1月2日，港交所信息披露，亿纬锂能 向港交所主板 递交了上市申请，中信证券为其独家保荐人。 亿纬锂能二次 向港交所 递交申请 与2025年6月递交资料不同的是， 亿纬锂能 募集资金用途发生了变化。 据此前6月信息显示， 亿纬锂能港股IPO拟募资 300亿港元 ，用于 匈牙利30GWh大圆柱电池项目、 马来西亚38GWh储能电池三期项目、 补 充营运资金及一般企业用途 ，以支持其全球化战略落地。 最新资料显示， 亿纬锂能拟将募资净额仅用于其匈牙利生产基地的持续建设，以及营运资金及一般企业用途，并不涉及 马来西亚38GWh储能 电池三期项目。 新能安"雪豹电池"已量产交付数十万套 新能安积极布局两轮车、高功率产品、储能系统等多个领域，与上游合作伙伴共同开发出更薄、性能更强的锂电池——新国标"雪豹电池"。 该电池实现了一次充电续航超百公里，适用温域宽广，支持-15℃低温充电，在-20℃环境下仍能保持95%以上的容量稳定输出，保障冬季出行 无忧。该电池还具备2.3C高倍率放电能力，瞬时峰值放电可达70A，为爬坡、起步提供强劲动力，同时循环寿命高达800次，兼顾动力性能与 长久使用。 截至目前， "雪豹电池" 已量产交 ...

Core Viewpoint - The rapid growth of the domestic electric vehicle market since 2020 has led to an increasing focus on the disposal and recycling of retired power batteries, with Jinsheng New Energy's IPO highlighting its business model and operational challenges [1][3]. Group 1: Company Overview - Jinsheng New Energy's core business is lithium battery recycling and regeneration, establishing a circular economy model by connecting downstream applications with upstream material production [3]. - The company is the second-largest lithium battery recycling enterprise globally, with production bases in Zhaoqing, Yichun, and Ganzhou to address the upcoming peak of retired batteries [3]. Group 2: Market Dynamics - According to a report by Frost & Sullivan, the total amount of retired lithium batteries in mainland China is expected to reach 455,100 tons in 2024, with 54.9% from power batteries and 44.8% from consumer electronics [3]. - The total volume of retired lithium batteries in China is projected to surge to 4.8 million tons by 2031, with a compound annual growth rate of 40.1% from 2024 to 2031 [3]. Group 3: Financial Performance - Jinsheng New Energy reported a net profit of 151 million yuan in 2022, but faced losses in the subsequent two years: a net loss of 471 million yuan in 2023 and a projected net loss of 344 million yuan in 2024 [4][6]. - The company's financial challenges are attributed to significant fluctuations in raw material prices, particularly lithium carbonate, which dropped from 426,900 yuan per ton in 2022 to 80,100 yuan per ton in 2024 [4][6]. Group 4: Operational Challenges - The company faces competition from both battery manufacturers and third-party recyclers, with the latter needing to establish collection points and partnerships to acquire retired batteries [4]. - Jinsheng New Energy's gross profit has been pressured by both product prices and raw material costs, leading to a nearly doubled inventory impairment loss in 2023 compared to 2022 [4][6]. - To improve profitability, the company plans to optimize procurement and inventory management, diversify product offerings, and enhance operational efficiency [4][6]. Group 5: Industry Outlook - The lithium battery recycling market is still in its early development stages, requiring continuous investment to establish market position [7]. - Jinsheng New Energy must navigate price volatility and differentiate itself amid competition from automakers with their own recycling systems [7].