格林美股份有限公司 第七届董事会第四次会议决议公告 《2025年第一季度报告》详见公司指定信息披露媒体《中国证券报》《证券 时报》《上海证券报》《证券日报》和巨潮资讯网（http://www.cninfo.com.cn）。 证券代码：002340 证券简称：格林美 公告编号：2025-063 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 格林美股份有限公司（以下简称"公司"）第七届董事会第四次会议通知已于 2025年4月26日分别以书面、传真或电子邮件等方式向公司全体董事发出，会议 于2025年4月28日在公司会议室以现场和视频相结合的表决方式召开。本次会议 应参加会议的董事6人，实际参加会议的董事6人。出席会议的人数超过董事总数 的二分之一，表决有效。会议由公司董事长许开华先生主持，会议召开的时间、 地点及方式均符合《中华人民共和国公司法》及《公司章程》的有关规定。 二、董事会会议审议情况 1、会议以6票同意、0票反对、0票弃权，审议通过了《2025年第一季度报告》。 三、备查文件 经与会董事签字并加盖董事会印章的第七届董事会第四次 ...

证券代码：002340 证券简称：格林美 公告编号：2025-066 格林美股份有限公司（以下简称"公司"或"格林美"）基于对公司全球竞争力、 未来盈利能力与公司股票中长期价值的充分认可，为切实维护公司和全体股东利 益，积极践行"以投资者为本"的上市公司发展理念，提升上市公司治理质量和投 资价值，提振投资者信心，于2024年3月9日发布了《关于"质量回报双提升"行动 方案的公告》（公告编号：2024-011），现将行动方案相关进展情况公告如下： 一、夯实双轨驱动业务模式，提升全球行业核心地位 公司基于"资源有限、循环无限"的产业理念，形成了"城市矿山开采+新能源 材料制造"的双轨驱动业务模式。在城市矿山开采领域，公司回收利用镍钴锂钨 关键矿产资源、退役动力电池、电子废弃物、报废汽车、废塑料等典型废弃物， 构建了"电池回收箱—废弃物回收超市—废弃资源集散大市场—低碳循环工厂— 城市矿山开采产业园"等多层次开采城市矿山的示范模式，实现镍、钴、锂、铜、 锰、钨、金、银、铂、锗、镓、钪等20余种关键矿产资源的再制造，是全球城市 矿山开采的领导者与世界领先的废物循环企业；在新能源领域，公司"把红土镍 矿投进去，把电池材 ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥9,495,947,222.52, representing a 13.67% increase compared to ¥8,354,162,360.57 in the same period last year[4] - Net profit attributable to shareholders was ¥511,283,142.90, up 12.10% from ¥456,098,177.39 year-on-year[4] - The net cash flow from operating activities increased by 77.92% to ¥633,949,270.71, compared to ¥356,303,843.48 in the previous year[4] - The total assets at the end of the reporting period reached ¥72,320,115,493.13, an increase of 8.27% from ¥66,796,724,457.19 at the end of the previous year[4] - The company's weighted average return on equity was 2.58%, up from 2.37% in the previous year[4] - The company reported a net profit of ¥445,704,904.86 after deducting non-recurring gains and losses, which is a 17.70% increase from ¥378,679,540.49 in the same period last year[4] - In Q1 2025, the company achieved a revenue of RMB 9.496 billion, representing a year-over-year growth of 13.67%[12] - The net profit attributable to shareholders reached RMB 511 million, up 12.10% year-over-year, while the net profit excluding non-recurring items was RMB 446 million, an increase of 17.70%[12] - The total comprehensive income for the current period was ¥657,367,814.52, compared to ¥440,029,951.54 in the previous period, reflecting an increase of 49.5%[34] - Basic and diluted earnings per share increased to ¥0.10 from ¥0.09 in the previous period[34] Operational Highlights - The average capacity utilization rate for core products exceeded 97%, with a shipment growth rate of approximately 42%[14] - Nickel resource MHP shipments exceeded 25,000 tons, a significant increase of over 138% year-over-year[14] - The company experienced a 235.91% increase in taxes payable, amounting to ¥2.22 billion, due to the sale of ECOPRO MAT shares and the transfer of subsidiary equity[8] - The company achieved a significant increase in inventory, totaling approximately 8.90 billion yuan, compared to 8.77 billion yuan previously[29] Strategic Initiatives - The company completed the election of a new management team, focusing on attracting young, innovative talents to enhance competitiveness[16] - The new generation of ultra-high nickel 9-series core-shell ternary precursors was successfully mass-produced, marking a significant technological achievement and expected to generate over 50,000 tons of incremental market annually[18] - A strategic cooperation agreement was signed with Puhua Co., Ltd. to optimize the nickel resource project in Indonesia, enhancing profitability and competitiveness[19] - The company established a global supplier alliance to effectively respond to tariff trade challenges, involving over 120 global suppliers[19] - A memorandum of understanding was signed with ECOPRO to jointly develop a green industrial park in Indonesia, focusing on a complete supply chain for battery materials[21] - The company signed a strategic cooperation framework agreement with JD Industrial to stabilize the overseas supply chain, aiming to procure goods worth no less than 5 billion yuan through JD's platform[23] - The company plans to issue H shares and list on the Hong Kong Stock Exchange within the year 2025[24] - A new round of share repurchase was launched in January 2025, with the amount reaching 137 million yuan to bolster market confidence[25] - The company signed a memorandum of understanding with UNU Yogyakarta University in Indonesia to promote cooperation in higher education and ESG values[26] Financial Position - Current assets totaled approximately 27.63 billion yuan, up from 25.82 billion yuan at the beginning of the period[29] - Total liabilities increased to approximately 47.13 billion yuan from 43.30 billion yuan[32] - The company's net profit attributable to shareholders reached approximately 6.46 billion yuan, compared to 5.95 billion yuan at the beginning of the period[32] - Long-term borrowings rose to approximately 14.67 billion yuan from 11.70 billion yuan[31] Cash Flow Analysis - Cash flow from operating activities generated a net amount of ¥633,949,270.71, compared to ¥356,303,843.48 in the previous period, marking an increase of 77.57%[36] - Cash flow from investing activities resulted in a net outflow of ¥4,206,412,518.04, worsening from a net outflow of ¥2,660,295,882.32 in the previous period[36] - Cash flow from financing activities yielded a net inflow of ¥4,041,643,992.49, significantly higher than the previous period's net inflow of ¥1,742,451,327.58[37] Other Information - The first quarter report is unaudited[38] - The new accounting standards will be implemented starting in 2025[38] - The financial statement adjustments will be applicable from the beginning of the year in which the new standards are first executed[38] - The board of directors of Greenme Co., Ltd. issued the report on April 28, 2025[38]

