（文章来源：证券日报） 证券日报网讯百川股份11月12日在互动平台回答投资者提问时表示，子公司宁夏百川新材料有限公司投 资建设了20000吨/年的锂电池资源化利用装置，并参与起草了《退役动力电池拆解放电技术与安全规 范》《废旧锂离子电池极片材料回收技术规范》《废旧动力电池有价金属回收率计算与检测方法》《废 旧锂离子电池物理再生利用拆解技术规范》等相关团体标准。 ...

证券日报网讯天奇股份（002009）11月11日在互动平台回答投资者提问时表示，公司锂电池循环业务已 应用于储能电池梯次利用、再生利用，未来也可广泛应用于固态或半固态电池循环利用。 ...

Core Viewpoint - The company is undergoing a business transformation focusing on intelligent equipment, lithium battery recycling, and robotics, with a notable partnership in humanoid robotics to enhance its market position [1][2]. Group 1: Business Performance - In the first half of 2025, the company achieved revenue of 1.247 billion yuan, a year-on-year decrease of 4.92%, while net profit attributable to shareholders reached 56 million yuan, an increase of 171.11% [1]. - The company has a robust order backlog of 1.32 billion yuan, with 54% of this coming from overseas projects, indicating strong international business growth [1]. Group 2: Robotics and Intelligent Equipment - The company entered the industrial robotics sector in 2020 and partnered with Ubtech in 2023 to explore humanoid robotics, signing a cooperation agreement with Galaxy General in 2025 to focus on humanoid robot models and data collection [1][2]. - The company is collaborating with leading firms like Galaxy General and Ubtech to provide application solutions for various robotic products in industrial manufacturing scenarios [2]. Group 3: Lithium Battery Recycling - The company is building a domestic and international lithium battery recycling industry alliance, with the revenue contribution from this segment reaching 11% in the first half of 2025, and a gross margin turning positive at 0.79% [2]. - The lithium battery recycling business is gradually stabilizing as material prices recover, with expectations of moving towards profitability [2]. Group 4: Profit Forecast - The company forecasts net profits attributable to shareholders for 2025, 2026, and 2027 to be 110 million, 240 million, and 330 million yuan respectively, with corresponding price-to-earnings ratios of 58, 27, and 20 times [3].

Core Viewpoint - The company plans to transfer 47% of its shares in Guangdong Weima Company to Anhui Pengze Company for a transaction price of 47.47 million yuan, resulting in a reduction of its ownership from 66.85% to 19.85%, thus no longer consolidating Guangdong Weima in its financial statements [1][1][1] Group 1 - The company currently holds 20,865,000 shares in Guangdong Weima, representing 66.85% of the total share capital [1] - The transfer involves 14,669,640 shares, which is 47.00% of Guangdong Weima's total share capital [1] - The other shareholders of Guangdong Weima have waived their preemptive rights regarding this share transfer [1] Group 2 - The primary reason for this asset sale is to introduce upstream suppliers from the lithium battery recycling industry to build recycling channels [1] - The acquiring team has extensive experience in the lithium battery recycling industry, which is expected to enhance the future operational development of Guangdong Weima [1] - The decision to transfer the 47% stake was made after careful evaluation and research by the company [1]

Core Viewpoint - The company intends to transfer 14,669.64 million shares of its subsidiary, Guangdong Weima, to Anhui Pengze for a transaction price of 47.47 million yuan, reducing its stake from 66.85% to 19.85%, thus no longer consolidating Guangdong Weima in its financial statements [1] Group 1 - The company holds 20,865.00 million shares in Guangdong Weima, representing 66.85% of the total share capital [1] - The share transfer will allow the company to introduce upstream suppliers from the lithium battery recycling industry, enhancing operational synergies for future development [1] - Other shareholders of Guangdong Weima have waived their preemptive rights regarding this share transfer [1] Group 2 - The transaction is part of the company's overall strategic planning aimed at maximizing the benefits of its business segments [1] - After the completion of the transaction, Guangdong Weima will no longer be a controlled subsidiary of the company [1] - The decision to transfer 47% of the shares was made after careful evaluation and research by the company [1]

Core Viewpoint - Tianqi Co., Ltd. announced a delay in the completion of its "15,000 tons per year lithium iron phosphate battery recycling project (Phase II)" from November 2025 to November 2026, without changing the project's implementation subject, method, location, funding purpose, or investment scale [3] Fundraising Overview - The company raised over 292 million yuan through a private placement of 27,124,773 shares at a price of 11.06 yuan per share, with net proceeds after expenses amounting to 292,105,585.61 yuan [4] - As of September 30, 2025, the cumulative investment in the fundraising projects exceeded 160 million yuan, with specific allocations to the lithium battery recycling project and working capital [5] Project Overview - The total planned investment for the lithium iron phosphate battery recycling project is 443.83 million yuan, with 210 million yuan allocated from the raised funds, of which 78.77 million yuan has been utilized [5] Reasons for Project Delay - The company cited intensified competition in the lithium battery recycling industry and prolonged equipment procurement cycles as reasons for the project delay [6] - The competitive landscape has led to challenges in raw material supply stability and economic viability in the wet metallurgy process, prompting the company to adjust its construction pace to maximize funding efficiency [7] - The procurement process for necessary equipment involves multiple stages, resulting in longer-than-expected timelines, which has directly impacted project progress [7]

