy has been declining, with revenues of approximately 2.905 billion yuan, 2.892 billion yuan, and 2.157 billion yuan from 2022 to 2024, respectively, showing a continuous decrease [3]. - The company reported net profits of 151 million yuan in 2022, a loss of 471 million yuan in 2023, and a loss of 344 million yuan in 2024, with no profitability achieved in the first half of 2025, where revenue was about 937 million yuan, down from 995 million yuan in the same period the previous year [3][4]. Group 3: Financial Pressure and Debt - As of June 30, 2025, Jinseng New Energy had interest-bearing bank loans and other borrowings totaling 2.1 billion yuan, with 1.8 billion yuan due within one year [4]. - The company's asset-liability ratio has increased significantly, standing at approximately 48.5% at the end of 2022, 61.6% at the end of 2023, and 74.8% at the end of 2024, with a slight decrease to 73.3% in the first half of 2025 [4]. Group 4: Market Position and Valuation - Jinseng New Energy has completed five rounds of financing since 2021, raising a total of 1.508 billion yuan, with the latest round in May 2025 raising 148 million yuan at a pre-investment valuation of approximately 10.2 billion yuan [7]. - The company is currently valued at over 10 billion yuan, ranking 1183rd on the 2025 Hurun Global Unicorn List [5][7]. Group 5: Ownership Structure - The company was founded by the Li brothers, who collectively control approximately 55.69% of the voting rights through various agreements and partnerships [7].

Core Viewpoint - Guangdong Jinseng New Energy Co., Ltd. (hereinafter referred to as "Jinseng New Energy") has submitted its IPO application to the Hong Kong Stock Exchange, indicating a pressing need for financing despite previous unsuccessful attempts to list on both A-share and Hong Kong markets [1] Financial Performance - Jinseng New Energy has not achieved profitability in the first half of the year, with revenues declining from approximately 29.05 billion yuan in 2022 to 21.57 billion yuan in 2024, and corresponding net profits showing a downward trend from 1.51 billion yuan to -3.44 billion yuan [4] - Cumulative losses for the company from 2023 to the first half of 2025 are approximately 9.59 billion yuan, with a reported revenue of about 9.37 billion yuan in the first half of 2025, down from 9.95 billion yuan in the same period last year [4] Financial Pressure - As of June 30, 2025, Jinseng New Energy has interest-bearing bank loans and other borrowings amounting to 2.1 billion yuan, with 1.8 billion yuan due within one year [5] - The company's debt-to-asset ratio has increased significantly, from approximately 48.5% in 2022 to 74.8% in 2024, with a slight decrease to 73.3% in the first half of 2025 [5] Market Position - Jinseng New Energy is recognized as the second-largest lithium battery recycling and regeneration company globally, and the largest third-party lithium battery recycling and regeneration enterprise, according to a report by Frost & Sullivan [6] - The company has a valuation exceeding 10.2 billion yuan based on a recent investment round, which is approximately 30 billion yuan higher than its valuation listed in the 2025 Hurun Global Unicorn List [8] Ownership Structure - The founding brothers, Li Sen, Li Xin, Li Yan, Li Wang, and Li Yao, collectively control 55.69% of the voting rights in Jinseng New Energy [8]

Core Viewpoint - The company is focusing on lithium battery recycling and aims to leverage its technological capabilities to enhance its position in the recycling industry, while exploring strategic partnerships and potential growth avenues in this sector [1]. Group 1: Business Strategy - The company is committed to becoming a world-class technology firm in the fields of coal selection, mineral selection, and resource recycling [1]. - The current focus of the lithium battery recycling business is on the pre-treatment stage of used lithium batteries, aiming to empower both incremental recovery enterprises and wet recovery companies [1]. - The company is actively seeking high-quality targets that complement its technological, product, or market advantages for potential investments or acquisitions [1]. Group 2: Market Position and Future Potential - The lithium battery recycling technology is still in the investment phase and has not yet generated revenue [1]. - The company is exploring growth opportunities through technological innovation and resource integration, although future contributions to performance will be influenced by market conditions, policy directions, and business maturity [1]. - The company emphasizes its commitment to strict information disclosure obligations and will keep investors informed of significant developments [1].

