日前，广东金晟新能源股份有限公司（以下简称"金晟新能"）发布公告，进一步委任建银国际金融有限 公司为其港股上市整体协调人。不久前，该公司已正式向港交所主板递交上市申请书。 招股书显示，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。咨询公司弗若斯特沙利文 报告显示，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，也是 全球最大的第三方锂电池回收及再生利用企业。 不过，业内人士指出，在近年来业绩承压的背景下，金晟新能要实现更稳健发展，还需在渠道建设、成 本控制等关键领域持续突破，以应对行业波动带来的挑战。 营收逐年下滑 金晟新能的再生利用业务涵盖三元锂电池及磷酸铁锂电池等主流电池体系，产品在下游被用于电动汽 车、储能系统和消费电子产品等锂电池主流应用场景。金晟新能提供一系列再生利用产品，主要包括碳 酸锂、硫酸镍及硫酸钴。该公司主要营收来自锂再生利用产品和镍再生利用产品，2025年上半年营收数 据显示，这两项业务占比近80%。 根据港交所此前披露的文件，2024年12月20日，金晟新能就已经向港交所递交了上市申请，而后因申请 满6个月有效期而失效。9月3日，其第二次递交IP ...

Core Viewpoint - Guangdong Jinseng New Energy Co., Ltd. is seeking to list on the Hong Kong Stock Exchange, marking its second attempt after a previous application lapsed in December 2024 [1] Company Overview - Jinseng New Energy is a leading global provider of lithium battery recycling and regeneration solutions, valued at 7.3 billion yuan as of 2025 and recognized as a unicorn by Hurun [2][8] - The company was co-founded by the Li brothers from Guangdong, who collectively control approximately 55.05% of the voting rights [3] Business Model and Capabilities - Jinseng New Energy has developed an integrated ecosystem for lithium battery recycling, capable of recovering all valuable materials from used batteries, including lithium, nickel, cobalt, graphite, manganese, and iron [4] - The company has established end-to-end production capabilities, covering battery disassembly, production of cathode and anode materials, and repurposing used batteries for light applications [5] Market Position - As of 2024, Jinseng New Energy is the second-largest lithium battery recycling and regeneration company globally and the largest third-party provider in this sector [5] - The company operates three production facilities in Guangdong and Jiangxi provinces, with plans to increase its processing capacity for retired ternary lithium batteries to 280,000 tons by 2025 [5] Financial Performance - The global lithium battery recycling market is projected to grow rapidly, with an expected compound annual growth rate (CAGR) of 48.1% from 2024 to 2031 [6] - Jinseng New Energy's revenue from recycled products, including lithium carbonate and nickel sulfate, accounted for over 79% of total revenue in the first half of 2025 [6] - The company's revenue for 2022, 2023, and 2024 was 2.905 billion, 2.892 billion, and 2.157 billion yuan, respectively, with corresponding net profits of 151 million, -473 million, and -344 million yuan [6] Investment and Financing - Jinseng New Energy has raised a total of 1.36 billion yuan through four rounds of financing, with notable investors including CICC Capital and Bosch [7]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 9月3日，广东金晟新能源股份有限公司再次向港交所提交上市申请。金晟新能是国内主要的锂电池回收 和再生利用企业。按照计划，公司拟向上、下游锂电材料扩张，建立锂电池再生利用一体化生态体系， 提高锂电材料产能和市场份额，巩固行业地位。 公开资料显示，金晟新能曾于2022年启动A股上市辅导，2024年8月终止上市辅导。2024年12月20日， 金晟新能首次向港交所递交上市申请，但招股书于6个月之后失效。 聚焦锂电池再生利用赛道 公开资料显示，金晟新能专注于锂电池回收和再生利用，业务涵盖三元锂电池及磷酸铁锂电池等主流电 池体系，产品主要包括碳酸锂、硫酸镍、硫酸钴等，广泛用于电动车、储能系统和消费电子等领域。 根据弗若斯特沙利文报告，以2024年再生利用销售收入计算，金晟新能是全球第二大锂电池回收及再生 利用企业。公司掌握多项锂电池回收和再生利用核心技术，锂金属回收率超过95%，超过行业90%的平 均水平，锂电材料再生循环及综合利用的整体实力位于全国前列。凭借技术优势，公司被认定为国家高 新技术企业及国家级专精特新"小巨人"企业，并参与多项行业标准 ...

