证券代码：002340 证券简称：格林美 公告编号：2026-012 格林美股份有限公司 关于召开 2026 年第一次临时股东会的通知 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 一、召开会议的基本情况 1、股东会届次：2026 年第一次临时股东会 4、会议时间： （1）现场会议时间：2026 年 03 月 06 日 10:00 （2）网络投票时间：通过深圳证券交易所系统进行网络投票的具体时间为 2026 年 03 月 06 日 9:15-9:25，9:30-11:30，13:00-15:00；通过深圳证券交易所互联网投票系统投票的 具体时间为 2026 年 03 月 06 日 9:15 至 15:00 的任意时间。 5、会议的召开方式：现场表决与网络投票相结合。 6、会议的股权登记日：2026 年 02 月 26 日 7、出席对象： （1）凡 2026 年 02 月 26 日下午交易结束后在中国证券登记结算有限责任公司深圳分 公司登记在册的公司股东均有权以通知公布的方式出席本次股东会及参加表决；不能亲自 出席本次股东会的股东可授权他人代为出席（被授权人不 ...

根据公司制定的《2024 年限制性股票激励计划（草案）》及《格林美股份 有限公司 2024 年限制性股票激励计划实施考核管理办法》，第一个解除限售期 内，原激励对象有 8 人已离职，不纳入个人业绩考核范围，其获授的 33.5 万股 限制性股票将由公司根据《2024 年限制性股票激励计划（草案）》的有关规定 1、会议以 3 票赞成、0 票弃权、0 票反对，审议通过了《关于2024年限制 性股票激励计划第一个解除限售期解除限售条件成就的议案》。 公司董事会薪酬与考核委员会经对2024年限制性股票激励计划第一个解除 限售期业绩考核情况进行核查，认为：本次解除限售激励对象资格符合《上市公 司股权激励管理办法》及公司《2024年限制性股票激励计划（草案）》的有关规 定，其主体资格合法、有效。本次解除限售的169名激励对象考核年度内绩效考 核结果均为"B+"及以上，个人层面可解除限售比例为100%，且公司业绩指标 已达到设定的第一个解除限售期公司层面业绩考核目标的触发值，公司层面可解 除限售比例为79.4254%，因此，公司2024年限制性股票激励计划第一个解除限售 期解除限售条件已部分成就，同意公司按照《上市公司股权激 ...

格林美股份有限公司（以下简称"公司"）第七届董事会第十次会议通知已于 2026年1月23日，分别以书面、传真或电子邮件等方式向公司全体董事发出，会 议于2026年1月26日以通讯表决方式召开。本次会议应参加会议的董事6人，实际 参加会议的董事6人。出席会议的人数超过董事总数的二分之一，表决有效。会 议召开的时间、地点及方式均符合《中华人民共和国公司法》及《公司章程》的 有关规定。 证券代码：002340 证券简称：格林美 公告编号：2026-005 格林美股份有限公司 第七届董事会第十次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 律师针对该事项出具了法律意见书，具体内容详见公司指定信息披露媒体巨 潮资讯网（http://www.cninfo.com.cn）。 本议案尚需提交公司2026年第一次临时股东会审议。 （三）会议以6票同意、0票反对、0票弃权，逐项审议通过了《关于注册资 本变更、董事会战略委员会更名暨修订<公司章程>及相应制度的议案》。 二、董事会会议审议情况 （一）会议以6票同意、0票反对、0票弃权，审议通过 ...

