[SMM New Energy News Flash] Guangdong Jinsheng New Energy has re-applied for a Hong Kong IPO after its previous attempt lapsed in December 2024. As a leading global provider of lithium battery recycling and regeneration solutions, the company operates major production bases in Zhaoqing, Yichun, and Ganzhou, with business spanning battery dismantling, cascade utilization, and full-element recovery of lithium, nickel, cobalt, graphite, and other materials. It is one of only 15 “dual whitelist” enterprises in China with both recycling and cascade utilization qualifications. Jinsheng plans to use IPO proceeds to build a new Ganzhou base for LFP battery recycling, secure raw material supply, and boost R&D to enhance recovery technology and profitability. However, despite its technological edge, the company has seen continuous revenue decline, from RMB 2.905 billion in 2022 to RMB 937 million in H1 2025 and turned from profit to heavy losses due to the sharp fall in lithium carbonate prices, which dropped from RMB 600,000/ton in 2022 to around RMB 75,000/ton in late 2024. Although sales volumes of battery-grade lithium carbonate have doubled, plunging prices eroded margins, leaving profitability under severe pressure.