Core Viewpoint - Guangdong Jingsheng New Energy Co., Ltd. has submitted a new listing application to the Hong Kong Stock Exchange, aiming to expand its lithium battery recycling and regeneration business, and establish an integrated ecosystem for lithium battery recycling [1][2]. Company Overview - Jingsheng New Energy focuses on lithium battery recycling and regeneration, covering mainstream battery systems such as ternary lithium batteries and lithium iron phosphate batteries. Its products include lithium carbonate, nickel sulfate, and cobalt sulfate, widely used in electric vehicles, energy storage systems, and consumer electronics [3]. - According to a report by Frost & Sullivan, Jingsheng New Energy is the second-largest lithium battery recycling and regeneration company globally based on 2024 sales revenue. The company has a lithium metal recovery rate exceeding 95%, surpassing the industry average of 90% [3]. Production Capacity and Expansion Plans - Jingsheng New Energy has established three production bases in Zhaoqing, Guangdong Province, and Yichun and Ganzhou in Jiangxi Province. By the end of 2024, the company's production capacity for lithium carbonate, nickel sulfate, and cobalt sulfate is expected to be approximately 76,600 tons per year [3]. - The company plans to expand upstream and downstream in lithium materials, continuously improve its integrated ecosystem for lithium battery recycling, enhance production capacity, and increase market share to solidify its leading position in the industry [3][6]. Financial Performance - Financial data shows that Jingsheng New Energy's operating revenues for 2022, 2023, and 2024 were approximately 2.905 billion yuan, 2.892 billion yuan, and 2.157 billion yuan, respectively. Net profits for the same years were 151 million yuan, -471 million yuan, and -344 million yuan [5]. - The company reported continued losses in 2023 and 2024, primarily due to a significant decline in lithium carbonate prices. In the first half of 2025, the company continued to incur losses attributed to increased administrative and R&D expenses [5]. Price Trends and Market Impact - Lithium carbonate prices have been on a downward trend, with the average price reported at 73,250 yuan per ton as of September 30. The average selling price of lithium carbonate for Jingsheng New Energy in the first half of 2025 was 59,400 yuan per ton, down from 85,800 yuan per ton in the first half of 2024 [5]. - The company indicated that fluctuations in the prices of lithium carbonate, nickel sulfate, and cobalt sulfate could significantly impact its financial condition and operating performance [5].

Core Viewpoint - Guangdong Jinseng New Energy Co., Ltd. (hereinafter referred to as "Jinseng New Energy") has submitted its IPO application to the Hong Kong Stock Exchange, indicating a pressing need for financing despite previous unsuccessful attempts to list on both A-shares and Hong Kong stocks [1][6]. Group 1: Company Overview - Jinseng New Energy is a provider of lithium battery recycling and regeneration solutions, offering products such as lithium carbonate, nickel sulfate, and cobalt sulfate, which are widely used in electric vehicles, energy storage systems, and consumer electronics [3]. - According to a report by Frost & Sullivan, Jinseng New Energy is the second-largest lithium battery recycling and regeneration company globally and the largest third-party provider in this sector [3][6]. Group 2: Financial Performance - The financial performance of Jinseng New Energy has been declining, with revenues of approximately 2.905 billion yuan, 2.892 billion yuan, and 2.157 billion yuan from 2022 to 2024, respectively, showing a continuous decrease [3]. - The company reported net profits of 151 million yuan in 2022, a loss of 471 million yuan in 2023, and a loss of 344 million yuan in 2024, with continued losses in the first half of 2025 amounting to 144 million yuan [3][4]. - Cumulatively, the company has incurred losses of approximately 959 million yuan from 2023 to the first half of 2025 [3]. Group 3: Financial Pressure and Debt - As of June 30, 2025, Jinseng New Energy had interest-bearing bank loans and other borrowings totaling 2.1 billion yuan, with 1.8 billion yuan due within one year [4]. - The company's debt-to-asset ratio has increased significantly, standing at approximately 48.5%, 61.6%, and 74.8% at the end of 2022, 2023, and 2024, respectively, with a slight decrease to 73.3% by mid-2025 [4]. Group 4: Market Position and Valuation - Jinseng New Energy's latest valuation exceeds 10 billion yuan, ranking 1183rd on the 2025 Hurun Global Unicorn List [5][7]. - The company has completed five rounds of financing since 2021, raising a total of 1.508 billion yuan [7]. - The founding Li brothers collectively control approximately 55.69% of the voting rights in the company [7].

