中经记者石健北京报道 随着"发展中化债"持续深入，一些地方国资正加速科创类、产业类资产剥离。 近期，《中国经营报》记者注意到，绍兴滨海新区发展集团有限公司（以下简称"滨海新区发展集团"） 公告称，剥离公司及子公司的多项具有科创属性的资产至绍兴滨海新区科创产业发展有限公司（以下简 称"滨海新区科创产发"）。此外，亦有一些地方国资公司剥离产业类资产。 对此，多位地方国资人士对记者表示，地方国资剥离产业类、科创类资产，一方面有助于城投聚焦主责 主业，在区域内更快搭建产投平台，实现地方产业升级和高质量发展。另一方面，也有助于剥离出的相 关主体发行科创债，优化融资渠道。 剥离科创类、产业类资产 "传统城投公司的主业和优势，还是集中于基础设施建设和公共服务提供的职能，虽然从市场化转型角 度，在某些行业和领域，开展了一些产业投资和项目孵化培育工作，但是与科创债的发行政策目的，还 是存在差异。且从技术面、风险面的融资风险来看，科创债要求资金严格投向实质性的科技创新项目， 这需要发行主体具备充足的科技创新项目的储备、专业的技术研判能力和成熟的项目管理经验。"丁伯 康表示。 "瘦身"成趋势 对于此次无偿划转资产背景及原因，滨海新 ...

01 本周上市企业： 美国东部时间7月8日，来自香港的建筑分包商——Masonglory，成功登陆美国纳斯达克。该公司通过其运营子公司在香港开展业务，主要提供湿作业(wet trades)服务，包括批灰（抹灰）、铺砖等建筑施工环节，同时也涵盖其他辅助性建筑服务。其主要客户为房地产开发和土木工程项目的总承包商。此次 IPO，Masonglory共发行150万股股份，募集资金600万美元。截至定稿，该公司市值为7042万美元。 财经印刷服务供应商Rich Sparkle正式登陆纳斯达克上市 美国东部时间7月8日，来自香港的财经印刷服务供应商——Rich Sparkle，成功在纳斯达克挂牌上市。该公司为包括香港联合交易所上市公司及拟上市公 司在内的广泛客户提供设计及印制高质量财经印刷材料等服务。在2024年，该公司为超过190间上市公司提供服务，涵盖排版、校对、翻译、设计及印刷 等全面解决方案。透过度身订造的顾问服务，协助客户有效传达企业形象与财务信息，同时提升披露质量并确保符合法规要求。此次IPO，Rich Sparkle共 发行125万股股票，募集资金500万美元。截至定稿，该公司市值为4588万美元。 泛亚洲 ...

Group 1: Talent Attraction and Development - Changshu has a total talent pool of 470,000, including 45,000 high-level talents and 244,000 engineering and technical talents, with a youth resident population ratio of 27.22%, ranking second in Jiangsu province [2] - The establishment of the HuRun U30 China Entrepreneur Pioneer Growth Base aims to support young entrepreneurs by connecting them with investment institutions and mentors [2] - The average value of the 131 young entrepreneurs' companies listed in the latest HuRun report is 280 million RMB, with 11 companies valued over 100 million USD [2] Group 2: Innovation and Industry Upgrading - Changshu focuses on innovation-driven development, investing in talent and technology to accelerate industrial upgrading and create new economic growth areas [3] - Jiangsu ShuoFan Intelligent Equipment Co., Ltd. has experienced rapid growth, achieving a sales increase from 100 million RMB to 600 million RMB within three years, thanks to local support [3] - The establishment of various innovation platforms, such as the Jiangsu Academy of Sciences Innovation Center, aims to address challenges in the carbon fiber industry and promote green development [6][7] Group 3: Policy Support and Financial Initiatives - Changshu has introduced measures to attract high-level talents, including tax incentives for salaries over 800,000 RMB and substantial support for high-energy innovation carriers [4] - The "Changchuan Talent Fund Phase II" has been established with a total scale of 300 million RMB to support technology-driven projects and youth entrepreneurship [8] - A venture capital alliance has been formed, gathering 22 investment institutions to facilitate the integration of talent, industry, and capital [9] Group 4: Comprehensive Talent Ecosystem - Changshu is committed to creating a favorable talent ecosystem, including a one-stop service center for high-level talents to streamline support processes [9] - The city has launched initiatives to develop low-altitude economy talents, including training programs for drone operators and certification engineers [10] - Changshu aims to be a "best partner" for talents by providing comprehensive support and creating opportunities for innovation and entrepreneurship [10]

