New Stocks News | Hu Song Technology submits application to Hong Kong Stock Exchange and ranks first in the national market for intelligent production lines of lithium battery negative electrode materials.

According to the disclosure by the Hong Kong Stock Exchange on December 31st, HuSong Technology Group Co., Ltd. (referred to as HuSong Technology) has submitted an application for listing on the main board of the Hong Kong Stock Exchange, with CICC and Pu Yin International as its joint sponsors. With its first-mover advantage in the construction of smart factories for new energy battery materials, HuSong Technology has established a leading market position. According to data from Torch Insight, based on the revenue calculations for the fiscal year 2024, the company ranks first in the national market for intelligent production lines for negative electrode materials of lithium batteries, with a market share of 6.6%; the company ranks second in the national market for intelligent production lines of lithium battery materials, with a market share of 4.9%. Company Profile The prospectus shows that HuSong Technology was established in Shanghai in 2012 and was converted into a limited company in 2015. It is a leading provider of process industry intelligent production line platforms. Based on its self-developed core technology in micro-nano dispersion grinding and the i-Neuron intelligent control system, the company has transformed equipment, software, process algorithms, and process parameter models into replicable production line-level platforms. These are used in scenes such as new energy, fine chemicals, and bio-manufacturing for scale output, helping customers achieve high-quality production, intelligent operations, and sustainable value creation. HuSong Technology is dedicated to providing process industry intelligent factory solutions and high-end intelligent equipment for micro-nano material customers. Its main products and solutions include intelligent production line solutions for micro-nano materials, as well as intelligent dispersion equipment, intelligent grinding equipment, and other standalone equipment. Through the acquisition of Sede Zirui, the company has expanded its business coverage in the field of process industry intelligent production line solutions and has incorporated solutions for bio-manufacturing processes. Currently, the company is actively developing innovative materials such as 3D collectors, nanoceramics, as well as innovative products like solid-state batteries downstream in the industry chain to create a diversified growth curve. Relying on deep cooperation with leading downstream customers in the new energy battery materials industry, HuSong Technology has become the preferred partner for their global business expansion. At the same time, the company is actively exploring the demand for capacity expansion from overseas customers with significant growth potential, seeking business cooperation opportunities. The company's customer base currently covers more than 10 countries or regions globally, including the United States, South Korea, Indonesia, and Malaysia, and it will actively respond to downstream industry trends to build a global research and development, production, and sales system and further accelerate product and brand globalization for global operations. The image below shows the achievements of HuSong Technology: HuSong Technology closely follows the industrial rise of Shanxi Guoxin Energy Corporation and has developed complete and mature process industry solutions for new energy battery materials for different application fields, different technological routes, and different performance parameters. The company is one of the few in China that can provide intelligent production solutions covering lithium iron phosphate, ternary cathode, natural graphite and artificial graphite anode, silicon-carbon anode, and other lithium battery positive and negative electrode materials. Financial Information Revenue In the fiscal years 2022, 2023, 2024, and the first half of 2025, the company achieved revenues of approximately RMB 409 million, RMB 572 million, RMB 710 million, and RMB 82.461 million, respectively. Gross profit and gross profit margin In the fiscal years 2022, 2023, 2024, and the first half of 2025, the company recorded gross profits of approximately RMB 50.313 million, RMB 83.68 million, RMB 175 million, and RMB 6.628 million, with corresponding gross profit margins of 12.3%, 14.6%, 24.6%, and 8.0%, respectively. Annual/periodic profits and comprehensive income In the fiscal years 2022, 2023, 2024, and the first half of 2025, the company recorded annual/periodic profits and comprehensive income totals of approximately -RMB 26.126 million, -RMB 68.477 million, RMB 15.298 million, and -RMB 59.715 million, respectively. Industry Overview The growth in sales of new energy vehicles