Core Insights - The solid-state battery industry is entering a "sprint phase" towards commercialization, with significant advancements in sodium-based solid-state batteries [1][2] - A new sodium-based solid-state battery developed by the University of Chicago and Singapore's Agency for Science, Technology and Research can operate stably in sub-zero temperatures, enhancing its competitiveness [1] - The global solid-state battery shipment is expected to reach 614.1 GWh by 2030, with a market size projected to exceed 100 billion yuan [2] Industry Developments - The solid-state battery industry is experiencing accelerated progress driven by both policy and technology, with a key conference scheduled for September 2025 to discuss future trends and challenges [2] - The demand for solid-state battery materials is expected to grow significantly, with investments in equipment projected to reach hundreds of billions [2] - Several A-share listed companies are making strides in solid-state battery technology, with Li Yuan Heng successfully developing manufacturing processes for solid-state battery equipment [2][3] Market Activity - Recent data shows that financing clients have significantly increased their positions in 26 solid-state battery concept stocks, with notable net purchases exceeding 1 billion yuan [4] - Leading companies in this sector include Xian Dao Intelligent, CATL, and others, with some stocks projected to have a net profit growth rate exceeding 20% in the coming years [4][5] - As of September 22, 2023, several stocks in this sector have rolling price-to-earnings ratios below 40, indicating potential investment opportunities [4][5]

Group 1 - The Democratic Republic of Congo (DRC) will end its cobalt export ban on October 15 and implement an export quota system starting October 16, allowing over 18,000 tons of cobalt to be exported for the remainder of the year [1][2] - The DRC's cobalt production accounts for 74% of global output, and the recent export ban led to a 62% decrease in China's imports of cobalt intermediate products from June to August [1][2] - Companies like Liqin Resources, which operates in Indonesia, saw a stock price increase of 17% following the announcement, as their cobalt supply is unaffected by the DRC's export quota [1] Group 2 - The DRC's export quota for 2025 is set at 18,000 tons, with a maximum annual export of 96,600 tons for 2026 and 2027, representing a 56% decline from 2024 production levels [2] - The demand for cobalt is expected to rise due to increased lithium battery demand, particularly in the electric vehicle sector, which may lead to a significant inventory replenishment among downstream companies [2] - The DRC's policy shift highlights the importance of Indonesian cobalt products, as Indonesia's nickel-cobalt resources may help fill the supply gap created by the DRC's export restrictions [2] Group 3 - Liqin Resources is a nickel supply chain company with a designed annual production capacity of 400,000 tons of nickel metal, including 120,000 tons of nickel-cobalt compounds from its wet processing projects in Indonesia [3] - Huayou Cobalt also has nickel-cobalt resources in Indonesia, with ongoing projects to enhance its resource reserves and production capabilities [4] - Greenme's cobalt recycling business is expected to see increased profitability during the current cobalt price upcycle, with significant production increases projected for 2024 and 2025 [5][6]

