倒计时56 天 2025（第十五届）高工锂电年会 暨十五周年庆典&高工金球奖颁奖典礼 主办单位： 高工锂电、高工产研（GGII） 协办单位： 卡洛维德 总冠名： 海目星激光 年会特别赞助： 大族锂电 专场冠名： 英联复合集流体、逸飞激光、华视集团、欧科工业空调 金球奖全程特约赞助： 思客琦 时间&地点： 2025年11月18-20日 深圳前海华侨城JW万豪酒店 会议合作： 陈女士 13560731836（微信同号） 格林美的创始人许开华教授是金属资源再利用领域的科学家，这使得公司从基因上就倾向于技术驱 动的全产业链布局。 而金晟新能的李氏兄弟从有色金属贸易起家，敏锐地捕捉到锂电回收的风口，更侧重于在产业链的 特定环节建立商业优势。 格林美构建的是一个"城市矿山+新能源材料"的一体化产业闭环。其业务不仅覆盖前端的电池及汽 车回收，还将回收的金属资源进行深度加工。 根据招股书，其主要业务板块包括新能源材料、关键金属资源、锂离子电池及报废汽车回收。 中国动力电池回收行业的两家代表性企业——格林美与金晟新能，正同时推进在香港交易所的上市 计划。 作为已在A股上市的企业，格林美近期正式提交了"A+H"两地上市的申请文件 ...

导语："锂电池回收巨头"金晟新能第三次谋求上市，但背负18亿短债与连年亏损成为市场关注焦点，在行业爆发前景与激烈竞争夹击下，金晟新能能否 成功融资，在众多竞争对手中抢占市场份额？ 摘要： 1、流动性承压：金晟新能一年内有18亿元债务到期，而现金储备不足4千万，短期流动性和偿债压力极其严峻。 2、单一大客户依赖：公司前五大客户收入占比超过六成，最大客户贡献近半营收，客户集中度带来极大依赖与风险。 3、市场前景：全球动力电池退役潮加速到来，回收市场预计将高速扩张，为金晟新能提供难得的增长机会。 在全球动力电池退役潮即将来临之际，全球第二大锂电池回收企业广东金晟新能源股份有限公司（简称 "金晟新能"）正上演着一场紧张的资本突 围战。 9 月 17 日，金晟新能 再次 更新港股 上市 申请文件，不到一年时间里 三次谋求上市 ，迫切 冲击 IPO 的背后，是 这家行业龙头 背负的 18 亿 债务即将在一年内到期，能否成功融资或将决定 金晟新能 的未来走向 。 锂电池回收"一哥"， 综合实力不敌行业巨头 金晟新能引用 弗若斯特沙利文 报告称， 以 2024 年再生利用销售收入计， 公司是 全球第二大锂电池回收及再生利用企 ...

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].

金晟新能源在招股书中披露，其核心业务为锂电池回收及再生利用，通过连接下游应用与上游材料生产，构建了产业内循环经济模式。公司目前覆盖三元 锂、磷酸铁锂等主流电池体系，产品广泛应用于电动汽车、储能系统及消费电子领域。作为全球第二大锂电池回收企业（按2024年再生利用销售收入计）， 金晟新能源已在广东肇庆、江西宜春及赣州布局三大生产基地，以应对即将到来的退役电池高峰。 根据弗若斯特沙利文报告，2024年中国内地退役锂电池总量达45.51万吨，其中54.9%来自动力电池，44.8%源于消费电子。动力电池寿命通常为5至8年，随 着充放电次数增加，续航与充电效率下降，最终被更换或退役。而消费电子的高渗透率与快速迭代，也催生了大量退役电池。预计到2031年，中国退役锂电 池总量将激增至480万吨，2024年至2031年复合年增长率达40.1%。 行业参与者主要分为两类：一类是锂电池制造商或电动汽车企业，通过自有销售及服务网络回收电池；另一类是第三方回收商，如金晟新能源，需通过建立 回收点、与零售商合作等方式获取退役电池。某动力电池企业高管指出，车企在回收渠道与成本上具有优势，退役电池经检测后可用于储能领域，技术转化 门槛较 ...

