关于实施 2024 年度权益分派时 | 证券代码：603799 | 证券简称：华友钴业 | 公告编号：2025-057 | | --- | --- | --- | | 转债代码：113641 | 转债简称：华友转债 | | 浙江华友钴业股份有限公司 "华友转债"转股连续停牌的提示性公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 因实施权益分派，"华友转债"将相应调整转股价格，具体以公司后续披露的 可转债转股价格调整公告为准。 一、权益分派方案的基本情况 （一）公司 2024 年度权益分派方案为：以实施权益分派股权登记日登记的总 股本扣除公司回购专用证券账户中股份数量后的股份总数为基数，向全体股东每 10 股派发现金股利 5 元（含税），不实施送股及资本公积金转增股本。如在实施权 益分派股权登记日前，公司总股本发生变动的，公司拟维持每股分配比例不变， 相应调整分配总额。 （二）本次权益分派实施方案已经公司于 2025 年 5 月 9 日召开的 2024 年年 度股东大会审议通过，具体内容详见公司于 2025 ...

2025 年度第三期超短期融资券发行结果公告 | 股票代码：603799 | 股票简称：华友钴业 | 公告编号：2025-056 | | --- | --- | --- | | 股票代码：113641 | 股票简称：华友转债 | | 浙江华友钴业股份有限公司 2025年度第三期超短期融资券发行结果公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 浙江华友钴业股份有限公司（以下简称"公司"）分别于 2025 年 4 月 17 日召 开的第六届董事会第二十九次会议和 2025 年 5 月 9 日召开的 2024 年年度股东大会 审议通过了《关于公司及子公司 2025 年度发行非金融企业债务融资工具的议案》， 同意公司及子公司可以发行的债务融资工具类型包括但不限于公司债、企业债、短 期融资券、超短期融资券、中期票据、永续债、定向工具（PPN）、境外债券、北 金所债权融资计划等在内的本外币债务融资工具，发行方式包括公开发行和非公开 定向发行。 公司已于近日完成了浙江华友钴业股份有限公司 2025 年度第三期科技创新债 券（债券简称 ...

Summary of Huayou Cobalt Co., Ltd. Conference Call Company Overview - **Company**: Huayou Cobalt Co., Ltd. - **Industry**: Cobalt and Lithium Battery Materials Key Financial Metrics - **2024 Revenue**: 60.946 billion CNY, a decrease of 8% year-on-year due to falling prices of nickel, cobalt, and aluminum [3] - **Net Profit**: 4.155 billion CNY, an increase of 24% year-on-year [3] - **Operating Cash Flow**: 12.43 billion CNY, a significant increase of 257% [3] Product Shipment Performance - **Nickel Products**: Shipment increased by 46% year-on-year, exceeding 180,000 tons in 2024 [4] - **Cobalt Products**: Shipment reached approximately 47,000 tons, a 13% increase year-on-year [5] - **Lithium Carbonate**: Shipment surged by 378%, reaching 39,000 tons [5] - **Q1 2025 Performance**: - Nickel products: 97% increase year-on-year - Lithium carbonate: 10% increase year-on-year [5] Resource Development and Projects - **Indonesia Nickel Mines**: Company holds interests in 6 nickel mines with total resources of 5.5 million tons of metal [2] - **Smelting Projects**: Four smelting projects in Indonesia with a total capacity of 200,000 tons [2] - **Pumala Project**: Joint venture with Vale and Ford, expected to start production by the end of 2026 [2] - **Zimbabwe Arcadia Lithium Mine**: Resource increased to 2.5 million tons with a grade of 1.34 [2] - **Copper Production in Congo**: Stable output of approximately 90,000 tons annually [2] Strategic Adjustments - **Investment Focus**: Shifted to overseas capacity development, pausing new domestic capacity construction [2][6] - **Product Structure Adjustment**: Focus on mainstream customers and high-quality development [11] Market Trends and Price Outlook - **Cobalt Price**: Expected to rise due to Congo's export restrictions [12][15] - **Nickel Price**: Currently at a low point with limited downside potential [12][16] - **Lithium Price**: Historical low but potential for rebound [12][16] Future Growth Potential - **Indonesian Business Growth**: Expected to double in the next three years with significant projects underway [19] - **Carbonate Production Target**: Planned production of 40,000 tons of lithium carbonate equivalent in 2025 [23] - **Resource Expansion Plans**: Actively seeking low-cost, high-quality resource opportunities [25] Innovations and Technology Development - **Solid-State and Semi-Solid Batteries**: Ongoing collaboration with leading companies in the field, with initial product supply already commenced [28] Conclusion - **Overall Business Outlook**: Strong fundamentals with a focus on resource development in Indonesia and Africa, alongside domestic advancements in battery materials [30]

