Core Insights - The State Administration for Market Regulation recently held a press conference to announce 22 national standards for the recycling and utilization of power batteries, with Guangdong Bangpu Recycling Technology Co., Ltd. being a key leading enterprise [1] - Bangpu Recycling, a subsidiary of CATL, has played a significant role in formulating over 80% of the national standards for lithium battery recycling [1] - The company has achieved the highest global recovery rates for nickel, cobalt, and manganese at 99.6% and lithium at 96.5%, surpassing industry averages [1] Group 1 - Bangpu Recycling has an annual processing capacity of 120,000 tons of used power batteries, equivalent to revitalizing 200,000 to 300,000 electric vehicle batteries each year based on an average battery weight of 300 kg [1] - The company has established 445 industry standards, including 126 national standards, and supports 18 national committees in battery recycling standard research across various sectors [1] - Bangpu Recycling is the first company globally to create a directional recycling technology system, which has been shared with the industry to form national standards [1] Group 2 - The establishment of standards is crucial for industry development, accelerating technological progress and product iteration, while also positioning Chinese standards as important references in international markets [2] - The high-standard recycling system provides a "green passport" for Chinese battery companies to enter global markets, especially in light of international regulations like the EU's new battery law [2] - Experts predict that transforming retired batteries into future "green mines" could lead to a market worth hundreds of billions by 2030, with CATL building a comprehensive resource recycling system that redefines resource management through standards and technology [2]

Core Viewpoint - Greeenme plans to initiate an "A+H" dual financing model to support its global expansion and enhance its international brand image and competitiveness through the issuance of H-shares in Hong Kong [2][3]. Company Overview - Greenme, established in 2001 and headquartered in Shenzhen, focuses on "battery materials" and "battery recycling" [2]. - The company is currently the largest battery recycling enterprise globally, processing over 10% of retired power batteries in China and recovering more than 20% of the country's nickel resources [2]. Financial Performance - Greenme's revenue for 2024 is projected to be 33.2 billion yuan, reflecting an 8.75% year-on-year increase, with a net profit of 1.02 billion yuan, up 9.19% [3]. - The revenue from ternary materials reached 25.76 billion yuan, a 10.24% increase, accounting for 77.6% of total revenue, while battery recycling generated 7.44 billion yuan, a 3.87% increase, making up 22.4% of total revenue [3]. Market Trends - The battery recycling industry is expected to see a peak in battery retirements between 2027 and 2030, with Greenme aiming to recycle over 500,000 tons of batteries and achieve sales exceeding 10 billion yuan by 2030 [4]. - The actual recovery volume of used lithium-ion batteries in China is estimated at 654,000 tons in 2024, with projections of 4.246 million tons by 2030 [4]. Strategic Partnerships - Greenme has established strategic partnerships with several major battery manufacturers and automotive companies, including CATL, GAC Group, and others, to enhance its battery recycling capabilities [5]. Industry Challenges - Despite being a leading player, Greenme faces challenges such as intense competition for battery sources and the need to improve recycling and reuse technologies while ensuring safety [5][6]. Regulatory Environment - The regulatory framework for battery recycling is evolving, with new guidelines being implemented to strengthen the recycling system and enhance compliance [6]. - The recent wave of companies from the lithium battery supply chain, including Greenme, seeking to list in Hong Kong reflects a strategic response to global energy transformation and capital market opportunities [6].