Core Viewpoint - The recycling of power batteries in the electric vehicle industry is expected to enter a period of explosive growth driven by strong policies and market demand, with significant increases in both the number of electric vehicles and the scale of battery recycling [1][3][17]. Market Data - As of the end of 2024, the number of new energy vehicles in China is projected to reach 31.4 million, accounting for 8.90% of the total vehicle population, with pure electric vehicles making up 70.34% of this figure [1]. - The new registration of new energy vehicles in 2024 is expected to be 11.25 million, representing 41.83% of all new vehicle registrations, a staggering increase of 837.50% compared to 2019 [1]. - The market size for power battery recycling in China is anticipated to exceed 48 billion yuan by 2024, up from approximately 5 billion yuan in 2019, indicating a robust growth trend [3]. Policy Developments - The Ministry of Industry and Information Technology has revised the "Comprehensive Utilization Industry Specification Conditions for Waste Power Batteries from New Energy Vehicles," focusing on optimizing technical indicators, updating standards, and enhancing product quality management [2][3]. - The State Council has approved an action plan to improve the recycling system for power batteries, emphasizing the importance of enhancing recycling capabilities to support the high-quality development of the new energy vehicle industry [2][3]. Future Projections - The retired power battery volume in China is expected to reach 20.2 GWh in 2024, a year-on-year increase of 48.53%, with projections suggesting that the recycling market could grow to 55.6 GWh by 2025 [6]. - By 2030, the total amount of retired batteries and new energy vehicles is forecasted to reach 148.7 GWh and 2.9891 million units, respectively, with annual compound growth rates of 37.64% and 38.11% from 2025 to 2030 [6][7]. Industry Dynamics - The battery recycling industry is characterized by a diverse range of players, including electric vehicle manufacturers, battery producers, and recycling companies, with a significant increase in registered recycling enterprises in recent years [10][12]. - The competitive landscape is evolving, with major players like CATL and Greenmead leading the charge in establishing extensive recycling networks and improving recovery rates for valuable metals [15][16]. Key Players - CATL has established a global recycling network with a processing capacity of 270,000 tons of waste batteries annually, achieving high recovery rates for nickel, cobalt, and lithium [15]. - Greenmead has built five major recycling centers in China, with a dismantling capacity of 550,000 tons and a recovery rate of over 95% for lithium [16]. Conclusion - The future of the power battery recycling industry is poised for significant growth, with the potential for market size to exceed 100 billion yuan, driven by increasing demand for recycled materials and the establishment of efficient recycling systems [7][17].

Group 1 - The core viewpoint is that the National Index for New Energy Vehicle Batteries (980032) has shown strong performance, with significant increases in key stocks such as Guoxuan High-Tech (002074) and CATL (300750) [1][2] - The battery ETF (159755) has risen by 2.59%, reflecting a rebound of over 18% since its low on April 9 [1] - The trading volume for the battery ETF is notably high, with a turnover rate of 7.41% and a transaction value of 224 million yuan, indicating strong market interest [1] Group 2 - As of April 30, 2025, the top ten weighted stocks in the National Index for New Energy Vehicle Batteries account for 68.58% of the index, highlighting the concentration of investment in leading companies like BYD (002594) and CATL (300750) [2] - The Ministry of Industry and Information Technology has announced plans to develop standards for electric vehicle technologies, including solid-state batteries, which could drive future growth in the sector [2] - Guoxuan High-Tech has launched a new G-type solid-state battery, achieving significant progress in various applications, including eVTOL and electric vehicles, with a production capacity of 12 GWh [2]

