政策层面为格林美等企业的赴港上市提供了有力支持。中国证监会2024年4月发布的《5项资本市场对港合作措施》明确表示，支持内地行业龙头企业赴香港 上市，利用两个市场、两种资源规范发展。在海外上市不确定性增加的背景下，港交所降低H股最低发行门槛，境内企业赴港的融资渠道进一步疏通。 财务方面，格林美近年大体上呈业绩增长态势，其2024年营业收入为332亿元，同比增长8.75%；净利润10.20亿元，同比增长9.19%。其中，三元材料业务实 现营业收入257.62亿元，同比增长 10.24%，占总营收的77.6%；电池回收业务实现营业收入74.37亿元，同比增长3.87%，占营收的22.4%。 在内地企业赴港上市的热潮下，动力电池回收企业格林美也计划开启"A+H"双融资模式。8月24日晚，格林美（002340.SZ）发布公告称，公司已先后召开董 事会、监事会，审议并通过了赴港发行H股并在香港联交所主板上市的相关议案，这标志着其H股上市筹划工作正式启动。 格林美成立于2001年，总部位于深圳，其核心业务聚焦于"电池材料"与"电池回收"两大板块。近年来，随着动力电池退役潮来临，格林美的电池回收业务快 速增长。数据显示，格 ...

Domestic News - Chengdu's industrial added value for the first seven months of 2025 increased by 8.0% year-on-year, with fixed asset investment growing by 4.5%, and private investment rising by 5.6% [2] - Henan province is promoting the integration and cluster development of strategic emerging industries, focusing on enhancing the scale and competitiveness of sectors like new information technology, high-end equipment, and new energy vehicles [3] - Shenyang is launching an autumn automobile consumption subsidy program from August 22 to September 5, 2025, with a total subsidy of 50 million yuan available for eligible consumers [4] - Shenzhen's exports of "new three samples" products, including electric vehicles, lithium batteries, and photovoltaic products, reached 62.18 billion yuan in the first seven months of 2025, marking a year-on-year growth of 21.5% [5] - The National Hydrogen Energy Vehicle Industry Measurement and Testing Center has been approved for establishment to enhance the core competitiveness of the hydrogen energy vehicle industry [6] - FAW Bestune and Jiangsu Yueda Group have signed a strategic cooperation agreement to enhance collaboration in various fields, including equity investment and supply chain coordination [7] - NIO's chairman Li Bin announced that the company has invested over 18 billion yuan in charging and battery swapping infrastructure over the past decade, with more than 8,100 charging and battery swapping stations established nationwide [8] - A joint laboratory for low-carbon recycling of power batteries has been established in Wuhan, aiming to promote the low-carbon circular economy of power batteries through collaboration among key industry players and academic institutions [9] Foreign News - The United States and the European Union have reached a trade agreement framework, which includes a commitment from the EU to purchase at least $400 billion worth of American AI chips for data center construction by 2028 [10] - In July 2025, new car sales in Malaysia experienced a slight decline of 5% year-on-year, with total sales for the first seven months also down by 5% compared to the previous year [11] - eBay has introduced a free return service for eligible automotive parts purchases, enhancing the shopping experience for consumers [12] - Hyundai and Kia's market share in Saudi Arabia rose to 23% in the first half of 2025, selling a total of 96,160 vehicles [12] Commercial Vehicles - JAC's multiple models have won awards for the highest resale value in the commercial vehicle sector, reflecting their strong product quality and service ecosystem [15] - DeepWay's new energy heavy truck "Xingtu" has completed its first batch of deliveries, marking a significant milestone in the large-scale application of new energy heavy trucks [16] - FAW Jiefang's natural gas engine has entered the South American market, specifically in Peru, aligning with the region's growing demand for environmentally friendly vehicles [17] - Yuchai's new methanol engine has been successfully ignited, expanding its product family and supporting the green transition in various applications [18][19]

