Core Insights - Zhongwei New Materials Co., Ltd. officially listed on the Hong Kong Stock Exchange on November 17, becoming the first "A+H" stock in the new energy materials industry and the first "A+H" listed company in Guizhou Province [1][4] - The successful listing marks a new stage in the development of Zhongwei and highlights the achievements of the Dalong Development Zone in nurturing leading enterprises and developing new functional material industry clusters [1][4] Company Development - Since its establishment in 2014, Zhongwei has synchronized its development with the Dalong Development Zone, leveraging the zone's location advantages, industrial foundation, and comprehensive service support [4] - The company has significantly increased its investment in technological innovation and expanded its production capacity, establishing a leading product matrix covering nickel-based, cobalt-based, phosphorus-based, and sodium-based new energy materials [4] - Zhongwei's output of nickel and cobalt precursors has ranked first globally for five consecutive years, while its phosphorus precursors and sodium battery materials are among the industry's top tier [4] Industry Position - The successful listing of Zhongwei on the Hong Kong Stock Exchange exemplifies the industrial cluster effect of the Dalong Development Zone [6] - The development zone has focused on the new energy sector, with Zhongwei as the "chain leader," linking quality enterprises like Xinmei Materials and Hongxing Manganese to form a complete industrial chain [6] - The production capacity of ternary precursors in the development zone has reached 150,000 tons, accounting for approximately 12% of the global market, while high-purity manganese sulfate production capacity stands at 130,000 tons, representing 50% of the national market [6] Future Outlook - Moving forward, the Dalong Development Zone will continue to collaborate with Zhongwei, focusing on innovation to optimize the industrial ecosystem and enhance resource support [8] - The aim is to upgrade the new energy industry to higher quality and added value, contributing to the new industrialization of Guizhou [8]

Core Viewpoint - Zhongwei New Materials Co., Ltd. is entering the final stage of its IPO in Hong Kong, having completed the offering of 104.2254 million H-shares at a price range of HKD 34 to HKD 37.8, aiming to raise up to HKD 3.94 billion [1][3]. Group 1: IPO Details - The IPO consists of 10% for public offering in Hong Kong and 90% for international placement [1]. - The cornerstone investors include nine institutions that collectively subscribed for nearly HKD 1.659 billion worth of shares, accounting for approximately 44.3% of the total offering [2][4]. Group 2: Investment Appeal - Zhongwei New Materials has established a strong competitive edge in the lithium battery precursor materials sector, with a comprehensive integrated industrial chain from resource development to recycling, which is attractive to investors [4][17]. - The scarcity of quality investment targets in the Hong Kong market for new energy materials, with Zhongwei being the second company to achieve A+H listing, enhances its appeal to global capital [4][5]. - The company has received an AA rating in the MSCI ESG domain, making it attractive to investors focused on ESG principles [5][14]. Group 3: Institutional Support - The cornerstone investors include local government industrial support funds, industry partners, and well-known domestic and foreign investment institutions, indicating strong institutional confidence in Zhongwei's future [8][12]. - The Guizhou New Industrialization Fund's participation reflects local government support for Zhongwei's sustainable development [9][11]. Group 4: Future Growth Prospects - Analysts predict that Zhongwei's net profit will grow significantly from 2025 to 2027, driven by the recovery of nickel prices and increasing demand for ternary precursors [16][17]. - The company has built a diversified product matrix and a global development framework, positioning itself to capitalize on the booming new energy battery market [17].

