Hunan Yuneng New Energy Battery Material Co.,Ltd. has submitted its listing application to the Hong Kong Stock Exchange on August 17, with China Securities International and HSBC acting as joint sponsors. The company, which already listed on the ChiNext board in February 2023, aims to establish an "A+H" share structure upon completion of this offering.

The company's primary product line centers on phosphate-based cathode materials, with lithium iron phosphate (LFP) as the core offering. In 2025, this business segment generated RMB 33.91 billion in revenue, accounting for 97.9% of total income. Currently, the company has completed the development of second-generation high-voltage lithium iron manganese phosphate materials and is expanding into sodium-ion batteries, lithium-rich manganese-based, and high-nickel ternary materials.

From 2023 to 2025, the company's phosphate cathode material sales volume surged from 506,800 tonnes to 1.1371 million tonnes. Citing Frost & Sullivan data, the prospectus reveals that Hunan Yuneng New Energy Battery Material Co.,Ltd. held a 28.2% global market share among phosphate cathode material suppliers in 2025, maintaining the top position in shipment volume for six consecutive years since 2020. In 2025, the company's production capacity, calculated based on production line commissioning time, stood at 994,500 tonnes, while actual output reached 1.1313 million tonnes, resulting in a capacity utilization rate of 113.8%.

The sales growth, however, has not consistently translated into proportional revenue increases. Due to declining lithium carbonate prices driving down product selling prices, the company's revenue fell from RMB 41.358 billion in 2023 to RMB 22.599 billion in 2024. In 2025, revenue rebounded to RMB 34.625 billion, with net profit attributable to shareholders reaching RMB 1.277 billion.

In the first quarter of 2026, the company recorded revenue of RMB 14.965 billion, representing a 121.3% year-on-year increase, while net profit attributable to shareholders surged to RMB 1.356 billion, surpassing the full-year figure for 2025. The comprehensive gross margin improved from 5.5% in the same period last year to 16.2%. The company attributes the revenue growth to increased sales volume and higher selling prices, while the margin improvement stems from average selling price growth outpacing unit cost increases.

Hunan Yuneng New Energy Battery Material Co.,Ltd. primarily serves lithium-ion battery manufacturers. Between 2023 and the first quarter of 2026, the revenue share from its top five customers declined from 96.1% to 63.6%, though customer concentration remains relatively elevated.

The fundraising amount for the H-share offering has not yet been disclosed. Proceeds are earmarked for the Guizhou new battery materials mining-integration project and working capital supplementation. The Guizhou project, with a planned investment of RMB 24 billion, is expected to add 800,000 tonnes of phosphate cathode material and 1 million tonnes of iron phosphate annual production capacity upon completion.