--- title: "New Stock News | Senior submits a second application to the Hong Kong Stock Exchange as a lithium-ion battery separator manufacturer" type: "News" locale: "zh-CN" url: "https://longbridge.com/zh-CN/news/274387560.md" description: "Shenzhen Senior Material Technology Co., Ltd. submitted a listing application to the Hong Kong Stock Exchange, becoming a manufacturer of lithium-ion battery separators. CITIC Securities International is its sole sponsor. The company was established in 2003 and has 20 years of industry experience, having previously submitted an application to the Hong Kong Stock Exchange in 2025. Senior Material has excelled in the field of lithium-ion battery separators, with its market share growing year by year, and is expected to reach a global market share of 17.1% in 2024" datetime: "2026-01-31T12:18:03.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/274387560.md) - [en](https://longbridge.com/en/news/274387560.md) - [zh-HK](https://longbridge.com/zh-HK/news/274387560.md) --- > 支持的语言: [English](https://longbridge.com/en/news/274387560.md) | [繁體中文](https://longbridge.com/zh-HK/news/274387560.md) # New Stock News | Senior submits a second application to the Hong Kong Stock Exchange as a lithium-ion battery separator manufacturer According to the Hong Kong Stock Exchange's disclosure on January 30, Shenzhen Senior Material Technology Co., Ltd. (Senior Material, 300568.SZ) has submitted a listing application to the main board of the Hong Kong Stock Exchange, with CITIC Securities International as its sole sponsor. The company previously submitted an application to the Hong Kong Stock Exchange on July 7, 2025. ![image.png](https://imageproxy.pbkrs.com/https://img.zhitongcaijing.com/image/20260131/1769858392819132.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg) ## Company Profile According to the prospectus, Senior Material is a manufacturer of lithium-ion battery separators, founded in 2003, with over 20 years of industry experience in the research and development, production, and sales of lithium-ion battery separators. As one of the core components of lithium-ion batteries, separators directly affect the quality, safety, and production costs of lithium-ion batteries. According to Frost & Sullivan, the company is the first in China to master the dry unidirectional stretching technology for lithium-ion battery separators. **During the historical period, most of the company's revenue came from China, with a compound annual growth rate of 10.6% from 2022 to 2024.** The company excels in many key performance indicators for battery separators, including thickness, porosity, thermal shrinkage, air permeability, and puncture strength. The company serves world-leading lithium-ion battery manufacturers such as LG Energy Solution, Samsung SDI, Envision AESC, Murata, SK On, SAFT, CATL, BYD, Guoxuan High-Tech, Zhongchuangxin Hang, EVE Energy, and Sunwoda. According to Frost & Sullivan, the company's lithium-ion battery separator shipments ranked second globally over the past five years, with its global market share increasing from 11.0% in 2020 to 14.4% in 2024. In 2024, the group held a market share of approximately 17.1%, ranking second in the Chinese battery separator market. **In terms of shipment volume, the company held the largest market share in the dry separator market globally in 2024, while ranking second in the wet separator market by shipment volume.** Currently, the company has established six production bases in China. Overseas production bases in Europe, Southeast Asia, and the United States are under construction. In terms of innovation, the company has established R&D centers in China, Japan, and Sweden, and plans to establish more R&D centers in Southeast Asia and the United States. The company's expanding network supports a broad customer base, including over 100 leading lithium-ion battery manufacturers worldwide. For the years ended December 31, 2022, 2023, 2024, and the nine months ended September 30, 2025, **the total revenue generated by the company's top five customers accounted for 67.4%, 63.8%, 50.9%, and 61.5% of total revenue, respectively.** ## Financial Information **Revenue** For the nine months ended September 30 in 2022, 2023, 2024, and 2025, the company achieved revenues of approximately RMB 2.867 billion, RMB 2.982 billion, RMB 3.506 billion, and RMB 2.932 billion, respectively **Profit** For the nine months ended September 30 in 2022, 2023, 2024, and 2025, the company recorded profits of approximately RMB 748 million, RMB 594 million, RMB 371 million, and RMB 141 million, respectively. ![image.png](https://imageproxy.pbkrs.com/https://img.zhitongcaijing.com/image/20260131/1769858889419293.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg) **Gross Margin** For the nine months ended September 30 in 2022, 2023, 2024, and 2025, the company's gross margins were 44.8%, 43.3%, 28.1%, and 21.3%, respectively. ![image.png](https://imageproxy.pbkrs.com/https://img.zhitongcaijing.com/image/20260131/1769859155315213.