Core Viewpoint - Zhongwei Co., Ltd. is progressing with its H-share issuance and listing on the Hong Kong Stock Exchange, having submitted an updated application on October 23, 2025, following a successful hearing on October 2, 2025, indicating a smooth advancement in its IPO process [1][2]. Group 1: Company Overview - Zhongwei Co., Ltd. is a leading domestic new energy materials science company, with a diversified product matrix including nickel-based, cobalt-based, phosphate-based, and sodium-based materials, widely applied in various sectors such as new energy vehicles, energy storage, consumer electronics, low-altitude economy, artificial intelligence, and robotics [1]. - The company has achieved the number one global market share in nickel-based and cobalt-based materials for five consecutive years, with its phosphate materials business rapidly developing to rank among the industry's top tier, and sodium-based products achieving mass sales [1]. Group 2: Industry Position and Achievements - Zhongwei Co., Ltd. has been recognized as a national enterprise technology center, postdoctoral research workstation, national high-tech enterprise, and national technology innovation demonstration enterprise, and has received titles such as "National Intelligent Manufacturing Factory" and "Green Manufacturing Factory" [2]. - The company has consistently ranked in the Fortune China 500, China’s Top 500 Private Enterprises, and China’s Top 500 Manufacturing Enterprises lists for several years [2]. Group 3: Global Operations and Future Goals - Domestically, Zhongwei Co., Ltd. has established industrial bases in Tongren, Ningxiang, Qinzhou, and Kaiyang, while internationally, it has bases in Indonesia and Morocco, with a production base under construction in South Korea, forming a vertically integrated industrial layout from raw ore smelting to material manufacturing and recycling [2]. - The company aims to leverage technological innovation and product quality to fulfill its social responsibility in energy recycling, aspiring to become a global leader in new energy materials science and contribute to a better human life [2].

Core Viewpoint - Zhongwei Co., Ltd. is progressing with its H-share listing application on the Hong Kong Stock Exchange, indicating a strong position in the new energy materials sector and a commitment to expanding its market presence [1][2]. Group 1: Listing Progress - On October 23, 2025, Zhongwei Co., Ltd. submitted an updated application for its H-share listing to the Hong Kong Stock Exchange [1] - The listing committee held a hearing on October 2, 2025, and the application has successfully moved to the latter stage of the IPO process [1] - The joint sponsors received a letter from the Hong Kong Stock Exchange on October 3, 2025, confirming the review of the listing application [1] Group 2: Company Overview - Zhongwei Co., Ltd. is a leading representative in the domestic new energy materials sector, with a diversified product matrix including nickel-based, cobalt-based, phosphorus-based, and sodium-based materials [1] - Nickel and cobalt materials have ranked first globally in market share for five consecutive years, while phosphorus materials have rapidly developed to become a top player in the industry [1] - Sodium-based products have achieved mass production, showcasing the company's successful dual technology routes [1] Group 3: Business Performance - Since 2017, Zhongwei Co., Ltd. has maintained continuous growth in operational scale and revenue, capitalizing on the industry's explosive growth and strategically positioning itself during industry adjustments [2] - The company has adopted a "new four modernizations" strategy focusing on technological diversification, global development, digital operations, and ecological industry integration [2] - Zhongwei Co., Ltd. is building an integrated closed-loop industrial model encompassing raw ore smelting, raw material refining, new energy material manufacturing, and terminal recycling [2]

Core Viewpoint - Zhongwei Co., Ltd. is progressing with its H-share listing application on the Hong Kong Stock Exchange, indicating a strong position in the new energy materials sector and a commitment to expanding its market presence [1][2]. Group 1: H-share Listing Progress - On October 23, 2025, Zhongwei Co., Ltd. submitted an updated application for its H-share listing to the Hong Kong Stock Exchange [1]. - The listing committee held a hearing on October 2, 2025, and the company’s IPO application has successfully advanced to the latter stage [1]. - The joint sponsors received a letter from the Hong Kong Stock Exchange on October 3, 2025, confirming the review of the listing application [1]. Group 2: Company Overview and Market Position - Zhongwei Co., Ltd. is a leading company in the new energy materials sector, with a diverse product matrix including nickel-based, cobalt-based, phosphorus-based, and sodium-based materials [1]. - Nickel and cobalt materials have maintained the number one global market share for five consecutive years, while the phosphorus materials business has rapidly developed into a leading position in the industry [1]. - The company has achieved mass production of sodium-based products and successfully implemented dual technology routes [1]. Group 3: Business Strategy and Growth - Since 2017, Zhongwei Co., Ltd. has experienced continuous growth in operational scale and revenue, capitalizing on the industry's explosive growth and strategically positioning itself during industry adjustments [2]. - The company is guided by a "new four modernizations" strategy focusing on technological diversification, global development, digital operations, and ecological industry integration [2]. - Zhongwei Co., Ltd. is building an integrated closed-loop industrial model encompassing raw ore smelting, raw material refining, new energy material manufacturing, and terminal recycling [2].