Core Viewpoint - Greeenme (002340) has submitted an application for listing on the Hong Kong Stock Exchange, with JPMorgan, CITIC Securities, and CITIC Jianye International as joint sponsors. The company is already listed on the Shenzhen Stock Exchange [1]. Group 1: Company Overview - Greeenme is a leader in the recycling of critical metal resources and lithium-ion batteries, as well as a prominent player in the global new energy materials manufacturing industry [4]. - The company operates a comprehensive business model centered around a circular economy, focusing on three core areas: critical metal resources, lithium-ion battery and end-of-life vehicle recycling, and new energy materials [4]. Group 2: Critical Metal Resources - Greeenme recycles critical metal resources including nickel, cobalt, tungsten, lithium, germanium, titanium, copper, manganese, gold, silver, and platinum, ranking first in China for the recovery of nickel, cobalt, and tungsten based on 2024 recovery volume [4]. - The company is a pioneer in developing smelting technologies for nickel, cobalt, and tungsten, and has built the world's largest high-pressure autoclave for red mud nickel ore, producing MHP of industry-leading quality [4]. - Greeenme has established a production base in Indonesia with an annual MHP production capacity of 150,000 tons, ranking among the top three globally based on 2024 MHP equity output [4]. Group 3: Lithium-Ion Battery and End-of-Life Vehicle Recycling - Greeenme procures retired lithium-ion batteries from third parties and recycles batteries from end-of-life electric vehicles (EVs), utilizing some batteries for secondary use while others are processed to produce metal intermediates for battery manufacturing [5]. - The company has partnerships with over 1,000 automotive and battery manufacturers globally and has established six lithium-ion battery recycling subsidiaries in China, all included in the MIIT whitelist. It ranks first in the domestic market for third-party retired lithium-ion battery recycling based on 2024 recovery volume [5]. Group 4: New Energy Materials - Greeenme supplies products such as ternary precursors and cathode materials for lithium-ion batteries, and cobalt oxide for 3C batteries, having established stable long-term relationships with nine of the top ten lithium-ion battery companies globally [6]. - Based on 2024 shipment volume, Greeenme ranks second globally in the supply of ternary precursors and cobalt oxide, and has the capability to achieve self-sufficiency in key raw materials needed for new energy materials production [6]. Group 5: Financial Performance - For the fiscal years ending December 31 and the six months ending June 30, Greeenme reported revenues of 29.39 billion RMB, 30.53 billion RMB, 33.20 billion RMB, and 17.56 billion RMB for 2022, 2023, 2024, and the first half of 2025, respectively [6][7]. - The company's profits for the same periods were approximately 1.33 billion RMB, 1.16 billion RMB, 1.33 billion RMB, and 842.77 million RMB [6][7].

Core Viewpoint - Greenmei Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with JPMorgan, CITIC Securities, and CITIC Construction Investment International as joint sponsors. The company is already listed on the Shenzhen Stock Exchange [1]. Group 1: Company Overview - Greenmei is a leader in the recycling of critical metal resources and lithium-ion batteries, as well as a prominent player in the global new energy materials manufacturing industry [4]. - Since its establishment in 2001, the company has developed a comprehensive business model centered around a circular economy, focusing on three core areas: critical metal resources, lithium-ion battery and end-of-life vehicle recycling, and new energy materials [4]. Group 2: Critical Metal Resources - The company recycles critical metal resources, including nickel, cobalt, tungsten, lithium, germanium, titanium, copper, manganese, gold, silver, and platinum, leveraging its technological advantages [4]. - According to Frost & Sullivan, by 2024, Greenmei ranks first in China for the recycling volume of nickel, cobalt, and tungsten [4]. - The company is a pioneer in developing smelting technologies for nickel, cobalt, and tungsten, and has created the world's largest high-pressure autoclave for nickel laterite ore, producing MHP of industry-leading quality [4]. - Greenmei has established a production base in Indonesia with an annual MHP production capacity of 150,000 tons, ranking among the top three globally in terms of MHP equity output by 2024 [4]. Group 3: Lithium-Ion Battery and End-of-Life Vehicle Recycling - Greenmei procures retired lithium-ion batteries from third parties and recycles batteries from end-of-life electric vehicles (EVs), utilizing a tiered reuse approach for some batteries [5]. - The company has established partnerships with over 1,000 automotive companies and battery manufacturers globally and has set up six lithium-ion battery recycling subsidiaries in China, all included in the MIIT whitelist [5]. - By 2024, Greenmei ranks first in the domestic market for third-party retired lithium-ion battery recycling [5]. Group 4: New Energy Materials - Greenmei supplies products such as ternary precursors and cathode materials for lithium-ion batteries, as well as cobalt oxide for 3C batteries, leveraging its advanced manufacturing technology and stable relationships with leading companies in the new energy materials sector [6]. - By 2024, Greenmei ranks second globally in terms of supply volume for ternary precursors and cobalt oxide [6]. - The company has the capability to achieve self-sufficiency in some key raw materials required for new energy materials production, thanks to its integrated capabilities in MHP production, critical metal resource recycling, and lithium-ion battery recycling [6]. Group 5: Financial Performance - For the fiscal years ending December 31 and the six months ending June 30, the company reported revenues of CNY 29.39 billion, CNY 30.53 billion, CNY 33.20 billion, and CNY 17.56 billion respectively [6][7]. - The corresponding profits for the same periods were approximately CNY 1.33 billion, CNY 1.16 billion, CNY 1.33 billion, and CNY 842.77 million [6][7].

