Core Viewpoint - Greeenme (002340) has submitted an application for listing on the Hong Kong Stock Exchange, with JPMorgan, CITIC Securities, and CITIC Jianye International as joint sponsors. The company is already listed on the Shenzhen Stock Exchange [1]. Group 1: Company Overview - Greeenme is a leader in the recycling of critical metal resources and lithium-ion batteries, as well as a prominent player in the global new energy materials manufacturing industry [4]. - The company operates a comprehensive business model centered around a circular economy, focusing on three core areas: critical metal resources, lithium-ion battery and end-of-life vehicle recycling, and new energy materials [4]. Group 2: Critical Metal Resources - Greeenme recycles critical metal resources including nickel, cobalt, tungsten, lithium, germanium, titanium, copper, manganese, gold, silver, and platinum, ranking first in China for the recovery of nickel, cobalt, and tungsten based on 2024 recovery volume [4]. - The company is a pioneer in developing smelting technologies for nickel, cobalt, and tungsten, and has built the world's largest high-pressure autoclave for red mud nickel ore, producing MHP of industry-leading quality [4]. - Greeenme has established a production base in Indonesia with an annual MHP production capacity of 150,000 tons, ranking among the top three globally based on 2024 MHP equity output [4]. Group 3: Lithium-Ion Battery and End-of-Life Vehicle Recycling - Greeenme procures retired lithium-ion batteries from third parties and recycles batteries from end-of-life electric vehicles (EVs), utilizing some batteries for secondary use while others are processed to produce metal intermediates for battery manufacturing [5]. - The company has partnerships with over 1,000 automotive and battery manufacturers globally and has established six lithium-ion battery recycling subsidiaries in China, all included in the MIIT whitelist. It ranks first in the domestic market for third-party retired lithium-ion battery recycling based on 2024 recovery volume [5]. Group 4: New Energy Materials - Greeenme supplies products such as ternary precursors and cathode materials for lithium-ion batteries, and cobalt oxide for 3C batteries, having established stable long-term relationships with nine of the top ten lithium-ion battery companies globally [6]. - Based on 2024 shipment volume, Greeenme ranks second globally in the supply of ternary precursors and cobalt oxide, and has the capability to achieve self-sufficiency in key raw materials needed for new energy materials production [6]. Group 5: Financial Performance - For the fiscal years ending December 31 and the six months ending June 30, Greeenme reported revenues of 29.39 billion RMB, 30.53 billion RMB, 33.20 billion RMB, and 17.56 billion RMB for 2022, 2023, 2024, and the first half of 2025, respectively [6][7]. - The company's profits for the same periods were approximately 1.33 billion RMB, 1.16 billion RMB, 1.33 billion RMB, and 842.77 million RMB [6][7].

Core Viewpoint - Greenmei Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with JPMorgan, CITIC Securities, and CITIC Construction Investment International as joint sponsors. The company is already listed on the Shenzhen Stock Exchange [1]. Group 1: Company Overview - Greenmei is a leader in the recycling of critical metal resources and lithium-ion batteries, as well as a prominent player in the global new energy materials manufacturing industry [4]. - Since its establishment in 2001, the company has developed a comprehensive business model centered around a circular economy, focusing on three core areas: critical metal resources, lithium-ion battery and end-of-life vehicle recycling, and new energy materials [4]. Group 2: Critical Metal Resources - The company recycles critical metal resources, including nickel, cobalt, tungsten, lithium, germanium, titanium, copper, manganese, gold, silver, and platinum, leveraging its technological advantages [4]. - According to Frost & Sullivan, by 2024, Greenmei ranks first in China for the recycling volume of nickel, cobalt, and tungsten [4]. - The company is a pioneer in developing smelting technologies for nickel, cobalt, and tungsten, and has created the world's largest high-pressure autoclave for nickel laterite ore, producing MHP of industry-leading quality [4]. - Greenmei has established a production base in Indonesia with an annual MHP production capacity of 150,000 tons, ranking among the top three globally in terms of MHP equity output by 2024 [4]. Group 3: Lithium-Ion Battery and End-of-Life Vehicle Recycling - Greenmei procures retired lithium-ion batteries from third parties and recycles batteries from end-of-life electric vehicles (EVs), utilizing a tiered reuse approach for some batteries [5]. - The company has established partnerships with over 1,000 automotive companies and battery manufacturers globally and has set up six lithium-ion battery recycling subsidiaries in China, all included in the MIIT whitelist [5]. - By 2024, Greenmei ranks first in the domestic market for third-party retired lithium-ion battery recycling [5]. Group 4: New Energy Materials - Greenmei supplies products such as ternary precursors and cathode materials for lithium-ion batteries, as well as cobalt oxide for 3C batteries, leveraging its advanced manufacturing technology and stable relationships with leading companies in the new energy materials sector [6]. - By 2024, Greenmei ranks second globally in terms of supply volume for ternary precursors and cobalt oxide [6]. - The company has the capability to achieve self-sufficiency in some key raw materials required for new energy materials production, thanks to its integrated capabilities in MHP production, critical metal resource recycling, and lithium-ion battery recycling [6]. Group 5: Financial Performance - For the fiscal years ending December 31 and the six months ending June 30, the company reported revenues of CNY 29.39 billion, CNY 30.53 billion, CNY 33.20 billion, and CNY 17.56 billion respectively [6][7]. - The corresponding profits for the same periods were approximately CNY 1.33 billion, CNY 1.16 billion, CNY 1.33 billion, and CNY 842.77 million [6][7].

