Core Viewpoint - The company is actively involved in the formulation of laws, regulations, and industry standards related to the recycling and utilization of power batteries, aiming to promote the standardized and sustainable development of the entire industry chain [1] Group 1: Company Initiatives - The company has proposed the concept of constructing a full lifecycle value chain for new energy, which includes "battery recycling—remaining energy reuse—raw material remanufacturing—material remanufacturing—battery reassembly" [1] - The company has established partnerships with over 1,000 automotive companies and battery manufacturers globally [1] - The company has set up six power battery recycling companies in China, all of which are included in the whitelist of the Ministry of Industry and Information Technology of China, creating a broad and compliant recycling network [1] Group 2: Future Plans - The company plans to continue strengthening the construction of recycling channels and optimizing the layout of the recycling network [1] - The company aims to reduce recycling costs and enhance the comprehensive recovery rate of resources and product added value through technological research and development innovations [1] - The company intends to adopt multiple measures to enhance its market competitiveness and share [1]

证券日报网讯格林美11月17日在互动平台回答投资者提问时表示，公司动力电池回收业务作为前瞻性布 局，在2025年上半年的毛利率为7.47%。在退役动力电池循环利用领域，公司率先提出构建新能源全生 命周期价值链的理念，打造了"电池回收—电池剩余能量梯次再利用—原料再制造—材料再制造—电池 再装配"的新能源全生命周期价值链。目前，格林美已与全球超过1，000家汽车企业及电池制造商建立 合作关系，并在中国设立了6家动力电池回收公司，且均已纳入中国工业和信息化部白名单，构建了覆 盖广、合规性强的回收网络体系。2025年前三季度，公司回收拆解的动力电池达到36，643吨，同比增 长59%，延续高速增长，展示广阔回收前景。 （文章来源：证券日报） ...

Core Viewpoint - The domestic market for power battery recycling is expected to exceed 100 billion yuan by 2030, driven by the upcoming large-scale retirement of power batteries in China [2]. Group 1: Market Size and Projections - By 2024, the domestic power battery recycling volume is projected to surpass 300,000 tons, corresponding to a market scale of over 48 billion yuan [3]. - The market for power battery recycling is anticipated to grow significantly, with the scale expected to exceed 100 billion yuan by 2030 [2]. Group 2: Regulatory and Standardization Efforts - The State Administration for Market Regulation, in collaboration with the Ministry of Industry and Information Technology, is actively promoting the development of national standards for the entire power battery recycling industry chain [3]. - A total of 22 national standards for power battery recycling and utilization have been published, covering various aspects such as general requirements, management specifications, disassembly standards, and recycling of lithium-ion waste [3]. Group 3: Technological Innovations and Achievements - Contemporary Amperex Technology Co., Ltd. (CATL) subsidiary, Bangpu Recycling, has achieved a nickel-cobalt-manganese recovery rate of 99.6% and a lithium recovery rate of 96.5% through its DRT directional recycling technology [3]. - In 2024, Bangpu Recycling plans to process over 120,000 tons of waste batteries and produce 17,100 tons of recycled lithium salt [3]. Group 4: Local Initiatives and Impact - Quanzhou Qingneng Company aims to process 237 tons of retired batteries in 2024, resulting in a carbon reduction of 238 tons and generating a revenue of 23 million yuan [4]. - The Fujian Provincial Market Supervision Bureau has developed a replicable standardized demonstration model that integrates technological innovation with standard formulation [3][4].

Core Insights - The domestic market for power battery recycling in China is expected to exceed 100 billion yuan by 2030, driven by the upcoming large-scale retirement of power batteries [1] - In 2024, the domestic recycling volume of power batteries is projected to surpass 300,000 tons, corresponding to a market scale of over 48 billion yuan [1] Group 1: Industry Standards and Support - The State Administration for Market Regulation, in collaboration with the Ministry of Industry and Information Technology, is actively promoting the development of national standards for the entire power battery recycling industry chain [1] - A total of 22 national standards for power battery recycling and utilization have been published, covering various aspects such as general requirements, management specifications, disassembly standards, residual energy detection, and recycling of lithium-ion waste [1] Group 2: Company Initiatives and Achievements - Contemporary Amperex Technology Co., Ltd.'s subsidiary, Bangpu Recycling, has developed the DRT directional recycling technology, achieving a nickel-cobalt-manganese recovery rate of 99.6% and a lithium recovery rate of 96.5% [2] - In 2024, Bangpu Recycling plans to process over 120,000 tons of waste batteries and produce 17,100 tons of recycled lithium salt [2] - Quanzhou Qingneng Company aims to process 237 tons of retired batteries in 2024, resulting in a carbon reduction of 238 tons and generating a revenue of 23 million yuan [2] Group 3: Future Directions - The next steps include accelerating the construction of the standard system for power battery recycling, focusing on areas such as green design, residual energy detection, discharge, storage, and directional recycling [2]