Core Insights - The article discusses the simultaneous IPO plans of two representative companies in China's power battery recycling industry, GreeenMe and Jinsheng New Energy, highlighting their differing business models and financial performances as they seek international capital [5][11][13]. Company Overview - GreenMe has submitted an application for a dual listing in A-shares and H-shares, while Jinsheng New Energy is updating its prospectus for its Hong Kong listing [3][4]. - GreenMe's founder, Professor Xu Kaihua, emphasizes a technology-driven, integrated industry chain approach, while Jinsheng New Energy, founded by the Li brothers, focuses on specialized technical services within specific segments of the industry [6][10]. Business Models - GreenMe operates an integrated business model that includes battery and vehicle recycling, as well as deep processing of recovered metal resources, creating a closed-loop system [7][8]. - Jinsheng New Energy positions itself as a third-party recycling specialist, focusing on the recovery of battery-grade lithium carbonate and other chemicals from retired batteries and production waste [10]. Financial Performance - GreenMe's revenue is projected to grow from 29.4 billion yuan in 2022 to 33.2 billion yuan in 2024, with a net profit of 1.16 billion yuan in 2023, recovering to 1.33 billion yuan in 2024 [11][12]. - Jinsheng New Energy's revenue is expected to decline from 2.9 billion yuan in 2022 to 2.16 billion yuan in 2024, with cumulative net losses of 959 million yuan from 2023 to the first half of 2025 [13][14]. Market Trends - The lithium battery recycling market is anticipated to experience explosive growth, driven by the retirement of first-generation batteries as electric vehicle sales surge [15]. - The competitive landscape is intensifying, with major players like CATL's Bangpu Recycling posing significant challenges to third-party recyclers [16]. Strategic Implications - Both companies' IPO efforts reflect a broader industry trend towards capital-intensive expansion and consolidation, as they seek to secure funding for growth and navigate a rapidly evolving market [15][16].

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 - The company has signed a memorandum of understanding with ASCEND ELEMENTS, INC to establish a leading lithium battery recycling industry system in Europe, aiming to enhance the entire lifecycle value chain of new energy in Europe and promote green development globally [2][3]. Group 1: Partnership and Collaboration - The memorandum aims to leverage the advantages in geopolitics, resources, capital, technology, and operational management between the company and AE [2][3]. - The collaboration will focus on building a comprehensive lithium battery recycling system, including dismantling and black powder manufacturing, as well as resource recovery and battery material remanufacturing [2]. Group 2: Strategic Expansion - This partnership marks the company's strategic expansion into Europe for lithium battery recycling, following its existing operations in China, South Korea, and Indonesia [3]. - The company is also exploring potential collaborations in the United States to advance lithium-ion battery recycling and engineering battery material production [3]. Group 3: Company Background - ASCEND ELEMENTS, INC, established in March 2017, is a leading player in the lithium-ion battery recycling market in North America and Europe, focusing on creating a clean and sustainable supply chain through waste recycling [2]. - AE utilizes its patented Hydro-to-Cathode® technology to efficiently extract black powder, lithium carbonate, and precursor materials from used lithium-ion batteries for the production of high-performance new cathode materials [2].

Core Viewpoint - The company, Guangdong Jingsheng New Energy Co., Ltd., is attempting to list on the Hong Kong Stock Exchange for the second time after its initial application lapsed in December 2024, amid significant financial losses and market volatility in the lithium battery recycling sector [1]. Financial Performance - The company has experienced a "roller coaster" financial performance, with revenues declining from 29.05 billion yuan in 2022 to 9.37 billion yuan in the first half of 2025, indicating a continuous downward trend [2]. - The company reported a profit of 1.51 billion yuan in 2022 but has since incurred losses of 4.71 billion yuan in 2023, 3.44 billion yuan in 2024, and 1.44 billion yuan in the first half of 2025, totaling over 10 billion yuan in losses over the past three and a half years [2]. Market Conditions - The core reason for the company's losses is attributed to the drastic decline in prices of lithium carbonate, nickel, and cobalt, leading to a situation where product prices are lower than production costs [2]. - The average price of lithium carbonate plummeted from 426,900 yuan per ton in 2022 to 62,300 yuan per ton in the first half of 2025, representing a cumulative decline of over 80% [4]. Customer Concentration - The company's sales are heavily reliant on a few major clients, with revenue from the top five customers accounting for 52.7% to 67.3% of total revenue during the reporting period, indicating increasing customer concentration [2]. - The largest single customer contributed 13.9% to 45.2% of total revenue over the same period, raising concerns about the company's dependency on a limited customer base [2]. Accounts Receivable - The turnover days for trade receivables increased from 38 days in 2022 to 56 days in the first half of 2025, a nearly 50% rise, which is significantly higher than the industry average [3]. - The high customer concentration and low collection efficiency create a negative feedback loop, where major clients demand extended payment terms, increasing the risk of bad debts for the company [3]. Valuation and Ownership - The company was founded by the Li brothers in 2010 and has undergone multiple rounds of financing, with its valuation fluctuating significantly, peaking at 12 billion yuan in March 2023 and dropping to 6.2 billion yuan in July 2024 before recovering to 7.6 billion yuan in November 2024 [5]. - The current valuation has decreased by over 30% from its peak, reflecting the volatility in the industry [5]. Strategic Direction - In response to industry fluctuations, the company aims to establish a closed-loop industry model from "recycling to regeneration" to mitigate reliance on market conditions for profitability [5].