Core Points - The Shanghai G60 Strategic Emerging Industries Index (G60 Index) closed up 0.08% at 936.54 points, with a trading volume of 16.692 billion yuan [1] - Over the past month, the G60 Index has increased by 4.04%, decreased by 5.62% over the last three months, and has risen by 1.72% year-to-date [1] - The G60 Index includes up to 50 of the largest strategic emerging industry companies listed in the Shanghai market from the Yangtze River Delta G60 nine cities, reflecting the overall performance of these companies [1] Index Composition - The top ten weighted stocks in the G60 Index are: Jianghuai Automobile (9.66%), Huayou Cobalt (7.25%), Hengsheng Electronics (6.21%), Hengtong Optic-Electric (4.81%), Zhongkong Technology (4.74%), China Jushi (4.51%), Silan Microelectronics (4.48%), Jingfang Technology (2.9%), Naxin Micro (2.73%), and Zejing Pharmaceutical (2.65%) [1] - The G60 Index is fully composed of stocks listed on the Shanghai Stock Exchange [1] Industry Breakdown - The industry composition of the G60 Index includes: Industrial sector (36.78%), Information Technology (30.00%), Materials (14.21%), Communication Services (9.57%), and Healthcare (9.44%) [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] Fund Tracking - Public funds tracking the G60 Index include the Shenwan Hongyuan G60 Strategic Emerging Industries ETF [3]

关于对外担保的进展公告 | 股票代码：603799 | 股票简称：华友钴业 | 公告编号：2025-055 | | --- | --- | --- | | 转债代码：113641 | 转债简称：华友转债 | | 浙江华友钴业股份有限公司 关于对外担保的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 被担保人名称及是否为上市公司关联人：被担保人包括 5 家子公司，不存在 关联担保； 本次担保金额及累计担保余额：2025 年 4 月担保金额合计 161,500.00 万元； 截至 2025 年 4 月 30 日，公司对外提供担保余额为 8,126,421.86 万元，主要为对控 股子公司及其下属企业的担保； 对外担保逾期的累计数量：无； 特别风险提示：公司及控股子公司对外担保总额超过最近一期经审计净资产 100%；2025 年 4 月为资产负债率超过 70%的子公司提供的担保金额为 71,500.00 万 元，敬请投资者注意相关风险。 一、担保情况概述 （一）2025 年 4 月，因申请融资，公司为资产负 ...

国浩律师（杭州）事务所 关于 浙江华友钴业股份有限公司 2024 年年度股东大会 法律意见书 地址：杭州市上城区老复兴路白塔公园 B 区 2 号、15 号国浩律师楼 邮编：310008 Grandall Building, No.2＆No.15, Block B, Baita Park, Old Fuxing Road, Hangzhou, Zhejiang 310008, China 电话/Tel: (+86)(571) 8577 5888 传真/Fax: (+86)(571) 8577 5643 电子邮箱/Mail：grandallhz@grandall.com.cn 网址/Website：http://www.grandall.com.cn 二零二五年五月 华友钴业 2024 年年度股东大会法律意见书 国浩律师（杭州）事务所 国浩律师（杭州）事务所 关 于 浙江华友钴业股份有限公司 2024 年年度股东大会 法律意见书 致：浙江华友钴业股份有限公司 本法律意见书仅用于为公司本次股东大会见证之目的，不得用于其他任何目 的或用途。本所同意，公司将本法律意见书作为公司本次股东大会的公告材料， 随其他需公告的信 ...

证券代码：603799 证券简称：华友钴业 公告编号：2025-054 浙江华友钴业股份有限公司 2024年年度股东大会决议公告 本次会议是否有否决议案：无 一、 会议召开和出席情况 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： (一)股东大会召开的时间：2025 年 5 月 9 日 (二)股东大会召开的地点：浙江省桐乡市经济开发区梧振东路 79 号浙江华友钴 业股份有限公司研发大楼一楼一号会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 2,705 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 597,709,729 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 35.6024 | | 份总数的比例（%） | | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由公司董事会召集，董事陈红良先生主持了会议。对于涉及关联股 东回避表决的议案，议案 5、 ...