Group 1 - BYD's new energy vehicle sales reached 373,600 units in August, a slight increase from 373,100 units in the same month last year, with cumulative sales of approximately 2.864 million units from January to August, representing a year-on-year growth of 23% [4] - In August, BYD's total installed capacity for power and energy storage batteries was about 23.175 GWh, with a cumulative total of approximately 180.051 GWh from January to August [5] - EVE Energy's solid-state battery production facility in Chengdu officially launched, with an annual production capacity of nearly 500,000 cells planned after full production [6] Group 2 - CATL's joint project in Indonesia has commenced, with a total investment of nearly $6 billion, aiming to produce batteries for 200,000 to 300,000 electric vehicles annually [7] - CATL's Jiangsu project has officially started production, with the LY7 project achieving the fastest construction speed within the company, and the LY8 project set to be completed by March next year [8] - A 2 GWh energy storage contract was signed between China Automotive New Energy, POSCO International, and FAW Import and Export Company, marking the beginning of strategic cooperation in the energy storage sector [9] Group 3 - LG Energy Solution signed a supply agreement with Mercedes-Benz for a total capacity of 107 GWh, covering the period from 2028 to 2037 [10] - SK On secured a 7.2 GWh energy storage contract with Flatiron Energy Development, with plans to convert part of its Georgia factory's production line to energy storage systems [12] - A 30 GWh battery production project in Lanzhou has officially started construction, with an expected annual revenue of 4.1 billion yuan upon completion [13] Group 4 - Huizhou Youneng expects to ship approximately 1 million tons of phosphate materials this year, with a 55.38% year-on-year increase in shipments in the first half of 2025 [18] - Guizhou Anda Technology is investing 1 billion yuan to build a 60,000-ton/year lithium iron phosphate project, with environmental facilities and testing centers included [19] - Deyang Nano has developed a fifth-generation high-performance lithium iron phosphate material, now entering trial production [20] Group 5 - Bettery's CVD silicon-carbon anode materials are expected to enter mass production by 2025, with significant growth in sales of anode materials in the first half of 2025 [22] - Jiangyin Fuli Ying plans to establish a 1,000-ton silicon-carbon anode material project, with a total investment of 10 million yuan [23] - A major project led by Yifei Laser for precision laser welding technology for large cylindrical batteries has been initiated, aiming to enhance production processes [25] Group 6 - Xinyu Ren reported a net loss of 72.4 million yuan in the first half of 2025, with a 45.57% decline in revenue [26] - Xianhui Technology received a new order for a battery production line from a global leader in the battery industry, marking a significant expansion in Hungary [27] - Xiaomi initiated economic compensation against its supplier Amperis due to safety issues with certain power bank models [36][37] Group 7 - Chery Group achieved record exports in August, selling 130,000 vehicles, contributing to a 14.5% year-on-year increase in total sales from January to August [38] - CATL has exited its investment in Finnish Valmet Automotive, selling its 20.6% stake due to lower-than-expected electric vehicle market demand [39] - General Motors announced temporary layoffs affecting approximately 360 employees at its electric vehicle factory in Detroit [40] Group 8 - NIO reported a record high of 31,305 vehicle deliveries in August, a 55.2% year-on-year increase, surpassing Li Auto for the first time since November 2022 [41]

