近期，广东金晟新能源股份有限公司(以下简称"金晟新能")再度提交上市申请材料，向港股IPO发起冲 击。实际上，在本次闯关港交所前，这家由李氏五兄弟创办的锂电池回收及再生利用独角兽企业，曾接 连谋求A股、港股上市，不过最终均未能如愿。"执着"上市背后，金晟新能似乎正面临着较为迫切的融 资需求。 上半年未盈利 招股文件显示，金晟新能是锂电池回收及再生利用解决方案提供商，提供一系列再生利用产品，主要包 括碳酸锂、硫酸镍及硫酸钴，公司的产品在下游被广泛用于电动汽车、储能系统和消费电子产品等锂电 池主流应用场景，形成了全面且垂直整合的业务模式、产业链条完整的产业闭环。 根据咨询机构弗若斯特沙利文报告，以2024年再生利用销售收入计，金晟新能是全球第二大的锂电池回 收及再生利用企业，公司也是全球第一大的第三方锂电池回收及再生利用企业。 资产负债率方面，2022年末、2023年末以及2024年末，公司资产负债率分别约为48.5%、61.6%、 74.8%，逐年大幅增长；2025年上半年末，公司资产负债率73.3%，相较2024年末小幅回落1.5个百分 点。 另外，招股文件显示，报告期内，公司前五大客户销售额占比分别约为52 ...

Core Viewpoint - The company Jinsheng New Energy is facing significant financial challenges, including 1.8 billion yuan in short-term debt and continuous losses, while attempting to capitalize on the growing lithium battery recycling market amid fierce competition [5][18]. Financial Pressure - Jinsheng New Energy has 1.8 billion yuan in debt maturing within a year, with cash reserves of only 40 million yuan, leading to severe short-term liquidity and repayment pressures [2]. - The company has reported a continuous decline in revenue, with figures dropping from 2.905 billion yuan in 2022 to 2.157 billion yuan in 2024, and net losses of 471 million yuan in 2023 and 344 million yuan in 2024 [11]. Customer Dependency - Over 60% of the company's revenue comes from its top five customers, with the largest customer contributing nearly half of its revenue, indicating a high level of dependency and associated risks [3][12]. Market Outlook - The global retirement wave of power batteries is accelerating, with the recycling market expected to expand rapidly, providing Jinsheng New Energy with a rare growth opportunity [4]. - According to a report by Frost & Sullivan, the global lithium battery recycling market is projected to grow at a compound annual growth rate (CAGR) of 48.1%, reaching a processing volume of 20.6 million tons by 2031 [10]. Competitive Landscape - Jinsheng New Energy is the second-largest lithium battery recycling company globally and the largest third-party recycler, but it faces stiff competition from industry giants like Greeenme and others who are also expanding their recycling capabilities [7][9]. - Greeenme, for instance, has announced plans for a Hong Kong IPO and has a processing capacity that exceeds Jinsheng New Energy's, with annual revenues over 30 billion yuan compared to Jinsheng's less than 3 billion yuan [10][9]. Strategic Initiatives - The company plans to raise funds through a Hong Kong IPO to advance its closed-loop strategy of recycling to cathode materials, including expanding its processing capacity and establishing new production lines [11]. - However, the execution of these plans is complicated by the need for significant capital investment and the company's ongoing cash flow challenges [11]. Governance and Ownership - The governance structure of Jinsheng New Energy is highly concentrated, with the founder and his family controlling over 55% of the voting rights, which raises concerns among investors regarding decision-making processes [19].