Group 1 - The automotive dismantling concept sector rose by 2.17%, ranking 8th among concept sectors, with 17 stocks increasing in value [1] - Notable gainers in the automotive dismantling sector included Disenli and Tianqi Co., both reaching the daily limit, while Wuchan Zhongda, Huahong Technology, and Poly United also saw significant increases of 5.37%, 4.86%, and 3.41% respectively [1] - The sector experienced a net inflow of 7.1036 million yuan, with Tianqi Co. leading the inflow at 169 million yuan, followed by Disenli and Shanzigaoke with inflows of 71.5446 million yuan and 43.1881 million yuan respectively [2][3] Group 2 - The top stocks by net inflow ratio included Disenli at 47.70%, Tianqi Co. at 40.82%, and Yiqiu Resources at 15.71% [3] - The trading volume for Tianqi Co. was 168.6903 million yuan with a daily increase of 10.03%, while Disenli also increased by 10.03% with a trading volume of 71.5446 million yuan [3][4] - Other notable performers included Huahong Technology with a 4.86% increase and a trading volume of 587.28 million yuan, while GreenMe saw a slight decline of 0.33% with a trading volume of 100.462 million yuan [3][4]

企查查APP显示，近日，武汉美际智能设备制造有限公司成立，法定代表人为闵忠，注册资本2000万 元，经营范围包含：冶金专用设备制造；冶金专用设备销售；矿山机械制造；矿山机械销售等。企查查 股权穿透显示，该公司由格林美（002340）旗下格林美(武汉)城市矿山产业集团有限公司全资持股。 ...

Core Insights - The company reported a revenue of 33.2 billion yuan for 2024, representing an 8.75% year-over-year increase, and a net profit attributable to shareholders of 1.02 billion yuan, up 9.19% year-over-year [1] - The company experienced significant growth in core product shipments, particularly in the battery materials sector, with a notable increase in profitability [2] - Nickel production capacity continues to expand, positioning the company among the top three in global MHP nickel production capacity [3] - Earnings per share (EPS) forecasts for 2025-2027 have been adjusted downward, but the company maintains a positive outlook on future nickel capacity expansion [4] Financial Performance - In Q4 2024, the company achieved a revenue of 8.33 billion yuan, a decrease of 19.15% year-over-year but an increase of 10.53% quarter-over-quarter [1] - The company's comprehensive gross margin improved by 3.05 percentage points to 15.29% in 2024, with specific product gross margins also showing increases [2] Product and Market Developments - The company’s core product, ternary precursor materials for power batteries, saw a shipment volume of 189,000 tons in 2024, a 5% increase year-over-year [2] - The sales of nickel resources are set to increase significantly due to a new investment project in Indonesia, which will produce 66,000 tons of nickel annually [3] Production Capacity and Expansion - The company produced 51,677 tons of nickel metal in 2024, a 91% increase year-over-year, and has established a nickel resource capacity of 150,000 tons per year in Indonesia [3] - Future plans include increasing nickel resources from over 120,000 tons to over 216,000 tons by 2025-2027 [3] Valuation and Forecast - The company’s EPS estimates for 2025-2027 have been revised to 0.31, 0.47, and 0.73 yuan, reflecting a downward adjustment [4] - The target price for the company is set at 6.86 yuan, based on a projected price-to-book (PB) ratio of 1.70 for 2025 [4]

