New Stock News | Shanghai Putailai New Energy Technology Group (603659.SH) submits application to Hong Kong Stock Exchange, focusing on new energy battery materials and processing technology.

According to the disclosure of the Hong Kong Stock Exchange on March 16, Shanghai Putailai New Energy Technology Group Co., Ltd. (referred to as Shanghai Putailai New Energy Technology Group) submitted an application for listing on the main board of the Hong Kong Stock Exchange, with CICC as its exclusive sponsor. Company Profile The prospectus shows that Shanghai Putailai New Energy Technology Group (603659.SH) is a comprehensive solution provider in the upstream of the new energy battery industry chain. In the era of new energy, the company pioneers boundaries with material innovation, leads the future with intelligent manufacturing, and empowers the world's top new energy battery companies by vertically integrating the industry chain in the upstream of the new energy battery industry, providing platform-level industry solutions. The company is deeply engaged in the research and development of new energy battery materials and processing technology, accumulating profound technical expertise and industrial experience in the fields of battery materials and automated equipment. Based on this foundation, the company has gradually expanded its CAAS battery tab service, providing comprehensive solutions for upstream new energy battery customers, automakers, and energy storage customers at home and abroad. According to data from Zhongshi Consultancy, based on the shipment volume of new energy batteries in 2025, the company covers nine of the top ten global new energy battery companies. The customer ecosystem created by the company has become the core engine driving the company's continued expansion in the industry chain. As of December 31, 2025, the company owns and operates 17 production bases, with an additional 8 production bases under construction. The company's designed annual production capacity includes 14 billion square meters of coated separator film, 2.1 billion square meters of separator base film, 250,000 tons of negative electrode materials, 30,000 tons of PVDF, 30,000 tons of boehmite and aluminum oxide, and 62 million square meters of CAAS battery tabs. The company is engaged in the research, development, manufacturing, and sales of key materials for new energy batteries and automated equipment. It has evolved into a platform-based enterprise with "materials + equipment" as its core, with both being the main sources of revenue for the company, primarily generating revenue in mainland China. In terms of customer dependency, the main customers for key materials for new energy batteries and automated equipment are new energy battery manufacturers. In 2023, 2024, and 2025, revenue from the top five customers accounted for 70.4%, 66.1%, and 58.4% of the company's total revenue for the respective years. Financial Data Revenue In 2023, 2024, and 2025, the company achieved revenues of approximately RMB 15.293 billion, RMB 13.399 billion, and RMB 15.656 billion respectively. Net Profit In 2023, 2024, and 2025, the company recorded net profits of approximately RMB 2.153 billion, RMB 1.387 billion, and RMB 2.614 billion respectively. Gross Profit Margin In 2023, 2024, and 2025, the corresponding gross profit margins were approximately 25.9%, 22.1%, and 29.7% respectively. Industry Overview Global New Energy Battery Market Size From 2021 to 2025, the global new energy battery market continues to grow rapidly, with the market size increasing from approximately 530.5 GWh in 2021 to around 2,257.0 GWh in 2025, with a compound annual growth rate of 43.6% during the period. This rapid growth in market size is mainly driven by factors such as the increasing penetration of new energy vehicles, growing demand in the energy storage sector, and technological advancements and cost reductions in batteries. In the future, with the advancement of global energy structural transformation and the implementation of carbon neutrality goals, the global new energy battery market size is expected to continue to expand, reaching around 6,284.3 GWh by 2030, with a compound annual growth rate of 22.7% from 2025 to 2030. New energy battery separators are one of the key materials in new energy batteries. The performance of separators directly affects key battery characteristics such as safety, cycle life, energy density, and rate performance. Among them, coated separators have become the mainstream choice for new energy batteries. The global new energy battery separator market experienced rapid growth from 2021 to 2025. The overall market size increased from approximately 10.1 billion square meters to 36.5 billion square meters, with a compound annual growth rate of 37.9%, showing explosive expansion. The market for new energy battery separators is expected to continue to expand, reaching 94.3 billion square meters by 2030. As an effective way to improve the cycling performance and thermal stability of new energy battery separators, coating technology has driven the continuous increase in market demand for coated separators. From 