Core Viewpoint - The article highlights the significant potential of the battery recycling industry, particularly in China, where the recycling of used batteries can transform waste into valuable resources, addressing both economic and environmental concerns [5][9][18]. Group 1: Industry Overview - China generates 800,000 tons of discarded batteries annually, enough to fill 750 football fields [5]. - The global market for battery recycling is projected to exceed 100 billion yuan by 2025, driven by the increasing penetration of electric vehicles [7][9]. - The recycling of used batteries is crucial for mitigating supply chain risks, as China heavily relies on imports for key minerals like lithium, cobalt, and nickel, with cobalt import dependency reaching 98% [7][9]. Group 2: Company Profile - GreeenMei - GreenMei, founded by Xu Kaihua, has developed a comprehensive technology for safely dismantling and extracting valuable metals from used batteries, achieving high purity levels suitable for reuse in the new energy industry [9][10][18]. - In 2024, GreenMei reported a revenue of 33.2 billion yuan, with a market capitalization exceeding 30 billion yuan, serving major clients like Samsung, LG, and CATL [9][10]. - The company has established a global recycling network, processing tens of thousands of tons of used batteries annually, making it the largest battery recycling enterprise worldwide [18][19]. Group 3: Entrepreneurial Journey - Xu Kaihua transitioned from a university professor to an entrepreneur after being inspired by the need for a resource recycling system during a visit to Japan [11][20]. - Despite initial challenges, including a lack of revenue and skepticism about the industry, Xu persisted in developing battery recycling technology, leading to the successful production of fine cobalt and nickel powders by 2004 [12][15]. - The partnership with global mining giant Rio Tinto in 2008 marked a turning point for GreenMei, helping to establish its reputation for quality and paving the way for future growth [16][17]. Group 4: Future Prospects - As the electric vehicle market continues to grow, the demand for battery recycling will increase, with GreenMei positioned to capitalize on this trend due to its established infrastructure and technological advancements [17][18]. - The company has applied for over 5,000 patents and has played a key role in drafting national standards for battery recycling, reinforcing its competitive edge in the industry [17][18].

Core Viewpoint - The rapid development of the new energy vehicle industry is driving significant growth in the power battery recycling market, with various stakeholders including mining companies, battery manufacturers, and third-party recycling firms actively participating in this sector [2][5]. Group 1: Market Expansion and Projects - Multiple regions in China, including Jiangxi, Guangdong, Sichuan, Jiangsu, and Anhui, have initiated battery recycling projects, with several listed companies involved [2][3]. - Recent projects include a 3.8 billion yuan battery recycling center in Sichuan with a planned annual processing capacity of 30,000 tons, and various other projects across different provinces with capacities ranging from 1.4 million tons to 40,000 tons [3][4]. Group 2: Industry Participation - Companies across the battery supply chain, including upstream mining firms and downstream vehicle manufacturers, are increasingly investing in battery recycling initiatives [5][6]. - Notable projects include a joint venture by Ganfeng Lithium and others for a lithium battery recycling project with a total investment of 500 million yuan, aiming to process 20,000 tons of retired battery packs annually [5][6]. Group 3: Future Projections - By the end of 2024, the number of new energy vehicles in China is expected to exceed 31 million, leading to a significant increase in retired battery volumes [7]. - The battery recycling market is projected to surpass 100 billion yuan by 2030, driven by factors such as battery replacement policies and the growing number of operational electric vehicles [7]. Group 4: Technological and Strategic Developments - The industry is witnessing a trend towards technological upgrades and capacity enhancements in existing recycling facilities, with projects focusing on improving processing capabilities [4][6]. - Companies are forming strategic partnerships to secure raw material supplies and enhance their recycling capabilities, with a focus on building stable recycling channels [8][9]. Group 5: Regulatory and Industry Standards - The Chinese government is actively working on establishing a comprehensive battery recycling system, with recent policies aimed at improving industry standards and regulatory frameworks [9]. - The emphasis on platformization in the recycling sector is evident, with several companies launching collaborative platforms to address industry challenges such as recycling system inefficiencies and pricing issues [9].

Core Insights - The battery recycling industry is undergoing significant transformation towards standardization, specialization, and scaling, driven by policy improvements and technological advancements [2] - Despite progress, the industry faces challenges such as chaotic recycling practices, limited secondary utilization, and fluctuating economic viability [2] Industry Development - The number of new energy vehicles in China has reached 36.89 million, with a projected retirement of over 200 GWh of batteries by 2030 [3] - A preliminary battery recycling system has been established, with approximately 15,000 service points set up across the country [3] - Policies promoting the recycling system include a producer responsibility extension framework and financial incentives for "white list" companies [3] Company Initiatives - NIO has developed a Battery as a Service (BaaS) model that includes battery lifecycle monitoring and centralized recycling capabilities, achieving over 98% recovery rate for retired batteries [4] - The company holds nearly 30 GWh of battery assets, setting an example for compliance with producer responsibility regulations [4] Challenges in the Industry - The industry is characterized by a fragmented landscape with over 100,000 battery recycling companies, leading to regulatory difficulties [5] - There are issues with recycling channels and market norms, resulting in limited actual recovery volumes and competition from informal operators [5][6] - Stringent requirements for secondary utilization in sectors like energy storage and electric bicycles are hindering large-scale applications [6] Recommendations for Improvement - Experts suggest enhancing cross-departmental enforcement and establishing a blacklist mechanism to curb industry chaos [7] - A comprehensive lifecycle traceability system is recommended to ensure transparency and accountability in battery recycling [7] - The need for differentiated recycling technology routes for various vehicle types has been emphasized to improve recovery efficiency [9] Technological and Market Innovations - Investment in advanced technologies such as AI and robotics is crucial for improving recycling processes and efficiency [8] - The industry is currently dominated by three recycling models: vehicle manufacturers, battery manufacturers, and third-party recyclers, each with its own advantages and challenges [8]