Core Insights - The company reported a total revenue of 33.2 billion yuan in 2024, marking an 8.75% year-on-year increase, and a net profit attributable to shareholders of 1.02 billion yuan, up 9.19% year-on-year [1] - Despite significant progress in new energy materials and urban mining operations, the company faced operational pressure as revenue and net profit declined sequentially in the fourth quarter [1][8] New Energy Materials Business - The new energy materials segment showed strong performance with an average capacity utilization rate exceeding 95%, significantly above the industry average [4] - The total shipment of ternary precursor materials for power batteries reached 189,000 tons, a 5% increase year-on-year, maintaining a top two position globally [4] - Sales of nickel-rich high-voltage ternary precursors grew by 66% to 44,000 tons, indicating the company's leading position in high-voltage precursor technology [4] - Cobalt oxide sales reached 20,664 tons, an 88% increase, capturing over 25% of the global supply, and the company achieved a 102% year-on-year growth in cathode material shipments [4] - Despite strong performance, the fourth quarter saw a 19.2% and 69.9% sequential decline in revenue and net profit, respectively, highlighting short-term market demand fluctuations [4] Urban Mining Operations - The urban mining segment experienced significant growth, particularly in battery recycling and tiered utilization, with revenue from battery recycling rising substantially [5] - The company recycled and dismantled 35,930 tons of power batteries, a 31% increase, equivalent to 4.31 GWh, which is a 41% year-on-year growth [5] - Lithium carbonate recovery exceeded 4,000 tons, with a growth rate of over 44% and a lithium recovery rate surpassing 95% [5] - Tungsten recovery reached 6,486 tons, a 39% increase, and cobalt product sales grew by 76% to 12,557 tons, maintaining over 50% of the global market share for ultra-fine cobalt powder [6] - The scrap vehicle business also saw significant growth, with total recovery reaching 280,000 tons, a 133% increase [6] - However, the fourth quarter net profit for this segment declined by 20.95%, indicating short-term profitability challenges [6] Nickel Resource Development - The company achieved a global output of 51,677 tons of nickel metal, a 91% year-on-year increase, and established a nickel resource capacity of 150,000 tons per year in Indonesia [7] - The company ranks among the top three globally in MHP nickel production capacity, with 110,000 tons controlled and 40,000 tons in joint ventures [7] - The company successfully launched the world's first 1,168m³ high-pressure hydrometallurgical reactor, achieving world-class operational and product quality metrics while significantly reducing carbon emissions [7] - Despite these advancements, the fourth quarter saw a 1250.90% sequential decline in non-recurring net profit, indicating ongoing profitability pressures in this segment [7] Summary - The company achieved revenue and net profit growth in 2024 through its dual-driven strategy in new energy materials and urban mining operations [8] - However, the performance fluctuations in the fourth quarter reveal operational pressures that the company must address to enhance profitability and navigate increasing market competition and economic uncertainties [8]

