证券日报网讯 12月22日，格林美在互动平台回答投资者提问时表示，截至2025年12月19日，公司股东 总户数423216户。 （文章来源：证券日报） ...

Core Viewpoint - Greeenmei has established the world's largest recycling base for key metals such as nickel, cobalt, and tungsten, significantly enhancing its position in the global competition for these resources [1] Group 1: Company Achievements - The company has achieved an annual recycling capacity of cobalt resources that exceeds 350% of China's original cobalt mining output [1] - The annual recycled nickel resources account for 20% of China's original nickel mining output [1] - The annual recycled tungsten resources represent 10% of China's original tungsten mining output [1] Group 2: Production and Sales Data - By the third quarter of 2025, the company's nickel resource projects produced 6,534 tons of cobalt metal (including equity production capacity) [1] - Cobalt recovery exceeded 6,000 tons, while nickel-cobalt precursor shipments reached over 120,000 tons [1] - The shipment of cathode materials amounted to 17,000 tons, and the recycled tungsten resource shipment reached 5,590 tons (measured in WC) [1]

Core Viewpoint - The company maintains a long-term stable partnership with South Korean clients, adhering to international business standards and market rules, which is expected to positively impact its operations [1] Group 1 - The company believes that enhanced bilateral economic liquidity and currency stability policies will create a more convenient and stable financial environment for trade settlements and capital flows with South Korean clients [1] - The company will continue to monitor relevant policy developments and actively seize market opportunities to promote the steady implementation of its internationalization strategy [1] - Specific project settlement arrangements will be determined through friendly negotiations with partners based on commercial rationality and actual needs [1]

Core Viewpoint - The battery sector is experiencing significant growth driven by surging demand for energy storage solutions, with the Battery 50 ETF showing strong performance and capital inflow [1][3][21]. Group 1: Market Performance - As of December 22, the Battery 50 ETF (159796) rose by 1.63%, with a trading volume exceeding 1.4 billion yuan, indicating strong market interest [1]. - The ETF has seen a net inflow of 1.28 billion yuan on the latest trading day, with a total of 4.15 billion yuan in net inflows over the past five trading days [1]. Group 2: Stock Performance - Key stocks within the Battery 50 ETF saw significant gains, with Enjie Technology rising over 9% and multiple other stocks like Molybdenum and Xiwangda increasing by over 2% [3]. - The top ten constituent stocks of the ETF include major players like Ningde Times and Sunshine Power, with varying performance metrics [3]. Group 3: Lithium Price Trends - Lithium carbonate futures surged over 4%, with recent adjustments to trading limits on lithium contracts by the Guangxi Futures Exchange [3]. - Morgan Stanley has raised the target price for lithium carbonate to $18,000 per ton for Q4 2026, significantly above the current spot price of approximately $13,500 per ton [5]. Group 4: Demand Drivers - The growth in lithium demand is primarily driven by energy storage systems (ESS) and electric commercial vehicles (CV), with demand growth exceeding market expectations [5]. - The domestic energy storage market is experiencing a substantial increase in project bidding, with a year-on-year growth of 118% in capacity [10]. Group 5: Industry Outlook - The battery industry is expected to see a significant increase in demand, with projections indicating a global lithium battery demand of 2,721 GWh by 2026, reflecting a 30% year-on-year growth [15]. - The supply-demand balance is expected to improve, particularly in the electrolyte and separator segments, as industry capacity utilization rates exceed 75% [19][20]. Group 6: Investment Strategy - The Battery 50 ETF is highlighted as a strategic investment vehicle, with a high concentration in energy storage and solid-state battery technologies, making it well-positioned to benefit from market trends [21][23]. - The ETF's management fee is notably low at 0.15% per year, enhancing its attractiveness for investors [26].

