智通财经APP获悉，9月26日，中国证监会国际合作司发布《关于中伟新材料股份有限公司境外发行上市备案通知书》。中伟股份(300919.SZ)拟发行不超过 190,364,600股境外上市普通股并在香港联合交易所上市。 据招股书，中伟股份是一家以创新为核心的新能源材料公司。自2020年以来，该公司在镍系和钴系的锂离子电池正极活性材料前驱体(pCAM)方面连续五年 成为全球出货量的领导者，且于2025年第一季度，中伟股份亦为全球外销市场出货量第一的磷系pCAM供应商。 中伟股份专注于新能源电池材料和新能源金属产品的研究和开发、生产和销售。公司致力通过提供高性能和环保的新能源材料至各种领域，实现全球低碳和 能源转型，最终引领可持续未来。公司从创新新能源电池材料的研发起步，已建立了一套从上游新能源金属开采、冶炼和精炼至新能源材料生产再到回收的 一体化运营。 ...

9月26日，中国证监会国际合作司发布《关于中伟新材料股份有限公司境外发行上市备案通知书》。中伟股份（300919）(300919.SZ)拟发行不超过 190,364,600股境外上市普通股并在香港联合交易所上市。 据招股书，中伟股份是一家以创新为核心的新能源材料公司。自2020年以来，该公司在镍系和钴系的锂离子电池正极活性材料前驱体(pCAM)方面连续五年 成为全球出货量的领导者，且于2025年第一季度，中伟股份亦为全球外销市场出货量第一的磷系pCAM供应商。 中伟股份专注于新能源电池材料和新能源金属产品的研究和开发、生产和销售。公司致力通过提供高性能和环保的新能源材料至各种领域，实现全球低碳和 能源转型，最终引领可持续未来。公司从创新新能源电池材料的研发起步，已建立了一套从上游新能源金属开采、冶炼和精炼至新能源材料生产再到回收的 一体化运营。 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4][23] Core Views - The company has seen a rapid increase in shipments of cobalt and phosphate materials, maintaining a leading position in ternary precursors [1][2] - The demand for cobalt tetroxide has surged due to a recovery in the consumer electronics market, resulting in a 30% year-on-year revenue increase to 1.45 billion yuan in H1 2025 [2] - The company is actively developing solid-state battery materials and enhancing the efficiency of phosphate resource development [3] Financial Performance Summary - In H1 2025, the company achieved a revenue of 21.32 billion yuan, a year-on-year increase of 6%, with a net profit of 733 million yuan, down 15% year-on-year [1] - The gross margin for H1 2025 was 12.10%, a decrease of 0.67 percentage points year-on-year, while the net margin was 3.30%, down 2.46 percentage points year-on-year [1] - The company’s cobalt products performed well, with cobalt tetroxide revenue increasing by 30% year-on-year to 1.45 billion yuan, and production rising by 34% to 16,000 tons [2] - The ternary precursor revenue decreased by 15% year-on-year to 7.49 billion yuan, with production down 20% to 91,700 tons, but still maintaining the top global position [2] - Phosphate iron revenue surged by 172% year-on-year to 670 million yuan, with production increasing by 388% to 71,800 tons [3] - The company’s new energy metal products generated 9.27 billion yuan in revenue, a 44% year-on-year increase, despite a decline in profitability due to nickel price fluctuations [3] Earnings Forecast and Financial Indicators - The company’s earnings forecast for 2025-2027 has been adjusted to net profits of 1.723 billion yuan, 2.133 billion yuan, and 2.586 billion yuan respectively, reflecting year-on-year growth of 17%, 24%, and 21% [4][5] - The expected earnings per share (EPS) for 2025, 2026, and 2027 are projected to be 1.84 yuan, 2.27 yuan, and 2.76 yuan respectively, with dynamic price-to-earnings ratios of 24.5, 19.8, and 16.3 [4][5] - The company’s revenue is expected to grow from 34.27 billion yuan in 2023 to 60.47 billion yuan in 2027, with a compound annual growth rate of approximately 8.9% [5][21]