Core Viewpoint - The strategic cooperation between Tianqi Co., Ltd. and EVE Energy Co., Ltd. aims to build a closed-loop lithium battery recycling industry chain to mitigate market risks amid declining lithium prices and increasing competition in the lithium battery industry [1][2]. Group 1: Strategic Cooperation - Tianqi Co., Ltd. and EVE Energy Co., Ltd. signed a ten-year strategic cooperation framework agreement to establish a comprehensive lithium battery "manufacturing-application-reverse recycling-reuse" closed-loop system [1][2]. - The cooperation encompasses six major areas, including the establishment of an innovative pricing mechanism for recycled key materials, aiming to enhance their bargaining power in the market [2][3]. Group 2: Market Challenges - The lithium battery industry is currently facing a significant downturn, with battery-grade lithium carbonate prices dropping from over 100,000 yuan per ton at the beginning of the year to approximately 78,350 yuan per ton [2]. - The industry is experiencing severe internal competition, prompting regulatory bodies to signal the need for improved market order and management [2]. Group 3: Financial Performance Concerns - EVE Energy's 2025 semi-annual report indicated a revenue of 28.17 billion yuan, a year-on-year increase of 30.06%, but a net profit attributable to shareholders of only 1.605 billion yuan, a decline of 24.9% [4]. - Tianqi Co., Ltd. reported a revenue of 137 million yuan in its lithium battery recycling business, but continues to face ongoing gross profit losses due to raw material supply shortages and low metal prices [4]. Group 4: Competitive Landscape - Other leading companies, such as CATL and Greeenme, are also accelerating their recycling and industry chain integration efforts, which may limit the market space for Tianqi and EVE Energy's cooperation [5].

Group 1 - The company Tianqi Co., Ltd. (002009.SZ) announced that the first phase of the Chen Zhi Anqi project is expected to start trial production in the first quarter of 2026 [1] - The company's core subsidiary, Tianqi Jintai Ge, has established a recycling capacity of 100,000 tons for waste lithium batteries, with a lithium carbonate recovery rate of 92% to 93% [1] Group 2 - An investor inquired about the 70,000-ton power battery recycling project of Chen Zhi Anqi, which commenced construction in April 2025, and asked when it is expected to officially start production [3] - The investor also questioned the company's current technology level in relation to the Ministry of Industry and Information Technology's new regulations requiring a lithium recovery rate of no less than 90%, and whether there are plans for further capacity expansion in the future [3]

Core Insights - The article discusses the transformation of Zaozhuang from a coal-dependent city to a hub for lithium battery recycling and production, highlighting the importance of this industry in the context of the growing electric vehicle market [2][12]. Industry Overview - Zaozhuang has developed a complete lithium battery industry chain, including lithium mining, material production, cell manufacturing, application, and recycling, with significant production capacities established [2][10]. - The city is experiencing a shift towards becoming a "Chinese New Energy Battery City," leveraging its historical industrial base to support this transition [2][10]. Market Dynamics - The rapid growth of the electric vehicle market in China is creating a surge in demand for battery recycling, with projections indicating that by 2025, approximately 340,170 electric vehicles will require battery replacements, leading to a total of 820,000 tons of retired batteries [4][12]. - The concept of "mobile mines" is introduced, emphasizing the potential of retired batteries as a resource for lithium extraction [4]. Technological Challenges - There is an ongoing debate regarding the best technological approaches for battery recycling, with a focus on the advantages of physical recycling methods over traditional chemical methods [5][11]. - Safety concerns and the economic viability of battery reassembly are highlighted as significant challenges facing the industry [5][11]. Policy and Support - The local government is actively promoting policies to attract lithium battery companies and enhance collaboration with educational and research institutions to foster innovation [3][10]. - Experts are calling for more detailed government support, including tax incentives and subsidies, to stimulate market activity and ensure a stable supply of retired batteries for recycling [5][11]. Future Outlook - Zaozhuang aims to establish itself as a leading lithium battery industry base, focusing on sustainable development and environmental protection while expanding its industrial capabilities [12][13]. - The city is also looking to diversify its industrial structure by developing other emerging industries alongside lithium batteries, enhancing its economic resilience [12][13].

