作为全球新能源材料领域的领军企业，中伟股份（300919）在"十四五"时期深耕主业，依托资本市场赋 能实现跨越式发展。 "十四五"时期，中伟股份深度布局多元材料赛道，构建起镍系、钴系、磷系、钠系等多元化新能源材料 产品矩阵。其中，镍系、钴系材料连续5年全球排名第1，2024年市占率分别达20.3%和28.0%；磷系材 料实现关键突破，2025年一季度外销跃居全球第1；钠系材料斩获行业首个千吨级订单，应用场景覆盖 新能源汽车、储能系统等传统领域及低空飞行器、人形机器人等新兴赛道。 技术创新是核心驱动力。"十四五"时期，中伟股份借助资本市场力量，累计研发投入超44亿元，凭借超 高镍三元前驱体材料等多项首创技术，构建自主研发体系。在固态电池电解质材料领域，中伟股份聚焦 氧化物和硫化物两大技术路线，通过"前驱体—正极材料—固态电解质"等关键环节协同研发，构建全流 程技术能力。目前，中伟股份元素组成设计逐步向超高镍和富锂锰基方向发展，助力全固态电池能量密 度逐步提升。 （文章来源：证券时报） 2025年11月17日，中伟股份在港交所挂牌上市，成为新能源材料行业"A+H"第一股及贵州省首家两地上 市企业。 展望"十五五" ...

技术创新是核心驱动力。"十四五"时期，中伟股份借助资本市场力量，累计研发投入超44亿元，凭借超 高镍三元前驱体材料等多项首创技术，构建自主研发体系。在固态电池电解质材料领域，中伟股份聚焦 氧化物和硫化物两大技术路线，通过"前驱体—正极材料—固态电解质"等关键环节协同研发，构建全流 程技术能力。目前，中伟股份元素组成设计逐步向超高镍和富锂锰基方向发展，助力全固态电池能量密 度逐步提升。 全产业链与全球化布局成效显著。中伟股份打造"全球资源—冶炼—精炼—材料制造—回收"全链条体 系，在印尼布局红土镍矿、阿根廷布局盐湖锂矿，预计掌握锂资源超1000万吨LCE(碳酸锂当量)，磷矿 石资源量近亿吨，印尼镍矿冶炼产能近20万金吨。目前，中伟股份已在4个国家落地10个生产基地， 2025年上半年海外收入占比达50.58%，与LG新能源、特斯拉等全球头部企业建立稳定合作关 系，"CNGR"牌电解镍通过LME(伦敦金属交易所)与上期所注册，品质获全球市场认可。 作为全球新能源材料领域的领军企业，中伟股份（300919）在"十四五"时期深耕主业，依托资本市场赋 能实现跨越式发展。 "十四五"时期，中伟股份深度布局多元材料赛道，构 ...

Core Viewpoint - Zhongwei Co., Ltd. has successfully listed on the Hong Kong Stock Exchange, becoming the first A+H stock in the lithium battery materials sector with a market capitalization of 49.424 billion [3] Group 1: Company Overview - Zhongwei Co., Ltd. focuses on the research, production, and sales of cathode material precursors, providing nickel and cobalt-based active materials to various downstream battery manufacturers, holding the top position in shipment volume for five consecutive years with a market share exceeding 20% for both nickel and cobalt materials [3] - As of the first half of this year, the company's overseas revenue accounted for 50.6%, indicating a strong global strategy [4] Group 2: Financial Performance - The company is projected to reach a revenue peak of 40.223 billion in 2024, marking its first time surpassing the 40 billion threshold, although the net profit of 1.788 billion is lower than in 2022 and 2023 [4] - In the first three quarters of this year, the company reported a revenue of 33.297 billion, but net profit decreased by approximately 16% to 1.113 billion; Q3 revenue was around 12 billion, showing an 18.8% year-on-year growth, while net profit fell by about 17% to 380 million [4] Group 3: Cash Flow and Financial Pressure - Despite strong backing from various investors, Zhongwei Co., Ltd. faces significant cash flow pressure, with a net cash outflow of approximately 36 billion from 2021 to the first half of this year, and total liabilities reaching 285 billion [8] - The company has received substantial government subsidies, totaling over 1.5 billion from 2022 to 2024, which accounted for nearly 30% of its net profit during those years [7] Group 4: Future Growth Potential - Zhongwei Co., Ltd. is focusing on nickel materials for future growth, with R&D spending increasing from 270 million in 2020 to 1.109 billion in 2024 [10] - The company is expanding into phosphate and sodium materials, aiming to enhance its product matrix, while solid-state batteries are seen as a significant future opportunity [11] - The company has established ten industrial bases across China, Indonesia, Morocco, and South Korea, positioning itself well for future growth in the energy storage and solid-state battery sectors [11] Group 5: Industry Trends - The IPO trend in the lithium battery materials sector is strong, with several companies, including Tianqi Materials and Xingyuan Materials, also pursuing listings on the Hong Kong Stock Exchange [13] - The successful listings of Zhongwei Co., Ltd. and Longpan Technology indicate a recovery in the industry, with many companies achieving profitability [14]

