据港交所9月22日披露，格林美（002340）股份有限公司(简称：格林美)向港交所主板提交上市申请书，摩根大通、中信证 券、中信建投（601066）国际为其联席保荐人。格林美(002340.SZ)已在深交所上市。 | [編纂]項下的[編纂]數目 | : ﺑ | [編纂]股H股(視乎[編纂]行使與否而定) | | --- | --- | --- | | [編纂]數目 | .. | [編纂]股H股(可予重新分配) | | [編纂]數目 | ·· | 「編纂】股H股(可予重新分配及視乎「編 | | 纂]行使與否而定) | | | | 最高[編纂] : | | 每股H股[編纂]港元,另加1.0%經 | | 紀佣金、0.0027%證監會交易徵 | | | | | | 費、0.00565％香港聯交所交易費及 | | | | 0.00015%會財局交易徵費(須於「編 | | 纂]時以港元繳足) | | | | 面值 .. | | 每股H股人民幣1.00元 | | [編纂] : [編纂] | | | | 聯席保薦人·[編纂] | | | 招股书显示，格林美是关键金属资源回收生产以及锂离子电池回收行业的引领者，亦是全球新能源材 ...

智通财经APP获悉，据港交所9月22日披露，格林美股份有限公司(简称：格林美)向港交所主板提交上市申请书，摩根大通、中 信证券、中信建投国际为其联席保荐人。格林美(002340.SZ)已在深交所上市。 | [編纂]項下的[編纂]數目 : ﻳ | | 「編纂]股H股(視乎[編纂]行使與否而定) | | --- | --- | --- | | [編纂]數目 . . | | 「編纂】股H股(可予重新分配) | | [編纂]數目 | | :「編纂】股H股(可予重新分配及視乎[編 | | | 纂 行使與否而定) | | | 最高[繃纂] : | | 每股H股[編纂]港元,另加1.0%經 | | | | 紀佣金、0.0027%證監會交易徵 | | | | 費、0.00565%香港聯交所交易費及 | | | | 0.00015%會財局交易徵費(須於「編 | | | 纂]時以港元繳足) | | | 面值 . | 每股H股人民幣1.00元 | | | [編纂] : [編纂] | | | | 聯席保薦人·「編纂] | | | 招股书显示，格林美是关键金属资源回收生产以及锂离子电池回收行业的引领者，亦是全球新能源材料制造行业的领先 ...

Core Viewpoint - Greenmei Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with JPMorgan, CITIC Securities, and CITIC Construction Investment International as joint sponsors. The company is already listed on the Shenzhen Stock Exchange [1]. Group 1: Company Overview - Greenmei is a leader in the recycling of critical metal resources and lithium-ion batteries, as well as a prominent player in the global new energy materials manufacturing industry. The company operates a comprehensive business model centered around a circular economy, focusing on three core areas: critical metal resources, lithium-ion battery and end-of-life vehicle recycling, and new energy materials [4]. - The company has established itself as a pioneer in the recovery of critical metal resources, including nickel, cobalt, tungsten, lithium, germanium, titanium, copper, manganese, gold, silver, and platinum. According to Frost & Sullivan, Greenmei ranks first in China for the recovery of nickel, cobalt, and tungsten resources based on projected recovery volumes for 2024 [4]. Group 2: Business Segments - In the lithium-ion battery and end-of-life vehicle recycling sector, Greenmei procures retired lithium-ion batteries from third parties and recycles batteries from scrapped electric vehicles (EVs). The company has established partnerships with over 1,000 automotive and battery manufacturers globally and has set up six lithium-ion battery recycling subsidiaries in China, all of which are included in the Ministry of Industry and Information Technology's whitelist. Greenmei ranks first in the domestic market for third-party retired lithium-ion battery recycling based on projected recovery volumes for 2024 [5]. - In the new energy materials sector, Greenmei supplies products such as ternary precursors and cathode materials for lithium-ion batteries, as well as cobalt oxide for 3C batteries. The company has established long-term stable partnerships with nine of the top ten lithium-ion battery manufacturers globally. Based on projected shipment volumes for 2024, Greenmei ranks second in the global supply of ternary precursors and cobalt oxide [6]. Group 3: Financial Performance - For the fiscal years ending December 31 and the six months ending June 30, the company reported revenues of 29.39 billion RMB, 30.53 billion RMB, 33.20 billion RMB, and 17.56 billion RMB for 2022, 2023, 2024, and the first half of 2025, respectively. The corresponding profits were approximately 1.33 billion RMB, 1.16 billion RMB, 1.33 billion RMB, and 842.77 million RMB [6][7].

