Group 1 - The core relationship between the company and LG Chem is that LG Chem is a global core strategic customer of the company [2] - The company primarily supplies key battery materials such as high-nickel ternary precursors to LG Chem [2] - The partnership between the company and LG Chem is characterized by a long-term stable cooperation aimed at serving the electrification needs of leading global automotive manufacturers [2]

Core Viewpoint - The company confirmed that its nickel resource project in Indonesia is progressing normally and orderly during October and November 2025, and there are currently no plans for a spin-off listing [2] Group 1 - The company responded to investor inquiries regarding the operational status of its Indonesian project in late 2025, indicating that production will be normal [2] - The company stated that it does not have any plans for a spin-off listing at this time [2] - Investors are encouraged to pay attention to the company's announcements for further updates [2]

每经AI快讯，有投资者在投资者互动平台提问：请问贵公司铜库存量如何？ （文章来源：每日经济新闻） 格林美（002340.SZ）1月4日在投资者互动平台表示，公司从动力锂电池与报废汽车、电子废弃物等业 务中回收的金属铜，主要作为金属原料直接对外销售。目前，该部分铜的库存量在公司总库存中占比有 限，不构成重大影响。 ...

Core Viewpoint - The company has established a 50,000-ton lithium iron phosphate recycling demonstration line, producing high-quality battery-grade lithium iron phosphate, which is competitive in performance and cost compared to directly produced commercial products [1]. Group 1: Production Capacity and Output - The company has built a demonstration line capable of recycling 50,000 tons of lithium iron phosphate black powder [1]. - The current annual output of lithium iron phosphate from the recycling line is not specified in the provided information [1]. Group 2: Product Performance and Market Position - The core performance of battery-grade lithium iron phosphate produced from recycled materials is comparable to that of commercially produced products [1]. - The company emphasizes advantages in production costs and the green premium associated with using recycled materials [1]. - Continuous research and development efforts will be made to adapt to market demands [1].

Core Viewpoint - The battery sector, particularly the battery 50 ETF (159796), has experienced a significant surge due to strong capital inflow and a rebound in component stocks, driven by the booming demand for energy storage solutions [1][3][5]. Group 1: Market Performance - As of December 30, the battery 50 ETF (159796) rose over 2%, recovering from previous declines with more than 85 million yuan in capital inflow [1]. - Key component stocks such as Sanhua Intelligent Control and Tianci Materials saw substantial gains, with Sanhua hitting the daily limit and Tianci rising over 3% [3][4]. Group 2: Industry Dynamics - The energy storage sector is experiencing a transformative shift, driven by the global energy transition and advancements in AI, leading to a significant increase in electricity demand [7]. - Domestic policies are evolving from mandatory energy storage to independent energy storage, enhancing the economic viability of storage projects [7]. - The demand for energy storage in China is projected to grow significantly, with a 118% year-on-year increase in project bidding data for the first ten months of 2025 [8]. Group 3: Future Projections - Global energy storage installations are expected to grow by over 60% next year, with a compound annual growth rate of 30-50% over the next three years [10]. - By 2025, the domestic energy storage installation capacity is anticipated to reach over 180 million kilowatts, nearly doubling within two and a half years [8]. Group 4: Investment Opportunities - The battery 50 ETF (159796) has a high concentration in the energy storage sector, with 27% of its index comprising energy storage components, positioning it well to benefit from the sector's growth [15]. - The ETF also includes a significant portion of solid-state battery technology, which is expected to see substantial advancements and market potential [15][17].

Core Viewpoint - Greeenme's stock price has shown a significant increase of 26.24% this year, with a recent rise of 3.55% over the last five trading days, indicating positive market sentiment and performance [1]. Company Overview - Greeenme Co., Ltd. is located in Shenzhen, Guangdong Province, and was established on December 28, 2001, with its stock listed on January 22, 2010. The company 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 composites [2]. - The main revenue composition 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%) [2]. Financial Performance - For the period from January to September 2025, Greeenme achieved an operating income of 27.498 billion yuan, representing a year-on-year growth of 10.55%. The net profit attributable to shareholders was 1.109 billion yuan, reflecting a year-on-year increase of 22.66% [2]. - The company has distributed a total of 1.825 billion yuan in dividends since its A-share listing, with 1.002 billion yuan distributed over the past three years [3]. Shareholder Structure - As of September 30, 2025, Greeenme had 423,200 shareholders, a decrease of 3.75% from the previous period. The average circulating shares per person increased by 3.89% to 12,016 shares [2]. - Major shareholders include Hong Kong Central Clearing Limited, holding 111 million shares (a decrease of 14.5245 million shares), and Southern CSI 500 ETF, holding 74.5979 million shares (a decrease of 1.4917 million shares). New shareholders include Guangfa National Certificate New Energy Vehicle Battery ETF, holding 52.7594 million shares [3].

Company Overview - Greeenme is located in Shenzhen, Guangdong Province, and was established on December 28, 2001, with its listing date on January 22, 2010 [1] - The company 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] Business Revenue Composition - The main business revenue composition includes: - 38.70% from ternary precursors - 15.73% from nickel resources (MHP, nickel plates) - 12.28% from cobalt oxide - 8.35% from trading and others - 7.26% from cathode materials - 6.74% from cobalt recovery (cobalt powder, cobalt sheets, etc.) - 6.01% from tungsten resource recycling (APT, tungsten carbide powder, etc.) - 3.06% from comprehensive utilization of power lithium batteries - 1.87% from comprehensive utilization of scrapped automobiles [1] Fund Holdings - According to data, one fund under Jiao Yin Schroder holds a significant position in Greenme, specifically the Jiao Yin CSI Environmental Governance Index (LOF) A (164908), which reduced its holdings by 132,900 shares in the third quarter, now holding 339,200 shares, accounting for 2.25% of the fund's net value [2] - The fund has reported a floating loss of approximately 50,900 yuan today [2] Fund Performance - The Jiao Yin CSI Environmental Governance Index (LOF) A (164908) was established on July 19, 2016, with a current scale of 116 million [2] - Year-to-date return is 18.28%, ranking 2903 out of 4195 in its category; the one-year return is 15.07%, ranking 3083 out of 4179; since inception, it has incurred a loss of 51.14% [2] Fund Manager Information - The fund manager of Jiao Yin CSI Environmental Governance Index (LOF) A (164908) is Shao Wenting, who has been in the position for 4 years and 246 days [3] - The total asset scale under management is 13.561 billion, with the best fund return during the tenure being 51.87% and the worst being -34.99% [3]