Core Viewpoint - The new trade-in policy, supported by a 300 billion subsidy, is reshaping three major industries: home appliances, automobiles, and consumer electronics, presenting investment opportunities for medium to long-term investors [1] Group 1: Home Appliances - The home appliance sector receives the largest subsidy, with up to 20% off for 12 product categories, capped at 2000 yuan per item. Sales surged by 23% year-on-year in the first four months of this year, with leading companies like Midea and Gree operating at full capacity [3] - High-end smart products, such as the Casarte series, have seen sales double post-subsidy, indicating a long-term trend of consumption upgrading [3] Group 2: Automotive Sector - The new energy vehicle segment is the biggest beneficiary, with a 20,000 yuan trade-in subsidy boosting sales. BYD's Han series orders exceeded 80,000 units in April [3] - The battery supply chain, including companies like CATL and Purtai, is also benefiting from this trend. The automotive aftermarket is highlighted as a promising area, with Tianqi's dismantling equipment orders extending to Q4 and Gree's battery recycling business achieving a gross margin of 28% [3] Group 3: Consumer Electronics - Although the subsidies in consumer electronics are smaller, they cover a wide range of products, including mobile phones and tablets. The Honor 90 series has over 40% of its sales through trade-in channels, and the inventory turnover days for core distributor Aishide have decreased to 15 days [3] - VR device manufacturer GoerTek has secured new orders from Meta, with expectations for Q3 performance to exceed forecasts [3] Group 4: Investment Strategy - Investment should focus on three dimensions: core leaders, supporting supply chains, and regional leaders. Recommended stocks include Midea Group and Haier Smart Home in home appliances, BYD and Top Group in new energy vehicles, and Luxshare Precision and Shenzhen South Circuit in consumer electronics [4] - Key timelines for investment include the release of home appliance energy-saving subsidy details in June, the launch of new energy vehicles in August, and the consumer electronics exhibition in November. Early positioning can capture policy-driven benefits [4] Group 5: Market Trends - The policy is expected to accelerate the concentration of the three industries. The market share of the top five companies in the home appliance sector has increased from 68% in 2019 to 79% currently, while the top ten automotive companies now hold over 92% market share [4] - The focus should be on companies with stable cash flow and a dividend yield exceeding 3% to seize structural opportunities [4]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 6.86 [7][8]. Core Insights - The company achieved a revenue of RMB 33.2 billion in 2024, representing a year-over-year increase of 8.75%, and a net profit attributable to shareholders of RMB 1.02 billion, up 9.19% year-over-year [1]. - The core product shipments, particularly for nickel and battery materials, have shown significant growth, with a notable expansion in nickel production capacity [2][3]. - The company is positioned among the top three in global nickel production capacity, with plans to further increase its nickel resources from over 120,000 tons to over 216,000 tons by 2025-2027 [3]. Revenue and Profitability - The company reported a comprehensive gross margin increase of 3.05 percentage points to 15.29% in 2024, with specific product margins improving significantly [2]. - The sales volume of key products such as ternary precursor materials and cobalt tetroxide saw substantial growth, with increases of 5% and 88% respectively [2]. Production Capacity and Expansion - The company produced 51,677 tons of nickel metal in 2024, marking a 91% increase year-over-year, and has established a nickel resource capacity of 150,000 tons per year in Indonesia [3]. - A strategic partnership with Vale Indonesia was formed, involving a total investment of USD 1.42 billion for a hydrometallurgical project aimed at producing 66,000 tons of nickel resources annually [3]. Financial Forecast and Valuation - The earnings per share (EPS) estimates for 2025-2027 are projected at RMB 0.31, 0.47, and 0.73 respectively, reflecting adjustments based on prior sales performance [4]. - The report anticipates a price-to-book (PB) ratio of 1.70 for 2025, with a corresponding target price of RMB 6.86, indicating a favorable valuation compared to peers [4][13].

Investment Rating - The report maintains an "Accumulate" rating for the company with a target price of RMB 6.86 [7][8]. Core Insights - The company achieved a revenue of RMB 33.2 billion in 2024, representing a year-over-year increase of 8.75%, and a net profit attributable to shareholders of RMB 1.02 billion, up 9.19% year-over-year [1]. - The core product shipments, particularly for nickel and battery materials, have shown significant growth, with the company expanding its nickel production capacity and maintaining a strong market position [2][3]. - The gross margin improved by 3.05 percentage points to 15.29% in 2024, driven by increased sales and improved profitability across various product lines [2]. Summary by Sections Revenue and Profitability - In 2024, the company reported a revenue of RMB 33.2 billion, with a year-over-year growth of 8.75%. The net profit attributable to shareholders was RMB 1.02 billion, reflecting a 9.19% increase [1]. - The company’s core product, the ternary precursor materials for power batteries, saw a shipment volume of 189,000 tons, a 5% increase year-over-year, solidifying its position among the top two globally [2]. Production Capacity and Expansion - The company produced 51,677 tons of nickel metal in 2024, marking a 91% increase year-over-year. It has established a nickel production capacity of 150,000 tons per year in Indonesia, ranking among the top three globally in MHP nickel production capacity [3]. - A significant investment of USD 1.42 billion was made in a hydrometallurgical project in collaboration with Vale Indonesia, aimed at producing 66,000 tons of nickel resources annually [3]. Financial Forecast and Valuation - The earnings per share (EPS) for 2025-2027 are projected to be RMB 0.31, RMB 0.47, and RMB 0.73, respectively. The price-to-book (PB) ratio for 2025 is estimated at 1.70, with a target price of RMB 6.86 [4][6]. - The company’s revenue is expected to grow significantly, with forecasts of RMB 42.18 billion in 2025, RMB 52.18 billion in 2026, and RMB 64.24 billion in 2027, reflecting a robust growth trajectory [6][12].