Core Viewpoint - Guangdong Jingsheng New Energy Co., Ltd. (Jingsheng New Energy) has refiled its listing application on the Hong Kong Stock Exchange amid a challenging period for the lithium battery industry, characterized by price declines and intensified competition, while the company aims to leverage its resource recycling technology to tell a new story in the capital market [1]. Company Overview - Jingsheng New Energy is a leading global provider of lithium battery recycling and regeneration solutions, recognized as the second-largest in the world by revenue from recycling sales in 2024, and the largest third-party service provider in this sector [2]. - The company's recycling business covers mainstream battery systems, including ternary lithium batteries and lithium iron phosphate batteries, with products widely used in electric vehicles, energy storage systems, and consumer electronics [2]. Financial Performance - The company has reported cumulative losses exceeding 1 billion RMB over the past three and a half years, with a 56.5% year-on-year revenue decline in the first half of 2025 [2][3]. - Revenue figures for the fiscal years 2022 to 2025 (up to June 30) are approximately 2.905 billion RMB, 2.892 billion RMB, 2.157 billion RMB, and 995 million RMB, respectively, with net profits showing a significant downturn [3][4]. Market Dynamics - The lithium battery metal market has experienced extreme volatility, with lithium carbonate prices plummeting over 80% from a peak of 426,900 RMB per ton in 2022 to 80,100 RMB in 2024, and further dropping to 62,300 RMB in the first half of 2025 [5]. - The company has faced significant pressure on profitability due to the drastic decline in metal prices, leading to a situation where product prices fell below production costs [4][5]. Strategic Initiatives - Jingsheng New Energy is pursuing an aggressive vertical integration strategy to mitigate the impacts of price volatility and financial losses by enhancing upstream black powder production capacity and expanding downstream into cathode material manufacturing [7][8]. - The company plans to increase its capacity for processing retired batteries to 80,000 tons per year and aims to produce 10,000 tons of lithium iron phosphate cathode materials, marking its entry into the manufacturing sector [7][8]. Risks and Challenges - The company faces execution risks related to technological barriers in transitioning from recycling to cathode material production, as well as financial pressures from capital expenditures amid tight cash flow [9]. - Customer concentration is a growing concern, with the top five customers accounting for 67.3% of revenue in the first half of 2025, indicating a high dependency on a limited number of clients [9][10]. - The average collection period for trade receivables has increased from 38 days in 2022 to 56 days in the first half of 2025, suggesting potential liquidity issues and a weakening ability of customers to pay [10].

Core Viewpoint - Guangdong Jinseng New Energy Co., Ltd. (Jinseng New Energy), the world's second-largest lithium battery recycling and regeneration company, has submitted a listing application to the Hong Kong Stock Exchange, with CICC and CMB International as joint sponsors [1] Financial Performance - Revenue for Jinseng New Energy from 2022 to 2024 is projected to be approximately RMB 2.905 billion, RMB 2.891 billion, and RMB 2.157 billion respectively, with a revenue of RMB 937 million in the first half of 2025, representing a year-on-year decrease of 5.83% [2] - The company reported a net profit of RMB 151 million in 2022, but incurred losses of RMB 471 million in 2023 and RMB 344 million in 2024, with a loss of RMB 144 million in the first half of 2025, slightly widening year-on-year [2] Product Pricing and Market Conditions - The average selling price of lithium carbonate products dropped from RMB 396,300 per ton in 2022 to RMB 196,400 per ton in 2023, a decline of 50.44%, and further decreased to RMB 85,800 per ton in the first half of 2024, down 64.1% compared to the first half of 2023 [3] - Despite an increase in sales volume of lithium carbonate, nickel sulfate, and cobalt sulfate products compared to 2022, the significant price drop of these products has led to operational losses in 2023 [2][3] Cash Flow and Debt Situation - Cash and cash equivalents decreased from RMB 211 million at the end of 2022 to RMB 37 million by mid-2025, indicating a potential liquidity issue [3] - As of June 2025, the company had RMB 1.8 billion in bank loans due within one year, which cash and cash equivalents cannot cover, highlighting short-term repayment risks [3] Ownership Structure - Jinseng New Energy was founded by the Li brothers from Guangdong, each holding an average of 20% of the shares since the company's inception in 2010, collectively controlling approximately 55.05% of the voting rights prior to the IPO [3]

Company Overview - Guangdong Jinsing New Energy Co., Ltd. (Jinsing New Energy) has submitted a listing application to the Hong Kong Stock Exchange, with China International Capital Corporation and China Merchants Bank International as joint sponsors [1] - Jinsing New Energy is a leading provider of lithium battery recycling and regeneration solutions globally, focusing on a circular and clean future [3] Market Position - According to a report by Frost & Sullivan, Jinsing New Energy is the second-largest lithium battery recycling and regeneration company in the world by revenue from regeneration sales in 2024, and the largest third-party lithium battery recycling and regeneration enterprise globally [3] - The company's recycling business covers mainstream battery systems, including ternary lithium batteries and lithium iron phosphate batteries, with products widely used in electric vehicles, energy storage systems, and consumer electronics [3] Industry Growth - The global lithium battery recycling and regeneration solutions market is expected to grow rapidly, reaching a processing scale of 20.6 million tons by 2031, with a compound annual growth rate (CAGR) of 48.1% starting from 2024 [3] - Key growth drivers include the upcoming wave of lithium battery retirements, China's leading position in lithium batteries, and the increasing importance of lithium battery recycling in achieving global carbon reduction goals [3] Production Capacity - Jinsing New Energy has established three production facilities in Zhaoqing, Guangdong Province, and Yichun and Ganzhou in Jiangxi Province, providing comprehensive production capacity to meet the upcoming lithium battery retirement wave [4] - In 2024, the company's lithium battery recycling capacity and the production capacity of regenerated products will rank second in the world [4] Financial Performance - The company's revenue for the fiscal years ending June 30 for 2022, 2023, 2024, and the first half of 2025 were approximately RMB 2.905 billion, RMB 2.891 billion, RMB 2.157 billion, and RMB 937 million, respectively [4][6] - The net profit/loss for the same periods were approximately RMB 151 million, -RMB 471 million, -RMB 344 million, and -RMB 144 million, respectively [4][6]