Core Viewpoint - Jinsheng New Energy has submitted a second IPO application to the Hong Kong Stock Exchange on September 3, 2025, after a failed attempt in December 2024. The company aims to leverage growth opportunities in the global lithium battery recycling market while addressing challenges such as price volatility and financial risks [1][8]. Industry Position and Core Business Layout - Market Position: Jinsheng New Energy ranks second globally in lithium battery recycling by sales revenue in 2023, maintaining its position as the largest third-party recycler in 2024 [2]. - Products and Applications: The company specializes in key materials such as lithium carbonate, nickel sulfate, and cobalt sulfate, which are essential for electric vehicle batteries, energy storage systems, and consumer electronics [2]. - Capacity Layout: Jinsheng has established three production bases in Zhaoqing, Yichun, and Ganzhou, focusing on the recycling of ternary lithium batteries and lithium iron phosphate batteries [2]. Shareholder and Financing Background - Notable Shareholders: The company has prominent investors including Fosun International, Dacheng Venture Capital, Shaanxi Automobile, GAC Group, and Bosch. In May 2025, it completed a financing round, receiving 148 million yuan from Jiangxi Dongliang [3]. Financial Performance: Revenue Fluctuations and Ongoing Losses - Revenue Trends: The company's revenue fluctuated from 1.133 billion yuan in 2021 to 2.905 billion yuan in 2022, then slightly decreased to 2.892 billion yuan in 2023. In 2024, revenue dropped to 2.157 billion yuan, with a further decline to 937 million yuan in the first half of 2025, representing a year-on-year decrease of 5.83% [5]. - Losses: After a profit of 151 million yuan in 2022, cumulative losses reached nearly 960 million yuan from 2023 to the first half of 2025, primarily due to falling product prices, inventory write-downs, and increased administrative and R&D expenses [5]. Core Product Prices and Deteriorating Debt Servicing Ability - Price Declines: The average price of lithium carbonate plummeted from nearly 400,000 yuan per ton in 2022 to less than 60,000 yuan per ton in the first half of 2025, a decrease of 85%. Nickel sulfate and cobalt sulfate prices also fell by 34% and 50%, respectively [6]. - Short-term Debt Risks: As of June 2025, the current ratio and quick ratio were both only 0.5, with net current assets at -1.029 billion yuan, indicating a significant deterioration in short-term debt servicing ability [6]. - Customer and Supplier Concentration: In the first half of 2025, the top five customers accounted for 67.3% of sales, with the largest single customer representing 45.2%. The top five suppliers accounted for 51.4% of purchases, with the largest supplier at 35.2%, raising concerns about supply chain stability [6]. Listing Challenges and Future Plans - Core Risk Factors: The cyclical nature of the lithium battery raw material market leads to significant price fluctuations, which can mismatch revenue and costs, as seen with the sharp decline in lithium carbonate prices in 2023 that triggered losses [7]. - Capacity Expansion Pressure: The company is advancing the construction of a lithium iron phosphate battery processing line at its Ganzhou base, but faces risks of industry overcapacity and intensified price competition that could further compress profits [7]. Fundraising Purpose - The funds raised from the IPO will be used to enhance the retired battery recycling network, improve R&D capabilities, attract industry talent, and supplement working capital to alleviate short-term debt pressures and meet operational needs [8].

Group 1: IPO Market Overview - The IPO market is showing signs of normalization with a trend of "streamlined reviews and highlighted opportunities" as of September [2] - This week, only two companies were reviewed by the Shanghai and Shenzhen Stock Exchanges, both of which were approved [2] - China Uranium Corporation achieved over 17 billion yuan in revenue, making it the second-largest IPO of the year after Zhongce Rubber [2] Group 2: Company Highlights - China Uranium Corporation focuses on the comprehensive utilization of natural uranium and radioactive co-associated mineral resources, holding a dominant position in the domestic market [3] - The company reported revenues of 17.279 billion yuan and a net profit of 1.712 billion yuan for 2024 [3] - Aoxin Electric, listed on the Hong Kong Stock Exchange, saw its stock price drop 7% on its debut, closing at 16.73 HKD per share, with a market capitalization of 25.727 billion HKD [4] - Aoxin is the fifth-largest air conditioning provider globally, with a market share of 7.1% [4] Group 3: New Listings - Jiangyin Huaxin Precision Technology Co., Ltd. successfully listed on the Shanghai Stock Exchange, focusing on precision stamping cores for electric vehicles and other applications [5] - The company raised 814 million yuan through its IPO, with a share price increase of over 300% on its first trading day [5] - Guangdong Jinsheng New Energy Co., Ltd., the largest third-party lithium battery recycling company, has filed for an IPO in Hong Kong [6][8] Group 4: Upcoming Companies - Light Health Group has submitted a second application for an IPO on the Hong Kong Stock Exchange, focusing on digital health services and insurance solutions [9] - Yipin Nutrition Technology Group, the second-largest goat milk powder brand in China, has also applied for a listing on the Hong Kong Stock Exchange [10] - Tianchen Biopharmaceuticals is seeking to list in Hong Kong, focusing on innovative drugs for allergic and autoimmune diseases [11]

