The core of Jiecheng New Energy's listing lies in the three-fold resonance of scale leadership + a closed loop across the entire industrial chain + a turnaround in performance， which is also the key threshold for new energy recycling enterprises to enter the capital market.

Scale barriers establish its leading position：From 2023 to 2025， recycling volume increased from 41,000 tons to 71,600 tons. In 2025， with a recycling volume of 71,600 tons and a 92% utilization rate of core capacity， it led the world， achieving revenue of RMB 1.5 billion and successfully realizing a profitability breakthrough with an annual profit of RMB 16 million and a gross margin of 6.87%， shaking off the industry's early-stage loss dilemma.

Closed-loop model builds core barriers：It has created an integrated chain of recycling and reuse + hydrometallurgy+ circular utilization， covering all categories of batteries including ternary and lithium iron phosphate batteries， and connecting the full process of recycling - dismantling - regeneration - deep processing. This not only improves resource utilization efficiency， but also increases profits through its high value-added hydrometallurgy business（2025 revenue up + 624.6% year on year）， differentiating it from single-service recycling enterprises.

Clear equity and capital structure：The founder retains control， well-known institutions are gathered， and the shareholder background is strong. Investors include Guangdong Finance Venture Capital， Shenzhen Capital Group， Ant Group， Alibaba， Zifeng Capital， China Everbright Holdings， Longgang Financial Holdings and others， providing endorsement from state-owned capital， industrial capital and internet capital. With stable equity and sufficient capital credibility， it is well aligned with the review standards for Hong Kong stock listings.

As the peak retirement period for photovoltaic modules approaches， Jiecheng New Energy's listing path provides an important reference for photovoltaic recycling. Photovoltaic recycling can replicate the core logic of a defined retirement cycle， closed-loop high-value utilization and technology scaling. Supported by policies and institutional standards， it is expected to accelerate into a capitalization window period， as the capital paradigm of lithium battery recycling is extending into the photovoltaic recycling field.