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg) ## Industry Overview **Global and China Lithium-ion Battery Industry Market Size** The global lithium-ion battery industry's shipment volume increased from 323.2 GWh in 2020 to 1,519.6 GWh in 2024, with a compound annual growth rate (CAGR) of 47.3%. It is expected that by 2029, global shipments will exceed 4,600 GWh, with a CAGR of 25.2% starting from 2024. China remains the largest market globally, with lithium-ion battery shipments increasing from 142.5 GWh in 2020 to 1,133.0 GWh in 2024, achieving a CAGR of 67.9%. It is anticipated that by 2029, shipments will exceed 2,600 GWh, maintaining an 18.5% CAGR, with a market share exceeding 50% in the global market. Shipments of lithium-ion batteries in regions outside of China are expected to exceed 2,000 GWh by 2029, with a CAGR of 39.4%, surpassing that of China, and their global market share will also increase to over 40%. **Global and China Battery Separator Industry Market Size** In terms of shipment volume, the global battery separator market size increased from 6.4 billion square meters in 2020 to 27.7 billion square meters in 2024, with a CAGR of 44.5%. In 2024, China's battery separator shipments will be the largest globally, accounting for approximately 84.0% of the major national markets. Looking ahead, driven by additional government regulations and technological advancements, the global battery separator market shipment volume is expected to grow from 27.7 billion square meters in 2024 to 84.1 billion square meters by 2029, with a CAGR of 24.8%. ![image.png](https://imageproxy.pbkrs.com/https://img.zhitongcaijing.com/image/20260131/1769859746360052.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg) From 2020 to 2024, the shipment volume of dry-process battery separators in China increased from approximately 1 billion square meters to about 6.1 billion square meters, with a compound annual growth rate of 57.2%. Driven by further developments in downstream industries, the shipment volume of dry-process battery separators in China is expected to reach approximately 11.8 billion square meters by 2029, with a compound annual growth rate of 14.1% starting from 2024. In 2024, electric vehicle batteries will be the largest downstream application scenario for the dry-process battery separator market in China, accounting for about 60.0% market share, followed by energy storage batteries (35.0%), and then consumer electronics batteries (4.5%). ![image.png](https://imageproxy.pbkrs.com/https://img.zhitongcaijing.com/image/20260131/1769859874247722.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg) The shipment volume of wet-process battery separators in China increased from 2.6 billion square meters in 2020 to 17.2 billion square meters in 2024, with a compound annual growth rate of 60.4%. Looking ahead, the shipment volume of wet-process battery separators in China is expected to surge from 17.2 billion square meters in 2024 to 43.6 billion square meters by 2029, with a compound annual growth rate of 20.4%. In 2024, energy vehicle batteries will account for 72.9% of the wet-process battery separator market in China, followed by energy storage batteries (22.0%), and then consumer electronics batteries (3.4%). ![image.png](https://imageproxy.pbkrs.com/https://img.zhitongcaijing.com/image/20260131/1769859886855244.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg) **Global and Chinese Battery Separator Industry Competitive Landscape** In 2024, the total shipment volume of the global battery separator industry is approximately 27.7 billion square meters. The top five companies account for about 65.1% of the total shipment volume in the global battery separator market. In 2024, the group ranks second in the global battery separator market, with a market share of 14.4%. In 2024, the total shipment volume of battery separators in China is approximately 23.3 billion square meters. The top five companies account for about 77.5% of the total shipment volume in the Chinese battery separator market. In 2024, the group holds a market share of approximately 17.1% in the Chinese battery separator market, ranking second. ![image.png](https://imageproxy.pbkrs.com/https://img.zhitongcaijing.com/image/20260131/1769859941979103.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg) ## Board of Directors Information The company's board of directors consists of 3 executive directors, 1 non-executive director, and 4 independent non-executive directors. The term of office for directors is 3 years, and they will be re-elected upon expiration of their term. ![image.png](https://imageproxy.pbkrs.com/https://img.zhitongcaijing.com/image/20260131/1769859520205244.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg) ## Equity Structure As of January 26, 2026, the company is held approximately 12.67% and 0.03% by Professor Chen and Ms. Chen, respectively. Therefore, Professor Chen and Ms. Chen (Professor Chen's spouse) have the right to collectively exercise approximately 12.69% of the voting rights attached to the issued shares. ![image.png](https://imageproxy.pbkrs.com/https://img.zhitongcaijing.com/image/20260131/1769860092228571.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg)![image.png](https://imageproxy.pbkrs.com/https://img.zhitongcaijing.com/image/20260131/1769860643333118.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg) ## Intermediary Team Sole Sponsor: CITIC Securities (International) Finance Limited Company Legal Advisors: Regarding Chinese law: King & Wood Mallesons; Regarding U.S. law: Miller, Canfield, Paddock and Stone, P.L.C.; Regarding Malaysian law: PHANG THAM TEOH & CO; Regarding Swedish law: Wigge & Partners Advokat KB; Regarding Swedish environmental law: FRÖBERG & LUNDHOLM ADVOKATBYRÅ AB Sole Sponsor Legal Advisors: Regarding Hong Kong law and U.S. law: Sidley Austin LLP; Regarding Chinese law: Zhong Lun Law Firm Auditors and Reporting Accountants: RSM Hong Kong Limited Industry Advisors: Frost & Sullivan (Beijing) Consulting Co., Ltd. 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