Core Viewpoint - Tengyuan Cobalt Industry (301219.SZ) reported a revenue of 5.752 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 17.65% [1] - The net profit attributable to shareholders of the listed company reached 751 million yuan, marking a year-on-year increase of 21.65% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 725 million yuan, up 19.18% year-on-year [1] - The basic earnings per share stood at 2.55 yuan [1]

Core Insights - Tengyuan Cobalt's Q3 revenue reached 2.219 billion yuan, representing a year-on-year increase of 31.60% [1] - The net profit for Q3 was 282 million yuan, showing a year-on-year growth of 47.84% [1] - For the first three quarters, the total revenue was 5.752 billion yuan, up 17.65% year-on-year [1] - The net profit for the first three quarters amounted to 751 million yuan, reflecting a year-on-year increase of 21.65% [1]

Financial Performance - The company's revenue for Q3 2025 reached ¥2,219,425,314.62, representing a year-over-year increase of 31.60%[4] - Net profit attributable to shareholders for the same period was ¥282,078,974.99, up 47.84% compared to the previous year[4] - The net profit after deducting non-recurring gains and losses was ¥270,775,455.57, reflecting a 45.42% increase year-over-year[4] - Total operating revenue for the current period reached ¥5,751,865,530.03, an increase of 17.6% compared to ¥4,889,154,064.91 in the previous period[20] - Net profit for the current period was ¥745,359,579.52, representing a 20.7% increase from ¥617,451,411.41 in the previous period[21] - The total revenue attributable to the parent company's owners was approximately ¥669.8 million, an increase from ¥585.7 million in the previous period, representing a growth of about 14.5%[22] - Basic and diluted earnings per share both increased to ¥2.55 from ¥2.10, reflecting a growth of approximately 21.4%[22] Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥12,233,124,220.71, a 14.27% increase from the end of the previous year[4] - The total assets increased to ¥12,233,124,220.71, compared to ¥10,705,210,879.03 in the previous year, reflecting a growth of 14.2%[18] - Total liabilities rose to ¥2,881,652,408.36, up from ¥1,905,063,981.52, indicating a growth of 51.2%[18] - The total liabilities and equity reached ¥12,233,124,220.71, up from ¥10,705,210,879.03, indicating a growth of 14.2%[18] Shareholder Information - The total number of common stock shareholders at the end of the reporting period is 28,910[11] - The largest shareholder, Luo Jie, holds 22.43% of shares, totaling 66,093,066 shares[11] - The total number of restricted shares at the end of the period is 90,071,820, down from 126,836,056, indicating a reduction of approximately 29%[13] Cash Flow - Cash flow from operating activities for the year-to-date reached ¥764,572,100.73, a significant increase of 796.97%[4] - Net cash flow from operating activities was ¥764.6 million, significantly up from ¥85.2 million in the previous period, indicating a substantial improvement in operational efficiency[23] - Cash inflow from operating activities totaled ¥7.06 billion, compared to ¥5.28 billion in the prior period, marking an increase of approximately 33.9%[23] - Cash outflow from investing activities was ¥389.5 million, slightly higher than ¥368.9 million in the previous period, resulting in a net cash flow from investing activities of -¥385.9 million[23] - Cash inflow from financing activities was ¥387.7 million, down from ¥659.2 million in the previous period, indicating a decrease of approximately 41.1%[23] - The net cash flow from financing activities was -¥126.8 million, an improvement from -¥422.8 million in the previous period, showing a reduction in cash outflow[23] - The ending balance of cash and cash equivalents was ¥3.58 billion, an increase from ¥3.04 billion at the end of the previous period, reflecting a growth of approximately 17.6%[23] Expenses - Research and development expenses for the year-to-date were ¥126,104,846.20, up 51.88% from the previous year[9] - The company reported a 90.14% increase in management expenses, totaling ¥322,580,168.01, primarily due to business growth and increased personnel costs[9] - Research and development expenses for the current period were ¥126,104,846.20, an increase from ¥83,027,149.77 in the previous period, reflecting a growth of 52.0%[20] Other Financial Metrics - The weighted average return on equity was 3.06% for the reporting period, an increase of 0.83% compared to the previous year[4] - The company reported a decrease in other comprehensive income, with a net amount of -¥81,350,213.23 compared to -¥31,751,486.64 in the previous period[21] - The company's financial expenses showed a significant improvement, with a net financial cost of -¥17,411,801.09 compared to -¥29,324,688.16 in the previous period[20] Investments and Projects - The company has established a joint venture, New Cheng New Energy Investment Co., Ltd., and is currently conducting construction for a project with an annual capacity of 30,000 tons of copper and 2,000 tons of cobalt[14] Audit and Accounting Standards - The company did not undergo an audit for the third quarter financial report[24] - The company plans to implement new accounting standards starting in 2025, which may impact financial reporting[24]