Core Viewpoint - Greenmei Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with JPMorgan, CITIC Securities, and CITIC Construction Investment International as joint sponsors. The company is already listed on the Shenzhen Stock Exchange [1]. Group 1: Company Overview - Greenmei is a leader in the recycling of critical metal resources and lithium-ion batteries, as well as a prominent player in the global new energy materials manufacturing industry. The company operates a comprehensive business model centered around a circular economy, focusing on three core areas: critical metal resources, lithium-ion battery and end-of-life vehicle recycling, and new energy materials [4]. - The company has established itself as a pioneer in the recovery of critical metal resources, including nickel, cobalt, tungsten, lithium, germanium, titanium, copper, manganese, gold, silver, and platinum. According to Frost & Sullivan, Greenmei ranks first in China for the recovery of nickel, cobalt, and tungsten resources based on projected recovery volumes for 2024 [4]. Group 2: Business Segments - In the lithium-ion battery and end-of-life vehicle recycling sector, Greenmei procures retired lithium-ion batteries from third parties and recycles batteries from scrapped electric vehicles (EVs). The company has established partnerships with over 1,000 automotive and battery manufacturers globally and has set up six lithium-ion battery recycling subsidiaries in China, all of which are included in the Ministry of Industry and Information Technology's whitelist. Greenmei ranks first in the domestic market for third-party retired lithium-ion battery recycling based on projected recovery volumes for 2024 [5]. - In the new energy materials sector, Greenmei supplies products such as ternary precursors and cathode materials for lithium-ion batteries, as well as cobalt oxide for 3C batteries. The company has established long-term stable partnerships with nine of the top ten lithium-ion battery manufacturers globally. Based on projected shipment volumes for 2024, Greenmei ranks second in the global supply of ternary precursors and cobalt oxide [6]. Group 3: Financial Performance - For the fiscal years ending December 31 and the six months ending June 30, the company reported revenues of 29.39 billion RMB, 30.53 billion RMB, 33.20 billion RMB, and 17.56 billion RMB for 2022, 2023, 2024, and the first half of 2025, respectively. The corresponding profits were approximately 1.33 billion RMB, 1.16 billion RMB, 1.33 billion RMB, and 842.77 million RMB [6][7].

据港交所文件：格林美股份有限公司向港交所提交上市申请书。 ...

格隆汇9月22日｜据港交所文件：格林美股份有限公司向港交所提交上市申请书。 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [5][11]. Core Insights - The company achieved a record high in self-supplied nickel and cobalt, effectively mitigating the impact of the cobalt raw material ban from the Democratic Republic of Congo [1][5]. - The company's revenue from key metal resource recycling business reached 6.467 billion yuan in H1 2025, a year-on-year increase of 2.56%, accounting for 36.83% of total sales [1]. - The nickel metal shipment from the company's Indonesian nickel resource project reached 44,000 tons in H1 2025, a year-on-year increase of 112%, with expectations of over 100,000 tons for the entire year [1]. - The company’s self-produced cobalt metal from the Indonesian project was 3,700 tons in H1 2025, a year-on-year increase of 125% [1]. Summary by Sections Key Metal Resource Recycling - The company’s key metal resource recycling business generated revenue of 6.467 billion yuan in H1 2025, up 2.56% year-on-year, representing 36.83% of total sales [1]. - Nickel metal shipments from the Indonesian project were 44,000 tons, a 112% increase year-on-year, with expectations of exceeding 100,000 tons for the full year [1]. New Energy Battery Materials - Revenue from the new energy battery materials business was 10.226 billion yuan in H1 2025, a 0.56% increase year-on-year, accounting for 58.24% of total sales [2]. - The shipment of cobalt tetraoxide reached 14,600 tons, a 39% increase year-on-year, benefiting from rising cobalt prices and improved self-supply [2]. - The company achieved a gross margin of 12.40% for cobalt tetraoxide, up 2.21 percentage points year-on-year [2]. Battery Recycling - The company’s battery recycling business generated revenue of 867 million yuan in H1 2025, a 0.54% increase year-on-year, accounting for 4.93% of total sales [3]. - The amount of recycled and dismantled power batteries reached 22,400 tons, a 37% increase year-on-year [3]. - The company is collaborating with 12 key industry players to establish a low-carbon circular industry innovation laboratory for power battery recycling [3]. Financial Projections - The company is expected to achieve net profits of 1.630 billion yuan, 2.317 billion yuan, and 3.444 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 59.8%, 42.1%, and 48.6% [3][10]. - Corresponding EPS for the years 2025, 2026, and 2027 are projected to be 0.32 yuan, 0.45 yuan, and 0.67 yuan [3][10].

