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 ...

证券日报网讯 12月12日，中伟股份在互动平台回答投资者提问时表示，公司基于产业一体化战略需 求，自2022年起对上游镍、磷、锂等矿产资源在全球进行了战略投资，已取得印尼红土镍矿、阿根廷锂 盐湖、及贵州磷矿等矿产资源。同时在矿产冶炼端，公司已形成近20万金吨镍冶炼产能，并正在对磷矿 和锂矿冶炼进行布局。下游应用方面，公司基于技术多元化战略需求，积极构建镍系、磷系、钠系等多 元材料体系，相关材料在储能领域的应用有望进一步提升。通过加快推进纵向一体化和技术多元化战 略，公司将实现产业链价值最大化，实现高质量可持续发展，回报广大投资者。 （编辑 姚尧） ...

Core Viewpoint - The company is strategically investing in upstream resources such as nickel, phosphorus, and lithium to enhance its integrated industrial strategy and maximize value across the supply chain [1]. Group 1: Strategic Investments - Since 2022, the company has made strategic investments in global upstream resources, including nickel from Indonesia, lithium from Argentina, and phosphorus from Guizhou [1]. - The company has established nearly 200,000 tons of nickel smelting capacity and is planning to develop smelting capabilities for phosphorus and lithium [1]. Group 2: Downstream Applications - The company is actively building a diversified material system that includes nickel-based, phosphorus-based, and sodium-based materials, which are expected to enhance applications in the energy storage sector [1]. - The focus on technological diversification aims to support the company's growth in various material applications, particularly in energy storage [1]. Group 3: Long-term Goals - By accelerating vertical integration and technological diversification strategies, the company aims to achieve maximum value across the industrial chain and ensure high-quality sustainable development, ultimately benefiting investors [1].

Core Insights - The successful export of wind power equipment by Envision Energy is supported by significant financial backing from China Export & Credit Insurance Corporation (Sinosure), which provided a $100 million guarantee and helped enhance the company's internal risk management system [1] - Sinosure has been actively involved in supporting green finance initiatives since 2016, focusing on sectors such as energy conservation, green energy, and green transportation, and has developed a diversified insurance scheme to support Jiangsu enterprises in international markets [1][2] - In 2023, Sinosure's support for green trade and project insurance has reached $42.77 billion, showcasing the growing importance of green finance in international projects [2] Financial Support and Risk Management - Sinosure has tailored insurance solutions for various projects, including a customized overseas investment insurance plan for a digital energy company entering the U.S. market and an innovative full credit letter payment model for a solar power project in Ghana [2][3] - The company has developed a comprehensive financing insurance solution that integrates multiple products, helping projects secure approximately $200 million in financing at lower costs than market rates [3] - Sinosure has established a dynamic risk assessment system to provide customized services such as credit investigation and industry risk analysis, acting as a "frontline" for overseas risk management for enterprises [3][4] Project Highlights - The successful financing of a nickel material production line project in Morocco marks a significant achievement for Sinosure, enabling the establishment of a renewable materials base that will supply materials for nearly one million electric vehicles [3] - The project involved collaboration with seven banks from China, Europe, and Africa to provide stable and reliable long-term financing support, addressing challenges related to complex business contracts and financing coordination [4]

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]

Core Insights - The company is strategically positioning itself in nickel-based, sodium-based, and phosphorus-based materials, aiming to enhance its penetration in the energy storage sector [1] - Sodium-ion batteries are highlighted as an ideal choice for various energy storage scenarios due to their abundant resources, low cost, high safety, and strong low-temperature performance [1] - The company has secured orders for sodium batteries at a thousand-ton level and has commenced shipments [1] - The global energy storage market is primarily dominated by lithium iron phosphate batteries, and the company's phosphorus-based materials have achieved rapid mass production of the 3rd and 4th generation lithium iron phosphate batteries, with high-density performance reaching industry-leading levels [1]

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].