Group 1 - Greenme's stock price dropped by 5.1% to 9.31 CNY per share, with a trading volume of 2.328 billion CNY and a turnover rate of 4.83%, resulting in a total market capitalization of 47.512 billion CNY [1] - Greenme, established on December 28, 2001, and listed on January 22, 2010, is based in Shenzhen, Guangdong, and specializes in the recycling of waste cobalt and nickel resources, electronic waste, and the production and sales of cobalt and nickel powder materials and plastic-wood profiles [1] - The main revenue composition of Greenme includes: ternary precursors (38.70%), nickel resources (15.73%), cobalt oxide (12.28%), trade and others (8.35%), cathode materials (7.26%), cobalt recovery (6.74%), tungsten resource recovery (6.01%), comprehensive utilization of power lithium batteries (3.06%), and comprehensive utilization of scrapped automobiles (1.87%) [1] Group 2 - Huatai-PineBridge Fund has one fund heavily invested in Greenme, with the Rare Earth ETF (516780) reducing its holdings by 674,000 shares in the fourth quarter, now holding 16.4929 million shares, which accounts for 5.31% of the fund's net value, ranking as the fourth largest holding [2] - The Rare Earth ETF (516780) was established on February 26, 2021, with a current size of 2.597 billion CNY, yielding 16.06% this year, ranking 301 out of 5548 in its category; over the past year, it achieved a return of 100.8%, ranking 101 out of 4285; and since inception, it has returned 104.82% [2]

Core Viewpoint - The report from Huaxin Securities indicates that the company is enhancing its self-supply capabilities for nickel and cobalt, which is expected to support its performance amid rising demand for high-nickel and ultra-high-nickel ternary precursor materials due to the growth of eVOTL, humanoid robots, and wearable AI devices [1] Group 1: Company Developments - The company is continuously breaking through in cathode materials, strengthening its self-supply capabilities for nickel and cobalt [1] - The increase in the proportion of self-supplied nickel and cobalt is expected to reduce raw material cost volatility, enhancing profit elasticity during price upcycles [1] Group 2: Market Trends - The global shipment share of high-nickel and ultra-high-nickel ternary precursor materials is on the rise, which is likely to benefit the company's ternary materials business [1] - The power battery sector is anticipated to enter a large-scale scrapping phase by 2026 and an explosive scrapping phase by 2030, indicating a broad market for lithium, nickel, and cobalt key minerals to rely on recycling for substantial replenishment [1] Group 3: Investment Rating - Given the structural upgrade in demand for ternary materials and the company's enhanced self-supply capabilities for nickel and cobalt, a "Buy" investment rating is assigned [1]

Core Insights - The industrial solid waste treatment industry in China is in its early development stage, with low industrialization and market concentration. The market size is projected to grow from 686.84 billion yuan in 2016 to 983.78 billion yuan in 2024, with a compound annual growth rate (CAGR) of 5% [1][15] - By 2025, the market size is expected to reach approximately 1,089.92 billion yuan, driven by stricter environmental regulations, the implementation of circular economy strategies, and continuous innovation in treatment technologies [1][15] Industry Overview - Industrial solid waste treatment involves the systematic collection, professional transportation, and final disposal of solid and semi-solid waste generated during industrial production. The main goal is to achieve harmlessness, reduction, and resource recovery [2][4] - The industry includes various treatment methods such as physical, chemical, and biological processes, with applications in raw material utilization, incineration power generation, and pyrolysis gasification [2][6] Market Size and Growth - The market size of the industrial solid waste treatment industry in China is projected to grow from 686.84 billion yuan in 2016 to 983.78 billion yuan in 2024, with a CAGR of 5%. By 2025, it is expected to reach approximately 1,089.92 billion yuan [1][15] - The industrial solid waste treatment equipment and engineering market is also expanding, with a projected growth from 73.99 billion yuan in 2019 to 84.57 billion yuan in 2024, and an expected size of 86.86 billion yuan in 2025 [11] Policy Support - The Chinese government has implemented several policies to support the development of industrial solid waste treatment facilities, emphasizing the importance of harmless and resourceful treatment as essential infrastructure for urban development [7][8] - Key policies include the establishment of a waste recycling system by 2025 and the comprehensive management action plan for solid waste, which aims to enhance the management and tracking of industrial solid waste [7][8] Industry Chain - The industrial solid waste treatment industry chain includes upstream equipment manufacturing, midstream specialized collection and treatment, and downstream resource recovery and recycling [9][10] - Key equipment includes waste crushing, incineration, landfill, and recycling equipment, which are crucial for the effective treatment of industrial solid waste [9][11] Key Players - Major companies in the industrial solid waste treatment sector include Hanlan Environment, Greeenmei, Fuchun Environmental Protection, Weiming Environmental Protection, and others, which are competing based on technology integration, operational efficiency, and resource recovery depth [1][15][16] - Hanlan Environment has developed a comprehensive service capability for solid waste treatment, while Fuchun Environmental Protection has expanded its business model to include resource recovery and environmental monitoring [17][18] Challenges - The industry faces challenges such as insufficient treatment capacity, outdated technology, and non-standard management practices, which hinder effective waste treatment and increase environmental risks [19] - Many regions lack adequate treatment facilities, leading to an imbalance in treatment capacity across different areas [19] Future Trends - The industry is expected to evolve towards precision separation and high-value resource recovery, utilizing advanced technologies for better waste management [20][22] - There will be a shift from project-based operations to comprehensive lifecycle management and regional collaborative disposal, enhancing efficiency and reducing environmental risks [20][21] - The value proposition of industrial solid waste treatment companies will transform from being a cost center to creating measurable carbon reduction and sustainability solutions [22]