Core Viewpoint - Greeenmei plans to acquire a 16.38% stake in Henan Recycling Technology Industry Group for 400 million RMB to enhance its circular industry strategy [1] Group 1: Investment Details - The acquisition is part of a series of "two-way transactions" between Greenmei and Henan Recycling Group, which includes previous asset sales by Greenmei [1] - Henan Recycling Group, fully owned by Henan Investment Group, operates in various sectors including electronic waste dismantling and scrap vehicle recycling [1] - Greenmei's investment comes at a time when it faces financial challenges, with a reported revenue of 9.937 billion RMB for Q3 2025, a year-on-year increase of 31.89% [1] Group 2: Financial Performance - Despite revenue growth, Greenmei's gross margin has been under pressure, with a gross margin of 12.48% in mid-2025, down 7.65 percentage points year-on-year [1] - As of Q3 2025, Greenmei's interest-bearing debt reached 32.18 billion RMB, a 37.76% increase, significantly outpacing the 10.55% revenue growth [2] - The company's liquidity is concerning, with a cash-to-current liabilities ratio of only 20.99% and cash constituting just 7.03% of total assets [2] Group 3: Asset Transactions - The investment is structured as a "asset integration + equity cooperation" model, indicating a collaborative approach rather than a one-sided investment [2] - Prior to the 400 million RMB acquisition, Greenmei had transferred shares of three companies to Henan Recycling Group in December 2024 [2] - In October 2025, Henan Recycling Group acquired certain electronic waste and plastic recycling assets from Greenmei, including 100% equity of Jiangxi Green Recycling Materials Co., Ltd. for 280 million RMB [3] Group 4: Henan Recycling Group's Status - As of January to September 2025, Henan Recycling Group reported revenues of 67.30 million RMB but incurred a net loss of 1.63 million RMB [5] - The investment by Greenmei targets a company that is currently operating at a loss and has a relatively limited scale [6] - Post-transaction, Henan Recycling Group will be classified as an associate company of Greenmei, meaning it will not be included in Greenmei's consolidated financial statements [6]

Group 1: Industry Investment Rating - No information provided Group 2: Core Views - No information provided Group 3: Summary by Related Catalogs Indonesia's Nickel - Related Projects - In 2025, several MHP projects are planned or in operation, such as the 2 - capacity Green Eco (IMIP) by GEM, which was put into production in March 2025, and the 6.7 - capacity Blue Flame (WedaBay - IWIP) by Tsingshan + Merdeka, to be put into production in 2025Q4. There are also high - matte nickel projects like the 6 - capacity Zhongqing New Energy Phase II Expansion by Zhongwei from 2025Q1 - Q2 [40]. - For NPI projects in 2025 - 2026, PT Ceria Nugraha Indotama (Ceria) Kolaka has a planned capacity of 5.56 in 2025Q2, and the Dong Kalimantan Steel Phase II was postponed to 2025Q1 with a capacity of 1.9 [43]. - Regarding refined nickel projects in China and Indonesia from 2025 - 2026, China's total capacity is expected to increase from 46.18 in 2024 to 58.58 in 2025 and 67.78 in 2026, while Indonesia's will rise from 10 in 2024 to 13 in 2025 and 19 in 2026 [44]. Nickel Industry Import and Export Data - From January - October 2025, nickel ore imports were 4,682,830.3 tons with a year - on - year increase of 11.8192%, and the annual cumulative imports were 36,885,298.93 tons with a 11.1072% increase. Nickel pig iron imports were 905,144.28 tons with a 31.7213% increase, and the annual cumulative was 9,210,532.888 tons with a 30.6491% increase [64]. - Refined nickel imports were 9,741.246 tons with a 0.594038% increase, and the annual cumulative was 195,124.014 tons with a 178.853% increase. Nickel's wet - process intermediate imports were 151,253.93 tons with a 26.2993% increase, and the annual cumulative was 1,530,353.727 tons with a 29.3579% increase [64]. Market Data and Trends - The LME nickel inventory decreased by 1,818 tons from October to November 2025, with China's inventory decreasing by 1,476 tons, and Australia's by 666 tons [81]. - In terms of the growth rate of the nickel industry's upstream and downstream from 2023 - 2025, MHP had a 70.28% growth in 2023, reaching 310,000 nickel tons in 2024 with a 94% growth, and is expected to reach 440,000 nickel tons in 2025 [97]. - The global nickel supply - demand balance shows a surplus, with the surplus increasing from 17.9 in 2024 to 21 in 2025 and 26 in 2026. The global stainless - steel market also shows a certain supply - demand pattern, with China's apparent consumption of stainless steel increasing from 3,249 in 2024 to 3,370 in 2025 and 3,500 in 2026 [106][107]. Stock Performance - As of December 11, 2025, among downstream stainless - steel related stocks, Taiyuan Iron & Steel Stainless Steel (000825.SZ) had a 30.42% annual increase, while Hals (002615.SZ) had a - 0.26% decrease [129]. - Among upstream and mid - stream nickel - related stocks, Huayou Cobalt (603799.SH) had a 120.69% annual increase, and Hengli Industry (000622.SZ) had a - 92.54% decrease [129].

