2025.09. 07 本文字数：2651，阅读时长大约4分钟 作者 | 第一财经 李隽 然而，在2022年实现短暂盈利之后，金晟新能源却在拟上市前的三年时间内，一直处于亏损状态，公司碳酸锂等产品价格大幅波动导致高价采购的存 货贬值，也在某些年份加剧了亏损，退役的锂电池怎么处理才是更理想的做法？循环再利用业务如果依然亏损，公司业务如何持续发展？这都是业界对 公司业务和经营模式的问题与思考。 金晟新能源雇佣的咨询公司弗若斯特沙利文预计，2024年中国内地退役电池还不足50万吨，但2027年将超过100万吨，2031年则逼近500万吨。 退役电池去哪儿了？ 金晟新能源在招股书中称，公司是全球主要的锂电池回收及再生利用解决方案提供商。根据弗若斯特沙利文报告，以2024年再生利用销售收入计，金 晟新能源是全球第二大的锂电池回收及再生利用企业，也是全球第一大的第三方锂电池回收及再生利用企业。 金晟新能源的再生利用业务涵盖了三元锂电池及磷酸铁锂电池等主流电池体系，在下游被广泛用于电动汽车、储能系统和消费电子产品等锂电池主流应 用场景，形成了全面且垂直整合的业务模式、产业链条完整的产业闭环。金晟新能源已在广东省肇庆市及江西 ...

Core Viewpoint - The article discusses the challenges and opportunities in the lithium battery recycling industry, particularly focusing on the business model of Guangdong Jingsheng New Energy Co., Ltd. (Jingsheng New Energy), which is preparing for an IPO in Hong Kong while facing financial difficulties due to fluctuating raw material prices and inventory devaluation [1][8]. Industry Overview - The lithium battery recycling and regeneration market is emerging with significant growth potential, driven by the increasing volume of retired batteries from electric vehicles and consumer electronics [3][4]. - The total amount of retired lithium batteries in mainland China is projected to grow from 157,100 tons in 2020 to 455,100 tons in 2024, with a compound annual growth rate (CAGR) of 30.5% [3]. Company Profile - Jingsheng New Energy is identified as the second-largest lithium battery recycling and regeneration company globally, and the largest third-party provider in this sector [2]. - The company operates three production facilities in Guangdong and Jiangxi provinces to prepare for the anticipated surge in retired lithium batteries [2]. Financial Performance - In 2022, Jingsheng New Energy reported revenue of 2.905 billion yuan and a net profit of 151 million yuan, benefiting from increased demand in the electric vehicle and energy storage sectors [8]. - However, the company has faced continuous losses since then, with projected revenues of 2.891 billion yuan in 2023 and 2.157 billion yuan in 2024, alongside net losses of 471 million yuan and 344 million yuan, respectively [8][11]. - The significant drop in lithium carbonate prices, from 426,900 yuan per ton in 2022 to 60,000 yuan per ton in 2025, has adversely affected the company's profitability due to inventory devaluation and pricing mismatches [10][11]. Market Dynamics - The primary sources of retired lithium batteries are power batteries from electric vehicles and consumer electronics, accounting for 54.9% and 44.8% of the total retired batteries, respectively [2]. - The lifespan of power batteries typically ranges from five to eight years, leading to a growing supply of retired batteries as the electric vehicle market expands [2][4]. Future Outlook - Jingsheng New Energy plans to enhance its resilience to price fluctuations, optimize procurement and inventory management, and diversify its product offerings to achieve profitability [10].

因为存货减值，金晟新能源近三年连续亏损。 2020年开始国内电动车销量爆发，而早期销售的电动车的动力电池逐渐步入退役期，电池退役之后到底去哪里了，企业怎么回收处理？ 另外就是金晟新能源这类的第三方解决方案提供商，其需要建立锂电池再生利用服务网络（包括在重点城市设立回收点及与零售商合作提供再生利用服 务），从上游供应商采购退役电池。 金晟新能源在招股书中称，公司是全球主要的锂电池回收及再生利用解决方案提供商。根据弗若斯特沙利文报告，以2024年再生利用销售收入计，金晟新能 源是全球第二大的锂电池回收及再生利用企业，也是全球第一大的第三方锂电池回收及再生利用企业。 金晟新能源的再生利用业务涵盖了三元锂电池及磷酸铁锂电池等主流电池体系，在下游被广泛用于电动汽车、储能系统和消费电子产品等锂电池主流应用场 景，形成了全面且垂直整合的业务模式、产业链条完整的产业闭环。金晟新能源已在广东省肇庆市及江西省宜春市及赣州设有三个生产设施，以迎接即将来 临的锂电池退役浪潮。 退役锂电池是指由于衰退或损坏而不再适合其原始应用的锂电池。动力电池及消费电子产品为退役锂电池的主要来源，2024年这两大来源分别占全球退役锂 电池总量的54. ...

