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. has launched its H-share IPO, marking a significant milestone in its global strategy as the first company in the new energy battery materials sector to achieve A+H share listing, indicating a recovery in the new energy industry [2][3]. Company Overview - Zhongwei Co., Ltd. is recognized as the first A+H listed company in the new energy materials sector, reflecting its leading position in the niche market [4]. - The company has maintained the highest global shipment volume of lithium battery nickel and cobalt precursor materials for five consecutive years since 2020, with a projected market share of 21.8% in 2024 [4]. IPO Details - The company plans to issue approximately 104 million H-shares, accounting for 10% of the total share capital post-issue, with expected fundraising of HKD 3.742 billion [5]. - The use of proceeds is aimed at expanding production and supply chain capabilities (50%), R&D in new energy battery materials (40%), and general corporate purposes (10%) [5]. Investor Confidence - The IPO has attracted a diverse group of cornerstone investors, with a total subscription amount of USD 213.5 million, reflecting strong market confidence in the company's long-term value [6][7]. Industry Opportunities - The global demand for new energy materials is driven by the growth of the electric vehicle market, with projected sales reaching 17 million units in 2024 and over 40% penetration by 2030 [9]. - The energy storage market is also expected to see significant growth, with a compound annual growth rate of 45% from 2024 to 2030 [10]. Technological Advancements - The ongoing evolution of battery technology, including the commercialization of solid-state batteries by 2027, presents new growth opportunities for the company [11]. - New application scenarios, such as artificial intelligence and humanoid robots, are expected to increase demand for high-performance batteries [11]. Global Market Expansion - The company's overseas revenue has increased from 33.7% in 2022 to 50.6% in the first half of 2025, indicating its adaptability to international markets [13]. - The anticipated growth of the overseas new energy battery materials market is projected to exceed a compound growth rate of 30% [13]. Competitive Advantages - Zhongwei Co., Ltd. benefits from a vertically integrated operation model, a diverse resource base, and strong customer relationships, which provide resilience against industry fluctuations [14][15]. - The company has established a global production network, with facilities in Indonesia, South Korea, and Morocco, to meet the growing demand for electric vehicle battery materials [15]. Financial Performance - Despite industry challenges, the company has demonstrated strong financial resilience, with revenue growth from CNY 30.344 billion in 2022 to CNY 40.223 billion in 2024, reflecting a compound annual growth rate of 15.13% [16].