Investment Rating - The report assigns a "Buy" investment rating for the company, indicating a positive outlook based on anticipated growth and market conditions [2][5]. Core Insights - The company is expected to benefit from the structural upgrade in demand for ternary materials, driven by the rise of eVOTL, humanoid robots, and wearable AI devices, alongside the industrialization of solid-state batteries. The company's output of nickel-cobalt precursors reached over 120,000 tons in the first three quarters of 2025, with cathode materials shipped exceeding 17,000 tons [2][3]. - The company has demonstrated resilience amid tightening supply, with an increase in self-supply of nickel and cobalt. In the first three quarters of 2025, the company shipped 79,916 tons of nickel metal from its Indonesian project, marking a 151% year-on-year increase, and produced 6,534 tons of cobalt metal, effectively mitigating the impact of export bans [3]. - The recycling of power batteries is projected to enter a large-scale scrapping phase in 2026, with significant market potential for lithium, nickel, and cobalt resources. The company recycled 36,643 tons of power batteries in the first three quarters of 2025, a 59% increase year-on-year [4]. Financial Projections - Revenue forecasts for the company are projected at 39.27 billion yuan for 2025, 48.18 billion yuan for 2026, and 59.51 billion yuan for 2027. The expected earnings per share (EPS) are 0.32 yuan, 0.45 yuan, and 0.69 yuan for the respective years, with corresponding price-to-earnings (PE) ratios of 30, 21, and 14 times [5][9].

Core Viewpoint - The article discusses the emergence of "pilot testing platforms" in China's manufacturing industry, which serve as crucial facilitators for the transition of scientific innovations from the lab to mass production, effectively navigating the challenges of the "Darwinian Dead Sea" in technology commercialization [1][4]. Group 1: Pilot Testing Platforms - Pilot testing platforms are essential for overcoming the technical bottlenecks in large-scale production, allowing for efficient product validation and market acceptance [1]. - These platforms are characterized by their large physical space and significant investment in advanced equipment, enabling comprehensive testing and development across various technologies [5][6]. - The advanced photovoltaic device pilot testing platform by Tongwei has a total area of 68,000 square meters, making it the largest in the photovoltaic industry, capable of parallel research and development of multiple technologies [5][6]. Group 2: Role in Innovation - Pilot testing platforms act as "scouts" for new technologies, enabling companies to explore and develop next-generation technologies while maintaining production efficiency [10]. - They serve as "demolition experts" that help overcome technical challenges in product manufacturing, such as achieving high yield and stability in battery materials [11]. - These platforms also function as "training grounds" for products before they enter the market, allowing for full-process validation and optimization [12]. Group 3: Industry Collaboration and Ecosystem - The platforms are increasingly recognized in national policies, emphasizing their role as "locomotives" for industrial development and collaboration [15]. - By opening their capabilities to the industry, these platforms can drive collaborative innovation and enhance the overall level of the supply chain [15][16]. - The establishment of an ecosystem that includes research and development, incubation, and investment is crucial for fostering technological innovation and market expansion [16]. Group 4: Challenges Faced - The construction and operation of pilot testing platforms face significant challenges, including technical integration, funding, talent acquisition, and trust issues [18][20]. - High investment costs and uncertain returns pose economic challenges, as the platforms require substantial funding for equipment and facilities [20][21]. - The scarcity of skilled personnel who can manage the complex operations of these platforms is a major bottleneck [22][23].