Core Viewpoint - Shenzhen Xingyuan Material Technology Co., Ltd. (hereinafter referred to as "Xingyuan Material") has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, with CITIC Securities International as the sole sponsor [2]. Group 1: Company Overview - Xingyuan Material was founded in 2003 by Professor Chen Xiufeng and was listed on the A-share market on December 1, 2016 [2]. - The company specializes in the manufacturing of lithium-ion battery separators and aims to provide high-quality products to global customers [2]. - According to Frost & Sullivan, Xingyuan Material is the first company in China to master the dry unidirectional stretching technology for lithium-ion battery separators, and it is projected to hold the largest global market share in dry separators by 2024 based on shipment volume [2]. Group 2: Market Position and Performance - Over the past five years, Xingyuan Material has ranked second globally in terms of lithium-ion battery separator shipments, with its global market share increasing from 11.0% in 2020 to 14.4% in 2024 [2]. - The company's revenue for the years 2022, 2023, and projected for 2024 is 2.867 billion, 2.982 billion, and 3.506 billion RMB respectively, with corresponding net profits of 748 million, 594 million, and 371 million RMB [3]. Group 3: Leadership and Governance - Professor Chen Xiufeng and Chen Weirong (a married couple) hold approximately 12.70% and 0.03% of the company respectively, giving Professor Chen the right to exercise about 12.72% of the voting rights attached to the issued shares [5]. - Professor Chen, aged 58, serves as the executive director, chairman of the board, and general manager of the company, responsible for strategic planning, business direction, and daily operations [5]. - In 2024, Professor Chen's compensation was reported to be 2.49 million RMB [7].

Core Viewpoint - The company Xingyuan Material, a leading lithium battery separator manufacturer, is planning to go public in Hong Kong to raise funds for overseas expansion, particularly in Malaysia and the United States, while also establishing a research and development center in Singapore [2][3]. Company Overview - Xingyuan Material specializes in lithium battery separators, which are crucial components that prevent physical contact between electrodes and facilitate ion conduction [2]. - The company claims to be one of the few suppliers to all of the world's top ten lithium-ion battery manufacturers, with a projected global market share of 14.4% in 2024, ranking second in the market [2]. Financial Performance - Despite revenue growth, the company's profitability has been declining, with a projected revenue of 3.541 billion yuan in 2024, up 17.52% year-on-year, but a net profit of 364 million yuan, down 36.87% [4]. - The gross profit margin has decreased from 44.8% in 2022 to a projected 28.1% in 2024, with a further drop to 23.6% in the first quarter of this year, attributed to increased market competition and declining average selling prices [3][4]. Market Dynamics - The company aims to expand its overseas production capacity due to a perceived supply-demand gap in the global market for battery separators, driven by the increasing adoption of electric vehicles [3]. - The competitive landscape in the separator industry is expected to intensify, which has already impacted the company's performance [3]. Industry Trends - The trend of "southbound" financing in the lithium battery sector is notable, with eight companies having submitted IPO applications to the Hong Kong Stock Exchange this year, including Xingyuan Material [4][5].