is driving the continuous expansion of the global power battery market. From 2020 to 2024, global demand for power batteries increased from 133.0 gigawatt-hours to 901.2 gigawatt-hours, with a compound annual growth rate of 61.3%. It is expected that global demand for power batteries will continue to grow steadily over the next five years and will reach 2,704.5 gigawatt-hours by 2029, with a compound annual growth rate of 22.1% from 2025 to 2029. By region, the demand for power batteries from China Shipbuilding Industry Group Power ranked first in the world from 2020 to 2024, increasing from 60.1 gigawatt-hours in 2020 to 617.6 gigawatt-hours in 2024, with a compound annual growth rate of 79.0%. By 2029, the demand for power batteries from China Shipbuilding Industry Group Power is expected to reach 1,486.6 gigawatt-hours, accounting for 55.0% of global total demand, with a compound annual growth rate of 18.0% from 2025 to 2029. In 2024, the demand for power batteries in North America, Europe, and the Asia-Pacific region (excluding China) reached 84.3 gigawatt-hours, 148.0 gigawatt-hours, and 34.8 gigawatt-hours, respectively. The Asia-Pacific region (excluding China) benefited from the rapid growth in demand for new energy vehicles in Southeast Asia, with a compound annual growth rate of 120.8% from 2020 to 2024. By 2029, the demand for power batteries in North America, Europe, and the Asia-Pacific region (excluding China) is expected to reach 260.6 gigawatt-hours, 413.7 gigawatt-hours, and 303.2 gigawatt-hours, respectively. The global energy storage battery market is expected to grow significantly from 2020 to 2024, with demand increasing from 28.5 gigawatt-hours in 2020 to 314.7 gigawatt-hours in 2024, with a compound annual growth rate of 82.3%. China's energy storage battery market has maintained a high growth rate, with demand increasing from 11.4 gigawatt-hours in 2020 to 189.7 gigawatt-hours in 2024, and a compound annual growth rate of 102.0% from 2020 to 2024. By 2024, China's demand for energy storage batteries accounts for 60.3% of global demand. Emerging markets, including the Middle East, Africa, and Asia, are expected to drive the increase in demand for energy storage due to factors like power shortages and policy support. In Europe, the emphasis on energy security by various national governments, high proportions of renewable energy grid integration, and the economic benefits of energy storage systems make energy storage an important development direction. It is expected that by 2029, global demand for energy storage batteries will reach 1,142.2 gigawatt-hours, with a compound annual growth rate of 27.8% from 2025 to 2029. China's demand for energy storage batteries is projected to increase to 625.9 gigawatt-hours by 2029, with a compound annual growth rate of 25.5% from 2025 to 2029. Electric boats and low-altitude aircraft are emerging applications for lithium batteries. Global demand for batteries for electric boats and low-altitude aircraft increased from 1.3 gigawatt-hours in 2020 to 9.5 gigawatt-hours in 2024, with a compound annual growth rate of 65.0%. In China, demand for batteries for electric boats and low-altitude aircraft increased from 0.3 gigawatt-hours in 2020 to 3.0 gigawatt-hours in 2024, with a compound annual growth rate of 78.3%. Driven by policy support, technological advancements, and the commercialization of new scenarios such as green logistics and urban air transport, global demand for batteries for electric boats and low-altitude aircraft is expected to experience explosive growth from 2025 to 2029, with demand reaching 119.3 gigawatt-hours by 2029 and a compound annual growth rate of 66.7%. By 2029, China's demand for batteries for electric boats and low-altitude aircraft is expected to reach 44.0 gigawatt-hours, with a compound annual growth rate of 71.6% from 2025 to 2029, primarily driven by the accelerated mass production and implementation of electric vertical take-off and landing aircraft (eVTOL). With the rapid development of the Siasun Robot&Automation industry, which includes industrial-grade, research-grade, and consumer-grade robot dogs and humanoid Siasun Robot&Automation, as well as companion robot technology rapidly advancing, the commercialization of Siasun Robot&Automation in downstream demand scenarios is accelerating. This will drive rapid growth in demand for lithium batteries in Siasun Robot&Automation. The global demand for Siasun Robot&Automation batteries is expected to increase from 0.1 gigawatt-hours in 2025 to 2.4 gigawatt-hours in 2029, with a compound annual growth rate of 109.1% from 2025 to 2029. In China, the demand for Siasun Robot&Automation batteries is projected to increase from 0.06 gigawatt-hours in 2025 to 1.3 gigawatt-hours in 2029, with a compound annual growth rate of 114.6% from 2025 to 2029. With the rapid expansion of downstream