On the evening of April 20th, Greenmei (002340) announced that the company intends to spin off Jiangxi Green Recycling Industry Co., Ltd., a holding subsidiary, to Shenzhen Stock Exchange for listing on the growth Enterprise Market. After the split, Grimm owns 61.1163% of Green cycle, which is still a subsidiary within the scope of its consolidated financial statements.
Green cycle, based on Greenmei in Jiangxi Province, integrates and merges the assets and business of relevant molecular companies engaged in e-waste business in Hubei, Henan, Inner Mongolia, Shanxi and other places. and introduce strategic investment in November 2020 to establish a professional company engaged in e-waste business.
Public data show that e-waste has been a hot and difficult issue in global waste management for many years. Electronic waste is not only a typical environmental killer, but also a high-grade concentrate. As e-waste contains more than a dozen kinds of toxic and harmful substances, such as lead, cadmium, mercury and so on, it will constitute an environmental disaster if it cannot be dealt with scientifically; at the same time, e-waste is rich in dozens of valuable metals and scarce resources, such as copper, aluminum, gold, silver, silver, platinum, palladium, rhodium, gallium, germanium, indium and rare earths, especially various rare and scattered rare earth metals such as gold and silver, which is known as urban "gold".
According to a report released by Greenpeace and the China Electronic equipment Technology Development Association, the number of discarded electronic products in China will grow at an average annual rate of 10.4% between 2020 and 2030. Taking into account desktops, laptops and mobile phones alone, a recovery rate of 85 per cent by 2030 would reduce carbon emissions by nearly 22 million tonnes.
Greenmei said that taking Green cycle as the main body to split the e-waste business into independent capital markets is a major value enhancement project implemented by the company. it will promote the effective implementation of Grimme's "urban mining + new energy materials" dual-track drive strategy.
Through this spin-off, Green Mei will focus on the development of new energy business such as power battery material manufacturing and waste battery recycling. Green Circulation will rely on the gem platform of Shenzhen Stock Exchange for independent financing, further increase investment in e-waste recovery, disassembly and recycling business, promote the rapid development and growth of e-waste recycling business and waste plastics recycling business, build a globally competitive e-waste recycling industry, and promote China's e-waste waste disposal industry into the global advanced ranks. To make positive contributions to China's winning the battle of pollution prevention and control and realizing the strategic goal of "carbon peak carbon neutralization".
It is worth noting that in 2020, Grammy's revenue was 12.466 billion yuan, down 13.15% from the same period last year; the total profit was 535 million yuan; the net profit belonging to shareholders of listed companies was 413 million yuan, down 43.90% from the same period last year; and the net cash flow from operating activities was 854 million yuan, up 15.86% from the same period last year. Of this total, the income from the business of new energy battery materials was 6.754 billion yuan, down 24.71 percent from the same period last year, and the income from the comprehensive utilization of waste resources was 5.712 billion yuan, an increase of 6.10 percent over the same period last year.
In the first quarter of this year, Grammy's revenue reached 3.73 billion yuan, an increase of 62.71% over the same period last year. The net profit belonging to shareholders of listed companies was 276 million yuan, an increase of 150.42% over the same period last year.
