Core Viewpoint - Zhongwei Co., Ltd. reported a revenue of 40.223 billion yuan for 2024, marking a year-on-year growth of 17.36% driven by the rapid expansion of the global new energy market [1]. Company Summary - Zhongwei Co., Ltd. achieved a total sales volume of over 300,000 tons for its existing battery material systems, which include nickel-based, cobalt-based, phosphate-based, and sodium-based products [1]. - The company is led by Chairman and President Deng Weiming, who, along with his spouse Wu Xiaoge, holds a controlling stake of 56.37% [3]. - Deng Weiming and Wu Xiaoge ranked 243rd on the 2023 Hurun Rich List with a wealth of 21.5 billion yuan, down from 34.5 billion yuan in 2022 [3]. - Their wealth further declined to 16.5 billion yuan in the 2024 Hurun Rich List, placing them 306th [3]. Industry Summary - The global new energy market is experiencing rapid growth, which is positively impacting companies like Zhongwei Co., Ltd. that are involved in battery materials [1].

Core Viewpoint - The company has strategically invested in acquiring key mineral resources globally, focusing on nickel, lithium, and phosphorus resources [1] Nickel Resources - The company is continuously expanding its layout around high-quality laterite nickel mines in Indonesia [1] Lithium Resources - The company has established a presence in Argentina with salt lake lithium mines, expecting to control over 10 million tons of lithium carbonate equivalent (LCE) [1] Phosphorus Resources - The company possesses nearly 100 million tons of phosphate rock resources [1] Nickel Smelting Capacity - The company's nickel smelting capacity in Indonesia is close to 200,000 tons [1]

Group 1 - The company has been actively acquiring key mineral resources globally through strategic investments, focusing on nickel, lithium, and phosphate [2] - In terms of nickel resources, the company is continuously expanding its presence around high-quality laterite nickel mines in Indonesia [2] - The company has established a foothold in lithium resources with a salt lake lithium mine in Argentina, expecting to control over 10 million tons of lithium carbonate equivalent (LCE) [2] - The phosphate resources held by the company amount to nearly 100 million tons [2] - The company's nickel smelting capacity in Indonesia is close to 200,000 tons [2]

Core Viewpoint - The company is focusing on the research, production, and sales of new energy battery cathode materials and has made significant investments in lithium resources in Argentina [2]. Group 1 - The company has plans to mine lithium from salt lakes in Argentina, having established a presence through controlling and participating in two salt lake lithium mines [2]. - The company expects to control over 10 million tons of lithium carbonate equivalent (LCE) resources from these investments [2]. - The company will decide on the mining of the lithium resources based on its own needs and market conditions [2].

Core Viewpoint - The company is progressing with its listing application on the Hong Kong Stock Exchange, having recently undergone a listing hearing on October 2nd [1] Group 1 - The Hong Kong Stock Exchange listing committee reviewed the company's application for issuance and listing [1] - The company will fulfill its information disclosure obligations based on the progress of this matter [1] - The company appreciates the interest shown by investors [1]

Core Viewpoint - Zhongwei Co., Ltd. is making significant progress in its application for a Hong Kong stock listing, with a hearing scheduled for October 2, 2025, indicating a positive development in its capital market activities [1] Group 1: Company Developments - The Hong Kong Stock Exchange has reviewed Zhongwei's listing application, marking an important step in the company's progress towards its IPO [1] - The company has seen a surge in interest from the capital market due to breakthroughs in solid-state battery technology, which are expected to enhance its growth trajectory [1] - Zhongwei has deepened its focus on solid-state battery materials, signing a strategic cooperation framework agreement with Xiamen Tungsten New Energy to collaborate on various battery precursor materials [2] Group 2: Industry Trends - Solid-state batteries are transitioning from laboratory development to industrialization, with 2026 to 2027 identified as critical years for small-scale production [2] - The demand for high-nickel and ultra-high-nickel materials is expected to significantly benefit from the mass production of solid-state batteries, with projected global market shares of 31.7% and 89.5% for Zhongwei's products in 2024 [2] - The company has reported nearly 50 tons of solid-state battery material shipments in September, reflecting strong demand from domestic and international clients [2][3] Group 3: Future Outlook - Zhongwei's self-developed oxide solid-state electrolyte (LATP) is in the small-scale testing phase, with promising performance, while low-cost sulfide electrolytes are also under development [3] - The company is positioned to leverage its leading market position in nickel-based ternary precursors and its extensive customer base to capitalize on the growing interest in new energy assets in the Hong Kong market [3]

