Investment Rating - The report maintains an "Accumulate" rating for the company [6] Core Views - The company achieved revenue of 17.561 billion RMB in H1 2025, a year-on-year increase of 1.28%, with a net profit attributable to shareholders of 799 million RMB, up 13.91% year-on-year [1][4] - The company experienced a synergistic growth in multiple business lines, with significant increases in production and sales volumes across various products [2] - The report highlights the improvement in gross margins for key metal resource recycling and new energy battery materials [3] Summary by Sections Financial Performance - In Q2 2025, the company reported revenue of 8.065 billion RMB, a decrease of 10.23% year-on-year and 15.07% quarter-on-quarter, while net profit was 288 million RMB, an increase of 17.29% year-on-year but a decrease of 43.71% quarter-on-quarter [1] - The company’s nickel metal shipments from its Indonesian project reached 43,977 tons, a 112% increase year-on-year, and cobalt production was 3,667 tons, up 125% year-on-year [2] Profitability - The gross margins for nickel, cobalt, and tungsten recycling were 19.1%, 13.86%, and 7.22%, respectively, with cobalt showing a year-on-year increase of 3.09 percentage points [3] - The gross margins for new energy battery materials, including ternary precursors and cathode materials, showed mixed results, with ternary precursors at 14.14% and cathode materials at 9.07% [3] Earnings Forecast and Valuation - The report raises the company's net profit forecast for 2025-2027 to 1.599 billion RMB, 2.479 billion RMB, and 3.775 billion RMB, respectively, with corresponding EPS of 0.31, 0.48, and 0.74 RMB [4][10] - The target price is adjusted to 8.72 RMB, reflecting a price-to-book ratio of 2.16 for 2025 [4][6]

Investment Rating - The report maintains an "Overweight" rating for the electric equipment and new energy industry [2] Core Viewpoints - The report suggests focusing on the new energy storage segment, highlighting the need for system-friendly new energy power plants to address the instability of renewable energy output [2][39] - The report emphasizes the importance of enhancing the predictive accuracy of wind and solar power generation to improve grid integration [39] - It recommends paying attention to leading inverter companies that benefit from the development of new energy storage technologies [39] Market Review - As of August 28, 2025, the electric equipment industry has increased by 6.08% over the past two weeks, underperforming the CSI 300 index by 0.88 percentage points, ranking 9th among 31 industries [11] - The electric equipment industry has risen by 11.88% this month, outperforming the CSI 300 index by 2.35 percentage points, ranking 7th [11] - Year-to-date, the electric equipment sector has increased by 15.01%, outperforming the CSI 300 index by 1.56 percentage points, ranking 16th [11] Valuation and Industry Data - As of August 28, 2025, the PE (TTM) for the electric equipment sector is 28.32 times, with sub-sectors showing varied valuations: - Electric motor II: 57.18 times - Other power equipment II: 54.33 times - Photovoltaic equipment: 21.08 times - Wind power equipment: 35.53 times - Battery: 27.20 times - Grid equipment: 26.13 times [22][25] Industry News - The report discusses the Chinese government's initiatives to promote green and low-carbon urban development, emphasizing energy efficiency and the adoption of advanced technologies [35] - It highlights the National Energy Administration's focus on enhancing the adaptability of the power system to renewable energy, including the construction of a new power system and the promotion of energy storage solutions [36] Company Announcements - The report includes recent financial performance announcements from various companies, such as: - GreenMe achieved a revenue of 17.56 billion yuan in the first half of 2025, a year-on-year increase of 1.28% [41] - XianDai Intelligent reported a revenue of 6.61 billion yuan, up 14.92% year-on-year [41] - Euro Continental's revenue reached 2.12 billion yuan, reflecting a growth of 32.59% [41]

Core Viewpoint - Greeenmei (002340.SZ) has announced plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its global development strategy and improve its international brand image and competitiveness [1]. Financial Performance - For the first half of 2025, the company reported a revenue of 17.561 billion yuan, a year-on-year increase of 1.28% [1]. - The net profit attributable to shareholders was 799 million yuan, reflecting a growth of 13.91% compared to the previous year [1]. - The net profit after deducting non-recurring gains and losses was 709 million yuan, showing a slight increase of 0.92% [1]. - The net cash flow from operating activities was 1.448 billion yuan, up by 9.69% year-on-year [1]. - Basic and diluted earnings per share were both 0.16 yuan, representing a 14.29% increase [1]. - The weighted average return on equity was 4.01%, an increase of 0.38% from the previous year [1]. Assets and Liabilities - As of June 30, 2025, the total assets of the company amounted to 737.11 billion yuan, with total liabilities of 486.54 billion yuan, resulting in a debt-to-asset ratio of 66.01% [1]. - The net assets attributable to shareholders were 201.28 billion yuan, an increase of 3.61% compared to the end of the previous year [1]. Inventory Details - The inventory balance as of June 30, 2025, was 94.88 billion yuan, with a book value of 94.31 billion yuan [2]. - The total inventory value, including raw materials, work in progress, and finished goods, was approximately 9.488 billion yuan [3]. Dividend Policy - The company plans not to distribute cash dividends, issue bonus shares, or increase capital through reserves [3].