Core Viewpoint - The seminar on promoting the high-quality development of the power battery recycling industry highlighted the current status, challenges, and solutions for the industry, emphasizing the need for standardized and high-quality development in battery recycling [1] Group 1: Current Industry Status - The power battery recycling system in China has been initially established, with a projected retirement volume of over 200 GWh by 2030 due to the rapid growth of the new energy vehicle market [3] - The national policy framework centered on the producer responsibility extension system has been formed, with both central and local governments issuing supportive policies [3] - Leading companies have achieved over 98% recovery rates for nickel, cobalt, and manganese metals, reaching international leading levels [3] Group 2: Challenges in Battery Recycling - The industry faces three major challenges: a fragmented market with many small players, limited recovery channels leading to low actual recovery volumes, and restrictions on second-life applications due to stringent policies and standards [4][5] - The current market is characterized by a "many monks, little porridge" situation, where the number of recycling companies exceeds the available retired batteries [5] - The closed-loop from waste batteries to regenerated materials has not been established, with existing dismantling and reuse technologies still immature [5] Group 3: Recommendations for Improvement - Experts suggested enhancing cross-departmental law enforcement and establishing a blacklist and joint punishment mechanism for non-compliant companies [6] - It was recommended to implement strict quality control for second-life products and to clarify the usage ratio of recycled materials in battery production [6][7] - The integration of advanced technologies such as artificial intelligence and robotics into the recycling process was emphasized to improve efficiency and effectiveness [7] Group 4: Collaborative Efforts - There is a consensus among participants that only through coordinated efforts in policy, technology, and market can the power battery recycling industry achieve standardized and high-quality development [8]

Core Viewpoint - Chongqing's Economic and Information Technology Commission has issued a work plan for cultivating the recycling and utilization industry of new energy vehicle power batteries from 2025 to 2027, emphasizing the establishment of a collaborative recycling service network among various stakeholders in the industry [1] Group 1: Industry Collaboration - The plan encourages cooperation among new energy vehicle manufacturers, power battery producers, scrapped vehicle dismantling companies, and battery recycling enterprises to jointly build recycling service points [1] - It supports existing recycling networks to expand their operations into power battery recycling and to include the collection of used lithium batteries from electric bicycles [1] Group 2: Cost and Risk Management - The initiative aims to continuously reduce operational costs and safety and environmental risks for individual companies involved in the recycling process [1] - It promotes the exploration of innovative business models to create a cooperative mechanism that is efficient and benefits all parties involved [1] Group 3: Infrastructure Development - Companies are encouraged to establish large regional recycling centers that integrate collection, transportation, and comprehensive utilization functions [1] - The goal is to achieve a one-stop recycling and utilization process for used power batteries with shorter chains and fewer steps [1]

Core Viewpoint - The innovative bioprotein-mediated technology developed by Hunan University of Technology has achieved significant success in the efficient recovery of precious metals from lithium battery tailings, marking a milestone in the resource utilization of solid waste in the new energy sector [1][3]. Group 1: Technology and Innovation - The bioprotein-mediated gradient recovery system addresses three major industry challenges: difficulty in separating low-grade tailings precious metals, high recovery costs, and potential secondary pollution [1][3]. - The technology has been patented with four national invention patents and is considered a crucial pillar for promoting the circular development of the lithium battery industry [1][5]. - The average content of lithium, cobalt, and nickel in lithium battery tailings is 2.3 kg, 1.8 kg, and 3.5 kg per ton, respectively, which could meet 15% of the global demand for lithium battery raw materials if efficiently recovered [3]. Group 2: Environmental and Economic Impact - The new technology has increased the total recovery rate of precious metals from tailings to 92%, reduced processing costs by 58%, and eliminated harmful gas emissions during the process [3][5]. - The purity of lithium obtained from the tailings reaches battery-grade standards (99.95%), with cobalt and nickel recovery rates improved by 42% and 37% compared to traditional methods [5]. - The carbon emissions during the processing are reduced by 76% compared to traditional pyrometallurgical methods, showcasing a significant environmental benefit [5]. Group 3: Industry Collaboration and Future Prospects - Leading companies in the industry, such as BYD and Bangpu Recycling, have shown interest in collaborating on the industrialization of this technology [5][7]. - The research team is establishing a comprehensive innovation system that integrates microbial screening, protein modification, pilot testing, and industrial application [7]. - The team aims to explore a deep integration path of industry-university-research collaboration to ensure that technological innovations effectively support industrial development [7].