Core Viewpoint - Guangdong Jinseng New Energy Co., Ltd. (hereinafter referred to as "Jinseng New Energy") has submitted its IPO application to the Hong Kong Stock Exchange, indicating a pressing need for financing despite previous unsuccessful attempts to list on both A-shares and Hong Kong stocks [1][6]. Group 1: Company Overview - Jinseng New Energy is a provider of lithium battery recycling and regeneration solutions, offering products such as lithium carbonate, nickel sulfate, and cobalt sulfate, which are widely used in electric vehicles, energy storage systems, and consumer electronics [3][6]. - According to a report by Frost & Sullivan, Jinseng New Energy is the second-largest lithium battery recycling and regeneration company globally and the largest third-party provider in this sector as of 2024 [3][6]. Group 2: Financial Performance - The financial performance of Jinseng New Energy has been declining, with revenues of approximately 2.905 billion yuan, 2.892 billion yuan, and 2.157 billion yuan from 2022 to 2024, respectively, showing a continuous decrease [3]. - The company reported net profits of 151 million yuan in 2022, a loss of 471 million yuan in 2023, and a loss of 344 million yuan in 2024, with no profitability achieved in the first half of 2025, where revenue was about 937 million yuan, down from 995 million yuan in the same period the previous year [3][4]. Group 3: Financial Pressure and Debt - As of June 30, 2025, Jinseng New Energy had interest-bearing bank loans and other borrowings totaling 2.1 billion yuan, with 1.8 billion yuan due within one year [4]. - The company's asset-liability ratio has increased significantly, standing at approximately 48.5% at the end of 2022, 61.6% at the end of 2023, and 74.8% at the end of 2024, with a slight decrease to 73.3% in the first half of 2025 [4]. Group 4: Market Position and Valuation - Jinseng New Energy has completed five rounds of financing since 2021, raising a total of 1.508 billion yuan, with the latest round in May 2025 raising 148 million yuan at a pre-investment valuation of approximately 10.2 billion yuan [7]. - The company is currently valued at over 10 billion yuan, ranking 1183rd on the 2025 Hurun Global Unicorn List [5][7]. Group 5: Ownership Structure - The company was founded by the Li brothers, who collectively control approximately 55.69% of the voting rights through various agreements and partnerships [7].