Investment Rating - The report assigns a "Buy" investment rating for the company, indicating a positive outlook for its stock performance in the coming months [2][8]. Core Insights - The company is expected to benefit from the structural upgrade in demand for ternary materials, with continuous technological breakthroughs in high-nickel and ultra-high-nickel ternary precursors [5]. - The company's self-sufficiency in nickel and cobalt is strengthening, showcasing resilience amid tightening supply due to external factors such as export bans [6]. - The recycling of power batteries is projected to grow significantly, with the company actively participating in this emerging market [7]. - Revenue forecasts for the company are optimistic, with projected revenues of 39.27 billion, 48.18 billion, and 59.51 billion yuan for 2025, 2026, and 2027 respectively, alongside increasing earnings per share (EPS) [8][11]. Summary by Sections Market Performance - The company's stock price has shown a range from 5.85 to 9.66 yuan over the past 52 weeks, with an average daily trading volume of approximately 1.1 billion yuan [2]. Business Operations - In the first three quarters of 2025, the company shipped over 120,000 tons of nickel-cobalt precursors and 17,000 tons of cathode materials, indicating strong operational performance [5]. - The company has achieved significant production milestones, including the mass production of ultra-high nickel precursors and the establishment of a low-carbon recycling innovation lab for power batteries [7]. Financial Projections - The company is projected to see substantial growth in net profit, with estimates of 1.66 billion, 2.31 billion, and 3.53 billion yuan for 2025, 2026, and 2027 respectively, reflecting a robust growth trajectory [11]. - The report anticipates a decrease in the price-to-earnings (P/E) ratio from 30 times in 2025 to 14 times by 2027, suggesting increasing valuation attractiveness [8][11].

Investment Rating - The industry rating is "Recommended" [3] Core Views - Short-term raw material supply tightness is expected to support nickel prices, with LME nickel spot price reaching $18,630 per ton, up 5.70% from January 16 [1] - The cobalt market is anticipated to see continued price increases due to structural supply tightness, with electrolytic cobalt priced at 438,000 yuan per ton, down 3.74% from January 16 [2][5] - Domestic antimony supply remains tight, providing price support, with antimony ingot prices at 160,500 yuan per ton [6] - Lithium carbonate prices are expected to continue rising, with a market average of 171,100 yuan per ton, up 8.36% from January 16 [8][19] - Supply uncertainties in the rare earth market are expected to support prices, with significant global supply concentration in China [10][20] - Tin prices are supported by overseas supply uncertainties, with LME tin prices at $54,200 per ton, up 9.66% from January 16 [11][21] - Tungsten market supply-demand imbalance is notable, with white tungsten concentrate prices at 535,500 yuan per ton, up 5.93% from January 16 [13][22] - Uranium supply tightness is expected to persist, with global uranium prices at $63.51 per pound [14][15] Summary by Sections Nickel and Cobalt Industry Update - Nickel prices are supported by supply constraints, with Indonesia's nickel mining production quota expected to be reduced to 250-260 million tons [1][16] - Cobalt supply is projected to tighten further, with Congo's export quotas confirmed to extend into 2026 [2][17] Antimony Industry Update - Antimony supply remains tight, with domestic prices expected to rise due to export restrictions and seasonal supply issues [6][18] Lithium Industry Update - Lithium carbonate prices are expected to remain strong due to demand support and supply uncertainties, particularly regarding the recovery of key lithium mines [8][19] Rare Earth Industry Update - The rare earth market is facing supply tightening due to export bans and geopolitical factors, with China maintaining a dominant position [10][20] Tin Industry Update - Tin prices are supported by uncertainties in overseas supply, particularly from Myanmar and Congo [11][21] Tungsten Industry Update - The tungsten market is experiencing a supply-demand imbalance, with prices expected to rise due to limited new supply [13][22] Uranium Industry Update - Uranium prices are supported by ongoing supply tightness and geopolitical factors affecting production [14][15]