Summary of Conference Call on Cobalt Market Dynamics Industry Overview - The cobalt market is experiencing significant changes due to delays in the export of cobalt raw materials from the Democratic Republic of Congo (DRC), leading to a reduction in China's cobalt inventory and a subsequent rise in cobalt prices since December [1][2][3]. Key Points and Arguments - **Cobalt Price Surge**: The price of electrolytic cobalt in Wuxi has reached 436,000 yuan, marking a new high for the year. This increase aligns with previous expectations discussed in early December [2]. - **Supply Chain Disruptions**: The DRC's cobalt export process is still under approval, causing delays that are expected to extend into January. This has resulted in a significant reduction in China's cobalt inventory, which is projected to drop to approximately 8,000 tons by the end of April 2024, enough for only half a month's usage [3][4]. - **Future Price Predictions**: It is anticipated that cobalt prices could reach an average of 500,000 to 600,000 yuan per ton in 2026, driven by potential supply shortages and increased demand as companies prepare for possible disruptions [1][6]. - **Beneficiary Companies**: Companies with Indonesian MHP production capacity, such as Huayou Cobalt, Greeenmei, and Tengyuan Cobalt, are expected to benefit significantly from rising cobalt prices. Huayou Cobalt's MHP capacity of 230,000 to 240,000 tons will notably enhance its profit elasticity [1][5]. - **Nickel Market Dynamics**: Nickel prices have rebounded due to news from the Indonesian nickel mining sector, but the long-term trend remains uncertain. Strict enforcement of nickel mining quotas by the Indonesian government could shift the market from surplus to a balanced state, benefiting companies like Huayou Cobalt and Greenmei [1][7]. - **Lithium Market Outlook**: The lithium market remains stable, although some lithium iron phosphate companies plan to reduce production temporarily. Overall demand for lithium is expected to depend on battery production schedules. Huayou Cobalt's lithium business is projected to be profitable, especially with the expansion of the Arcadia project [3][7]. Additional Important Insights - **Market Sentiment**: The current market sentiment indicates a potential "short squeeze" scenario for cobalt prices in 2026, as companies may prefer to engage in arbitrage rather than production due to cost imbalances [6]. - **Investment Recommendations**: Investors are advised to focus on companies with robust production reserves, such as Huayou Cobalt, Luxshare Precision, and Greenmei, as they are well-positioned to capitalize on the upcoming market trends [7][8].

Core Viewpoint - The A-share market is experiencing a strong upward trend, with the Battery 50 ETF (159796) showing significant gains and a notable increase in trading volume, indicating positive investor sentiment in the battery sector [1][3]. Market Performance - As of December 25, the Battery 50 ETF (159796) surged by 0.83%, with a trading volume exceeding 200 million yuan, marking a potential five-day winning streak [1]. - The index's constituent stocks exhibited mixed performance, with Sanhua Intelligent Control rising over 5% and leading other stocks, while companies like CATL and Yiwei Lithium Energy experienced slight declines [3][4]. Lithium Carbonate Market - Lithium carbonate futures saw a significant increase, rising nearly 6% on December 24, approaching 130,000 yuan, and reaching a new high for the year [6]. - The main contract for lithium carbonate experienced a short-term surge, with a daily decline narrowing to 0.6% after initially dropping nearly 6% [6]. Industry Trends - The lithium battery materials sector is witnessing multiple positive changes, driven by unexpected demand in energy storage, leading to a recovery in the industry’s overall health [6][7]. - The electrolyte supply chain is expected to see a significant upward shift, with lithium hexafluorophosphate prices rising rapidly, indicating a tight balance in the industry by 2026 [6][7]. Supply and Demand Forecast - Projections for lithium battery demand show an increase from 1,502 GWh in 2024 to 2,603 GWh by 2026, while supply is expected to grow from 2,271 GWh to 3,558 GWh in the same period, resulting in a decreasing surplus rate [8]. - The supply-demand balance for various components, including electrolytes and separators, is expected to improve significantly, with supply growth lagging behind demand [8]. Investment Strategy - The Battery 50 ETF (159796) is highlighted as a strategic investment option, focusing on sectors with high growth potential, such as energy storage and solid-state batteries, which are expected to benefit from technological advancements [9][11]. - The ETF's index has a high concentration of energy storage components (27%) and solid-state battery components (42%), positioning it favorably for future growth opportunities [9][11]. Conclusion - The Battery 50 ETF (159796) is positioned as a leading investment vehicle in the battery sector, with a low management fee and significant market presence, making it an attractive option for investors looking to capitalize on the sector's growth [14].

Core Viewpoint - Company aims to strengthen its market position in the global new energy battery materials sector through strategic alliances and equity cooperation with industry partners [1] Group 1 - Company is promoting equity cooperation with upstream and downstream partners to enhance its strategic alliance in the industry chain [1] - This initiative is designed to meet global market demand and defend the company's market position [1] - By reducing the proportion of project financing, the company aims to lower external investment pressure and improve cash capabilities [1]