Summary of Huayou Cobalt Co., Ltd. Conference Call Company Overview - **Company**: Huayou Cobalt Co., Ltd. - **Industry**: Cobalt, Nickel, Lithium, and New Energy Materials Key Points and Arguments Current Valuation and Profit Forecast - Huayou Cobalt's current valuation is low, with a projected profit of over 4 billion yuan in 2024, corresponding to a valuation of 14 times earnings; expected profit for 2025 is 5 billion yuan, leading to an estimated valuation of about 11 times earnings [2][4] - The prices of cobalt, nickel, and lithium have fallen to historical lows, providing a basis for potential price increases, which could significantly boost the company's performance [2][6] Market Dynamics for Cobalt - Cobalt resources are at a long-term historical bottom, with upward potential driven by increasing demand, supply contraction, and global liquidity easing [2][7] - The Democratic Republic of the Congo (DRC) will ban cobalt mining starting February 2025, leading to a supply contraction, while solid-state batteries are expected to gain traction, potentially increasing cobalt prices significantly [2][7][13] Nickel Market Insights - Indonesia accounts for 60% of global nickel supply, but mining policies have led to rising costs. Nickel prices have dropped to around the 75th percentile of global nickel mining costs, causing high-cost mines to reduce production [2][8] - Although there is a slight oversupply, the gap is narrowing, and rising costs are solidifying the price floor for nickel, indicating potential for future price increases [2][8] Lithium Market Overview - Lithium resources are experiencing a supply-demand mismatch similar to cobalt, currently at historical lows. The expected price midpoint for lithium in 2025 is around 70,000 to 80,000 yuan [2][9] - The current capacity clearing has been ongoing for 2 years and 4 months, and as this progresses and demand improves, lithium prices are anticipated to rise significantly [2][9][21] Company Strategy and Industry Position - Huayou Cobalt has transformed from a cobalt processing company to a comprehensive enterprise in the new energy upstream sector, now involved in nickel and lithium, aiming to sell products rather than just resources [3][10] - The company maintains a 3D integrated development strategy focusing on upstream resources, midstream capabilities, and downstream market engagement, with a global presence in Africa and Indonesia [2][10] Financial Performance and Resilience - From 2021 to 2023, Huayou Cobalt's revenue has shown stable growth, although the growth rate has slowed due to falling prices of cobalt, nickel, and lithium. The company has demonstrated strong profit resilience, maintaining profitability despite declining gross margins [2][11] Future Profitability and Valuation - Future net profits for Huayou Cobalt are projected to be 5 billion yuan, 6.2 billion yuan, and 6.5 billion yuan for 2025, 2026, and 2027, respectively, with corresponding valuations of 11 times, 9 times, and 8 times earnings [2][22] - The company's profitability and elasticity are high, and if cobalt, lithium, and nickel prices rise simultaneously, the company's performance will exhibit significant elasticity, making it a recommended investment target [2][22] Additional Insights - The development of solid-state batteries is expected to significantly impact future markets, as they can overcome limitations of current lithium-ion batteries, potentially increasing demand for cobalt [2][14] - The current supply situation in the cobalt market indicates a strong basis for price increases due to supply constraints and demand recovery [2][15] This summary encapsulates the critical insights from the conference call regarding Huayou Cobalt's market position, financial outlook, and industry dynamics.

Investment Rating - The report maintains a rating of "Accumulate" for the company [2][4] Core Views - The company has demonstrated significant year-on-year growth in net profit for both the 2024 annual report and the 2025 Q1 report, showcasing the advantages of its integrated operations [4][7] - The company is enhancing its global footprint and strengthening its supply chain collaboration, which supports the "Accumulate" rating [4][7] Financial Summary - The company's revenue for 2024 is projected at RMB 60,946 million, a decrease of 8.1% from 2023, while net profit is expected to rise by 24% to RMB 4,155 million [6][11] - For Q1 2025, the company reported revenue of RMB 17,842 million, a year-on-year increase of 19.24%, and net profit of RMB 1,252 million, up 139.68% [9][11] - The adjusted earnings per share (EPS) for 2025 is forecasted to be RMB 3.04, reflecting a significant increase from the previous estimate of RMB 2.07 [4][6] Production and Sales Performance - The company achieved a notable increase in nickel product shipments, with a year-on-year growth of 45.78%, totaling approximately 184,300 metric tons [7][8] - Cobalt product shipments reached about 46,800 metric tons, marking a 13.18% increase [7][8] Strategic Developments - The company is advancing its nickel and cobalt resource development projects in Indonesia and the Democratic Republic of Congo, which are expected to enhance its competitive edge in the market [7][8] - The establishment of a lithium resource development system in Zimbabwe and the production of nickel sulfate in Indonesia are part of the company's strategy to strengthen its supply chain [7][8]

Investment Rating - The report maintains a rating of "Accumulate" for the company [2][4] Core Views - The company has demonstrated significant year-on-year growth in net profit for both the 2024 annual report and the 2025 Q1 report, showcasing the advantages of its integrated operations [4][7] - The company is enhancing its global footprint and strengthening its supply chain collaboration, which supports the "Accumulate" rating [4][7] Financial Summary - The company's revenue for 2024 is projected at RMB 60,946 million, a decrease of 8.08% from 2023, while net profit is expected to increase by 24.0% to RMB 4,155 million [6][11] - For Q1 2025, the company achieved revenue of RMB 17,842 million, a year-on-year increase of 19.24%, and net profit of RMB 1,252 million, up 139.68% [9][11] - The company’s earnings per share (EPS) for 2025 is adjusted to RMB 3.04, reflecting a significant increase from the previous estimate of RMB 2.07 [4][6] Production and Sales Performance - The company reported a 45.78% year-on-year increase in nickel product shipments, totaling approximately 184,300 metric tons, and a 13.18% increase in cobalt shipments, totaling about 46,800 metric tons [7][8] - The company has optimized its product structure by reducing the shipment of lower-margin products, which has impacted the overall lithium battery material shipments [7][8] Strategic Developments - The company is advancing its nickel and cobalt resource development projects in Indonesia and the Democratic Republic of Congo, which are expected to enhance its competitive position in the market [7][8] - The company has successfully launched several projects, including a 50,000-ton nickel sulfate project in Indonesia and a 66,000-ton cathode material project in South Korea, contributing to its integrated supply chain [7][8]