Core Viewpoint - The Hong Kong Stock Exchange (HKEX) is becoming a crucial platform for domestic lithium battery companies to connect with international capital, especially as restrictions from overseas exchanges and tightening domestic policies increase the trend of companies seeking secondary listings in Hong Kong [1] Group 1: Market Trends - There is a noticeable increase in lithium battery companies transitioning to the HKEX, with successful listings from companies like BYD, CATL, and others [1] - EVE Energy announced its intention to initiate an IPO in Hong Kong to support overseas factory construction and global capacity layout [1] Group 2: Company Developments - Star Materials, a leading separator manufacturer, submitted its application for H-share listing on July 7, 2025, and is the first in the industry to achieve mass export of lithium-ion battery separators [1] - Star Materials has a diverse customer base including LG Energy, Samsung SDI, and CATL, with a global footprint across nine production bases [1] Group 3: Financial Plans - The IPO proceeds for Star Materials will be used to expand its overseas network, including a production base in Malaysia with an investment of approximately HKD 54.62 billion, a base in the USA costing about HKD 6.32 billion, and a research center in Singapore with an investment of around HKD 2.1 billion [2] Group 4: Competitive Landscape - Tinci Materials, a leading electrolyte manufacturer, plans to issue H-shares and is expanding its global strategy, with a projected sales volume of over 500,000 tons of electrolyte in 2024, marking a 26% increase from 2023 [3] - Tinci Materials is also investing in Morocco to establish an integrated production base for electrolytes and key raw materials, with an annual production capacity of 150,000 tons [3] Group 5: Legal Challenges - Tinci Materials is currently involved in a legal dispute with Yongtai Technology over commercial secrets, with mutual claims exceeding 900 million yuan [3][4] - The ongoing patent disputes in the lithium battery sector highlight the need for companies to strengthen their R&D capabilities to navigate global competition [4]

Group 1 - The event "2025 Fifth Electric Two-Wheeler Battery Swap Conference" will take place on July 11, 2025, in Shenzhen, focusing on the theme "Swap City, Smart Two-Wheelers" [2] - The Hong Kong Stock Exchange has become a significant platform for domestic lithium battery companies to connect with international capital, with notable companies like BYD and CATL successfully listing [2][3] - EVE Energy announced its IPO in June 2023 to support overseas factory construction and global capacity layout [3] Group 2 - Star Materials, a leading separator manufacturer, submitted its application for H-share listing on July 7, 2025, aiming to expand its overseas network with significant investments in Malaysia and the USA [3][4] - Tianqi Materials, a top electrolyte producer, also announced its plan for H-share listing on July 7, 2025, to further its global strategy [4] - Tianqi Materials reported a sales volume of over 500,000 tons of electrolyte in 2024, marking a 26% increase from 2023, maintaining its position as the global sales leader for nine consecutive years [5] Group 3 - Tianqi Materials is actively expanding its domestic and international markets, including a recent investment agreement in Morocco to build an integrated production base for electrolyte and raw materials [6] - The ongoing legal dispute between Tianqi Materials and Yongtai Technology involves claims exceeding 900 million yuan, highlighting the prevalence of litigation in the lithium battery sector [7][8] - The industry is expected to see continued patent disputes as global competition intensifies, emphasizing the need for companies to strengthen their R&D capabilities [8]

Core Viewpoint - Shenzhen Xingyuan Material Technology Co., Ltd. (Xingyuan Material) has submitted its prospectus for listing on the Hong Kong Stock Exchange, aiming to expand its operations and enhance its market presence in the lithium-ion battery separator manufacturing industry [1][3]. Company Overview - Xingyuan Material was established in September 2003 and was listed on the Shenzhen Stock Exchange's Growth Enterprise Market in December 2016. The company is recognized as a leading manufacturer of lithium-ion battery separators, ranking second globally in shipment volume for the past five years, with a market share increase from 11.0% in 2020 to 14.4% in 2024 [3][4]. - The company has a registered capital of approximately RMB 135 million and is headquartered in Shenzhen, Guangdong Province. Major shareholders include Chen Xiufeng, the National Social Security Fund, and Shenzhen Suyuan Holdings Group [3][4]. Financial Performance - Xingyuan Material's revenue for the years 2022, 2023, 2024, and Q1 2025 was approximately RMB 28.67 billion, RMB 29.82 billion, RMB 35.06 billion, and RMB 8.81 billion, respectively. The gross profit for the same periods was around RMB 12.85 billion, RMB 12.90 billion, RMB 9.84 billion, and RMB 2.08 billion [4][5]. - The net profit figures for the same periods were approximately RMB 7.48 billion, RMB 5.94 billion, RMB 3.71 billion, and RMB 505.11 million, indicating a significant decline in profitability, particularly in 2023 and 2024, with year-on-year decreases of 20.58% and 37.56%, respectively [5][6]. Cost and Margin Analysis - The company's gross margin has been declining, with rates of 44.8% in 2022, 43.3% in 2023, and a sharp drop to 28.1% in 2024. In Q1 2025, the gross margin further decreased to 23.6% [6]. - Increased sales costs have been identified as a primary reason for the "increased revenue but decreased profit" scenario. Additionally, administrative expenses rose from approximately RMB 223 million in 2022 to RMB 331 million in 2023, with a slight decrease to RMB 315 million in 2024 [6]. Future Plans - The funds raised from the Hong Kong listing are intended for expanding overseas networks, including establishing production bases in Malaysia and the United States, and a research and operations center in Singapore. The company also plans to invest in solid-state battery products and new generation lithium-ion battery separators [6][7]. Debt Information - In February 2024, Xingyuan Material secured a loan of EUR 140 million from Luxembourg's招商银行, with a five-year term and an interest rate based on the six-month EURIBOR plus 150 basis points. As of March 31, 2025, the principal of this loan remains unpaid [7].