Investment Rating - The report maintains a rating of "Buy" for the company [4][6]. Core Views - The company's nickel resource competitiveness is continuously enhancing, and the recycling business is experiencing rapid growth, which is expected to become a new profit growth point for the company [4]. - The report adjusts the earnings forecast for 2025-2027, with projected earnings per share of RMB 0.33, 0.47, and 0.63 respectively, reflecting a downward adjustment due to falling nickel prices [6]. - The company reported a year-on-year increase in net profit for both the 2024 annual report and the 2025 Q1 report, indicating strong operational performance [9]. Summary by Relevant Sections Financial Performance - For 2024, the company achieved a revenue of RMB 33,200 million, a year-on-year growth of 8.75%, and a net profit of RMB 1,020 million, up 9.19% [9][10]. - In Q1 2025, the company reported a revenue of RMB 9,496 million, a 13.67% increase year-on-year, with a net profit of RMB 511 million, reflecting a 12.10% growth [11]. Revenue and Profit Growth - The company's main business revenue is projected to grow significantly, with estimates of RMB 42,174 million in 2025, representing a 27.0% growth rate [8]. - The EBITDA is expected to reach RMB 5,861 million in 2025, indicating strong operational efficiency and profitability [8]. Nickel Resource and Recycling Business - The company has successfully launched several production lines for nickel and battery materials, enhancing its competitive position in the nickel resource and new energy materials industry [9]. - The recycling business, particularly in lithium battery recovery, has shown substantial growth, with a 31% increase in battery recovery volume in 2024 [9]. Valuation Metrics - The report provides a valuation with a price-to-earnings ratio of 19.0 for 2025, reflecting the company's growth potential despite the adjustments in earnings forecasts [6][8].

Group 1 - The Shanghai Composite Index increased by 0.38%, while the CSI New Energy Vehicle Industry Index rose by 0.82%, reaching 2040.3 points with a trading volume of 31.779 billion yuan [1] - The CSI New Energy Vehicle Industry Index has seen an increase of 8.05% over the past month, a decrease of 5.56% over the past three months, and a year-to-date increase of 4.07% [1] - The index includes 50 listed companies involved in various aspects of the new energy vehicle industry, reflecting the overall performance of leading companies in this sector [1] Group 2 - The top ten weighted companies in the CSI New Energy Vehicle Industry Index are BYD (14.35%), Huichuan Technology (11.18%), CATL (10.0%), Sanhua Intelligent Control (4.86%), Yiwei Lithium Energy (4.65%), Huayou Cobalt (3.86%), Ganfeng Lithium (2.85%), Greenmeadows (2.6%), Tianqi Lithium (2.46%), and Hongfa Technology (2.25%) [1] - The market share of the index's holdings is predominantly from the Shenzhen Stock Exchange at 82.98%, while the Shanghai Stock Exchange accounts for 17.02% [1] Group 3 - In terms of industry composition, the index's sample holdings are comprised of 55.56% in industrials, 25.54% in consumer discretionary, 17.74% in materials, and 1.16% in information technology [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day following the second Friday of June and December each year [2] - Public funds tracking the new energy vehicle sector include several ETFs, such as Ping An CSI New Energy Vehicle Industry ETF and Huatai-PineBridge CSI New Energy Vehicle ETF [2]