Investment Rating - Industry rating: Recommended [3] Core Insights - The report emphasizes the strategic revaluation of key metals, particularly focusing on rare earths and cobalt [24] - Nickel prices are expected to be supported due to tightened supply expectations following Indonesia's new regulation reducing the approval cycle for mining plans from three years to one year [26][27] - Cobalt prices have continued to rise, with expectations of increasing supply tightness further driving prices up [30][33] - Antimony supply is expected to remain tight, providing a bottom support for antimony prices [34] - Lithium carbonate prices are projected to remain strong due to ongoing demand and inventory depletion [16] - China's dominance in rare earth supply is reinforced by stricter export controls, which are expected to support rare earth prices [18] - Tin supply remains uncertain due to ongoing challenges in overseas supply, which is expected to support tin prices [19] - Tungsten prices are supported by a tightening supply situation, with production rates slowing down [20] - Uranium supply tightness is anticipated to continue, supporting uranium prices [21] Summary by Sections Nickel and Cobalt Industry Update - Indonesia's new regulation on mining approvals is expected to tighten future ore supply, supporting nickel prices [26] - As of October 24, LME nickel price was $15,085 per ton, up 1.04% from October 17 [26] - Cobalt prices have risen significantly, with electrolytic cobalt reaching 408,500 CNY per ton, a 6.94% increase [30] Antimony Industry Update - Domestic antimony prices have decreased, but long-term supply tightness is expected to support prices [34] - China's antimony production is projected to dominate global supply, accounting for 60% of the total [34] Lithium Industry Update - Lithium carbonate prices have increased, with a market average of 73,700 CNY per ton as of October 24 [16] - Demand from the battery sector continues to drive price support [16] Rare Earth Industry Update - China's strict export controls on rare earths are expected to tighten supply and support prices [18] - The report highlights the importance of China's role in the global rare earth supply chain [18] Tin Industry Update - Tin prices are supported by supply uncertainties, particularly from Myanmar and Indonesia [19] - As of October 24, LME tin price was $35,925 per ton, up 2.42% from October 17 [19] Tungsten Industry Update - The tungsten supply situation is tightening, with production rates slowing down [20] - Prices for tungsten concentrate have increased, reflecting supply constraints [20] Uranium Industry Update - The report indicates a continued tight supply situation for uranium, supporting price stability [21] - Recent production guidance reductions from major suppliers are expected to impact future supply [21]

Core Viewpoint - The energy metals sector experienced a decline of 0.34% on October 22, with Tengyuan Cobalt leading the drop. The Shanghai Composite Index closed at 3913.76, down 0.07%, while the Shenzhen Component Index closed at 12996.61, down 0.62% [1]. Group 1: Market Performance - The energy metals sector saw mixed performance among individual stocks, with Shengxin Lithium Energy rising by 3.37% to close at 19.95, while Tengyuan Cobalt fell by 2.60% to close at 64.83 [1][2]. - The trading volume for Shengxin Lithium Energy was 652,800 shares, with a transaction value of 1.282 billion yuan, indicating strong investor interest [1]. Group 2: Capital Flow - The energy metals sector experienced a net outflow of 495 million yuan from institutional investors, while retail investors saw a net inflow of 396 million yuan [2]. - Among individual stocks, Shengxin Lithium Energy had a net outflow of 34.63 million yuan from institutional investors, while it attracted a net inflow of 38.04 million yuan from retail investors [3].

Investment Rating - The investment rating for the non-ferrous metals industry is "Positive" (maintained) [3] Core Views - The report anticipates a potential upward trend in copper prices due to expected shortages in copper mines, particularly with the global second-largest copper mine, Grasberg, facing production halts. The report suggests that the copper supply-demand balance may shift from tight equilibrium to shortage by 2026 [4] - The report highlights the performance of various metals, including aluminum, lithium, and cobalt, with specific recommendations for companies to watch in each segment [4] Summary by Sections 1. Industry Overview - Recent macroeconomic developments include a new round of US-China trade negotiations and comments from Trump regarding the unsustainability of high tariffs on China [8] 2. Market Performance - The overall performance of the non-ferrous metals sector saw a decline, with the Shanghai Composite Index down 1.47% and the Shenwan Non-Ferrous Metals Index down 3.07%, underperforming the Shanghai Composite by 1.60 percentage points [10][11] 3. Valuation Changes - The PE_TTM for the Shenwan Non-Ferrous Metals Index is 26.96, down 1.78 from the previous week, while the PB_LF is 3.22, down 0.22 [19][22] 4. Copper - Copper prices have seen a decline, with LME copper down 1.86% and SHFE copper down 1.77%. However, the report indicates a potential for price recovery due to supply disruptions and seasonal demand [21][44] 5. Aluminum - Aluminum prices are experiencing fluctuations, with LME aluminum down 0.45% and SHFE aluminum down 0.47%. The report notes a decrease in inventory levels, which may support price stability [33][44] 6. Lithium - Lithium prices are showing mixed trends, with lithium carbonate down 0.27% and lithium spodumene up 0.83%. The report suggests that lithium prices may stabilize due to seasonal demand [73] 7. Cobalt - Cobalt prices have increased, with MB cobalt up 5.40% to $20.98 per pound, driven by changes in export regulations from the Democratic Republic of Congo [86]