Core Viewpoint - The Ministry of Commerce has released a draft for public consultation regarding the modification of the "Implementation Rules for the Management of Scrapped Motor Vehicle Recycling," which includes significant changes related to the recycling of power batteries [2][3]. Regulatory Changes - New entry and incentive mechanisms will be introduced to regulate the recycling and dismantling of scrapped electric vehicles, ensuring compliance with industry standards [2][3]. - The draft specifies that dismantling enterprises must sell the power batteries they disassemble to authorized recycling companies or designated service points [2]. Industry Development - The battery recycling market is expected to see a series of new regulatory policies, with a market licensing system and points management for "white list" enterprises to be implemented by the end of 2027 [3][4]. - The establishment of a working group for battery recycling in May 2023 indicates the government's high level of attention to this sector [4]. Policy Framework - The revised rules aim to clarify responsibilities among battery producers, users, and recycling companies, ensuring a clear lifecycle for batteries [4]. - The government plans to enforce stricter regulations on "white list" enterprises, which currently have a combined production capacity exceeding 1 million tons [5]. Regulatory Network Enhancement - The revision of the implementation rules is part of a broader effort to establish a comprehensive regulatory framework for battery recycling, with multiple targeted policy documents released this year [6][8]. - The "Action Plan" approved by the State Council emphasizes the need for a standardized, safe, and efficient recycling system, utilizing digital technology for lifecycle monitoring [7][8]. Market Trends - The battery recycling industry in China has evolved through three stages: initial exploration, policy standardization, and rapid growth, with actual recycling volumes increasing from 129,000 tons in 2019 to 324,000 tons in 2023 [9]. - The market is expected to exceed 500,000 tons by 2025, driven by the growing number of retired batteries from electric vehicles [9][10]. Competitive Landscape - The industry is experiencing intensified domestic competition, with many companies entering the market and some exploring international opportunities despite facing regulatory challenges abroad [10][11]. - The introduction of a market licensing system and points management for "white list" enterprises aims to filter out non-compliant companies and enhance overall industry standards [11].

Core Viewpoint - The inclusion of Jin Jing New Energy in the Hang Seng Composite Index is expected to enhance its liquidity and investment value, marking a significant opportunity for value reassessment [1][2][3]. Group 1: Impact of Inclusion in the Hang Seng Index - The inclusion in the Hang Seng Composite Index will attract passive fund allocations, leading to substantial capital inflow for Jin Jing New Energy [2][3]. - The index's strict selection criteria reflect the company's market value and growth potential, providing authoritative recognition [2]. - The potential inclusion in the Stock Connect program will further broaden the company's funding sources and valuation space [3]. Group 2: Growth Potential and Industry Position - Jin Jing New Energy is uniquely positioned in the Hong Kong market as the only overseas battery recycling stock, with over 70 service outlets across 28 countries [5]. - The company has established strong partnerships with industry leaders, enhancing its market share and growth prospects [5]. - The company's revenue surged by 92.3% year-on-year to HKD 870 million, with a gross profit increase of 266.8%, indicating strong business performance [6]. Group 3: Market Trends and Future Outlook - The electric vehicle penetration rate in Hong Kong is projected to rise significantly, creating substantial demand for battery recycling [7]. - The Hong Kong government's policies on electric vehicle adoption and waste management will further support the growth of the battery recycling market [7]. - Jin Jing New Energy is set to operate Hong Kong's first battery processing facility, positioning itself advantageously in the market [7]. Group 4: Conclusion - The global energy transition presents historic opportunities for green technology companies, with Jin Jing New Energy poised to benefit from increased liquidity and valuation reassessment [8].