Core Viewpoint - Greenmei Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with JPMorgan, CITIC Securities, and CITIC Construction Investment International as joint sponsors. The company is already listed on the Shenzhen Stock Exchange [1]. Group 1: Company Overview - Greenmei is a leader in the recycling of critical metal resources and lithium-ion batteries, as well as a prominent player in the global new energy materials manufacturing industry. The company operates a comprehensive business model centered around a circular economy, focusing on three core areas: critical metal resources, lithium-ion battery and end-of-life vehicle recycling, and new energy materials [4]. - The company has established itself as a pioneer in the recovery of critical metal resources, including nickel, cobalt, tungsten, lithium, germanium, titanium, copper, manganese, gold, silver, and platinum. According to Frost & Sullivan, Greenmei ranks first in China for the recovery of nickel, cobalt, and tungsten resources based on projected recovery volumes for 2024 [4]. Group 2: Business Segments - In the lithium-ion battery and end-of-life vehicle recycling sector, Greenmei procures retired lithium-ion batteries from third parties and recycles batteries from scrapped electric vehicles (EVs). The company has established partnerships with over 1,000 automotive and battery manufacturers globally and has set up six lithium-ion battery recycling subsidiaries in China, all of which are included in the Ministry of Industry and Information Technology's whitelist. Greenmei ranks first in the domestic market for third-party retired lithium-ion battery recycling based on projected recovery volumes for 2024 [5]. - In the new energy materials sector, Greenmei supplies products such as ternary precursors and cathode materials for lithium-ion batteries, as well as cobalt oxide for 3C batteries. The company has established long-term stable partnerships with nine of the top ten lithium-ion battery manufacturers globally. Based on projected shipment volumes for 2024, Greenmei ranks second in the global supply of ternary precursors and cobalt oxide [6]. Group 3: Financial Performance - For the fiscal years ending December 31 and the six months ending June 30, the company reported revenues of 29.39 billion RMB, 30.53 billion RMB, 33.20 billion RMB, and 17.56 billion RMB for 2022, 2023, 2024, and the first half of 2025, respectively. The corresponding profits were approximately 1.33 billion RMB, 1.16 billion RMB, 1.33 billion RMB, and 842.77 million RMB [6][7].

Core Viewpoint - Greeenme Co., Ltd. has officially initiated the planning for its H-share listing on the Hong Kong Stock Exchange to support its global development strategy and enhance its international brand image and competitiveness [1] Group 1: H-share Listing - The company held a board and supervisory committee meeting on August 21 to approve the series of proposals for the H-share issuance [1] - The purpose of the H-share issuance is to leverage diversified financing channels in the international capital market for sustainable development and management [1] Group 2: Company Overview - Founded in 2001 and headquartered in Shenzhen, Greenme specializes in the manufacturing of new energy materials and urban mining [1] - The company has established a full lifecycle value chain encompassing battery recycling, raw material regeneration, material regeneration, battery pack regeneration, and new energy vehicle services [1] - Greenme is a pioneer in urban mining in China and a promoter of the global new energy industry, having built 16 major recycling industrial parks worldwide [1]

