Core Insights - The export of "new three items" has exceeded 1 trillion yuan in 2023, significantly boosting the battery industry and related sectors [1] - China holds 70% of global battery production capacity, with over 25% allocated for export, indicating a strong international presence [1] - The battery recycling industry is expected to flourish as retired batteries from exports enter the market, with China having a technological advantage in recycling [1][3] Industry Overview - The battery recycling industry is characterized by three main stages: generation, processing, and reuse of waste batteries [7] - In China, waste batteries are traded in a resource market, while in Europe and the U.S., they operate in a subsidy market where disposal often incurs fees [6][8] - The differences in battery types and recycling processes between China and Western markets highlight the challenges of directly applying domestic practices abroad [7][8] Company Strategy - The essence of battery recycling overseas is not merely exporting products but rather localizing technology and services to meet specific market needs [2][9] - 博萃循环 (Bocui Recycling) focuses on providing customized recycling solutions based on local requirements, rather than replicating domestic models [3][9] - The company has established partnerships with local entities, such as ONCE in Spain, to facilitate project implementation and gain access to local subsidies [10][11] Market Dynamics - The European market is a key destination for Chinese electric vehicle and battery exports, representing the largest battery recycling market outside of China [12] - 博萃循环 has expanded its operations to over ten countries, providing services to major global energy firms and executing more than 60 projects [11][12] - The company has recently completed a significant financing round to support overseas projects and core technology development [11]