Group 1 - Zhongwei Co., Ltd. has successfully listed on the Hong Kong Stock Exchange on November 17, with the stock code 02579 and the abbreviation Zhongwei New Materials [2] - The global offering of H shares consists of 104,225,400 shares, with 10,422,600 shares for public offering in Hong Kong and 93,802,800 shares for international offering. The estimated net proceeds from the global offering, assuming no exercise of the over-allotment option, is approximately HKD 3.43261 billion [2] - Zhongwei Co., Ltd. specializes in the research, production, and sales of new energy battery cathode materials and precursors, focusing on new materials and new energy sectors, which are part of the national strategic emerging industries [2] Group 2 - The company has established a comprehensive presence in the global battery supply chain, creating a high-quality core customer system that covers "vehicle, battery, and cathode" [3] - Zhongwei Co., Ltd. has formed stable partnerships with leading domestic and international clients, including Tesla, Samsung SDI, LG Chem, CATL, BYD, SK On, and others [3]

Core Viewpoint - The company Zhongwei New Materials has successfully listed on the Hong Kong Stock Exchange, marking a new journey in the global new energy battery materials market, with significant investor recognition reflected in a 16.5 times oversubscription during the public offering phase [1] Industry Outlook - The new energy materials sector is poised for long-term growth driven by the increasing demand from electric vehicles and energy storage solutions, with the global market for electrochemical energy storage expected to grow at a compound annual growth rate (CAGR) of 45% from 2024 to 2030 [9][10] - The penetration rate of electric vehicles is projected to continue growing at a CAGR of over 20.9% from 2024 to 2030, which will significantly boost the demand for nickel and phosphorus battery materials [8][10] Company Strengths - Zhongwei New Materials has established a strong competitive edge through its deep focus on the new energy materials sector, creating a product matrix of nickel, cobalt, phosphorus, and sodium, supported by a "technology + market" dual barrier [3] - The company has maintained the highest global shipment volume of nickel and cobalt-based precursor materials for lithium batteries for five consecutive years, with market shares of 20.3% and 28.0% respectively in 2024 [3] - The company has formed deep partnerships with key global battery manufacturers such as CATL, LG Energy Solution, and Samsung SDI, ensuring stable supply chains and customer retention [4] Financial Performance - Zhongwei New Materials has demonstrated strong revenue growth, with revenues projected to rise from 30.34 billion in 2022 to 40.22 billion in 2024, alongside improvements in profit margins for core products [5] - The gross margin for nickel materials is expected to increase from 12.5% in 2022 to 19.9% in 2024, while cobalt materials are projected to rise from 5.7% to 10.6% [5] Strategic Development - The company is leveraging a vertical integration strategy to enhance resource allocation and cost control, which positions it well to navigate global supply chain challenges and resource price fluctuations [5] - Zhongwei New Materials is expanding its production bases in regions such as Guizhou, Hunan, and Guangxi, as well as overseas in Indonesia, South Korea, and Morocco, to better serve domestic and international markets [5] Future Prospects - The successful listing and capital raise are expected to accelerate the company's growth trajectory and enhance its global market share and influence [11] - With the ongoing evolution of the global new energy industry and the optimization of energy structures, Zhongwei New Materials is well-positioned to capitalize on diverse market demands and solidify its status as a leading player in the sector [11]