Core Viewpoint - The copper industry is facing a structural shift characterized by a rigid supply shortage at the mining end, excess smelting capacity, and a transition between old and new demand drivers, leading to a long-term upward trend in copper prices [19][24][25]. Group 1: Upstream Resources (Mining and Recycling) - Global copper reserves are approximately 980 million tons, with a mining lifespan of about 40 years based on current production levels [32]. - In 2024, global copper mine production is expected to reach 23 million tons, with a year-on-year growth of 1.8% [35]. - China's copper mine production is projected at 1.8 million tons in 2024, a decline of 1.1% year-on-year, primarily due to resource depletion and environmental restrictions [42][46]. Group 2: Recycling Sector (Recycled Copper) - The recycled copper market is supported by national strategies, aiming for a production target of 4 million tons by 2025, with recycled metal supply accounting for over 24% [4]. - In 2024, China is expected to import 2.25 million tons of scrap copper, with domestic recycling capacity reaching 2.49 million tons [5][48]. - The price of recycled copper is projected to show significant fluctuations, with an average price of 70,400 yuan per ton in 2024 [5]. Group 3: Midstream Smelting - The global refined copper production in 2024 is estimated at 27.634 million tons, with a year-on-year increase of 4.3% [9]. - China is the largest producer of refined copper, accounting for 49.9% of global production in 2024, with a projected output of 13.644 million tons [10]. - The smelting industry is experiencing a decline in processing fees, with long-term contracts expected to drop to $21.25 per ton by 2025, significantly below the breakeven point [8][20]. Group 4: Midstream Processing (Copper Products) - In 2024, China's copper processing output is expected to reach 23.503 million tons, representing over 50% of global production [11]. - The industry is characterized by low concentration, with the top five companies holding only 30% of the market share [11]. - The demand for high-end copper products is increasing, driven by the growth in new energy and infrastructure sectors [12][13]. Group 5: Downstream Demand (End Applications) - Global refined copper consumption in 2024 is projected at 27.33 million tons, with China accounting for 58% of this demand [14]. - The demand structure in China shows that electricity and power grids account for 46% of refined copper consumption, while new energy applications are rapidly growing [15]. - The transition from traditional to new energy applications is expected to drive significant growth in copper demand, particularly in sectors like electric vehicles and renewable energy [19][21]. Group 6: Supply and Demand Balance - The global refined copper supply-demand balance is expected to show a surplus of 19,000 tons in 2025, a decrease from the previous year's surplus of 30,200 tons [16]. - China's refined copper consumption is projected to grow by 2.9% in 2025, reaching 16.21 million tons, driven by new energy infrastructure investments [18]. - The copper market is anticipated to face a tightening supply situation due to the rigid shortage of mining resources and the acceleration of smelting capacity clearance [19][20]. Group 7: Investment Recommendations - Key investment opportunities include resource leaders like Zijin Mining and Longyan Copper, which are positioned to benefit from global resource control [21]. - Smelting leaders such as Jiangxi Copper are expected to gain from policy-driven supply-side reforms and the elimination of inefficient capacity [20]. - Companies focusing on high-end processing and recycled copper, such as Hailiang Co. and Gree Environmental, are likely to benefit from technological advancements and policy support [21].

Group 1 - The company, Greeenmei, is adjusting the repurchase price and canceling unvested restricted stock due to unmet performance targets in its 2022 stock incentive plan [1][2] - The board of directors has authorized the necessary adjustments and repurchase of restricted stock, which was approved in multiple meetings [2] - The repurchase price for the restricted stock has been adjusted to 3.445 yuan per share following the company's dividend distribution [3] Group 2 - A total of 8.75045 million shares of restricted stock will be repurchased and canceled due to the company failing to meet the cumulative revenue and net profit targets set for the 2022-2024 period [4] - The performance targets required a cumulative revenue of 100.6 billion yuan and a cumulative net profit of 6.8 billion yuan, which were not achieved [4] - The repurchase and cancellation plan has received the necessary approvals but still requires submission to the shareholders' meeting for further review [4]

Core Viewpoint - The legal opinion letter from Guangdong Junxin Jinglun Junhou Law Firm confirms that Greeenmei Co., Ltd. has obtained the necessary authorization and approval for the adjustment of the repurchase price and the repurchase and cancellation of unvested restricted stocks under the 2022 restricted stock incentive plan, in accordance with relevant laws and regulations [1][9]. Summary by Sections Authorization and Approval - The shareholders' meeting of Greenmei has authorized the board of directors to handle the adjustment and repurchase of restricted stocks, including decisions on whether to lift restrictions and manage the incentive plan [3][4]. - The board has approved the repurchase of 8.750450 million restricted stocks from 542 incentive recipients due to unmet performance targets for the third vesting period [3][8]. Adjustment Details - The repurchase price for the restricted stocks has been adjusted to 3.4450 yuan per share, following the company's annual profit distribution announcements [4][6]. - The adjustment method for the repurchase price accounts for cash dividends distributed to shareholders, ensuring the adjusted price remains above 1 yuan [6]. Repurchase and Cancellation - The repurchase involves 875.0450 million shares that were granted but not yet vested, due to the failure to meet the performance criteria set for the third vesting period [7][8]. - The legal opinion confirms that the repurchase and cancellation plan complies with the relevant regulations and is legally valid [9].