Core Viewpoint - Zhongwei Co., Ltd. (300919.SZ) has announced a share buyback program, successfully repurchasing a total of 22,958,992 shares, which represents approximately 2.45% of the company's total share capital [1] Summary by Categories Share Buyback Details - The company has conducted the share buyback through a dedicated securities account via centralized bidding transactions [1] - The highest transaction price for the repurchased shares was 41.21 CNY per share, while the lowest was 30.00 CNY per share [1] - The total amount spent on the buyback reached 796,560,529.38 CNY, excluding commissions and transfer fees [1] Compliance and Regulations - The buyback is in accordance with the company's buyback plan and relevant laws and regulations [1]

Core Viewpoint - Zhongwei Co., Ltd. is in the process of applying for the issuance of overseas listed shares (H shares) and listing on the main board of the Hong Kong Stock Exchange, with the listing hearing held on October 2, 2025 [1] Group 1 - The listing application was reviewed by the Hong Kong Stock Exchange Listing Committee, but the letter received by the joint sponsor on October 3, 2025, indicates that this does not constitute formal approval for the listing [1] - The Hong Kong Stock Exchange retains the right to provide further comments on the company's listing application [1]

Core Viewpoint - Zhongwei Co., Ltd. has established itself as a leading player in the new energy battery materials sector, achieving significant growth and market leadership in the production of nickel and cobalt lithium-ion battery precursors, while also preparing for the commercialization of solid-state battery technology by 2026-2027 [1][3][6]. Company Growth and Market Position - Zhongwei's total assets increased from 2.029 billion yuan in 2017 to 74.694 billion yuan by mid-2025, with operating revenue rising from 1.861 billion yuan in 2017 to 40.223 billion yuan in 2024, and net profit increasing from 12 million yuan to 1.281 billion yuan over the same period [3]. - The company has established ten major production bases globally, with over 16,000 employees expected by the end of 2024 [3]. Strategic Initiatives - Zhongwei has taken proactive steps by predicting the high nickel trend, being the first to mass-produce high-nickel precursors, and targeting overseas markets early, establishing partnerships with companies like LG in 2016 [3][4]. - The company has initiated "industrial overseas" strategies, building four production bases in Indonesia to secure nickel resources, thus mitigating risks associated with Indonesia's nickel export bans [3][4]. Technological Advancements - Zhongwei has developed customized precursor products suitable for solid-state batteries and has shipped nearly 50 tons of solid-state battery materials [7]. - The company holds a 31.7% market share in high-nickel ternary precursors and an impressive 89.5% share in ultra-high nickel ternary precursors globally [7]. Future Outlook - The company views its recent slowdown in growth as a "gear shift" rather than a loss of momentum, with expectations of a rebound in growth driven by increasing demand in the new energy vehicle and energy storage markets [6]. - Zhongwei plans to enhance its competitive edge through continuous investment in R&D, focusing on high-nickel, solid-state, and sodium-ion battery technologies [6][8]. Value Enhancement Strategies - Zhongwei aims to anchor its value enhancement through three main paths: deepening technological innovation, improving profitability, and solidifying its ecological foundation [8]. - The company is committed to a diversified technology approach, covering various materials and establishing a comprehensive industrial ecosystem [8][9]. Recycling and Sustainability Efforts - Zhongwei has developed a robust battery recycling business, with plans to process over 50,000 tons of retired batteries and waste materials in 2024, significantly reducing carbon emissions [9]. - The company collaborates with international partners, such as CRONIMET in Germany, to enhance its recycling capabilities and expand its market reach [9][10].

Core Viewpoint - The Hong Kong Stock Exchange is reviewing the application of Zhongwei Co., Ltd. for issuing H-shares, which indicates the company's intention to expand its capital base and enhance its market presence [1] Group 1 - Zhongwei Co., Ltd. is seeking to issue H-shares to raise funds for its business operations and growth initiatives [1] - The review process by the Hong Kong Stock Exchange is a critical step in the company's strategy to access international capital markets [1] - Successful approval of the H-share issuance could provide Zhongwei Co., Ltd. with significant financial resources to invest in new projects and expand its market reach [1]