Group 1 - CATL has established a new energy company named Dongying Times Zero Carbon New Energy Technology Co., Ltd., focusing on carbon reduction and renewable energy technologies [2] - Funeng Technology received a development notification from GAC Group for battery pack assembly, expected to start supply within the year [3] - Chuangming New Energy signed a strategic cooperation agreement with Pinggao Group to develop mobile energy storage solutions [4] Group 2 - Chuangneng New Energy signed a long-term cooperation agreement with Nord Shares to procure 160,000 tons of copper foil materials over the next five years [5] - Ruipu Lanjun's revenue for the first half of the year is expected to be between 9.3 billion to 9.8 billion RMB, a growth of approximately 22.4% to 29.0% year-on-year [6] - Honeycomb Energy's second-generation battery has officially rolled off the production line, featuring a capacity of 65 kWh and ultra-fast charging capabilities [7] Group 3 - XWANDA's 20 GWh battery production project in Yiwu has received environmental approval, aiming for significant production capacity [8] - BYD has applied for a patent to increase the range of electric vehicles without changing battery pack dimensions [9][10] - Hunan Youneng plans to invest in a lithium battery cathode material project in Malaysia with a total investment of approximately 9.5 billion RMB [13] Group 4 - Jiangsu Yecheng New Materials' project for producing 400,000 tons of lithium battery anode materials has been approved [14] - Lithium Tai New Energy completed a million yuan angel round financing to advance battery safety technology [15] - Dingsheng New Materials announced a delay in the construction of its 800,000 tons battery foil project to December 2027 [16] Group 5 - Shanghai Weitai plans to acquire a 51% stake in Zhijiang New Materials, aiming to enter the lithium battery materials sector [17] - A new integrated phosphate-coal chemical project with a total investment of approximately 73 billion RMB has commenced construction [18][19] - Sichuan Wuke Jinsilicon received strategic investment to enhance its silicon-carbon anode material production capabilities [20] Group 6 - A 20 million RMB lithium battery composite new materials project has been signed in Jiangsu [21] - Yifei Laser delivered a new production line for large cylindrical batteries to a leading global battery customer [23] - Jing Shan Light Machinery has begun mass production of battery equipment for the energy storage sector [24] Group 7 - The Chinese lithium battery stacking equipment market is projected to reach 3.6 billion RMB in 2024, with a decline of 21.74% year-on-year [25] - A 18,000-ton lithium battery recycling project is set to be established in Heilongjiang [29] - A 48,000-ton lithium battery recycling project is proposed in Guangdong, with an investment of 651 million RMB [31] Group 8 - A new project for processing 60,000 tons of power batteries and 2 GWh of energy storage has been launched in Guangdong [32] - A 38,000-ton lithium battery recycling project is planned in Jiangxi [33] - BMW Group announced the establishment of a wholly-owned subsidiary in Nanjing, enhancing its information technology capabilities [35] Group 9 - XPeng Motors announced that its MONA M03 model has surpassed 150,000 cumulative deliveries [36] - Great Wall Motors reported a total revenue of 52.3 billion RMB for Q2 2025, a year-on-year increase of 7.8% [37] - BYD's 13 millionth electric vehicle has rolled off the production line [38] Group 10 - Chery aims to rank among the top ten global automotive manufacturers by the end of the year [39] - Mitsubishi Motors announced its complete withdrawal from the Chinese market [40][41] - Tesla's Model 3 has surpassed 3 million units in global sales [42]

