Jinyinhe Intelligent Equipment (300619.SZ) announced on the evening of September 27 that its board had approved a 2026 private placement plan, proposing to issue A-shares to no more than 35 specific investors and raise no more than 1.5 billion CNY in total. After deducting issuance costs, the proceeds are earmarked for five uses: 490 million CNY for an industrialization project of high-end intelligent equipment for sodium-ion, consumer lithium-ion, solid-liquid and new energy storage batteries; 290 million CNY for an R&D and construction project of dry-electrode and solid-state battery high-end intelligent equipment; 270 million CNY for a silicon-based materials and polymer materials construction project (Phase I); 100 million CNY for an R&D project of silicone supercritical physical foaming and rubidium-cesium vacuum thermal reduction equipment; and the remaining 350 million CNY to supplement working capital.
The industrialization project, listed first, will be implemented by Jinyinhe itself in Foshan, Guangdong, with total project investment of 572 million CNY. It will produce and sell front-end equipment adapted to sodium-ion, consumer lithium-ion, solid-liquid and new energy storage batteries, expanding the company's new-energy equipment capacity. The project has a 36-month construction period; estimated post-tax internal rate of return on total investment is 15.49%, with a post-tax payback period of 9.04 years including construction. The announcement also discloses that the project has obtained a Guangdong provincial technical-renovation investment project filing certificate.
Jinyinhe's existing equipment mainly serves front-end lithium-ion battery processes. In August this year, the company disclosed that it was the proposed winner of a 39.8 million CNY contract for front-process equipment procurement and installation for Jingye Group's new 1GWh sodium/lithium-compatible production line. The announcement also cites a forecast by Start Research Institute (SPIR) that sodium-ion battery shipments will grow from 9GWh in 2025 to 1,051GWh in 2030, a compound annual growth rate of about 159%; the forecast is an industry-organization estimate.
The placement plan still requires approval by the company's shareholders' meeting and registration with the securities regulator after exchange review before it can be implemented. The 490 million CNY figure is the amount of raised funds intended for the project, and the project's expected returns are feasibility-study estimates; actual progress is subject to subsequent announcements.