Core Viewpoint - Company Greeenme is acquiring a 16.38% stake in Henan Recycling Technology Industry Group for 400 million yuan, despite the target company reporting a net loss in the first three quarters of 2025, indicating a strategic move to enhance its circular economy strategy and leverage synergies with state-owned enterprises [1][5]. Group 1: Acquisition Details - The acquisition involves a 16.38% stake in Henan Recycling Group, which will become an associate company and not be included in Greenme's consolidated financial statements [1][3]. - The target company reported a net loss of 162.62 million yuan in the first three quarters of 2025, with a net asset value of 1.454 billion yuan as of September 30, 2025 [1][4]. - The valuation for the acquisition was based on an assessment report that valued the total equity of Henan Recycling Group at 2.442 billion yuan as of May 31, 2025, indicating a high premium for the transaction [4][5]. Group 2: Financial Performance - In the first three quarters of 2025, Greenme achieved a record revenue of 27.498 billion yuan, a year-on-year increase of 10.55%, and a net profit of 1.109 billion yuan, up 22.66% [7]. - The company reported significant growth in its nickel resource project, with shipments reaching 79,916 tons, a 151% increase year-on-year, supporting the goal of 120,000 tons for the year [2][7]. - The company also reported a 22% increase in tungsten resource shipments and a 59% increase in the recycling of power batteries, indicating strong operational performance across its key segments [8]. Group 3: Global Strategy - Greenme is actively pursuing a globalization strategy, having submitted an application for an H-share listing on the Hong Kong Stock Exchange to enhance its international brand image and competitiveness [2][9]. - The funds raised from the Hong Kong listing are intended for capacity construction in key metal resources, overseas R&D, and global marketing center development, aligning with the company's sustainable growth objectives [9].

Key Points - The Chinese battery recycling industry has experienced fluctuations in financing events and amounts from 2018 to 2024, with 2022 recording the highest number of financing events at 7 and 2020 having the highest financing amount at 2.729 billion yuan [1] - As of November 3, 2025, there have been 5 financing events totaling 525 million yuan [1] - The majority of financing events from 2018 to 2025 are concentrated in strategic, angel, and A rounds, with strategic rounds accounting for 20%, and both angel and A rounds at 17% each, indicating an early-stage investment landscape [2][5] - The geographical distribution of financing events shows that Guangdong, Jiangxi, and Hubei are the primary regions, with Guangdong having the highest number of events at 7, representing 23% of the total [6] - Investment entities dominate the financing landscape, making up 77% of the total investment events from 2018 to 2025 [10] - Successful IPOs in the battery recycling sector include companies like Zhongwei Co., Greenme, Huayou Cobalt, Guanghua Technology, Fangyuan Co., Ganfeng Lithium, and Tianqi Lithium [12] - Key industrial parks for battery recycling are located in Hubei, Hunan, Zhejiang, and Guangdong, with significant projects such as the comprehensive recycling park in Hubei and the high-end material industrial park in Hunan [13][15] - Mergers and acquisitions in the battery recycling industry are primarily vertical and horizontal, with notable transactions including Huayou Cobalt's acquisition of a majority stake in a Zimbabwean lithium mining company for 378 million USD [17]