据港交所9月3日披露，广东金晟新能源股份有限公司(金晟新能)向港交所主板提交上市申请书，中金公司（601995）和招银国际 为其联席保荐人。该公司曾于2024年12月20日向港交所递交过上市申请。 财务方面，于2022年度、2023年度、2024、2025年截至6月30日止六个月，金晟新能收入分别约为人民币29.05亿元、28.92亿元、 21.57亿元、9.37亿元；同期，该公司年内溢利分别约为1.51亿元、-4.71亿元、-3.44亿元、-1.44亿元。 綜合損益表概要 下表載列我們於所示期間的綜合損益表概要。 | | | 截至12月31日止年度 | | 截至6月30日止六個月 | | | --- | --- | --- | --- | --- | --- | | | 2022年 | 2023年 | 2024年 | 2024年 | 2025年 | | | | | (人民幣千元) | | | | | | | | (未經審計) | | | 收入 | 2,905,405 | 2,891,545 | 2,157,238 | 995.423 | 937.409 | | 销售成本 | | | | | | | 貨品及服 ...

Core Viewpoint - The article highlights the significant investment and strategic initiatives of Jinsing New Energy in the lithium battery recycling sector, emphasizing its potential for resource recovery and market growth [1][2]. Group 1: Project Overview - On May 8, Jinsing New Energy signed a contract for a comprehensive utilization project for retired batteries in Huanggang, Hubei, with an investment exceeding 10 billion [1]. - The project aims to achieve an annual processing capacity of 400,000 tons of retired batteries, facilitating the efficient recovery and reuse of strategic resources such as lithium, phosphorus, and iron [1]. Group 2: Company Background - Jinsing New Energy Co., Ltd. was established in 2010 and focuses on lithium battery recycling and regeneration, headquartered in Zhaoqing, Guangdong [1]. - The company entered the lithium battery recycling business in 2014 by establishing Jiangxi Ruida New Energy Technology Co., Ltd. It ranks 680th in the Hurun Global Unicorn List for 2024, with a valuation of 12 billion [1]. Group 3: IPO and Future Plans - Jinsing New Energy has submitted its IPO application to the Hong Kong Stock Exchange, which has been accepted [2]. - According to the prospectus, the company plans to conduct "full-component" recycling of retired lithium batteries and production waste, aiming to produce raw materials for ternary batteries and lithium iron phosphate battery electrodes [2]. - Currently, Jinsing New Energy operates three production facilities in Guangdong and Jiangxi, with plans to increase the processing capacity of retired ternary lithium batteries to 280,000 tons by 2025 [2].

2024年12月20日， 广东金晟新能源股份有限公司（简称"金晟新能源"）向港交所递交招股 书，拟在香港主板IPO上市，中金公司、招银国际为其联席保荐人。 据悉，金晟新能源曾聘请中金公司作为其A股上市筹备的辅导机构，并向广东监管局进行上市 辅导备案，拟冲击深主板上市，但2024年8月双方终止了A股上市辅导协议，转而赴港上市。 根据2023年再生利用销售收入计算，金晟新能源在全球锂电池回收及再生利用企业中排名第 二，市场份额约为3.8%，仅次于宁德时代旗下的邦普循环（市场份额约11.5%），并在第三方 解決方案提供商中排名第一。 在胡润百富发布的《2024全球独角兽榜》中，金晟新能源排名第680位，估值达120亿元。 资料显示，金晟新能源总部位于广东肇庆。2014年，成立江西睿达新能源科技有限公司（简 称"江西睿达"），正式入局锂电池回收业务。 2015年以来，我国新能源汽车销量开始呈现爆发式增长。尤其自2021年开始，新能源车的销量 和渗透率都迈上了另一个台阶，动力电池的装机量随之攀升。结合我国新能源车销量以及动力 电池的生命周期，近几年动力电池退役的大潮便将袭来，蕴藏着巨大的市场商机。 数据统计，2023年 ...