Group 1 - ESG has become a necessary consideration for long-term investors, with nearly 5,100 institutions signing the UN PRI and managing over $100 trillion in assets as of June 30, 2025 [1] - ESG is an effective core standard for identifying companies with long-term sustainable development capabilities, as evidenced by JinJing New Energy winning the "Golden Award for Sustainable Development Excellence" [2] - JinJing New Energy's transformation from a construction-focused company to a leader in the global battery recycling sector highlights a significant industry change [4] Group 2 - JinJing New Energy's revenue surged by 92.3% to HKD 870 million, with reverse supply chain management and environmental services contributing 80% of the revenue, growing at 204% [4] - The company's adjusted EBITDA improved from a loss of HKD 40.1 million to a profit of HKD 44.8 million, demonstrating that green transformation can be a value creation engine [4] - The company has established a global recycling network covering 28 countries, with over 70 service nodes in key markets such as the US, Europe, and Southeast Asia [5] Group 3 - JinJing New Energy's innovative light-asset operational model, in collaboration with logistics giants, reduces carbon emissions during transportation [6] - The company's processing facility in Hong Kong is set to begin operations, aligning with national battery recycling management requirements and EU standards [7] - The potential for battery recycling in Hong Kong and other regions is significant, with a projected market size of HKD 10 billion emerging as the first wave of battery retirements occurs [7] Group 4 - JinJing New Energy's practices illustrate that ESG is not an additional cost but an accelerator for business growth, as the global retired battery volume is expected to exceed 4 million tons by 2028 [9] - The company’s efforts in integrating ESG solutions into its business model provide a competitive edge and transform regulatory constraints into business value [9]

Core Viewpoint - The annual performance report of Jin Jing New Energy for the year ending March 31, 2025, reveals significant growth, with a 92.3% increase in revenue to HKD 870 million, marking a historical high. The company's gross profit surged by 266.8% to HKD 103 million, and net loss narrowed from HKD 78.9 million to HKD 15.7 million, indicating a strong recovery towards breakeven [1][2]. Business Restructuring and Growth Drivers - The remarkable performance is attributed to a strategic transformation over three years, focusing on reverse supply chain management and environmental services, which contributed approximately HKD 696 million in revenue, a 204% increase. The green energy sector now constitutes 80% of total revenue [1][3]. - Key growth engines include vertical integration through acquisitions of local recycling firms, enhancing the battery recycling lifecycle, and horizontal collaborations, such as the strategic partnership with Guoxuan High-Tech, which aims to tap into a market worth HKD 22.8 billion for overseas retired battery disposal [4][6]. Policy Environment and Strategic Depth - Jin Jing New Energy has positioned itself advantageously within the industry, leveraging early entry into the battery recycling market. The recent government action plan emphasizes full-chain management and digital traceability, aligning with the company's existing framework [6][7]. - The anticipated surge in retired battery volumes, projected to reach 820,000 tons by 2025, presents a significant market opportunity, especially as current recovery rates remain below 25%. The company is well-placed to capture market share as the industry consolidates [7][8]. Capital Premium and Value Transformation - The capital market has responded positively to the company's growth, with a cumulative stock increase of 265.85% in 2024. As of June 27, 2025, the market capitalization reached HKD 10.96 billion, reflecting investor confidence in its business model [10][11]. - The company's unique position as the only overseas battery recycling entity in the Hong Kong market, combined with its extensive logistics network across 28 countries, creates a competitive moat. The upcoming battery processing facility in Hong Kong is expected to align with the market's growth trajectory [11][12]. Conclusion - Jin Jing New Energy's explosive growth is a result of strategic foresight and execution, establishing a robust competitive advantage in the global green circular economy. The company is transitioning from a dark horse to a standard in the industry, poised for significant value reassessment as battery recycling becomes a core focus [15].