Core Viewpoint - Greeenmei plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance its global strategy and brand image, while diversifying financing channels for sustainable development [1][2]. Financial Performance - In the first half of 2025, Greenmei achieved a revenue of 17.56 billion yuan, a year-on-year increase of 1.28% [2][3]. - The net profit attributable to shareholders was 799 million yuan, reflecting a growth of 13.91% compared to the previous year [2][3]. - The net profit after deducting non-recurring gains and losses was 709 million yuan, with a slight increase of 0.92% [2][3]. - The net cash flow from operating activities reached 1.45 billion yuan, up by 9.69% year-on-year [2][3]. Key Financial Metrics - Basic earnings per share were 0.16 yuan, an increase of 14.29% from the previous year [3]. - Total assets as of June 30, 2025, amounted to 73.71 billion yuan, a 10.35% increase from the end of the previous year [3]. - The company's total liabilities were 48.65 billion yuan, resulting in a debt-to-asset ratio of 66.01% [3]. - The net assets attributable to shareholders were 20.13 billion yuan, reflecting a growth of 3.61% [3].

Core Viewpoint - Greeenmei (SZ 002340) announced the convening of its seventh board meeting on August 27, 2025, to review the 2025 semi-annual report and summary [1] Group 1: Company Financials - For the year 2024, Greeenmei's revenue composition is as follows: 77.6% from new energy battery materials and 22.4% from waste resource comprehensive utilization [1]

Core Viewpoint - The company reported strong growth in key metal resource recycling, power lithium battery recycling, and new energy battery materials business, achieving record high performance in the first half of 2025 [1] Financial Performance - The company achieved operating revenue of 17.561 billion yuan, representing a year-on-year increase of 1.28% [1] - The net profit attributable to shareholders of the listed company was 799 million yuan, reflecting a year-on-year growth of 13.91% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 709 million yuan, with a year-on-year increase of 0.92% [1] - Basic earnings per share were 0.16 yuan [1] Business Highlights - Key metal recycling showed significant growth, contributing to the overall performance [1] - The company achieved full production capacity of Indonesian nickel resources [1] - The high-end new energy materials market continued to see breakthroughs, further driving company growth [1]

转自：智通财经 【格林美：上半年净利润7.99亿元 同比增长13.91%】智通财经8月28日电，格林美(002340.SZ)公告称， 格林美发布2025年半年度报告，公司实现营业收入175.61亿元，同比增长1.28%，净利润7.99亿元，同 比增长13.91%。公司计划不派发现金红利，不送红股，不以公积金转增股本。 ...

格林美股份有限公司 2025 年半年度报告全文 深交所 A 股上市公司 股票代码：002340 格林美股份有限公司 2025 年半年度报告 2025 年 8 月 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容 1 格林美股份有限公司 2025 年半年度报告全文 的真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担 个别和连带的法律责任。 公司负责人许开华、主管会计工作负责人穆猛刚及会计机构负责人(会计 主管人员)穆猛刚声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本次半年报的董事会会议。 本半年度报告中涉及的未来计划、发展战略等前瞻性陈述不构成公司对 投资者的实质承诺，敬请投资者注意投资风险。 公司存在的风险详细内容见本报告"第三节 管理层讨论与分析"—"十、 公司面临的风险和应对措施"，敬请广大投资者注意。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | 第一节 | 重要提示、目录和释义 | 1 | | --- | --- | --- | | 第二节 | 公司简介和主要财务指标 | 6 | | 第三节 ...

格林美股份有限公司 2025 年半年度财务报告 （未经审计） 2025 年 8 月 合并资产负债表 2025 年 6 月 30 日 编制单位：格林美股份有限公司 单位：人民币元 | 项目 | 注释 | 2025 年 6 月 30 日 | 2025 年 1 月 1 日 | | --- | --- | --- | --- | | 流动资产： | | | | | 货币资金 | 五、1 | 5,478,046,507.63 | 4,738,137,104.30 | | 交易性金融资产 | 五、2 | 194,337,580.50 | 329,945.75 | | 衍生金融资产 | | | | | 应收票据 | 五、3 | 244,851,958.47 | 347,289,632.05 | | 应收账款 | 五、4 | 6,776,235,472.57 | 6,972,144,209.00 | | 应收款项融资 | 五、5 | 62,270,194.05 | 71,940,818.08 | | 预付款项 | 五、7 | 3,351,819,803.25 | 2,615,741,274.67 | | 其他应收款 | 五、 ...

格林美股份有限公司2025年半年度非经营性资金占用及其他关联资金往来情况汇总表 编制单位：格林美股份有限公司 单位：万元 | 非经营性资金占 | | 占用方与上市公司 | 上市公司核算的 | 2025年期初占用资金 | 2025年半年度占用累 | 2025年半年度占用资 | 2025年半年度偿还累 | 2025年6月30日占用 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 用 | 资金占用方名称 | 的关联关系 | 会计科目 | 余额 | 计发生金额（不含利 息） | 金的利息（如有） | 计发生额 | 资金余额 | 占用形成原因 | 占用性质 | | 控股股东、实际 | | | | | | | | | | 非经营性占用 | | 控制人及其附属 企业 | | | | | | | | | | 非经营性占用 | | 小 计 | —— | —— | —— | - | - | - | - | | - —— | —— | | 前控股股东、实 际控制人及其附 | | | | | | | | | | 非经营性占用 | ...