Investment Rating - The industry rating is "Recommended" [3] Core Views - Short-term lithium prices are expected to remain volatile, with a positive outlook on antimony, cobalt, tungsten, and tin due to a reassessment of strategic metal values [1][2][7] - Supply concerns in the nickel market are supported by the lack of new approvals from Indonesia's RKAB, which may lead to price stabilization [1][28] - The cobalt market is expected to see continued price increases due to structural supply tightness, with Congo's export regulations impacting availability [2][5][16] - Antimony prices are anticipated to converge towards higher overseas prices due to export controls and tight domestic supply [6][17] - The lithium market is experiencing a strong demand backdrop, with expectations of continued inventory depletion supporting prices [7][17] - The rare earth market is tightening due to Vietnam's export ban, which is expected to support prices [9][18] - Tin prices are supported by ongoing supply concerns from overseas sources, particularly from Myanmar and Congo [11][20] - Tungsten prices are expected to remain supported due to supply constraints and regulatory controls [12][21] - The uranium market is facing supply tightness, which is likely to support prices amid geopolitical uncertainties [14][22] Summary by Sections Nickel and Cobalt Industry Update - Nickel prices are under pressure due to stable demand but cautious purchasing from smelters, with LME nickel closing at $14,420 per ton, down 2.04% [1][28] - Cobalt prices are expected to rise further, with Congo's export regulations causing supply constraints [2][5][16] Antimony Industry Update - Domestic antimony prices are lower compared to international prices, but supply tightness is expected to support future price increases [6][17] Lithium Industry Update - Lithium carbonate prices have increased, with a strong demand outlook from the electric vehicle sector [7][17] Rare Earth Industry Update - Vietnam's recent export ban on rare earths is expected to tighten global supply and support prices [9][18] Tin Industry Update - Tin prices are supported by supply concerns from Myanmar and Congo, with LME tin prices rising to $41,905 per ton [11][20] Tungsten Industry Update - Tungsten prices are expected to remain high due to supply constraints and regulatory measures [12][21] Uranium Industry Update - The uranium market is facing supply tightness, with prices supported by geopolitical factors and production delays [14][22]

12月12日，河南循环科技产业集团有限公司（以下简称"循环集团"）与格林美股份有限公司（以下简 称"格林美"）在郑州正式签署产权交易合同，格林美以4亿元受让河南投资集团持有的循环集团16.38% 股权，成为循环集团战略投资者。 循环集团是河南投资集团全资控股的循环产业平台，业务覆盖电子废弃物拆解、报废汽车回收、再生资 源交易等多个领域。截至2025年11月，集团旗下电子废弃物拆解企业达15家，再生塑料年产能突破30万 吨。格林美在电子废弃物高值化利用、再生塑料改性等环节拥有37项核心专利，并拥有全球化市场网 络。双方在业务布局与能力结构上互补。 未来，双方将强化再生塑料在电子级材料等高端场景的应用，合力构建覆盖河南、辐射全国的循环经济 产业互联网平台，并通过国有资本与民营资本的双向赋能，共同探索与"一带一路"共建国家在城市矿山 开发、绿色技术输出等领域的合作机遇。（张思雨） 编辑：幸骊莎 据了解，今年10月31日，循环集团已收购格林美旗下部分电子废弃物与再生塑料业务资产，包括江西格 林循环材料有限公司100%股权及相关地方循环经济业务。此次格林美通过股权投资，进一步强化与循 环集团的资本、业务纽带，形成"资产 ...