7月7日晚，星源材质（300568）发布公告，公司已于2025年7月7日向香港联合交易所递交了公开发行境 外上市外资股（H股）的申请，并在同日刊登了相关申请资料。 资料显示，星源材质主营锂电池核心材料之一的隔膜，该公司作为国内隔膜行业的领军企业，已经在隔 膜领域深耕逾20年。近年来星源材质积极响应国际化战略，加速海外布局，是最早出海的一批锂电池产 业链企业。早在2021年就开启了出海进程，成为国内首家实现隔膜批量出口的企业。目前，公司已在全 球范围内建立了完善的产能布局，覆盖欧洲、美洲和东南亚等地区。 此次赴港IPO，星源材质意在为打造国际化资本运作平台，进一步助力公司国际化业务的发展。 今年以来，星源材质海外投资布局动作频频。今年6月28日，星源材质东盟基地——马来西亚工厂（一 期）项目建成仪式在槟城举行。据了解，星源材质马来西亚项目总投资接近50亿人民币，建成后锂电池 隔膜年产能达20亿平方米。据测算，公司海外产能释放完后，将贡献集团一半的利润，相当于在海外再 造一个星源。 此前在机构调研中，星源材质表示，作为国内率先实现锂电池隔膜国产替代的生产商，星源材质始终致 力于技术创新和市场拓展。公司结合行业发展 ...

Core Viewpoint - Shenzhen Xingyuan Material Technology Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, aiming to leverage its position as a leading lithium-ion battery separator manufacturer with over 20 years of industry experience [1] Group 1: Company Overview - Xingyuan Material is recognized as a world-class manufacturer of lithium-ion battery separators, being the first in China to master dry unidirectional stretching technology for separators [1] - The company has achieved the highest global market share in dry separators by shipment volume in 2024 and is also the first to achieve mass exports of lithium-ion battery separators [1] - It possesses all three production technologies for lithium-ion battery separators: dry, wet, and coated [1] Group 2: Market Position and Performance - As an early entrant in the lithium-ion battery industry, Xingyuan Material has established itself as a well-known supplier and technology innovator in the global separator market [2] - The company has independent equipment research and design capabilities and has developed a world-class battery separator production line [2] - Xingyuan Material's global market share for lithium-ion battery separators increased from 11.0% in 2020 to 14.4% in 2024 [2] Group 3: Financial Performance - The company's revenue for 2022, 2023, and 2024 is projected to be RMB 2.867 billion, RMB 2.982 billion, and RMB 3.506 billion, respectively, with net profits of RMB 748 million, RMB 594 million, and RMB 371 million [3] - In Q1 2025, the company reported revenue of RMB 881 million and a net profit of RMB 51 million [3] - The gross profit margin has shown a declining trend, with figures of 44.8%, 43.3%, 28.1%, and 23.6% for 2022, 2023, 2024, and Q1 2025, respectively [3] Group 4: Risks - The company faces pressure from declining average product prices due to increased market competition, which could adversely affect its gross profit margin and overall financial performance [3] - High customer concentration poses a risk, with the top five customers accounting for 67.4%, 63.8%, 50.9%, and 60.9% of revenue in 2022, 2023, 2024, and Q1 2025, respectively [4] - The company's reliance solely on lithium-ion battery separators exposes it to risks related to policy changes and market demand fluctuations [4]