Investment Rating - The investment rating for the company is "Outperform the Market" [6][4][23] Core Views - The company has seen a rapid increase in shipments of cobalt and phosphate materials, maintaining a leading position in ternary precursors [1][2] - The demand for cobalt tetroxide has surged due to a recovery in the consumer electronics market, resulting in a 30% year-on-year revenue increase to 1.45 billion yuan in H1 2025 [2] - The company is actively developing solid-state battery materials and enhancing the efficiency of phosphate resource development [3][2] Financial Performance Summary - In H1 2025, the company achieved a revenue of 21.32 billion yuan, a year-on-year increase of 6%, with a net profit of 733 million yuan, down 15% year-on-year [1] - The gross margin for H1 2025 was 12.10%, a decrease of 0.67 percentage points year-on-year, while the net margin was 3.30%, down 2.46 percentage points year-on-year [1] - The company’s cobalt products performed well, with cobalt tetroxide revenue increasing by 30% year-on-year to 1.45 billion yuan, and production rising by 34% to 16,000 tons [2] - The ternary precursor revenue decreased by 15% year-on-year to 7.49 billion yuan, with production down 20% to 91,700 tons, but still maintaining the top global position [2] - Phosphate iron revenue surged by 172% year-on-year to 670 million yuan, with production increasing by 388% to 71,800 tons [3] Earnings Forecast and Financial Indicators - The company’s earnings forecast for 2025-2027 has been adjusted to net profits of 1.723 billion yuan, 2.133 billion yuan, and 2.586 billion yuan respectively, reflecting a year-on-year growth of 17%, 24%, and 21% [4][5] - The projected earnings per share (EPS) for 2025-2027 are 1.84 yuan, 2.27 yuan, and 2.76 yuan, with dynamic price-to-earnings ratios (PE) of 24.5, 19.8, and 16.3 respectively [4][5] - The company’s revenue is expected to grow from 34.27 billion yuan in 2023 to 60.47 billion yuan in 2027, with a compound annual growth rate (CAGR) of approximately 12.9% [5][21]

Core Insights - Zhongwei New Materials Co., Ltd. reported a revenue of 21.32 billion yuan for the first half of 2025, representing a year-on-year growth of 6.16% [1][2] - The company's net profit attributable to shareholders decreased by 15.20% to 733 million yuan, while the net profit after deducting non-recurring gains and losses fell by 14.77% to 653 million yuan [1][2] - Basic earnings per share were reported at 0.79 yuan, down from 0.92 yuan in the same period last year [1][2] Revenue Breakdown - The battery materials segment generated revenue of 9.63 billion yuan, a decline of 5.55% year-on-year, attributed to intensified market competition and product structure adjustments [2][3] - The new energy metals segment showed strong performance with revenue reaching 9.27 billion yuan, marking a significant increase of 44.01% year-on-year, becoming the main driver of revenue growth [2][3] - Other business segments reported revenue of 2.42 billion yuan, down 29.90% compared to the previous year [2] Cost and Expenses - Sales expenses decreased by 4.17% to 48 million yuan, while management expenses increased by 10.12% to 551 million yuan [3][4] - Financial expenses surged by 51.09% to 581 million yuan, indicating rising costs in financing [3][4] Company Overview - Zhongwei New Materials was established in 2014 and went public in September 2020, focusing on the research, production, and sales of new energy battery cathode materials and precursors, including nickel-based, cobalt-based, phosphate-based, and sodium-based materials, as well as new energy metal products [4]