Core Viewpoint - Despite achieving revenue of approximately 33.2 billion yuan and a net profit of about 1.02 billion yuan in 2024, the company faces investor concerns regarding its focus on ternary materials in a market where lithium iron phosphate (LFP) materials dominate with over 70% market share [2][3]. Financial Performance - In 2024, the company reported revenue of approximately 33.2 billion yuan, a year-on-year increase of 8.75%, and a net profit attributable to shareholders of about 1.02 billion yuan, up 9.19% [3]. - The net cash flow from operating activities reached 3.055 billion yuan, growing by 41.14%, and the overall gross margin improved by 3.05% to 15.29% [3]. - The fourth quarter net profit was lower than the previous three quarters, primarily due to a decline in the value of shares held in the Korean company ECOPRO MAT [3]. Business Segments - The company operates two main businesses: new energy materials manufacturing and urban mining [5]. - In the new energy materials sector, the sales scale accounted for 77.59% of total sales, with revenue from this segment reaching 25.76 billion yuan, a 10.24% increase year-on-year [6]. - The urban mining business generated revenue of 7.44 billion yuan, reflecting a 3.87% growth [6]. Ternary Battery Market Outlook - The company remains optimistic about the growth of ternary batteries globally, anticipating a balanced market share between LFP and ternary batteries by 2030 [2][9]. - The demand for ternary materials and precursors is projected to reach 3.4 million tons and 3.51 million tons, respectively, by 2030, with a compound annual growth rate (CAGR) of 24% for ternary precursor shipments [9]. Nickel Resource Strategy - The company produced 51,600 tons of nickel in 2024, a 91% increase, and established a nickel resource capacity of 150,000 tons per year [10]. - Nickel business revenue reached 5.848 billion yuan, a significant increase of 143.47%, contributing 17.61% to total revenue [10]. Urban Mining and Recycling - The urban mining segment includes the recovery of key mineral resources and electronic waste, with significant growth in the recycling of retired batteries and scrap vehicles [15]. - The company reported a 31% increase in the recycling of retired batteries, reaching 35,930 tons, and a 133% increase in the recycling of scrap vehicles, totaling 280,000 tons [15]. Electronic Waste Business - The electronic waste recycling business showed poor performance with a gross margin of -7.46%, and revenue decreased by 50.73% [16]. - The company plans to divest its electronic waste business and collaborate with state-owned enterprises for restructuring [16].

Core Viewpoint - The company has reported significant growth in its first quarter of 2025, with record high sales revenue, net profit, and operating cash flow, driven by strong demand in its dual-track business model of urban mining and new energy materials manufacturing [24][25]. Financial Performance - The company achieved operating revenue of 9.496 billion yuan, a year-on-year increase of 13.67% [24] - Net profit attributable to shareholders reached 511 million yuan, up 12.10% year-on-year [24] - The net cash flow from operating activities was 634 million yuan, reflecting a substantial increase of 77.92% compared to the previous year [24] - Investment income surged by 1.35 billion yuan, marking a growth of 4,103.55% due to the sale of ECOPRO MAT shares [4] Business Operations - The average capacity utilization rate for core products exceeded 97%, with a strong average shipment growth rate of approximately 42% [24] - Nickel resource MHP shipments exceeded 25,000 tons, showing a significant year-on-year increase of over 138% [7] - The company has successfully completed the election of a new management team, focusing on attracting young and innovative talent to enhance its competitive edge [9][10] Strategic Initiatives - The company has initiated a global supplier alliance to address trade challenges and enhance market stability, involving over 120 global suppliers [13][25] - Strategic partnerships have been established with ECOPRO and other firms to develop an integrated supply chain for nickel resources and precursor materials in Indonesia [14][25] - The company is actively pursuing overseas capital market development, including plans for H-share issuance in Hong Kong [16] ESG and Social Responsibility - The company has signed a memorandum of understanding with UNU Yogyakarta University in Indonesia to promote higher education cooperation, reflecting its commitment to social responsibility and cultural exchange [17] - The company has achieved ISO37301 compliance management system certification, enhancing its risk management capabilities [19] Governance and Shareholder Engagement - The company has completed a new round of share repurchase amounting to 137 million yuan, aimed at boosting market confidence [16][37] - The company has consistently maintained high standards in information disclosure, receiving an A rating for eleven consecutive years from the Shenzhen Stock Exchange [36]