Core Viewpoint - The report discusses the independent financial advisory on the 2022 restricted stock incentive plan of Greeenmei Co., Ltd., focusing on the conditions for lifting restrictions and the adjustments to the repurchase price for certain restricted stocks [2][11]. Summary by Sections Independent Financial Advisor's Role - Shenzhen Tashan Enterprise Management Consulting Co., Ltd. was commissioned as the independent financial advisor for the 2022 restricted stock incentive plan of Greeenmei [2][12]. - The advisor confirms that the information provided by the company is accurate and complete, and the report does not constitute investment advice [2]. Incentive Plan Procedures - The necessary procedures for the implementation of the incentive plan have been completed, including the approval of related proposals by the board and independent directors [4][5]. - The company disclosed the list of incentive objects and received no objections during the public notice period [3]. Stock Repurchase and Cancellation - The company approved the repurchase and cancellation of 875.045 million shares of restricted stock due to unmet performance conditions for the third lifting period [6][7]. - The adjusted repurchase price for the restricted stocks is set at 3.4450 yuan per share [11]. Performance Conditions - The performance targets for the third lifting period were not met, with the company's 2022 revenue reported at approximately 29.39 billion yuan, falling short of the required targets [7][10]. - The company plans to adjust the repurchase price based on the annual equity distribution plan, which includes cash dividends and no stock dividends [9][11]. Share Capital Changes - Following the repurchase and cancellation of shares, the company's total share capital will decrease from 5,126,291,557 shares to 5,115,548,607 shares [8][9].

Group 1 - The supervisory board of the company held a meeting to discuss the conditions for the third unlock period of the 2022 restricted stock incentive plan, which were not met, leading to the decision to repurchase and cancel certain restricted stocks [1][2] - The company will repurchase and cancel 8.75045 million shares of restricted stock from 542 incentive objects due to the failure to meet performance assessment targets [2] - The repurchase price for the restricted stocks will be adjusted, and the decision is in compliance with the relevant regulations of the 2022 restricted stock incentive plan [2][3] Group 2 - A legal opinion and an independent financial advisor report were issued regarding the matter, which will be submitted for approval at the upcoming shareholders' meeting [3] - The supervisory board's resolution has been signed and stamped, and the announcement will be disclosed through designated media [3]

Core Viewpoint - The legal opinion confirms that the shareholder meeting of Greeenmei Co., Ltd. was convened and conducted in accordance with relevant laws and regulations, ensuring the legitimacy and effectiveness of the meeting procedures and voting results [1][7]. Group 1: Meeting Procedures - The board of directors of Greeenmei announced the shareholder meeting on April 26, 2025, detailing the time, location, agenda, and registration methods [1]. - The meeting took place on May 19, 2025, at the conference room of Greeenmei (Wuxi) Energy Materials Co., Ltd., presided over by Chairman Xu Kaihua [2]. - The meeting completed online voting within the stipulated time [2]. Group 2: Attendance and Voting - A total of 1,961 participants attended the meeting, representing 596,901,655 shares, which is 11.6439% of the total shares [2]. - Among the attendees, 1,946 participated in the voting, representing 88,215,651 shares, or 1.7208% of the total shares [2]. - All directors, supervisors, and the board secretary attended the meeting, ensuring proper representation [3]. Group 3: Voting Results - The meeting utilized a combination of on-site and online voting methods [3]. - The resolutions were passed with significant support, with votes such as 585,775,031 in favor (98.1359%), 10,316,324 against (1.7283%), and 810,300 abstentions (0.1358%) [4]. - Additional resolutions also received high approval rates, with similar patterns of support and opposition across various proposals [5][6]. Group 4: Legal Conclusion - The legal opinion concludes that the meeting's procedures, participant qualifications, and voting results comply with the Company Law, Securities Law, and internal regulations of Greeenmei, affirming their legality and validity [7].