Core Viewpoint - Zhongwei Co., Ltd. reported a revenue of 40.223 billion yuan for 2024, marking a year-on-year growth of 17.36% driven by the rapid expansion of the global new energy market [1]. Company Summary - Zhongwei Co., Ltd. achieved a total sales volume of over 300,000 tons for its existing battery material systems, which include nickel-based, cobalt-based, phosphate-based, and sodium-based products [1]. - The company is led by Chairman and President Deng Weiming, who, along with his spouse Wu Xiaoge, holds a controlling stake of 56.37% [3]. - Deng Weiming and Wu Xiaoge ranked 243rd on the 2023 Hurun Rich List with a wealth of 21.5 billion yuan, down from 34.5 billion yuan in 2022 [3]. - Their wealth further declined to 16.5 billion yuan in the 2024 Hurun Rich List, placing them 306th [3]. Industry Summary - The global new energy market is experiencing rapid growth, which is positively impacting companies like Zhongwei Co., Ltd. that are involved in battery materials [1].

Group 1 - The company achieved a revenue of 21.32 billion yuan in the first half of 2025, representing a year-on-year growth of 6.16%, with a net profit attributable to shareholders of 733 million yuan, driven by increased sales of new energy metals [1] - The company has established a comprehensive R&D platform covering the entire production process and product lifecycle, focusing on battery cathode materials and precursors, with a diversified product matrix including nickel, cobalt, phosphorus, and sodium [1][2] - The company is advancing its industrial ecological strategy by extending its operations upstream to nickel, lithium, and phosphorus resources, while also expanding downstream into lithium battery black powder recycling, creating a vertically integrated industrial ecosystem [2] Group 2 - The company reported a positive growth in the shipment of nickel, cobalt, phosphorus, and sodium products, with total sales exceeding 188,000 tons, a year-on-year increase of 33.91%, while maintaining a leading market share in core products [2] - The company is enhancing its global supply capabilities by strategically positioning its operations in different regions, such as Indonesia for resource advantages, South Korea for customer market orientation, and Morocco for regional and resource advantages [3] - In Indonesia, the company is focusing on nickel mining resources and smelting capacity to build a stable supply chain and enhance global resource allocation capabilities [3]

Group 1 - The core viewpoint of the articles highlights Zhongwei Co., Ltd.'s (300919.SZ) strategic share repurchase plan, which aims to enhance employee motivation and confidence in the company's long-term growth in the new energy materials sector [1][2] - As of the announcement date, Zhongwei has repurchased 18.95 million shares, accounting for 2.02% of its total share capital, with a total transaction amount of 660 million yuan and an average repurchase price of approximately 35 yuan per share [1] - The company plans to invest between 500 million yuan and 1 billion yuan in the repurchase program, which is intended to support a future employee equity incentive plan [1] Group 2 - Zhongwei has established a comprehensive global capability in the new energy materials sector, covering the entire supply chain from resources to manufacturing and market [2] - The company has secured its supply chain by deeply investing in four nickel production bases in Indonesia, enhancing its self-sufficiency in nickel raw materials [2] - Zhongwei's ongoing share repurchase is expected to stabilize its position in the capital market and boost investor confidence, reflecting its commitment to long-term development in the new energy materials sector [2]

导 语：中伟股份A股股价自最高点已跌去80%。 中伟新材料股份有限公司在港交所递交的招股书中透露，公司拟在香港主板上市。此次发行的相关 细节，如融资规模、具体融资股份比例暂未完全明确披露，联席保荐人为 Morgan Stanley 和华泰国 际。 中伟新材料是一家专注于新能源电池材料和新能源金属产品研发、生产和销售的企业。其通过垂直 一体化业务模式，构建了全面的产品矩阵，涵盖镍系、钴系、磷系、钠系等新能源电池材料以及新 能源金属产品。 在市场定位上，公司致力于成为全球新能源电池材料的领先供应商，自 2020 年起，在镍系和钴系 的锂离子电池正极活性材料前驱体（pCAM）方面连续五年全球出货量领先，2025 年第一季度成为 全球外销市场出货量第一的磷系 pCAM 供应商。 从财务状况来看，在 2022 - 2024 年的往绩记录期间，公司呈现出稳健增长的态势。 2022 年、2023 年和 2024 年的收入分别为人民币 30,343.7 百万元、人民币 34,273.2 百万元和人民 币 40,222.9 百万元，净利润分别达人民币 1,539.4 百万元、人民币 2,100.5 百万元和人民币 1,787. ...