Core Viewpoint - Zhongwei Co., Ltd. is launching a global IPO on November 7, with pricing expected on November 13 and trading on November 17, amid a backdrop of declining stock prices, state-owned fund reductions, and profit declines, indicating a desperate capital-raising attempt [1][2]. Group 1: IPO Details - The IPO price range is set between 34.00-37.80 HKD per share, with a base issuance of approximately 104 million shares, leading to a fundraising scale of about 35.4-39.4 billion HKD, potentially reaching 40.8-45.3 billion HKD if the overallotment option is fully exercised [1]. - The pricing represents a discount of 29.2%-36.3% compared to the A-share closing price of 48.67 RMB on November 12 [3][4]. Group 2: Financial Performance - Zhongwei's revenue for 2024 is projected to reach 40.2 billion RMB, a 17% increase, but the net profit is expected to decline by 24.6% to 1.47 billion RMB, marking the first profit drop since its listing [7]. - In 2025, the company continues to face challenges, with revenue growth slowing to 10.4% in the first three quarters, while net profit fell by 15.9% to 1.11 billion RMB [7]. Group 3: Investor Sentiment - The IPO has attracted nine cornerstone investors, raising a total of 210 million USD, which accounts for 46.8% of the base issuance. However, the investor base is heavily skewed towards government and industrial funds, indicating potential risks due to lack of diversified support [5][6]. - The exit of state-owned funds and low foreign investment participation reflect a negative sentiment towards the company, with foreign holdings below 2% as of the third quarter [5][6]. Group 4: Market Trends - The performance of "second marriage stocks" like Zhongwei has been underwhelming, with recent IPOs experiencing significant price drops post-listing, indicating a cautious market sentiment towards such offerings [3][4]. - The company's reliance on key metals like nickel and cobalt, without upstream resource control, exposes it to commodity price volatility, further impacting profitability [7].

Group 1 - The company Zhongwei New Materials (02579.HK) has officially launched its global offering in Hong Kong, planning to issue 104 million shares with an offering price range of HKD 34 to HKD 37.8 per share [2] - The expected net proceeds from the offering, assuming a mid-point price of HKD 35.9 and excluding related expenses, is approximately HKD 3.6279 billion, with about 50% allocated for expanding production and supply chain capabilities, and 40% for R&D in new energy battery materials and digitalization [2] - The public offering period is from November 7 to November 12, with the final offer price and share allocation results expected to be announced on November 14, and trading on the Hong Kong Stock Exchange set to begin on November 17 [2] Group 2 - Zhongwei New Materials has a comprehensive product line that includes nickel-based materials, cobalt-based materials, phosphorus-based materials, sodium-based materials, and new energy metal products, catering to leading companies in the new energy materials, battery, automotive, and consumer electronics industries [3] - The company achieved a revenue of RMB 40.223 billion in 2024, with a growth from RMB 20.086 billion in the first half of 2024 to RMB 21.323 billion in the first half of 2025, although net profit has declined from RMB 0.863 billion in the first half of 2024 to RMB 0.735 billion in the first half of 2025 [3] Group 3 - In the third quarter of 2025, the company experienced a "revenue growth without profit growth" scenario, with a year-on-year revenue increase of 18.84% but a net profit decline of 17.33% [4] - The decline in net profit is attributed to a high level of government subsidies in the same period last year and weaker marginal contributions from low-priced inventory [4]

Core Viewpoint - Zhongwei New Materials Co., Ltd. is preparing for a dual listing in Hong Kong, led by the second generation of the founder, Deng Jing, who aims to expand the company's global footprint in the new energy sector [7][11]. Company Background - Zhongwei New Materials was founded by Deng Weiming in 2014 after a transition from traditional energy to the new energy sector, specifically focusing on lithium battery precursor materials [10]. - The company has grown significantly since its IPO on the ChiNext board in 2020, reaching a market value of approximately 400 billion RMB, making it one of the largest companies in Guizhou province [7][10]. Business Operations - Zhongwei specializes in the research, production, and sales of battery cathode materials and precursors, serving major clients like Tesla, LG Chem, and CATL [12]. - The company has achieved a market share of 21.8% in the global precursor market for battery active materials as of 2024 [14]. Financial Performance - Revenue projections for 2022 to 2024 are 30.34 billion RMB, 34.27 billion RMB, and 40.22 billion RMB, respectively, with a compound annual growth rate (CAGR) of 15.1% [12]. - Despite revenue growth, the company faces challenges with high interest expenses, leading to a situation where revenue increases do not translate into profit growth [14]. Market Expansion - Zhongwei has made significant investments in overseas markets, including nickel mining projects in Indonesia and other countries, aiming for vertical integration from raw material extraction to recycling [10][15]. - Approximately 40% of the company's revenue comes from international markets, with this percentage increasing annually [14]. Leadership Transition - Deng Jing, born in 1994, has taken a prominent role in the company, reflecting a broader trend of second-generation leaders stepping into management positions in family-owned businesses in China [17]. - The transition of leadership to younger generations is becoming common as many family businesses reach a critical juncture for succession [17][18].