Core Viewpoint - Guangdong Jinseng New Energy Co., Ltd. (hereinafter referred to as "Jinseng New Energy") has submitted its IPO application to the Hong Kong Stock Exchange, indicating a pressing need for financing despite previous unsuccessful attempts to list on both A-share and Hong Kong markets [1] Financial Performance - Jinseng New Energy has not achieved profitability in the first half of the year, with revenues declining from approximately 29.05 billion yuan in 2022 to 21.57 billion yuan in 2024, and corresponding net profits showing a downward trend from 1.51 billion yuan to -3.44 billion yuan [4] - Cumulative losses for the company from 2023 to the first half of 2025 are approximately 9.59 billion yuan, with a reported revenue of about 9.37 billion yuan in the first half of 2025, down from 9.95 billion yuan in the same period last year [4] Financial Pressure - As of June 30, 2025, Jinseng New Energy has interest-bearing bank loans and other borrowings amounting to 2.1 billion yuan, with 1.8 billion yuan due within one year [5] - The company's debt-to-asset ratio has increased significantly, from approximately 48.5% in 2022 to 74.8% in 2024, with a slight decrease to 73.3% in the first half of 2025 [5] Market Position - Jinseng New Energy is recognized as the second-largest lithium battery recycling and regeneration company globally, and the largest third-party lithium battery recycling and regeneration enterprise, according to a report by Frost & Sullivan [6] - The company has a valuation exceeding 10.2 billion yuan based on a recent investment round, which is approximately 30 billion yuan higher than its valuation listed in the 2025 Hurun Global Unicorn List [8] Ownership Structure - The founding brothers, Li Sen, Li Xin, Li Yan, Li Wang, and Li Yao, collectively control 55.69% of the voting rights in Jinseng New Energy [8]

Core Viewpoint - Guangdong Jingsheng New Energy Co., Ltd. (Jingsheng New Energy) has refiled its listing application on the Hong Kong Stock Exchange amid a challenging period for the lithium battery industry, characterized by price declines and increased competition, while the company aims to leverage its resource recycling technology to tell a new story in the capital market [1][2]. Company Overview - Jingsheng New Energy is a leading global provider of lithium battery recycling and regeneration solutions, recognized as the second-largest in the world by revenue from recycling sales in 2024, and the largest third-party service provider in this sector [2]. - The company's recycling business covers mainstream battery systems, including ternary lithium batteries and lithium iron phosphate batteries, with products widely used in electric vehicles, energy storage systems, and consumer electronics [2]. Financial Performance - The company has reported cumulative losses exceeding 1 billion RMB over the past three and a half years, with a significant revenue drop of 56.5% year-on-year in the first half of 2025 [2][3]. - Revenue figures for the years 2022 to 2025 show a decline from approximately 2.905 billion RMB in 2022 to 937 million RMB in the first half of 2025, with net profits fluctuating from a profit of 151 million RMB in 2022 to a loss of 144 million RMB in the first half of 2025 [3][4]. Market Dynamics - The lithium battery metal market has experienced extreme volatility, with lithium carbonate prices plummeting over 80% from a peak of 426,900 RMB per ton in 2022 to 80,100 RMB per ton in 2024, further dropping to a historical low of 62,300 RMB per ton in the first half of 2025 [5][6]. - Despite these challenges, the company achieved a positive gross margin in the first half of 2025, attributed to both market improvements and internal operational efficiencies [5][6]. Strategic Initiatives - Jingsheng New Energy is pursuing an aggressive vertical integration strategy, aiming to strengthen upstream black powder production and extend downstream into cathode material manufacturing, thereby creating a closed-loop industry chain from recycling to regeneration [7][8]. - The company plans to enhance its processing capacity for retired batteries and expand its black powder production to reduce reliance on external suppliers and control costs [7]. Risks and Challenges - The company faces execution risks in its strategy, including technological barriers in transitioning from recycling to cathode material production and potential financial strain from capital expenditures amid tight cash flow [9]. - Customer concentration is a significant concern, with the top five customers accounting for 67.3% of revenue in the first half of 2025, raising the risk of operational instability if any major customer defaults or delays payments [9][10]. Conclusion - The company has shown resilience with a positive gross margin in the first half of 2025, but the focus remains on how well it can navigate the cyclical pressures of commodity prices while maintaining operational stability and growth in the resource recycling narrative [11].