Group 1: Hong Kong Stock Exchange Performance - The total market capitalization of the Hong Kong Stock Exchange reached HKD 46.6 trillion by the end of August 2025, a 47% increase from HKD 31.8 trillion in the same period last year [1] - The average daily trading volume in August 2025 was HKD 279.1 billion, up 192% from HKD 95.5 billion year-on-year [1] - These positive figures indicate enhanced attractiveness of the Hong Kong Stock Exchange and increased vitality in the capital market, suggesting a favorable outlook for future market development [1] Group 2: Goldman Sachs Target Price Adjustment - Goldman Sachs raised the target price for Hong Kong Stock Exchange from HKD 509 to HKD 524, maintaining a "Buy" rating [2] - The firm noted that the exchange is improving market efficiency and aligning with international standards through simplified trading and settlement fee structures [2] - Despite lowering the forecast for margin income due to anticipated changes in interbank lending rates, Goldman Sachs increased its earnings per share estimates for the exchange [2] Group 3: Company Listings and Developments - Guangdong Jinsheng New Energy Co., Ltd. submitted a prospectus to the Hong Kong Stock Exchange, marking its second attempt after a previous application expired in December 2024 [3] - Jinsheng New Energy is a leading provider of lithium battery recycling solutions, ranking second globally and first in third-party recycling [3] - The company has faced losses due to declining product prices, but a successful listing could provide necessary capital to expand its operations and alleviate financial pressures [3] Group 4: XGIMI Technology's IPO Plans - XGIMI Technology announced plans to issue shares overseas (H-shares) and apply for a listing on the main board of the Hong Kong Stock Exchange [4] - Founded in 2013, XGIMI specializes in new display technologies, focusing on smart projectors and laser TVs, with multiple core technologies and capabilities [4] - The move to list in Hong Kong is expected to facilitate the company's expansion into overseas markets and support its development in the automotive sector [4] Group 5: Hong Kong Stock Market Indices - The Hang Seng Index closed at 25,058.51, down 1.12% on September 4 [5] - The Hang Seng Tech Index fell by 1.85% to 5,578.86 [5] - The National Enterprises Index decreased by 1.25%, closing at 8,937.09 [5]

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]

Core Viewpoint - Guangdong Jinsheng New Energy Co., Ltd. has submitted a second listing application to the Hong Kong Stock Exchange, aiming to enhance its capital for lithium battery recycling and regeneration business [3]. Company Overview - Jinsheng New Energy was established in 2010 and focuses on lithium battery recycling and regeneration, headquartered in Zhaoqing, Guangdong Province [3]. - The company previously attempted to list on the Shenzhen Stock Exchange in December 2022 but terminated the process in August 2024 [3]. - Jinsheng New Energy is ranked 1183rd in the Hurun Global Unicorn List with a valuation of 7.3 billion RMB [3]. Financial Performance - The company's revenue primarily comes from the sale of recycled products, including lithium carbonate, nickel sulfate, and cobalt sulfate, with over 79% of total revenue derived from lithium and nickel recycling products in the first half of 2025 [4]. - The total revenue figures for various products in 2022 and 2023 indicate a slight fluctuation, with total revenue of 2.9 billion RMB in 2022 and 2.89 billion RMB in 2023 [4]. Strategic Initiatives - In May 2023, Jinsheng New Energy signed a contract for a comprehensive utilization project for retired batteries in Huanggang, Hubei, with an investment exceeding 10 billion RMB, aiming to achieve an annual processing capacity of 400,000 tons of retired batteries [5].