Core Viewpoint - Greeenme's upcoming Hong Kong IPO is driven by a pressing need for financing due to a significant debt gap of nearly 9 billion, despite the company's expanding revenue. The company's unit value has sharply declined, raising concerns about potential hidden issues in its asset statements [1][5]. Financial Performance - In the first half of 2025, Greenme achieved a revenue of 17.56 billion, a year-on-year increase of 1.28%, with the new energy battery materials business accounting for nearly 60% of total revenue, growing at a mere 0.56% [2][3]. - The company's capital expenditures surged from 1.43 billion in 2020 to 11.94 billion in 2024, with 6.63 billion spent in the first half of 2025 [3][5]. - The net profit attributable to shareholders for the first half of 2025 was 799 million, reflecting a year-on-year growth of 13.91% [10]. Debt and Financing - As of mid-2025, Greenme's short-term debt stood at 14.29 billion and long-term debt at 18.69 billion, while available cash and trading financial assets totaled only 5.4 billion, indicating a short-term debt gap of nearly 10 billion [5]. - The company is heavily reliant on debt for expansion, with financial expenses consuming a significant portion of profits, peaking at 49% of net profit in 2024 [5]. Business Model and Operations - Greenme operates a dual business model of "urban mining and new energy materials manufacturing," focusing on recycling key mineral resources and producing battery materials [2]. - The company has established a comprehensive supply chain for nickel resources, producing high-end battery materials that are widely used in electric vehicles and energy storage [6][7]. Inventory and Production Efficiency - Despite increasing revenue, the efficiency of unit production value has declined, with fixed asset unit values dropping from 2.18 in 2022 to 1.34 in 2024 [10]. - The company reported a high average capacity utilization rate of over 95% in its new energy business, significantly exceeding industry averages, while also experiencing a substantial increase in inventory and prepayments, which rose from 7.48 billion in 2020 to 16.51 billion by mid-2025 [12][14]. Market Position and Strategic Moves - Greenme's new energy materials business saw a revenue increase of 10.24% in 2024, while the urban mining business grew by 3.87% [11]. - The company is seeking to attract strategic investors for its subsidiary in Indonesia to enhance its global competitiveness and integrate deeper into the European and American markets [6][7]. Concerns and Regulatory Issues - There are concerns regarding the high inventory levels and prepayments, which may indicate potential financial engineering practices to defer cost recognition [15]. - The company's auditing firm faced scrutiny for inadequate audit procedures, leading to a change in auditors [16].

Core Viewpoint - Company Greeenme plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its global strategy and brand image, while also diversifying its financing channels [2][5]. Group 1: Company Overview - Greenme, established in 2001, operates in the waste resource recycling and new energy sectors, utilizing a dual business model of "urban mining + new energy materials manufacturing" [3]. - The company recycles key mineral resources such as nickel, cobalt, lithium, tungsten, and processes electronic waste and scrap vehicles, producing over 20 types of critical mineral resources [3]. - Greenme is the first stock in China to mine "urban mining" resources and has been listed on the Shenzhen Stock Exchange since January 22, 2010, and on the Swiss Exchange for global depositary receipts since July 28, 2022 [3]. Group 2: Financial Performance - In 2024, Greenme reported total revenue of 33.2 billion yuan, with overseas contributions amounting to 7.848 billion yuan, accounting for 23.64% of total revenue [3]. - The gross margin for overseas markets is 17.89%, which is higher than the domestic market's 14.49% [3]. Group 3: Global Expansion Strategy - Since 2016, Greenme has been exploring global alliance cooperation models to build strong relationships with global supply chains, enhancing its competitive edge in international markets [4][5]. - The company aims to enhance its overseas financing capabilities and promote its overseas business development, with plans to list on the Hong Kong Stock Exchange and issue US dollar green bonds [5].

Group 1 - The core point of the article is that Greeenme (002340.SH) has announced its plan to issue H-shares and list on the Hong Kong Stock Exchange to enhance its global strategy and brand image [1] - The company aims to leverage international capital markets and diversify its financing channels to support sustainable development and management [1] - Greenme is a leading waste recycling industry group and a core supplier in the global new energy sector, focusing on the comprehensive utilization of waste resources and new energy materials [1] Group 2 - Greenme was established in 2001 and operates under a dual-track business model of "urban mining + new energy materials manufacturing" [1] - The company recycles used power batteries, electronic waste, scrapped vehicles, waste plastics, and strategic resources like nickel, cobalt, lithium, and tungsten [1] - In the new energy sector, Greenme manufactures ternary precursors for power batteries, ternary cathode materials, and cobalt oxide materials for 3C digital batteries, positioning itself as a leading player in the global new energy supply chain [1] Group 3 - As of August 25, 2025, Greenme's total market capitalization is approximately 35.46 billion RMB [2] - The stock has seen a significant increase of 434.65% from its initial closing price of 1.29 to 6.92 over the period from January 22, 2010, to August 22, 2025 [4] - The company has a total share capital of 5.124 billion shares, with a current earnings per share of 0.21 and a dividend yield of 0.95% [5]

Core Viewpoint - Despite achieving revenue of approximately 33.2 billion yuan and a net profit of about 1.02 billion yuan in 2024, the company faces investor concerns regarding its focus on ternary materials in a market where lithium iron phosphate (LFP) materials dominate with over 70% market share [2][3]. Financial Performance - In 2024, the company reported revenue of approximately 33.2 billion yuan, a year-on-year increase of 8.75%, and a net profit attributable to shareholders of about 1.02 billion yuan, up 9.19% [3]. - The net cash flow from operating activities reached 3.055 billion yuan, growing by 41.14%, and the overall gross margin improved by 3.05% to 15.29% [3]. - The fourth quarter net profit was lower than the previous three quarters, primarily due to a decline in the value of shares held in the Korean company ECOPRO MAT [3]. Business Segments - The company operates two main businesses: new energy materials manufacturing and urban mining [5]. - In the new energy materials sector, the sales scale accounted for 77.59% of total sales, with revenue from this segment reaching 25.76 billion yuan, a 10.24% increase year-on-year [6]. - The urban mining business generated revenue of 7.44 billion yuan, reflecting a 3.87% growth [6]. Ternary Battery Market Outlook - The company remains optimistic about the growth of ternary batteries globally, anticipating a balanced market share between LFP and ternary batteries by 2030 [2][9]. - The demand for ternary materials and precursors is projected to reach 3.4 million tons and 3.51 million tons, respectively, by 2030, with a compound annual growth rate (CAGR) of 24% for ternary precursor shipments [9]. Nickel Resource Strategy - The company produced 51,600 tons of nickel in 2024, a 91% increase, and established a nickel resource capacity of 150,000 tons per year [10]. - Nickel business revenue reached 5.848 billion yuan, a significant increase of 143.47%, contributing 17.61% to total revenue [10]. Urban Mining and Recycling - The urban mining segment includes the recovery of key mineral resources and electronic waste, with significant growth in the recycling of retired batteries and scrap vehicles [15]. - The company reported a 31% increase in the recycling of retired batteries, reaching 35,930 tons, and a 133% increase in the recycling of scrap vehicles, totaling 280,000 tons [15]. Electronic Waste Business - The electronic waste recycling business showed poor performance with a gross margin of -7.46%, and revenue decreased by 50.73% [16]. - The company plans to divest its electronic waste business and collaborate with state-owned enterprises for restructuring [16].