Core Viewpoint - Guangdong Jingsheng New Energy Co., Ltd. (Jingsheng New Energy) has refiled its listing application on the Hong Kong Stock Exchange amid a challenging period for the lithium battery industry, characterized by price declines and intensified competition, while the company aims to leverage its resource recycling technology to tell a new story in the capital market [1]. Company Overview - Jingsheng New Energy is a leading global provider of lithium battery recycling and regeneration solutions, recognized as the second-largest in the world by revenue from recycling sales in 2024, and the largest third-party service provider in this sector [2]. - The company's recycling business covers mainstream battery systems, including ternary lithium batteries and lithium iron phosphate batteries, with products widely used in electric vehicles, energy storage systems, and consumer electronics [2]. Financial Performance - The company has reported cumulative losses exceeding 1 billion RMB over the past three and a half years, with a 56.5% year-on-year revenue decline in the first half of 2025 [2][3]. - Revenue figures for the fiscal years 2022 to 2025 (up to June 30) are approximately 2.905 billion RMB, 2.892 billion RMB, 2.157 billion RMB, and 995 million RMB, respectively, with net profits showing a significant downturn [3][4]. Market Dynamics - The lithium battery metal market has experienced extreme volatility, with lithium carbonate prices plummeting over 80% from a peak of 426,900 RMB per ton in 2022 to 80,100 RMB in 2024, and further dropping to 62,300 RMB in the first half of 2025 [5]. - The company has faced significant pressure on profitability due to the drastic decline in metal prices, leading to a situation where product prices fell below production costs [4][5]. Strategic Initiatives - Jingsheng New Energy is pursuing an aggressive vertical integration strategy to mitigate the impacts of price volatility and financial losses by enhancing upstream black powder production capacity and expanding downstream into cathode material manufacturing [7][8]. - The company plans to increase its capacity for processing retired batteries to 80,000 tons per year and aims to produce 10,000 tons of lithium iron phosphate cathode materials, marking its entry into the manufacturing sector [7][8]. Risks and Challenges - The company faces execution risks related to technological barriers in transitioning from recycling to cathode material production, as well as financial pressures from capital expenditures amid tight cash flow [9]. - Customer concentration is a growing concern, with the top five customers accounting for 67.3% of revenue in the first half of 2025, indicating a high dependency on a limited number of clients [9][10]. - The average collection period for trade receivables has increased from 38 days in 2022 to 56 days in the first half of 2025, suggesting potential liquidity issues and a weakening ability of customers to pay [10].

Core Viewpoint - The article discusses the emerging lithium battery recycling industry in China, highlighting the business model of Guangdong Jinseng New Energy Co., Ltd. and its upcoming IPO, while addressing the challenges the company faces in profitability and inventory management due to fluctuating raw material prices [3][6][12]. Industry Overview - The lithium battery recycling market is a burgeoning industry with significant growth potential, driven by the increasing volume of retired batteries from electric vehicles and consumer electronics [7][8]. - 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% [7][8]. - By 2031, the total volume of retired lithium batteries in China is expected to reach approximately 4.8 million tons, with a CAGR of 40.1% from 2024 to 2031 [7][8]. Company Profile - Jinseng New Energy is positioned as a leading global provider of lithium battery recycling and regeneration solutions, being the second-largest in terms of sales revenue from recycling in 2024 and the largest third-party provider [6][7]. - The company operates three production facilities in Guangdong and Jiangxi provinces to prepare for the anticipated surge in retired lithium batteries [6][7]. Financial Performance - In 2022, Jinseng New Energy achieved revenue of 2.905 billion yuan and a net profit of 151 million yuan, driven by increased demand in the electric vehicle and energy storage sectors [12][14]. - However, the company has faced continuous losses in the following years, with net losses of 471 million yuan in 2023 and 344 million yuan in 2024, primarily due to significant fluctuations in product prices and inventory devaluation [12][14]. - The average price of lithium carbonate has seen drastic declines, from 426,900 yuan per ton in 2022 to 62,300 yuan per ton in the first half of 2025, impacting the company's profitability [12][13]. Challenges and Strategies - Jinseng New Energy has encountered "pricing mismatch risks" due to the time lag between raw material procurement and product sales, leading to inventory devaluation [12][13]. - The company plans to enhance profitability by improving price volatility resilience, optimizing procurement and inventory management, diversifying product offerings, and increasing operational efficiency [12][13].