Group 1: Investor Relations Activity - The investor relations activity was an earnings briefing held on May 14, 2025, via an online platform [3] - Participants included the company's chairman and general manager, as well as the board secretary and financial officer [3] Group 2: Key Business Opportunities - The company sees growth opportunities in the automotive aftermarket, particularly in vehicle recycling and battery recovery [5] - The revised regulations in 2023 for vehicle recycling are expected to unlock over 100 billion CNY in circular economy value, with an estimated 15 million vehicles expected to be scrapped by 2025 [5] - The company's revenue from vehicle recycling and dismantling reached 77.57 million CNY in 2024, a year-on-year increase of 194.41% [5] Group 3: Battery Recovery Insights - With over 60 million new energy vehicles in circulation, the retired battery volume is projected to exceed 350,000 tons in 2024, making battery recovery a significant market [5] - The recovery rate for metals like lithium, cobalt, and nickel has surpassed 90%, with recycled lithium expected to account for 20% of the supply by 2024 [5] Group 4: Financial Performance and Future Plans - The company anticipates that the battery recovery project will become a key growth area, although it has not yet generated revenue or profit [6][7] - The first quarter of 2025 saw revenue from vehicle recycling reach 35 million CNY, supported by new government policies aimed at enhancing the recycling economy [7] Group 5: Shareholder Engagement - The company announced a dividend distribution on April 25, 2025, to be implemented within two months after the annual shareholder meeting on May 15, 2024 [8] - There are currently no plans for acquisitions, but the company is monitoring potential strategic opportunities in the market [8] Group 6: Market Outlook - The company expresses confidence in its long-term value despite short-term stock price fluctuations influenced by market sentiment [9] - Future efforts will focus on enhancing the vehicle dismantling and battery recovery projects to generate quality profit streams [9]

Core Viewpoint - The strategic collaboration among JinJing New Energy, China Resource Recycling International Development, and Guangdong Bangpu Recycling Technology marks a significant step in the battery recycling industry, transitioning from fragmented competition to a systematic approach, leveraging policy insights, technological advancements, and global network coverage [1][2][7]. Strategic Collaboration - The partnership aims to integrate the full chain capabilities of resource coordination, technology research and development, and global networking, enhancing the efficiency and effectiveness of battery recycling [2][4]. - JinJing New Energy's core business includes reverse supply chain management and green energy solutions, with a global service network covering key markets in the Americas, Europe, and Asia [1][3]. Business Synergy - JinJing New Energy has established a mature recycling point network across 28 countries, which, when combined with the resources from China Resource Recycling International and the technology from Bangpu Recycling, can create an integrated model for recycling, processing, and reusing battery materials [3][5]. - The collaboration is expected to lower logistics and operational costs while promoting standardized processes, thereby enhancing customer trust in recycled material quality [3][5]. Global Expansion - The global demand for power batteries is projected to grow at a compound annual growth rate of 22.3% until 2030, with the retired battery volume expected to exceed 800 GWh, indicating a substantial market opportunity for battery recycling [3][4]. - JinJing New Energy plans to expand its service network from 10 to 100 locations globally, leveraging the international resource allocation capabilities of China Resource Recycling International and the technological output from Bangpu Recycling [3][4]. Policy Environment - Recent policies, such as the EU's "New Battery Law" and China's action plan for establishing a battery recycling system, create a favorable environment for the collaboration, emphasizing increased recycling rates and material regeneration [4][5]. - The partnership will benefit from Bangpu Recycling's established industry standards and China Resource Recycling International's experience in international green standard formulation, facilitating compliance with various regulatory requirements [4][5]. Logistics Network - JinJing New Energy's logistics network across 28 countries, combined with the strategic resource allocation from China Resource Recycling International, is expected to create an efficient battery material import-export logistics system, reducing compliance risks and costs in international transport [5][6]. - The reverse supply chain business has shown significant growth, with revenue increasing by 140% year-on-year to HKD 157 million, accounting for 63.4% of total revenue as of mid-2024 [5][6]. Conclusion - The collaboration not only enhances JinJing New Energy's competitive edge through the integration of national policy support and industry-leading technology but also establishes a comprehensive coverage from policy analysis to terminal services, unlocking collaborative value within the new energy industry [7]. - This strategic move positions JinJing New Energy to build a competitive moat in a rapidly expanding market, enabling it to meet the demands of partners like Ningde Times and Guoxuan High-Tech while gaining pricing power through resource aggregation [7].