Report Industry Investment Rating - No relevant information provided Core Viewpoints - The market has returned to the fundamental verification stage. China's July import and export data exceeded expectations, but the export is still under pressure due to the upcoming "reciprocal tariff 2.0", and the progress of Sino-US trade negotiations needs to be continuously monitored. The US has imposed a series of new tariffs, and Trump plans to levy about 100% tariffs on chips and semiconductors, which will have a certain impact on the market. The UK central bank cut interest rates by 25 basis points as expected, and there are internal differences due to the increasing inflation risk. Putin said that he may meet with Trump in the UAE [1][2] Summary by Relevant Catalogs Market Analysis - The Politburo meeting on July 30 deployed the economic work for the second half of the year, emphasizing the need for continuous and timely strengthening of macro policies and more moderate "anti-involution" policies. China's official manufacturing PMI in July fell to 49.3, and the new order index fell to 49.4, while the non-manufacturing sector remained in expansion. China's foreign exchange reserves in July decreased by 0.76% month-on-month, and the central bank increased its gold holdings for the ninth consecutive month. China's exports in July increased by 7.2% year-on-year in US dollars, mainly supported by the low base last year and the "rush to export" effect under tariff uncertainty. Imports increased by 4.1%, with significant growth in the imports of integrated circuits, copper ore concentrates, and high-tech products [1] Impact of "Reciprocal Tariffs" - On July 31, the White House issued an executive order to reset the "reciprocal tariff" rate standards for some countries. The new tariffs will take effect on August 7. Trump plans to levy about 100% tariffs on chips and semiconductors, and the EU's chip exports to the US are subject to a 15% tariff cap. The US economic data in July was not as expected, and the uncertainty of Trump's tariff policy continued to drag down business activities. The market expects the Fed to cut interest rates twice this year [2] Commodity Segments - Domestically, the black and new energy metal sectors are the most sensitive to the supply side. Overseas, the energy and non-ferrous sectors benefit significantly from inflation expectations. The black sector is still dragged down by downstream demand expectations, and the implementation of "anti-involution" policies should be closely monitored. The supply constraints in the non-ferrous sector have not been alleviated, and the impact of tariff implementation on demand expectations needs to be followed. In the short term, the geopolitical premium in the energy sector has ended, and the medium-term supply is expected to be relatively loose. OPEC+ accelerated production increase, agreeing to increase production by 548,000 barrels per day in August, higher than expected. In the chemical sector, the "anti-involution" potential of methanol, PVC, caustic soda, urea and other products is also worthy of attention. There is no short-term weather disturbance in agricultural products, and the price fluctuation range is relatively limited [3] Key News - As of the end of July 2025, China's foreign exchange reserves decreased by $25.2 billion to $3.2922 trillion compared with the end of June, a decrease of 0.76%. China's gold reserves increased by 600,000 ounces to 73.96 million ounces in July, the ninth consecutive month of increase. China's exports in July increased by 8% year-on-year in RMB and 7.2% in US dollars, while imports increased by 4.8% in RMB and 4.1% in US dollars. Trump plans to levy about 100% tariffs on chips and semiconductors, and will sign an executive order to allow 401K accounts to invest in alternative assets such as cryptocurrencies and private equity funds. The Bank of England cut interest rates by 25 basis points as expected, and Putin said he may meet with Trump in the UAE [5]

Summary of Key Points Core Viewpoint - The article provides an overview of the recent IPO activities in the Hong Kong stock market, highlighting the companies that have submitted applications, passed hearings, and are in the process of going public. Group 1: Companies Submitting Applications - Demy Pharmaceutical Co., Ltd. submitted an application to the Hong Kong Stock Exchange, focusing on skin health with projected revenues of approximately RMB 3.84 billion, RMB 4.73 billion, and RMB 6.18 billion for 2022, 2023, and 2024 respectively, while incurring losses of RMB 55.17 million, RMB 4.70 million, and RMB 106 million [4] - Zhongwei New Materials Co., Ltd. submitted its prospectus, specializing in new energy battery materials with revenues projected at RMB 30.34 billion, RMB 34.27 billion, and RMB 40.22 billion for 2022, 2023, and 2024 respectively, and net profits of RMB 1.54 billion, RMB 2.10 billion, and RMB 1.79 billion [4] - Hehui Optoelectronics submitted an application, ranking second globally in AMOLED semiconductor display panel manufacturing, with revenues of approximately RMB 4.19 billion, RMB 3.04 billion, and RMB 4.96 billion for 2022, 2023, and 2024, and losses of RMB 1.60 billion, RMB 3.24 billion, and RMB 2.52 billion [5] - Suzhou Rebo Biotechnology Co., Ltd. submitted its listing application, currently having six self-developed siRNA drugs in clinical trials, with projected net losses of RMB 437 million and RMB 282 million for 2023 and 2024 [6] - Naxin Microelectronics submitted an application, ranking fifth in China's analog chip market, with revenues of RMB 1.67 billion, RMB 1.31 billion, and RMB 1.96 billion for 2022, 2023, and 2024, and profits of RMB 250 million, losses of RMB 305 million, and losses of RMB 403 million [7] - Guanghetong Wireless Co., Ltd. submitted its prospectus, being the second-largest wireless communication module provider globally, with revenues of RMB 5.20 billion, RMB 5.65 billion, and RMB 6.97 billion for 2022, 2023, and 2024, and net profits of RMB 365 million, RMB 565 million, and RMB 677 million [8] - Hongxing Cold Chain (Hunan) Co., Ltd. submitted its application, ranking second in frozen food trading services in Central China, with revenues of RMB 237 million, RMB 202 million, and RMB 234 million for 2022, 2023, and 2024, and net profits of RMB 79 million, RMB 75 million, and RMB 83 million [9] - Three Squirrels submitted a listing application, being the largest online nut snack enterprise in China, with revenues of RMB 7.29 billion, RMB 7.12 billion, and RMB 10.62 billion for 2022, 2023, and 2024, and net profits of RMB 129 million, RMB 220 million, and RMB 408 million [10] Group 2: Companies Passing Hearings - Junda Co., Ltd. passed the hearing, being a leading photovoltaic cell manufacturer with projected revenues of RMB 11.09 billion, RMB 18.61 billion, and RMB 9.92 billion for 2022, 2023, and 2024, and net profits of RMB 821 million, RMB 816 million, and losses of RMB 591 million [11] - Green Tea Group Limited passed the hearing, ranking third in the number of restaurants and fourth in revenue among casual Chinese restaurant brands in mainland China, with revenues of RMB 2.38 billion, RMB 3.59 billion, and RMB 3.84 billion for 2022, 2023, and 2024, and profits of RMB 17 million, RMB 296 million, and RMB 350 million [12] - Shanghai Auntie passed the hearing, being the fourth largest fresh tea drink network in China, with revenues of RMB 2.20 billion, RMB 3.35 billion, and RMB 3.29 billion for 2022, 2023, and 2024, and net profits of RMB 149 million, RMB 388 million, and RMB 329 million [13]

