Core Viewpoint - The nickel market is currently facing significant challenges, but there is potential for recovery and growth in the next five years, particularly driven by advancements in solid-state battery technology [1] Supply Expansion and Market Dynamics - Indonesia has become the dominant player in the global nickel industry, with its nickel ore resources primarily consisting of high-grade laterite nickel, accounting for over 60% of global nickel production by 2024 [2][4] - From 2015 to 2022, Indonesia's nickel production increased from 130,000 tons to 1.6 million tons, representing a 144% share of the global increase in nickel production during that period [2] - The recent increase in nickel prices has led to a situation where prices are nearing or below production costs, prompting a market correction [4] Demand Side and Battery Technology - The shift from ternary lithium batteries to lithium iron phosphate (LFP) batteries has reduced the demand for nickel, as LFP batteries do not require nickel [5][7] - Solid-state batteries, expected to be commercially available between 2027 and 2030, could significantly increase nickel demand due to their higher energy density and longer lifespan [9] - The anticipated demand for nickel in solid-state batteries could lead to a substantial increase in overall nickel consumption, with projections indicating a potential shortage by 2030 [10] Industry Outlook and Opportunities - Chinese companies have established a strong presence in the nickel supply chain, positioning themselves to benefit from future market shifts [10][11] - Companies like Grinm and others are expanding their production capabilities, with Grinm expected to increase its nickel output from 51,600 tons in 2024 to over 216,000 tons by 2027 [11] - The current market challenges may serve as a foundation for future growth, as companies that endure the downturn could emerge stronger in the next cycle [11]

Group 1 - The core viewpoint of the news is the performance of the CSI New Materials Theme Index, which has shown a decline in recent trading sessions despite a slight increase over the past month [1] - The CSI New Materials Theme Index has decreased by 1.58% to 2886.44 points, with a trading volume of 21.047 billion yuan [1] - Over the past month, the index has increased by 3.35%, but it has decreased by 2.25% over the last three months and by 1.24% year-to-date [1] Group 2 - The CSI New Materials Theme Index includes 50 listed companies involved in advanced steel, non-ferrous metals, chemicals, inorganic non-metals, and other new materials [1] - The index's top ten holdings are: CATL (10.61%), North Huachuang (9.86%), Wanhua Chemical (7.81%), Longi Green Energy (6.6%), Huayou Cobalt (3.41%), Sanan Optoelectronics (3.14%), Tongwei Co. (3.35%), and others [1] - The market share of the index's holdings is 54.72% from the Shenzhen Stock Exchange, 44.74% from the Shanghai Stock Exchange, and 0.54% from the Beijing Stock Exchange [1] Group 3 - The industry composition of the index's sample shows that industrials account for 43.54%, materials for 33.04%, and information technology for 23.42% [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - Public funds tracking new materials include various ETFs and mutual funds, such as Tianhong CSI New Materials C, Huaxia CSI New Materials Theme ETF, and others [2]

Group 1 - The core viewpoint of the news is that the China Securities New Energy Vehicle Index has shown mixed performance, with a recent decline despite a positive trend over the past month and year-to-date [2][1]. - The China Securities New Energy Vehicle Index has increased by 7.73% in the last month, decreased by 2.33% in the last three months, and has risen by 5.46% year-to-date [2]. - The index includes companies involved in lithium batteries, charging piles, and new energy vehicles, reflecting the overall performance of related listed companies [2]. Group 2 - The top ten weighted companies in the index are BYD (13.83%), Huichuan Technology (11.28%), CATL (9.99%), Sanhua Intelligent Control (4.83%), Yiwei Lithium Energy (4.55%), Huayou Cobalt (3.81%), Ganfeng Lithium (2.84%), Greeenme (2.58%), Tianqi Lithium (2.45%), and Hongfa Technology (2.25%) [2]. - The index's holdings are primarily listed on the Shenzhen Stock Exchange (83.07%), followed by the Shanghai Stock Exchange (16.31%) and the Beijing Stock Exchange (0.62%) [2]. - The industry composition of the index holdings includes 56.48% in industrials, 24.71% in consumer discretionary, 17.65% in materials, and 1.15% in information technology [2]. Group 3 - The index samples are adjusted every six months, with adjustments implemented on the next trading day after the second Friday of June and December [3]. - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [3]. - Companies that are delisted or undergo mergers, acquisitions, or splits are handled according to specific calculation and maintenance guidelines [3].