Core Viewpoint - The company, Guangdong Jinsheng New Energy Co., Ltd. (Jinsheng New Energy), has submitted a second IPO application to the Hong Kong Stock Exchange after a failed attempt in December 2024. The funds raised will be used for various purposes, including the construction of a production base for recycling retired lithium iron phosphate batteries, expanding upstream raw material resources, enhancing R&D capabilities, and general corporate purposes [1][2]. Group 1: Business Overview - Jinsheng New Energy is the second-largest lithium battery recycling and regeneration enterprise globally, focusing on recycling solutions for lithium batteries, including ternary lithium batteries and lithium iron phosphate batteries [2]. - The company operates three production bases located in Zhaoqing, Yichun, and Ganzhou to prepare for the upcoming wave of retired lithium batteries [2]. - The main products include lithium carbonate, nickel sulfate, and cobalt sulfate, with nearly 80% of revenue coming from lithium and nickel recycling products in the first half of this year [2]. Group 2: Financial Performance - The company has experienced a continuous decline in revenue over the past two years, with reported revenues of RMB 29.05 billion, RMB 28.92 billion, RMB 21.57 billion, and RMB 9.37 billion for the respective years [4]. - Net profit figures show that the company recorded a profit of RMB 1.51 billion in 2022, but incurred losses of RMB 4.71 billion in 2023, RMB 3.44 billion in 2024, and RMB 1.44 billion in the first half of 2025, totaling nearly RMB 9.6 billion in losses over the reporting period [4]. - The average selling prices of key products have significantly decreased, with lithium carbonate prices dropping nearly 85% from approximately RMB 400,000 per ton in 2022 to less than RMB 60,000 per ton in the first half of this year [3]. Group 3: Financial Health and Risks - The company's short-term solvency has deteriorated, with current and quick ratios both at 0.5 as of June 30, 2025, indicating financial risk [6]. - The net value of current assets has declined from RMB 656 million at the end of 2022 to -RMB 957 million by the end of 2024, further worsening to -RMB 1.029 billion in the first half of 2025 [6]. - The concentration of customers and suppliers has increased, with the top five customers accounting for 52.7% to 67.3% of revenue during the reporting period, and the largest single customer contributing 13.9% to 45.2% of revenue [4][5].

中证智能财讯 9月3日，广东金晟新能源股份有限公司向香港联交所递交申请书。申请书显示，金晟新能源是全球主要的锂电池回收及再生利用解决方案提 供商，致力于探索一个循环与清洁的未来世界。根据弗若斯特沙利文报告，以2024年再生利用销售收入计，公司是全球第二大的锂电池回收及再生利用企 业，也是全球第一大的第三方锂电池回收及再生利用企业。作为中国内地最早从事锂电池回收的企业之一，自2014年至今，凭借先发优势和综合实力，公司 打造了锂电池回收的一体化生态体系。 据公告，本次募集资金预计将用于支付公司位于江西省赣州市生产基地的用于处理退役磷酸铁锂电池的基地建设的部分开支；拓展上游原材料资源；加强研 发能力及吸引人才。 资料显示，2024年12月20日，金晟新能源首次向港交所递交了申请，今年6月20日因申请满6个月有效期而失效。更早之前，公司还曾计划在A股上市，在 2022年12月启动了深交所主板上市程序，又在2024年8月12日终止了A股上市辅导。 财务数据方面，2024年度，公司实现营业收入21.57亿元，同比下降25.39%；归母净利润亏损3.44亿元，上年同期亏损4.71亿元；经营活动产生的现金流量净 额为-1. ...