据港交所文件：格林美股份有限公司向港交所提交上市申请书。 ...

格隆汇9月22日｜据港交所文件：格林美股份有限公司向港交所提交上市申请书。 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [5][11]. Core Insights - The company achieved a record high in self-supplied nickel and cobalt, effectively mitigating the impact of the cobalt raw material ban from the Democratic Republic of Congo [1][5]. - The company's revenue from key metal resource recycling business reached 6.467 billion yuan in H1 2025, a year-on-year increase of 2.56%, accounting for 36.83% of total sales [1]. - The nickel metal shipment from the company's Indonesian nickel resource project reached 44,000 tons in H1 2025, a year-on-year increase of 112%, with expectations of over 100,000 tons for the entire year [1]. - The company’s self-produced cobalt metal from the Indonesian project was 3,700 tons in H1 2025, a year-on-year increase of 125% [1]. Summary by Sections Key Metal Resource Recycling - The company’s key metal resource recycling business generated revenue of 6.467 billion yuan in H1 2025, up 2.56% year-on-year, representing 36.83% of total sales [1]. - Nickel metal shipments from the Indonesian project were 44,000 tons, a 112% increase year-on-year, with expectations of exceeding 100,000 tons for the full year [1]. New Energy Battery Materials - Revenue from the new energy battery materials business was 10.226 billion yuan in H1 2025, a 0.56% increase year-on-year, accounting for 58.24% of total sales [2]. - The shipment of cobalt tetraoxide reached 14,600 tons, a 39% increase year-on-year, benefiting from rising cobalt prices and improved self-supply [2]. - The company achieved a gross margin of 12.40% for cobalt tetraoxide, up 2.21 percentage points year-on-year [2]. Battery Recycling - The company’s battery recycling business generated revenue of 867 million yuan in H1 2025, a 0.54% increase year-on-year, accounting for 4.93% of total sales [3]. - The amount of recycled and dismantled power batteries reached 22,400 tons, a 37% increase year-on-year [3]. - The company is collaborating with 12 key industry players to establish a low-carbon circular industry innovation laboratory for power battery recycling [3]. Financial Projections - The company is expected to achieve net profits of 1.630 billion yuan, 2.317 billion yuan, and 3.444 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 59.8%, 42.1%, and 48.6% [3][10]. - Corresponding EPS for the years 2025, 2026, and 2027 are projected to be 0.32 yuan, 0.45 yuan, and 0.67 yuan [3][10].

Core Viewpoint - The company, Greeenmei, is strategically positioned to benefit from the tightening cobalt supply in the Democratic Republic of Congo (DRC) by leveraging its Indonesian nickel smelting project, which has a significant by-product cobalt capacity. Group 1: Company Operations - The Indonesian nickel smelting project has a total capacity of 150,000 metal tons per year, with approximately 12,000 metal tons per year of by-product cobalt [1] - In the first half of 2025, the company expects to produce 3,667 tons of cobalt metal from its Indonesian resources, representing a 125% year-on-year increase [1] - Cobalt recovery is projected to reach 10,128 tons in 2024 and 5,187 tons in the first half of 2025, enhancing the company's self-sufficiency in nickel and cobalt raw materials [1] Group 2: Market Position and Strategy - The tightening of cobalt supply due to DRC export quota policies may increase supply chain tensions and price volatility, but this presents a strategic opportunity for the company to showcase its integrated advantages [1] - The company’s reliance on Indonesian resources for cobalt raw materials effectively mitigates external dependency risks and stabilizes procurement costs [1] - The strong cost competitiveness of MHP products, with nickel costs being highly elastic after cobalt revenue deductions, is expected to significantly expand profit margins [1] - The stable self-supply capability of the company will become a key resource for downstream customers amid industry challenges of cobalt availability, accelerating market share growth and strengthening pricing power [1]

