媒体报道称，今年以来港股新股市场保持畅旺，IPO募资总额有望突破400亿美元，创下四年新高。分 析人士指出，市场活跃度的提升为企业上市提供了更有利的发行窗口，有利于推动内地大型企业赴港上 市。 先正达2021年递表上交所科创板，并于2023年转投上交所主板上市。2024年3月，先正达发布公告称， 公司基于对自身发展战略与全球行业环境的全面考量，已主动撤回主板上市申请，公司将采用多元组合 手段，持续巩固提升在全球农业科技领域的领先优势，未来将在合适的时机重启上市进程。 据先正达披露，其在2025年前三季度实现营业收入209亿美元，同比下降2%，EBITDA(税息折旧及摊销 前利润)为34亿美元，同比增长25%。其中，第三季度先正达实现营业收入64亿美元，同比下降6%。先 正达方面表示，尽管全球农业市场面临诸多挑战，多数地区的农户收益持续承压，但其预计在2025年年 底前将保持营收稳健，并实现盈利能力的进一步提升。 据媒体援引知情人士报道，先正达集团(简称：先正达)正在考虑在香港进行首次公开募股(IPO)，公司于 2024年3月撤回上交所主板IPO申请，原计划募资650亿元人民币。知情人士表示，这家中国农业科技公 ...

媒体报道称，今年以来港股新股市场保持畅旺，IPO募资总额有望突破400亿美元，创下四年新高。分 析人士指出，市场活跃度的提升为企业上市提供了更有利的发行窗口，有利于推动内地大型企业赴港上 市。 先正达2021年递表上交所科创板，并于2023年转投上交所主板上市。2024年3月，先正达发布公告称， 公司基于对自身发展战略与全球行业环境的全面考量，已主动撤回主板上市申请，公司将采用多元组合 手段，持续巩固提升在全球农业科技领域的领先优势，未来将在合适的时机重启上市进程。 据先正达披露，其在2025年前三季度实现营业收入209亿美元，同比下降2%，EBITDA(税息折旧及摊销 前利润)为34亿美元，同比增长25%。其中，第三季度先正达实现营业收入64亿美元，同比下降6%。先 正达方面表示，尽管全球农业市场面临诸多挑战，多数地区的农户收益持续承压，但其预计在2025年年 底前将保持营收稳健，并实现盈利能力的进一步提升。 智通财经APP获悉，据媒体援引知情人士报道，先正达集团(简称：先正达)正在考虑在香港进行首次公 开募股(IPO)，公司于2024年3月撤回上交所主板IPO申请，原计划募资650亿元人民币。知情人士表示 ...

Company Overview - Zhejiang Yongtai Technology Co., Ltd. was established in 1999 and listed in 2009, headquartered in Taizhou, Zhejiang Province. It is a global leader in fluorine fine chemicals, covering both inorganic and organic fluorochemical industries [2][3]. - The company has multiple production bases in Zhejiang, Inner Mongolia, Fujian, and Guangdong, with sufficient existing, under-construction, and planned capacities to support future growth [2]. Financial Performance - In 2024, the company achieved a revenue of CNY 458,939.78 million, representing an 11.18% year-on-year growth. The net profit, after deducting non-recurring items, showed a loss reduction of 36.26% [3]. - The lithium battery materials segment saw a significant improvement, with a gross margin increase of 23.07 percentage points. The plant protection segment's revenue grew by 91.79%, enhancing market competitiveness [3]. - In Q1 2025, the company reported a revenue of CNY 105,995.92 million and a net profit of CNY 1,057.75 million [3]. Lithium Battery Technology Development - The company is focusing on the strategic development of long-duration lithium battery technology, emphasizing collaboration in research and development to enhance technical maturity [4]. - The timeline for industrialization of this technology is uncertain and will depend on various factors, including technical validation and market conditions [5]. Lithium Battery Materials Segment - The profitability of the lithium battery materials segment is influenced by raw material price fluctuations and supply-demand dynamics. The company has implemented cost-reduction and efficiency-enhancing measures [7]. - The production capacity for liquid dual fluorine (LiFSI) is currently 67,000 tons per year, with a steady increase in utilization and a reduction in production costs [9]. Market Outlook and Strategies - The company anticipates that the price trends for lithium battery materials will be affected by market supply-demand, raw material costs, and industry policies, making future predictions challenging [8]. - The company is actively expanding its market share in the lithium battery materials sector and enhancing its competitive edge [7]. Pharmaceutical and Plant Protection Segments - In the pharmaceutical sector, the company aims to develop high-value-added formulation products and has established a dedicated marketing team covering 26 provinces and regions [11]. - The plant protection business includes a comprehensive product layout covering pesticide intermediates, active ingredients, and formulations, with a focus on international trade [11].

Company Overview - Zhejiang Yongtai Technology Co., Ltd. was established in 1999 and listed in 2009, headquartered in Taizhou, Zhejiang Province. It is a global leader in fluorine fine chemicals manufacturing, covering both inorganic and organic fluorochemical industries [2]. - The company has multiple production bases in Zhejiang, Inner Mongolia, Fujian, and Guangdong, with sufficient existing, under-construction, and planned capacity to support future core business growth [2]. Financial Performance - In 2024, the company achieved operating revenue of CNY 458,939.78 million, a year-on-year increase of 11.18%. Although the net profit after deducting non-recurring items remains in a loss position, the loss narrowed by 36.26% year-on-year, indicating improved operational quality [3]. - The lithium battery materials segment showed significant performance improvement, with a gross margin increase of 23.07 percentage points year-on-year. The plant protection segment's revenue grew by 91.79%, enhancing market competitiveness [3]. - In Q1 2024, the company reported operating revenue of CNY 105,995.92 million and a net profit attributable to shareholders of CNY 1,057.75 million [3]. Business Development and Future Prospects - The fluorinated liquid project is progressing well, with the company actively developing products, verifying processes, and promoting the market to ensure rapid response to customer needs once market conditions are favorable [4]. - The demand for fluorinated liquids is expected to grow rapidly due to advancements in artificial intelligence, high-performance computing, and semiconductor processes. The company's electronic fluorinated liquids offer advantages such as environmental friendliness, energy efficiency, and high thermal stability [5]. - The collaboration with Fudan University on the development of long-life lithium battery technology aims to enhance battery lifespan and reduce energy consumption, aligning with national carbon neutrality goals [7]. Segment-Specific Insights Lithium Battery Materials - The company has established a vertically integrated supply chain in lithium battery materials, from lithium salt raw materials to electrolytes. The new technology project aims to significantly enhance the cycle life of lithium-ion batteries [8]. - Future price trends for lithium battery materials are uncertain due to various factors, including market supply and demand, raw material costs, and industry policies [9]. Plant Protection - The significant revenue growth in the plant protection segment in 2024 is attributed to the successful production launch of new products and increased market share due to improved market conditions [10]. Pharmaceutical Sector - The decline in revenue and gross margin in the pharmaceutical segment is primarily due to the expiration of original drug patents, leading to increased market supply and price drops [11]. - The company plans to enhance profitability in the pharmaceutical sector by focusing on high-value-added formulation products and expanding its sales network across 26 provinces [11]. Risk Management and Strategic Focus - The company has a diversified business layout and strong risk resistance, with minimal impact from tariff policies on overall revenue [12]. - Future profit growth will be driven by the expansion of lithium battery materials, stable growth in pharmaceuticals, market expansion in plant protection, and the potential of new businesses like fluorinated liquids [14].