applications such as new energy vehicles and energy storage systems driving global lithium battery manufacturers to invest heavily in capacity expansion, the market size of smart lithium battery production lines is growing rapidly. Calculated by revenue, from 2020 to 2023, the global market size of smart lithium battery production lines increased from RMB 15.5 billion to RMB 196.4 billion. However, due to changes in end-market demand and previous large-scale expansions, the imbalance between supply and demand in the lithium battery market has slowed down the expansion of new capacity, leading to a decline in the market size of the global smart lithium battery production line industry. During the forecast period, steady growth in demand for lithium batteries in end markets such as new energy vehicles and energy storage systems, coupled with the accelerated commercialization of new industries, will drive the construction demand for smart lithium battery production lines. As the supply and demand structure of the lithium battery market gradually adjusts, the global market size of smart lithium battery production lines is expected to rebound and increase to RMB 210 billion by 2029, with a compound annual growth rate of 8.5% over the next five years. Similar to the global market, China's market size of smart lithium battery production lines increased from RMB 3.7 billion in 2020 to RMB 146.4 billion in 2023, and then fell to RMB 78.8 billion in 2024, with a compound annual growth rate of 115.4% from 2020 to 2024. Due to the recovery in downstream demand and the resumption of construction growth, the market size of smart lithium battery production lines in China is expected to further expand to RMB 96.8 billion, with a compound annual growth rate of 9.4% from 2025 to 2029. In terms of the industry, the market sizes of various segments are consistent with the trend of the smart lithium battery production line market, showing rapid growth from 2020 to 2023 and a subsequent decline in 2024, with future growth expected over the next five years. The market size of smart precursors lithium battery production lines is expected to increase to RMB 6.7 billion by 2029, with a compound annual growth rate of 7.6% from 2025 to 2029. The market size of smart lithium battery material production lines is expected to increase to RMB 14.7 billion by 2029, with a compound annual growth rate of 7.5% from 2025 to 2029. The market size of smart lithium battery cell and downstream production lines is expected to increase to RMB 75.4 billion by 2029, with a compound annual growth rate of 10.0% from 2025 to 2029. Board of Directors Information The company's board of directors consists of 9 directors, including 4 executive directors, 2 non-executive directors, and 3 independent non-executive directors. The board of directors is responsible for and has the general power to manage and operate the group. The term of office for directors is 3 years and they must be re-elected for further terms upon the expiration of their term. Shareholding Structure Mr. Li Yuanlin, Ms. Fang Linlin, Shanghai Honghu, and Hu Song Investment form a single largest shareholder group, collectively holding 31.87% of the shares; Kechuangcheng Industrial Development Investment holds 9.37%; Hua Xinbo Rong holds 7.72%; Xiamen Dingfeng holds 6.90%; and other pre-IPO shareholders collectively hold 44.14%. Shanghai Honghu is an employee shareholding platform for the group, owned 37.53% by Mr. Li Yuanlin. Hu Song Investment is owned 60% by Mr. Li Yuanlin and 40% by Ms. Fang Linlin. Mr. Li Yuanlin is a general partner of Shanghai Honghu and Hu Song Investment. Therefore, according to the Securities and Futures Ordinance, Mr. Li Yuanlin is deemed to have equity in the shares held by Shanghai Honghu and Hu Song Investment. Ms. Fang Linlin is the spouse of Mr. Li Yuanlin and is deemed to have equity in the shares held by Mr. Li Yuanlin according to the Securities and Futures Ordinance. Based on this, Mr. Li Yuanlin, Ms. Fang Linlin, Shanghai Honghu, and Hu Song Investment form a single largest shareholder group. Intermediary Team Joint Sponsors: China International Finance Hong Kong Securities Co., Ltd., Pu Yin International Financing Co., Ltd. Company Legal Advisor: Hong Kong Law: Deheng Lawyers (Hong Kong) Limited Liability Partnership; Chinese Law: Deheng Law Firm (Beijing); International Sanctions Law: Ashurst Tokyo (Ashurst Horitsu Jimusho Gaikokuho Kyodo Jigyo). Joint Sponsors Legal Advisor: Hong Kong and US Law: Haiwen & Partners; Chinese Law: Jingtian & Gongcheng Law Firm. Independent Auditors and Reporting Accountants: Hong Kong Deloitte Touche Tohmatsu Limited. Industry Consultants: Torch Insight Enterprise Management Consulting (Shanghai) Co., Ltd. Property Valuation Firm: Asia-Pacific Appraisal and Consultation Co., Ltd. Compliance Consultant: Huafu Jianye Corporate Financing Co., Ltd.