2021 to 2025, the market size of global new energy battery coated separators increased rapidly from approximately 7.6 billion square meters to 31 billion square meters, with a compound annual growth rate of 42.3% during the period. As the importance of battery safety performance increases, coated separators will continue to be the mainstream type of future new energy battery separators, with the market size expected to reach 84.8 billion square meters by 2030. Overview of New Energy Battery Functional Materials New energy battery functional materials are key auxiliary materials that ensure the stability of the new energy battery cell structure, optimize performance, and enhance safety, including positive and negative pole binders such as PVDF and PAA, as well as ceramic coating materials such as boehmite and aluminum oxide. The global market for PVDF used in new energy batteries is in a continuous expansion phase. The market size was 30.2 thousand tons in 2021 and increased to 108.4 thousand tons in 2025, with a compound annual growth rate of 37.7% from 2021 to 2025. This growth is mainly driven by the rapid development of downstream new energy vehicles and energy storage industries, as well as the rigid demand for PVDF in bonding and coating applications in high-energy-density batteries. The market is expected to maintain a compound annual growth rate of 24.0% and reach 317.5 thousand tons by 2030. The market size of PAA (solid content) used in new energy batteries was 1.6 thousand tons in 2021 and rapidly increased to 15.0 thousand tons in 2025, with a compound annual growth rate of 74.2% from 2021 to 2025. The market is expected to maintain a compound annual growth rate of 25.0% and surpass 45.9 thousand tons by 2030. Market Size of New Energy Battery Equipment The global new energy battery equipment market experienced rapid growth from 2021 to 2022, with the market size increasing from RMB 92.5 billion in 2021 to RMB 154.9 billion in 2022. By 2025, the global new energy battery equipment market size reached RMB 125.4 billion, with a compound annual growth rate of 7.9% from 2021 to 2025. After 2025, the global new energy battery equipment market is expected to resume its growth trajectory, with the total market size reaching RMB 241.3 billion by 2030. As a core equipment in the front-end production process of new energy battery manufacturing, the market size of global new energy battery tab coaters reached RMB 5.6 billion in 2021 and expanded at a compound annual growth rate of 10.8% from 2021 to 2025, mainly driven by the rigid demand for high-precision tab coating machines in high-energy-density power batteries due to the increasing penetration rate of high-energy-density power batteries. By 2025, the market size is expected to reach RMB 8.4 billion. After 2025, with the support of continuous technological iterations, ongoing process optimization, and equipment upgrade requirements, the market for tab coaters is expected to maintain a compound annual growth rate of 14.6% and exceed RMB 16.6 billion by 2030. Competitive Landscape In 2025, the company ranked as the world's largest new energy battery coated separator supplier based on shipment volume, with a total shipment volume of 10.9 billion square meters, accounting for 35.3% of the global market share and holding the industry's number one position for seven consecutive years. In 2025, the global wet-coated separator shipment volume for new energy batteries reached 28.5 billion square meters. The company is the world's largest wet-coated separator supplier for new energy batteries, with a market share of 38.4%. In 2025, the company's new energy battery negative electrode materials ranked sixth globally based on shipment volume, with a total shipment volume of 143.0 thousand tons, accounting for 4.7% of the global new energy battery negative electrode material industry and 5.4% of the global artificial graphite negative electrode material industry. Board of Directors Information The company's board of directors consists of 6 directors, including 3 executive directors and 3 independent non-executive directors. Directors serve a term of 3 years and may be re-elected upon the expiration of their term. Ownership Structure As of March 10, 2026, Mr. Liang, Ningbo Shengyue, and Ningbo Kuoneng constitute the controlling shareholder group of the company. Mr. Liang is the direct beneficial owner of 531,510,881 A shares and is considered to have equity in a total of 230,261,325 A shares held by Ningbo Shengyue. Mr. Liang is the largest limited partner with a 84.50% stake, and also holds equity in a total of 199,799,546 A shares held by Ningbo Kuoneng. Intermediary Team Exclusive Sponsor: China International Capital Corporation Hong Kong Securities Co., Ltd. Company Legal Advisor: Hong Kong Law: Year Li Da Law Firm; Chinese Law: King & Wood Mallesons Legal Advisor of Exclusive Sponsor: Hong Kong Law: Jingtian & Gongcheng Law Firm; Chinese Law: Beijing Deheng Law Firm Auditors and Reporting Accountants: Ernst & Young Industry Consultant: Zhongshi Business Consulting Co., Ltd. Compliance Advisor: Changjiang Financing (Hong Kong) Co., Ltd.