Group 1 - ESG has become a necessary consideration for long-term investors, with nearly 5,100 institutions signing the UN PRI and managing over $100 trillion in assets as of June 30, 2025 [1] - ESG is an effective core standard for identifying companies with long-term sustainable development capabilities, as evidenced by JinJing New Energy winning the "Golden Award for Sustainable Development Excellence" [2] - JinJing New Energy's transformation from a construction-focused company to a leader in the global battery recycling sector highlights a significant industry change [4] Group 2 - JinJing New Energy's revenue surged by 92.3% to HKD 870 million, with reverse supply chain management and environmental services contributing 80% of the revenue, growing at 204% [4] - The company's adjusted EBITDA improved from a loss of HKD 40.1 million to a profit of HKD 44.8 million, demonstrating that green transformation can be a value creation engine [4] - The company has established a global recycling network covering 28 countries, with over 70 service nodes in key markets such as the US, Europe, and Southeast Asia [5] Group 3 - JinJing New Energy's innovative light-asset operational model, in collaboration with logistics giants, reduces carbon emissions during transportation [6] - The company's processing facility in Hong Kong is set to begin operations, aligning with national battery recycling management requirements and EU standards [7] - The potential for battery recycling in Hong Kong and other regions is significant, with a projected market size of HKD 10 billion emerging as the first wave of battery retirements occurs [7] Group 4 - JinJing New Energy's practices illustrate that ESG is not an additional cost but an accelerator for business growth, as the global retired battery volume is expected to exceed 4 million tons by 2028 [9] - The company’s efforts in integrating ESG solutions into its business model provide a competitive edge and transform regulatory constraints into business value [9]

Core Viewpoint - The annual performance report of Jin Jing New Energy for the year ending March 31, 2025, reveals significant growth, with a 92.3% increase in revenue to HKD 870 million, marking a historical high. The company's gross profit surged by 266.8% to HKD 103 million, and net loss narrowed from HKD 78.9 million to HKD 15.7 million, indicating a strong recovery towards breakeven [1][2]. Business Restructuring and Growth Drivers - The remarkable performance is attributed to a strategic transformation over three years, focusing on reverse supply chain management and environmental services, which contributed approximately HKD 696 million in revenue, a 204% increase. The green energy sector now constitutes 80% of total revenue [1][3]. - Key growth engines include vertical integration through acquisitions of local recycling firms, enhancing the battery recycling lifecycle, and horizontal collaborations, such as the strategic partnership with Guoxuan High-Tech, which aims to tap into a market worth HKD 22.8 billion for overseas retired battery disposal [4][6]. Policy Environment and Strategic Depth - Jin Jing New Energy has positioned itself advantageously within the industry, leveraging early entry into the battery recycling market. The recent government action plan emphasizes full-chain management and digital traceability, aligning with the company's existing framework [6][7]. - The anticipated surge in retired battery volumes, projected to reach 820,000 tons by 2025, presents a significant market opportunity, especially as current recovery rates remain below 25%. The company is well-placed to capture market share as the industry consolidates [7][8]. Capital Premium and Value Transformation - The capital market has responded positively to the company's growth, with a cumulative stock increase of 265.85% in 2024. As of June 27, 2025, the market capitalization reached HKD 10.96 billion, reflecting investor confidence in its business model [10][11]. - The company's unique position as the only overseas battery recycling entity in the Hong Kong market, combined with its extensive logistics network across 28 countries, creates a competitive moat. The upcoming battery processing facility in Hong Kong is expected to align with the market's growth trajectory [11][12]. Conclusion - Jin Jing New Energy's explosive growth is a result of strategic foresight and execution, establishing a robust competitive advantage in the global green circular economy. The company is transitioning from a dark horse to a standard in the industry, poised for significant value reassessment as battery recycling becomes a core focus [15].