Core Viewpoint - The company, Greeenmei, is strategically positioned to benefit from the tightening cobalt supply in the Democratic Republic of Congo (DRC) by leveraging its Indonesian nickel smelting project, which has a significant by-product cobalt capacity. Group 1: Company Operations - The Indonesian nickel smelting project has a total capacity of 150,000 metal tons per year, with approximately 12,000 metal tons per year of by-product cobalt [1] - In the first half of 2025, the company expects to produce 3,667 tons of cobalt metal from its Indonesian resources, representing a 125% year-on-year increase [1] - Cobalt recovery is projected to reach 10,128 tons in 2024 and 5,187 tons in the first half of 2025, enhancing the company's self-sufficiency in nickel and cobalt raw materials [1] Group 2: Market Position and Strategy - The tightening of cobalt supply due to DRC export quota policies may increase supply chain tensions and price volatility, but this presents a strategic opportunity for the company to showcase its integrated advantages [1] - The company’s reliance on Indonesian resources for cobalt raw materials effectively mitigates external dependency risks and stabilizes procurement costs [1] - The strong cost competitiveness of MHP products, with nickel costs being highly elastic after cobalt revenue deductions, is expected to significantly expand profit margins [1] - The stable self-supply capability of the company will become a key resource for downstream customers amid industry challenges of cobalt availability, accelerating market share growth and strengthening pricing power [1]

Investment Rating - The report maintains a positive outlook on the construction materials industry, indicating a recovery in the consumption segment and a price increase cycle for fiberglass products [1][5][7]. Core Insights - The construction materials sector is showing signs of recovery, with the fundamentals entering a positive phase, particularly in real estate sales and construction starts [1][20][21]. - A price increase cycle for fiberglass products is anticipated, driven by supply-demand dynamics and market conditions [2][6][7]. - The cement industry is entering a peak season with price increases observed in various regions, supported by policy measures aimed at limiting overproduction [4][27][28]. Summary by Sections Construction Materials - The consumption construction materials sector is stabilizing, with expectations of improved revenue performance starting in Q3 2025 due to lower revenue baselines and reduced price competition [1][20][21]. - Companies like Hanhigh Group and Sankeshu are already showing growth, with expectations for Dongfang Yuhong to follow suit [1][15]. Fiberglass - The fiberglass market is experiencing a price increase cycle, with major companies discussing price hikes for various products, including low dielectric fabrics [2][6]. - The supply-demand balance is shifting positively, with larger manufacturers maintaining good inventory control while smaller producers are adjusting prices upward [6][7]. Cement - The cement market is witnessing a slight price increase, with specific regions like Jiangsu and Anhui implementing price hikes [4][27]. - The report highlights the potential for growth in the cement sector due to policy support and overseas expansion opportunities [27][28]. Investment Recommendations - Companies such as China Jushi, Zhongcai Technology, and Feilihua are highlighted for their strong market positions and growth potential in the fiberglass and construction materials sectors [10][12][18]. - Huaxin Cement is noted for its overseas expansion and profitability, particularly from its Nigerian operations, which are expected to contribute significantly to future earnings [31][33].