Core Viewpoint - The article highlights the recent developments of Zhongwei Co., Ltd. in the lithium battery materials sector, particularly its upcoming IPO in Hong Kong and its leading position in the market for lithium battery precursors. Company Developments - Zhongwei Co., Ltd. has recently passed the listing hearing for its IPO on the Hong Kong Stock Exchange, with Huatai International and Morgan Stanley serving as joint sponsors [3] - The company focuses on the research, development, production, and sales of new energy battery materials, primarily positive electrode active material precursors (pCAM), and holds a significant market share in this sector [3] Market Position - According to SPIR statistics, in the first three quarters of 2025, China's lithium battery ternary precursor shipment reached approximately 669,000 tons, with Zhongwei Co., Ltd. maintaining the top position and covering major clients such as Tesla, LG Energy, Samsung SDI, Panasonic, CATL, and BYD [4] Financial Performance - In the first three quarters of this year, Zhongwei Co., Ltd. achieved total revenue of 33.297 billion yuan, a year-on-year increase of 10.39%, while the net profit attributable to shareholders decreased by 15.94% to 1.113 billion yuan [6][7] - The third quarter alone saw revenue of 11.975 billion yuan, reflecting an 18.84% year-on-year growth, with a slight decline of 0.97% in net profit attributable to shareholders [6][7] Technological Advancements - The company is focusing on solid-state batteries, sodium batteries, and high-end products, with significant developments reported during the reporting period [8] - In the solid-state battery materials sector, Zhongwei Co., Ltd. is collaborating with leading battery companies to develop high-nickel ternary precursors, currently in large-scale pilot testing [8] - In the sodium battery materials field, partnerships with top battery and precursor companies are aimed at advancing layered oxide material research [9] Global Expansion - Zhongwei Co., Ltd. has established four production bases in China, three in Indonesia, and one in Morocco, with plans for additional bases in Indonesia and South Korea, indicating a rapidly forming global manufacturing system with significant localization advantages [11]

Market Overview - The three major indices experienced slight adjustments, with the Shanghai Composite Index down 0.22%, Shenzhen Component Index down 0.44%, ChiNext Index down 0.15%, and the STAR Market 50 Index down 0.84%. Over 2,200 stocks rose in the two markets, with a total trading volume of approximately 2.15 trillion yuan [2]. Fujian Sector Performance - The Fujian sector saw significant gains, with Haixia Innovation rising by 19.97%, and Pingtan Development, Xiamen Port Authority, and Xiamen Airport all increasing by 10%. During the 2025 World Maritime Equipment Conference, Fujian Province signed 172 projects with a total investment exceeding 200 billion yuan [2]. Military Industry Insights - The military industry showed strong performance, with North China Long Dragon up 16.46% and Great Wall Military Industry up 10%. The growth in military spending and positive expectations for equipment procurement during the 14th Five-Year Plan are anticipated to drive orders in the fourth quarter [3]. New Energy and Lithium Battery Sector - The new energy and lithium battery sectors were active, with Jinyang Galaxy rising by 11.74% and multiple other companies seeing increases. Pacific Securities noted that the recent peak season and the explosion of energy storage are pushing the industry into an upward cycle, with battery production in October increasing by 10% month-on-month [4]. Nuclear Power Sector Developments - The nuclear power sector performed well, with Jieqiang Equipment rising over 10%. The Chinese government shared plans for the "artificial sun," expected to be completed by 2027, which could be the first device to achieve fusion power generation. This is expected to lead to a continuous release of orders in the nuclear power components sector during the 14th Five-Year Plan [5]. Declining Sectors - The precious metals and industrial metals sectors weakened, with Tongling Nonferrous Metals down 10% and Chifeng Jilong Gold Mining down 4.3%. The steel, securities, and semiconductor sectors also performed poorly, with Guoyuan Securities down 5.41% and Hanwha Techwin down 3.4% [5].