Investment Rating - The report maintains a positive outlook on the construction materials industry, indicating a recovery in the consumption segment and a price increase cycle for fiberglass products [1][5][7]. Core Insights - The construction materials sector is showing signs of recovery, with the fundamentals entering a positive phase, particularly in real estate sales and construction starts [1][20][21]. - A price increase cycle for fiberglass products is anticipated, driven by supply-demand dynamics and market conditions [2][6][7]. - The cement industry is entering a peak season with price increases observed in various regions, supported by policy measures aimed at limiting overproduction [4][27][28]. Summary by Sections Construction Materials - The consumption construction materials sector is stabilizing, with expectations of improved revenue performance starting in Q3 2025 due to lower revenue baselines and reduced price competition [1][20][21]. - Companies like Hanhigh Group and Sankeshu are already showing growth, with expectations for Dongfang Yuhong to follow suit [1][15]. Fiberglass - The fiberglass market is experiencing a price increase cycle, with major companies discussing price hikes for various products, including low dielectric fabrics [2][6]. - The supply-demand balance is shifting positively, with larger manufacturers maintaining good inventory control while smaller producers are adjusting prices upward [6][7]. Cement - The cement market is witnessing a slight price increase, with specific regions like Jiangsu and Anhui implementing price hikes [4][27]. - The report highlights the potential for growth in the cement sector due to policy support and overseas expansion opportunities [27][28]. Investment Recommendations - Companies such as China Jushi, Zhongcai Technology, and Feilihua are highlighted for their strong market positions and growth potential in the fiberglass and construction materials sectors [10][12][18]. - Huaxin Cement is noted for its overseas expansion and profitability, particularly from its Nigerian operations, which are expected to contribute significantly to future earnings [31][33].

Group 1: Financial News - Dongguan Science and Technology Innovation Group successfully issued its first phase of technology innovation bonds with a scale of 500 million yuan, a term of 3+2 years, and a coupon rate of 2.30%, marking a new low for comparable bonds in 2025 [3] - The successful issuance strengthens the financial capacity of the Science and Technology Innovation Group, optimizes its financing structure, and enhances its risk resistance ability [3] Group 2: Company Developments - Xiangxin Technology launched a commercial energy storage system in collaboration with PANECO, officially entering the commercial energy storage market [4] - The project is set to start in December 2024 and aims for trial production by June 2025, focusing on applications such as peak-valley arbitrage and emergency backup power [4] - Tuosda released its first wheeled humanoid robot, "Xiao Tuo," which features 21 degrees of freedom and can handle loads up to 20 kg, targeting the injection molding industry [5] - Greenway Technology signed a five-year strategic cooperation agreement with Greeenmei to establish a comprehensive partnership in the recycling and utilization of power batteries [6] - The partnership aims to create a closed-loop industrial chain for the lifecycle of electric vehicles and power batteries, enhancing market competitiveness and promoting green low-carbon development [6] Group 3: Shareholder Actions - Yidong Electronics announced that its controlling shareholder's concerted actors plan to reduce their holdings by up to 6.9168 million shares, representing 2.96% of the total share capital [7] - Jiebang Technology's actual controllers have changed, with Xin Yunfeng and Yang Wei now holding a combined 55.89% voting rights after the expiration of the previous concerted action agreement [8] - Jinlong Co., Ltd. announced that 30 million shares, representing 3.35% of the total share capital, will be auctioned starting October 12, 2025, with the shares currently frozen by the court [9]

Summary of Key Points from the Conference Call Industry Overview - **Industry**: Cobalt and Nickel Production in the Asia Pacific region, specifically focusing on the Democratic Republic of the Congo (DRC) and its impact on Chinese producers [2][8] Core Insights - **Cobalt Export Ban**: The DRC has extended its cobalt export ban until October 15, 2025, which will be followed by export quotas [2][8] - **Global Production Impact**: The DRC accounted for over 70% of global cobalt production in 2024. The new quotas are expected to lead to a significant supply decline in 2026-27 [2][8] - **CMOC Sales Projections**: CMOC sold 109,000 tons (kt) of cobalt in 2024 and 46kt in the first half of 2025. Assuming a quota similar to the national level, CMOC could sell approximately 8.6kt in Q4 2025 and around 43.6kt in 2026-27 [2][8] - **Nickel Smelters' Advantage**: Nickel smelters in Indonesia using laterite nickel ore and the High Pressure Acid Leach (HPAL) method can obtain about 10% cobalt as a byproduct. This is expected to benefit them from potential cobalt price increases [3][8] - **Production Estimates**: Huayou's cobalt production from its Indonesian smelting operations is estimated to be around 20kt in 2025 (11kt attributable), while GEM's production is estimated at 12kt (6kt attributable) [3][8] Additional Important Information - **Export Quota Details**: The maximum export amount is set at 18,125 tons for 2025, with a breakdown of 3,625 tons for October and 7,250 tons for both November and December. For 2026-27, the maximum export amount is projected to be 96.6kt, which is about 40% of normal production levels [8] - **Quota Distribution**: Quotas will be allocated to companies based on historical export volumes, excluding those that exported less than 100 tons in 2024 or whose cobalt resources have been depleted [8] Industry Rating - **Overall Industry View**: The Greater China Materials sector is rated as Attractive, indicating a positive outlook for the industry over the next 12-18 months [5]