赣州腾远钴业新材料股份有限公司 简式权益变动报告书 上市公司名称：赣州腾远钴业新材料股份有限公司 股票简称：腾远钴业 股票代码：301219 股票上市地：深圳证券交易所 信息披露义务人：长江晨道（湖北）新能源产业投资合伙企业（有限合伙） 住所及通讯地址：武汉市东湖新技术开发区高新二路388号光谷国际生物医药企 业加速器一期工程1号厂房146号 股份变动性质：股份减少 签署日期：2025年10月17 日 1 信息披露义务人声明 一、信息披露义务人依据《中华人民共和国证券法》《上市公司收购管理办法》 《公开发行证券的公司信息披露内容与格式准则第15号——权益变动报告书》及其 他相关法律、法规和部门规章的有关规定编写本报告书。 二、信息披露义务人签署本报告书已获得必要的授权和批准。 三、依据《中华人民共和国证券法》《上市公司收购管理办法》《公开发行证券的 公司信息披露内容与格式准则第15号——权益变动报告书》的规定，本报告书已全 面披露信息披露义务人在腾远钴业中拥有权益的股份变动情况。 截至本报告书签署之日，除本报告书披露的持股信息外，信息披露义务人没有 通过任何其他方式增加或减少其在腾远钴业中拥有权益的股份。 四 ...

证券代码：301219 证券简称：腾远钴业 公告编号：2025-044 赣州腾远钴业新材料股份有限公司 关于持股 5%以上股东股份减持至 5%暨权益变动的提示性公告 宁波梅山保税港区晨道投资合伙企业(有限合伙)-长江晨道(湖北)新能源产业投资合伙 企业(有限合伙)保证向本公司提供的信息内容真实、准确、完整，没有虚假记载、误导性陈 述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 特别提示： 1、本次权益变动属于持股 5%以上股东减持公司股份，不触及要约收购。 2、本次权益变动后，公司持股 5%以上股东宁波梅山保税港区晨道投资合伙 企业(有限合伙)-长江晨道(湖北)新能源产业投资合伙企业(有限合伙)（以下简 称"长江晨道"）持有公司股份总数 14,735,909 股，占公司总股本的 5%，占剔 除公司回购专用证券账户股份后总股本的 5.0243%，不再是公司持股 5%以上股 东。 3、长江晨道不属于公司控股股东、实际控制人及其一致行动人，本次权益 变动不会导致公司控股股东、实际控制人发生变化，不会影响公司的治理结构 和持续经营。 4、截至本公告日，公司总股本为 294,717, ...

Market Overview - The energy metals sector experienced a decline of 5.61% on October 14, with Tengyuan Cobalt leading the drop [1] - The Shanghai Composite Index closed at 3865.23, down 0.62%, while the Shenzhen Component Index closed at 12895.11, down 2.54% [1] Individual Stock Performance - Tengyuan Diamond (301219) closed at 68.68, down 11.24% with a trading volume of 226,400 shares and a transaction value of 1.636 billion [1] - BQ Materials (605376) closed at 56.70, down 7.88% with a trading volume of 147,300 shares and a transaction value of 863 million [1] - Cold Sharp Diamond (300618) closed at 50.77, down 7.67% with a trading volume of 265,300 shares and a transaction value of 1.398 billion [1] - Huayou Cobalt (603799) closed at 65.17, down 7.53% with a trading volume of 1,571,000 shares and a transaction value of 10.657 billion [1] - Jidian Mining (600711) closed at 10.42, down 6.13% with a trading volume of 3,028,600 shares and a transaction value of 3.336 billion [1] - Tianqi Lithium (002466) closed at 46.98, down 5.61% with a trading volume of 738,800 shares and a transaction value of 3.591 billion [1] - Cangge Mining (000408) closed at 57.13, down 5.48% with a trading volume of 202,100 shares and a transaction value of 266.6 million [1] - Yongxing Materials (002756) closed at 38.14, down 4.10% with a trading volume of 179,800 shares and a transaction value of 701 million [1] - Shengxin Lithium Energy (002240) closed at 19.05, down 4.08% with a trading volume of 442,300 shares and a transaction value of 867 million [1] - Yongshan Lithium (6633399) closed at 9.84, down 3.15% with a trading volume of 144,200 shares and a transaction value of 144 million [1] Capital Flow Analysis - The energy metals sector saw a net outflow of 3.027 billion from main funds, while retail funds had a net inflow of 2.13 billion [1] - The table shows the capital flow for individual stocks, indicating varying levels of net inflow and outflow among different companies [2]

Core Viewpoint - The A-share market for energy and non-ferrous metals has experienced a significant decline, with notable drops in specific companies' stock prices [1] Company Summary - Tengyuan Cobalt Industry saw a nearly 10% drop in its stock price [1] - Huayou Cobalt's stock fell over 8% [1] - Other companies such as Shengda Resources, Xingye Silver Tin, and Zijin Mining also experienced declines of over 5% [1]