Group 1 - The core viewpoint indicates that the rare earth industry is experiencing positive momentum, with the China Rare Earth Industry Index rising by 0.89% and the Rare Earth ETF Fund showing a significant increase of 5.94% over the past two weeks, leading among comparable funds [1][4] - The Rare Earth ETF Fund has seen a notable increase in trading volume, with a turnover rate of 1.69% and a total transaction value of 30.82 million yuan, ranking first among comparable funds in terms of average daily trading volume over the past year [4] - The fund's scale has grown significantly, with an increase of 63.04 million yuan in the past week, also ranking first among comparable funds, and a growth of 42 million shares in the same period [4] Group 2 - In terms of exports, China exported 58,100 tons of rare earth permanent magnet materials in 2024, with the export volume accounting for approximately 24% of the total production of neodymium-iron-boron [5] - The export control on medium and heavy rare earths is expected to tighten supply overseas, potentially driving up prices both internationally and domestically [5] - The top ten weighted stocks in the China Rare Earth Industry Index account for 57.42% of the index, indicating a concentrated investment landscape [5]

Core Viewpoint - Despite achieving revenue of approximately 33.2 billion yuan and a net profit of about 1.02 billion yuan in 2024, the company faces investor concerns regarding its focus on ternary materials in a market where lithium iron phosphate (LFP) materials dominate with over 70% market share [2][3]. Financial Performance - In 2024, the company reported revenue of approximately 33.2 billion yuan, a year-on-year increase of 8.75%, and a net profit attributable to shareholders of about 1.02 billion yuan, up 9.19% [3]. - The net cash flow from operating activities reached 3.055 billion yuan, growing by 41.14%, and the overall gross margin improved by 3.05% to 15.29% [3]. - The fourth quarter net profit was lower than the previous three quarters, primarily due to a decline in the value of shares held in the Korean company ECOPRO MAT [3]. Business Segments - The company operates two main businesses: new energy materials manufacturing and urban mining [5]. - In the new energy materials sector, the sales scale accounted for 77.59% of total sales, with revenue from this segment reaching 25.76 billion yuan, a 10.24% increase year-on-year [6]. - The urban mining business generated revenue of 7.44 billion yuan, reflecting a 3.87% growth [6]. Ternary Battery Market Outlook - The company remains optimistic about the growth of ternary batteries globally, anticipating a balanced market share between LFP and ternary batteries by 2030 [2][9]. - The demand for ternary materials and precursors is projected to reach 3.4 million tons and 3.51 million tons, respectively, by 2030, with a compound annual growth rate (CAGR) of 24% for ternary precursor shipments [9]. Nickel Resource Strategy - The company produced 51,600 tons of nickel in 2024, a 91% increase, and established a nickel resource capacity of 150,000 tons per year [10]. - Nickel business revenue reached 5.848 billion yuan, a significant increase of 143.47%, contributing 17.61% to total revenue [10]. Urban Mining and Recycling - The urban mining segment includes the recovery of key mineral resources and electronic waste, with significant growth in the recycling of retired batteries and scrap vehicles [15]. - The company reported a 31% increase in the recycling of retired batteries, reaching 35,930 tons, and a 133% increase in the recycling of scrap vehicles, totaling 280,000 tons [15]. Electronic Waste Business - The electronic waste recycling business showed poor performance with a gross margin of -7.46%, and revenue decreased by 50.73% [16]. - The company plans to divest its electronic waste business and collaborate with state-owned enterprises for restructuring [16].