Core Viewpoint - Guangdong Jinsheng New Energy Co., Ltd. (hereinafter referred to as "Jinsheng New Energy") has submitted its IPO application to the Hong Kong Stock Exchange, marking its second attempt after a failed submission in December 2024. The funds raised will be used for various purposes including the construction of a production base for recycling retired lithium iron phosphate batteries, expanding upstream raw material resources, enhancing R&D capabilities, and general corporate purposes [1][2]. Group 1: Company Overview - Jinsheng New Energy, established in 2010, is the second-largest lithium battery recycling and regeneration company globally, and the largest third-party provider in this sector, according to a report by Frost & Sullivan [2]. - The company operates three production bases located in Zhaoqing, Yichun, and Ganzhou to prepare for the upcoming wave of retired lithium batteries [2]. Group 2: Financial Performance - Jinsheng New Energy has experienced a continuous decline in revenue over the past two years, with reported revenues of RMB 29.05 billion, RMB 28.92 billion, RMB 21.57 billion, and RMB 9.37 billion for the respective years [5]. - The company recorded a cumulative loss of nearly RMB 10 billion over the past two and a half years, with only 2022 showing a profit of RMB 1.51 billion, while losses in 2023 and 2024 amounted to RMB 4.71 billion and RMB 3.44 billion respectively [5]. - The average selling prices of key products have significantly decreased, with lithium carbonate prices dropping nearly 85% from approximately RMB 400,000 per ton in 2022 to below RMB 60,000 per ton in the first half of this year [4]. Group 3: Financial Ratios and Risks - The company's short-term solvency has deteriorated, with both the current ratio and quick ratio falling to 0.5 as of June 30, 2025, indicating increasing financial risk [8][9]. - The asset-liability ratio has risen from 48.5% at the end of 2022 to 73.3% by mid-2024, reflecting a growing reliance on debt [8][9]. - Jinsheng New Energy's net cash flow from operating activities has been negative for three consecutive years, primarily due to increased trade receivables following business expansion [9].

智通财经APP获悉，据港交所9月3日披露，广东金晟新能源股份有限公司(金晟新能)向港交所主板提交上市申请书，中金公司和 招银国际为其联席保荐人。该公司曾于2024年12月20日向港交所递交过上市申请。 据招股书，金晟新能是全球主要的锂电池回收及再生利用解决方案提供商，致力于探索一个循环与清洁的未来世界。根据弗若斯 特沙利文报告，以2024年再生利用销售收入计，金晟新能是全球第二大的锂电池回收及再生利用企业，公司也是全球第一大的第 三方锂电池回收及再生利用企业。 金晟新能的再生利用业务涵盖了三元锂电池及磷酸铁锂电池等主流电池体系，公司的产品在下游被广泛用于电动汽车、储能系统 和消费电子产品等锂电池主流应用场景，形成了全面且垂直整合的业务模式、产业链条完整的产业闭环。 招股书中提到，未来，根据弗若斯特沙利文报告，预计全球锂电池回收及再生利用解决方案市场会持续快速发展，至2031年处理 规模会达到20.6百万吨，从2024年开始的复合年增长率为48.1%。该增长的驱动因素包括锂电池退役潮即将到来，中国在锂电池 方面处于领先地位，但仍需要解决核心矿产资源短缺问题，以及锂电池回收在实现全球碳减排目标方面日益重要。 金晟 ...

据港交所9月3日披露，广东金晟新能源股份有限公司(金晟新能)向港交所主板提交上市申请书，中金公司（601995）和招银国际 为其联席保荐人。该公司曾于2024年12月20日向港交所递交过上市申请。 财务方面，于2022年度、2023年度、2024、2025年截至6月30日止六个月，金晟新能收入分别约为人民币29.05亿元、28.92亿元、 21.57亿元、9.37亿元；同期，该公司年内溢利分别约为1.51亿元、-4.71亿元、-3.44亿元、-1.44亿元。 綜合損益表概要 下表載列我們於所示期間的綜合損益表概要。 | | | 截至12月31日止年度 | | 截至6月30日止六個月 | | | --- | --- | --- | --- | --- | --- | | | 2022年 | 2023年 | 2024年 | 2024年 | 2025年 | | | | | (人民幣千元) | | | | | | | | (未經審計) | | | 收入 | 2,905,405 | 2,891,545 | 2,157,238 | 995.423 | 937.409 | | 销售成本 | | | | | | | 貨品及服 ...