Report's Investment Rating for the Industry - Not provided in the given content Core Views of the Report - The recycling and lithium mica supply chain links are under the most pressure due to high costs, profit inversion, and long - term losses, leading to an accelerated industry reshuffle [1] - The industry is optimistic about the long - term prospects, but this may interfere with the normal industry cycle and delay capacity reduction and clearing, and the clearing time and price decline may be more prolonged without policy support [1] - The use of futures tools is crucial for some enterprises to survive in adversity, and efforts should be made to strengthen futures services for the industry [1] Summary by Company Carbonate Lithium Trading Enterprise A - Founded in May 2011, shifted to new energy in 2015. Main products are carbonate lithium, hydroxide lithium, and ore. Aims to sell 50,000 tons of carbonate lithium and achieve 3 - 4 billion yuan in revenue by 2025 [2] - Has a professional futures team, combines spot and futures trading for price risk management. The proportion of long - term contracts has dropped to about 30% [2] - Lithium spodumene processing fee is 18,000 - 20,000 yuan/ton. It has no self - owned mines and relies on package sales or spot purchases. The industry has a consensus on supply surplus, and production costs have decreased [2] - Can match suitable raw materials for downstream customers. The actual demand is not as bad as expected, but the second - quarter direct market purchases were insufficient. Downstream demand is in a negative feedback loop [2][3] University B - Solid - state batteries are not yet mature for commercialization, at a 4 - 5 level on a 1 - 9 scale. It may take 5 - 10 years to achieve results, and lithium consumption may not increase significantly. It may first be applied in the 3C sector [4][5] - Sodium batteries are unlikely to replace lithium batteries but can be a supplement. They can be used in fields with high requirements for charge - discharge speed and output power [5] - Lithium slag can be processed by extracting lithium into brine or solidifying it for construction use [6] Lithium Battery Recycling Enterprise C - Has production bases in Hunan and Zhejiang. Production decreased from 3,000 tons last year to 1,000 tons this year and stopped production since April. The recycling market is almost stagnant [8] - Raw materials are mainly from external purchases, with unstable sources. The prices of raw materials and carbonate lithium are inverted. Most iron - lithium recycling has stopped, and about 40% - 50% of ternary recycling has stopped [8] - The cost of wet - process production lines is 15,000 - 18,000 yuan, and that of crushing lines is 1,000 - 1,500 yuan. The planned iron - lithium recycling capacity exceeds 2.5 million tons, but the actual raw materials are less than 500,000 tons [9] - Tries to improve waste utilization, processes special raw materials, and seeks cooperation with large enterprises. There is no opportunity for hedging this year [9] Cathode Material Enterprise D - Capacity utilization in Q1 was 93%, and the market share is 29%. The industry's Q2 capacity utilization was 55% [9] - The price of lithium iron phosphate is closely linked to the price of carbonate lithium, and the cost has decreased from 80% to 60%. It adopts a diversified procurement strategy [9] - Is optimistic about the second half of the year but not about July - August and Q3. New products are in short supply, and the proportion of high - density products is increasing [10] - Has difficulty accepting exchange - delivered goods due to new downstream requirements. The raw material inventory is normal, and it mainly purchases on - demand. It is optimistic about the annual demand but not about July - August [11] Battery Production Enterprise E - Has a refined operation and management style. The consumption - type products are growing, with a year - on - year increase of over 20%. The current production is almost full, and the downstream demand has increased by about 16% [12] - Believes that the cancellation of mandatory energy storage has limited negative impact. It has overseas energy - storage markets in Southeast Asia, Europe, and Africa [12] - Plans a 30,000 - ton capacity in Jiangxi. In 2024, the output was about 6,000 tons, and it is expected to be 8,000 tons in 2025. The current external procurement ratio of lithium ore is about 50%, and the production cost is expected to decrease [12][13] Battery Recycling Enterprise F - The industry is facing waste - price inversion due to over - capacity. Only a few large wet - process plants are still operating, and the market focuses on cost - reduction [14] - The factors triggering production cuts are complex. The company hedges all inventory and sells products quickly. It expects raw material release after 2027 [14] - The supply of waste batteries may improve next year. Some large enterprises are exploring overseas recycling [15][16]

6月会议预告 2025高工钠电 产业峰会 主办单位： 高工钠电、高工产业研究院（GGII） 总冠名： 众钠能源 会议时间： 6月9日 会议地点： 苏州香格里拉大酒店（苏州虎丘区塔园路168号） 2025高工固态电池 技术与应用峰会 主办单位： 高工锂电、高工储能、高工产业研究院（GGII） 总冠名： 利元亨 会议时间： 6月10日 会议地点： 苏州香格里拉大酒店（苏州虎丘区塔园路168号） 全球锂电池回收赛道正变得日益拥挤和复杂。行业参与者面临双重压力：一边是欧盟等地日趋严格的回收法规与材料再生目标步步紧逼，另一边则是 上游材料价格波动对回收经济性构成的严峻考验。 此背景下，从电池制造商、材料巨头到专业的第三方回收商乃至汽车主机厂，各路玩家纷纷加速布局。 同时 ，他们的路径选择、技术侧重和商业模式呈现出显著差异，推动着整个产业链加速形成闭环。 市场 近况 ：产能增长趋缓，盈利挑战浮现 中国作为全球最大的电池市场，已初步建立起庞大的回收处理体系。 截至 2024 年底，官方认证的锂离子电池梯次利用和拆解回收总产能合计达到 423.3 万吨 / 年，其中回收拆解利用产能略超梯次利用产能。 一个值得关注的信号是，行 ...