中化新网讯 今年一季度，湖北荆门高新区·掇刀区201家规上工业企业实现工业总产值460.61亿元，同比 增长18.4%，规上工业增加值增速达18.9%，两项指标均领跑全市。 据统计，荆门高新区工业用电量11.96亿千瓦时，占全市总量的44.8%，用电增速11.3%居全市第二，反 映出实体经济的蓬勃活力。固定资产投资增速7.5%位居全市第二，为后续发展积蓄动能。区内企业创 新投入持续加大，通过技术升级、工艺革新实现降本增效，在激烈市场竞争中保持优势。 新能源新材料产业成为增长主引擎。以亿纬动力、格林美（002340）为代表的新能源企业表现抢眼，带 动荆门高新区新能源新材料产业产值突破 196亿元，增速高达41.1%。亿纬动力与海博思创签订的 50GWh储能电池大单，不仅锁定了未来3年产能，更彰显了企业在行业内的领先地位。格林美公司核壳 前驱体产品100%供应国际头部企业，月出货量达3000吨，其一级镍产能、钴产能已跻身世界第一梯 队。 当前，荆门高新区正围绕"建设国家级高新区第一方阵"目标，以新能源新材料、装备制造等主导产业为 抓手，持续优化营商环境，强化科技创新支撑。下阶段，全区将重点培育新质生产力，推动产业 ...

Core Viewpoint - The performance of the China Securities New Energy Vehicle Index has shown fluctuations, with a recent decline in the index value despite a notable increase over the past month [2]. Group 1: Index Performance - The China Securities New Energy Vehicle Index has decreased by 0.27%, closing at 2952.77 points with a trading volume of 27.231 billion yuan [1]. - Over the past month, the index has increased by 11.17%, while it has decreased by 3.61% over the last three months and has risen by 3.04% year-to-date [2]. Group 2: Index Composition - The index includes companies involved in lithium batteries, charging stations, and new energy vehicles, reflecting the overall performance of related listed companies [2]. - The top ten weighted companies in the index are BYD (13.47%), Huichuan Technology (11.56%), CATL (9.64%), Sanhua Intelligent Control (4.86%), Yiwei Lithium Energy (4.34%), Huayou Cobalt (3.87%), Ganfeng Lithium (2.83%), Greenmeadows (2.6%), Tianqi Lithium (2.46%), and Hongfa Technology (2.23%) [2]. Group 3: Market and Sector Distribution - The index's holdings are primarily listed on the Shenzhen Stock Exchange (82.93%), followed by the Shanghai Stock Exchange (16.47%) and the Beijing Stock Exchange (0.60%) [2]. - In terms of industry distribution, the index comprises 56.65% in industrials, 24.48% in consumer discretionary, 17.70% in materials, and 1.18% in information technology [2]. Group 4: Index Adjustment Mechanism - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [3]. - Weight factors are generally fixed until the next scheduled adjustment, with special circumstances allowing for temporary adjustments [3].

Core Viewpoint - Greeenme intends to leverage its scarce resource business to acquire 1-2 small but high-quality listed companies, actively promote its tungsten business into the capital market, and push for its main entity to be listed in Hong Kong [1][14]. Financial Performance - In 2024, Greeenme achieved revenue of approximately 33.2 billion yuan, a year-on-year increase of 8.75%, and a net profit of about 1.02 billion yuan, up 9.19% year-on-year. The first quarter of 2025 saw revenue of around 9.5 billion yuan, a 13.67% increase year-on-year, with a net profit of 511 million yuan, up 12.1% year-on-year [2]. - Greeenme forecasts revenues exceeding 40 billion yuan, 50 billion yuan, and 60 billion yuan for 2025, 2026, and 2027 respectively, indicating a potential doubling over three years [2]. Business Growth Areas - The fastest-growing segments from 2025 to 2027 are expected to be battery materials, tungsten resource recovery, and precious and rare metal recovery, with significant investments made in tungsten and precious metal recovery since last year [2][12]. - Nickel mining is a key growth driver, with Greeenme producing 51,600 tons of nickel metal in 2024, a 91% increase year-on-year, and generating revenue of 5.85 billion yuan from nickel, accounting for 17.61% of total revenue [5][6]. Nickel Market Insights - Greeenme's nickel production is projected to exceed 216,000 tons by 2027. The company ranks among the top three in the world for MHP nickel production capacity [5][9]. - Nickel prices have seen fluctuations, with a peak of $25,638 per ton in 2022, but have since declined to around $21,506 per ton in 2023 and are projected to be approximately $16,818 per ton in 2024 [7][9]. Strategic Initiatives - Greeenme is actively seeking to establish battery material production bases in Indonesia, collaborating with companies like EcoPro and Vale to create an integrated industrial park capable of producing approximately 30 GW of power batteries annually [10]. - The company aims to become a leading global supplier of scarce resource recycling, targeting the recovery of 25 types of scarce resources, with a goal of achieving over 10% of China's supply for each type [12][13]. Future Plans - Greeenme plans to sell 1-2 small listed companies to enhance its scarce resource business and is also looking to list its main entity in Hong Kong [1][14].