Core Viewpoint - Zhongwei Co., Ltd. is accelerating its overseas expansion and has officially applied for a listing on the Hong Kong Stock Exchange, aiming to leverage international capital for further growth [1][3]. Group 1: Financial Performance - In 2024, Zhongwei's revenue from overseas reached 17.884 billion RMB, accounting for 44.5% of total revenue, an increase of over 10 percentage points compared to two years ago [1][2]. - The company's total revenue for 2022, 2023, and 2024 is projected to be 30.344 billion RMB, 34.273 billion RMB, and 40.223 billion RMB, respectively, indicating steady growth [4]. - The revenue from new energy metal products has grown significantly, reaching 13.483 billion RMB in 2024, accounting for 33.5% of total revenue [4]. Group 2: Business Structure and Strategy - Zhongwei has established a vertically integrated business model, with a product matrix that includes nickel, cobalt, phosphorus, sodium, and other innovative materials [4]. - The company is expanding its production capacity in Indonesia and Morocco and is evaluating plans to build a nickel material production line in South Korea [2][8]. - The shift towards a platform-type materials company is evident, as Zhongwei aims to create a complete ecosystem from resource extraction to recycling [8]. Group 3: Market Dynamics and Challenges - The traditional new energy battery materials segment has seen a decline in revenue and market share, with nickel and cobalt materials experiencing significant price drops [5][6]. - The average selling price of nickel materials fell from 102.9 thousand RMB/ton in 2023 to 82.9 thousand RMB/ton in 2024, while cobalt materials also saw a price decrease [7]. - The company faces challenges from raw material price fluctuations, particularly in nickel and cobalt, which have historically impacted profitability [9][10].

Core Insights - Zhongwei Co., Ltd. is a leading global supplier of lithium-ion battery precursor materials, focusing on innovation in new energy materials [2] - The company aims to support global low-carbon and energy transition through high-performance and environmentally friendly materials [2] - Zhongwei has established a comprehensive operation from upstream metal extraction to recycling, enhancing its global influence in the supply chain [2] Financial Performance - Revenue for Zhongwei was approximately 30.34 billion RMB in 2022, projected to increase to 34.27 billion RMB in 2023 and 40.22 billion RMB in 2024 [3][5] - Annual profit figures were around 1.54 billion RMB in 2022, expected to rise to 2.10 billion RMB in 2023, before slightly decreasing to 1.79 billion RMB in 2024 [3][5] Production and Global Presence - As of December 31, 2024, Zhongwei operates four production bases in China, three in Indonesia, one in Morocco, and plans for additional bases in Indonesia and South Korea [3] - The strategic positioning of production facilities aims to leverage significant global demand across Asia, Europe, and North America while maintaining flexibility to respond to market complexities [3]