Core Viewpoint - Greeenme's revenue and profit growth in 2024 and Q1 2025 indicates a positive trend, with expectations for significant revenue increases in the coming years, driven by battery materials and metal recycling businesses [2][11]. Financial Performance - In 2024, Greeenme achieved revenue of approximately 33.2 billion yuan, a year-on-year increase of 8.75%, and a net profit of about 1.02 billion yuan, up 9.19% [2]. - For Q1 2025, the company reported revenue of around 9.5 billion yuan, a 13.67% increase year-on-year, with a net profit of 511 million yuan, reflecting a 12.1% growth [2]. - Greeenme anticipates revenues exceeding 40 billion yuan, 50 billion yuan, and 60 billion yuan in 2025, 2026, and 2027, respectively, aiming for a doubling of revenue over three years [2]. Business Growth Areas - The fastest-growing segments for Greeenme from 2025 to 2027 are expected to be battery materials, tungsten resource recycling, and precious and rare metal recycling [2][11]. - The company has made significant investments in tungsten resource recovery and precious metal recycling since last year [11]. Nickel Mining Operations - Greeenme's nickel metal output reached 51,600 tons in 2024, a 91% increase, with a total nickel resource capacity of 150,000 tons per year [4]. - Nickel business generated revenue of 5.85 billion yuan in 2024, accounting for 17.61% of total revenue [4]. - The company aims to produce over 216,000 tons of nickel metal by 2027 [4]. Market Dynamics - Nickel prices have fluctuated, reaching a peak of $25,638 per ton in 2022 and dropping to around $21,506 per ton in 2023, with projections for 2024 at approximately $16,818 per ton [7][8]. - Greeenme's chairman highlighted the critical cost thresholds for nickel production, indicating that current prices are near the "survival line" for profitability [8]. Strategic Initiatives - Greeenme is expanding its operations in Indonesia, collaborating with other companies to establish a comprehensive industrial park for nickel refining and battery material production [10]. - The company plans to recover 25 types of scarce resources, aiming for over 10% of China's supply for each type [12]. Future Outlook - Greeenme's chairman predicts that by 2035, the market share of ternary batteries will equal that of lithium iron phosphate batteries, driven by global market expansion [8]. - The company is also pursuing acquisitions of smaller listed companies to enhance its tungsten business and plans to list its main entity in Hong Kong [13].

Core Insights - The company held its 2024 annual and Q1 2025 performance briefing on May 6, 2025, showcasing its core competitiveness and understanding of future industry dynamics, technological innovation, and ESG values [1][6][10] Financial Performance - In 2024, the company achieved a record revenue of 33.2 billion yuan, an increase of 8.75% year-on-year, with a net profit of 1.02 billion yuan, up 9.19% [1][6] - The Q1 2025 report indicated a revenue of 9.496 billion yuan, reflecting a year-on-year growth of 13.67%, and a net profit of 511 million yuan, up 12.10% [1][6] Operational Strategy - The company operates on a dual-track model focusing on "urban mining + new energy materials manufacturing," which has led to significant growth in revenue, net profit, and operating cash flow [6][9] - The utilization rate of the core new energy business exceeds 95%, significantly higher than the industry average, with an average shipment growth rate of 65% [6][7] Innovation and Technology - The company has over 5,000 patent applications, holding the largest number of patents in the waste recycling sector globally [9] - Key innovations include breakthroughs in nickel core-shell precursor production and advancements in hydrometallurgical technology for nickel ore [9][10] ESG and Sustainability - The company emphasizes green and circular economy principles, maintaining a top 10% rating in ESG dimensions and initiating a carbon disclosure project [10] - Plans for 2025-2027 include maintaining a 20% growth rate in sales revenue and a 36% growth rate in core product shipments [10] Capital Strategy - The company has outlined three capital market plans, including mergers and acquisitions in domestic resource businesses and a potential secondary listing in Hong Kong [10]