一系列看似独立事件，形成的效应，乃至风暴正在对动储产业全球化趋势产业严重影响，甚至剧 烈冲击。 近日据多方外媒报道，韩国电动汽车 (EV) 电池制造商LG集团及其财团已正式撤回在印度尼西亚 建设电动汽车电池生态系统的计划投资。这一决定标志着该项目自2019年宣布以来，历经多年缓 慢进展后，最终未能落地。 据悉，该项目总投资额达77亿美元，原计划由LG Energy Solution （LG新能源） 、LG Chem （LG化学） 、LX International Corp （LX国际公司） 以及印度尼西亚国有企业共同推进，旨在 构建从原材料采购到电池生产的 "端到端价值链"。印尼作为全球最大的镍生产国，其丰富的镍资 源对电动汽车电池产业至关重要，因此该项目被视为LG集团在全球电池供应链布局中的关键一 环。 （消息来自 "环球网"） 事实上，这还只是动储产业全球化退潮的冰山一角。 据德国媒体4月中旬披露，由于国轩高科与市政府之间的法律纠纷，美国密歇根州梅科斯塔县计 划建设的电动汽车电池生产设施已停工。据了解，国轩计划在格林查特镇建设电池生产设施，该 项目预计投资约23.6亿美元，生产原定于2026年1月开始。 ...

Summary of Tengyuan Cobalt Industry Conference Call Company Overview - Tengyuan Cobalt Industry is a comprehensive enterprise engaged in the production and trade of cobalt, nickel, and copper products, leading the industry in precious metal recovery rates. The company has a short production cycle for new factories and flexible production line designs, optimizing fixed asset investments. The strategic focus is on expanding the Chinese market while ensuring upstream raw material supply and consolidating its position as a leader in midstream smelting [1][2][3]. Core Business Insights - The company's products are widely used in various sectors, including electric vehicles (cobalt sulfate, nickel sulfate), AI terminals (cobalt chloride, cobalt oxide), aerospace, hard alloys, infrastructure, and power. Tengyuan has established long-term stable partnerships with leading enterprises in the industry chain and is actively exploring deep cooperation models [1][4]. - In 2024, the company expects revenue to exceed 6.5 billion yuan and net profit to surpass 680 million yuan, with total assets reaching 10.7 billion yuan and a debt ratio of only 17.8%, significantly lower than the industry average [2][11]. Market Trends and Challenges - The international landscape in 2024 is complex, with geopolitical tensions and trade frictions impacting the industry. However, the company believes these factors will have limited effects on its operations. The consumption electronics and AI terminal markets are seen as promising directions for the next 3 to 5 years, supported by government subsidies [1][5]. - The electric vehicle market continues to grow robustly, driven by policies promoting vehicle upgrades and advancements in autonomous driving technology. The company aims to leverage its advantages in material research and production to support the widespread application of high-density batteries [7][8]. Production and Capacity Expansion - The company plans to expand its production capacity significantly, with cobalt production increasing to 46,000 tons, nickel to 60,000 tons, lithium carbonate to 20,000 tons, electrolytic copper to 90,000 tons, ternary materials to 120,000 tons, and nickel sulfate to 20,000 tons by 2025 [2][14]. - A new copper smelting project in the Democratic Republic of Congo (DRC) is expected to produce 30,000 tons annually by the end of 2026 [2][10]. Research and Development - Tengyuan is increasing its R&D investment by 12% in 2024 compared to 2023, focusing on cost reduction and efficiency improvements, which have led to a 6.13% decrease in carbon emissions [12][13]. Supply Chain and Raw Material Procurement - The company has established a dual-driven strategy to ensure stable raw material supply through both primary production and secondary resource recovery. It sources raw materials from major mining companies and employs a combination of long-term and short-term contracts to manage procurement [3][23][39]. - The company is actively addressing challenges related to power supply and transportation in its DRC operations to enhance production efficiency [15]. Future Outlook - The company is optimistic about its performance in 2025, expecting to achieve over 10% growth in cobalt product sales compared to 2024, driven by technological innovation and cost control [24][37]. - The global outlook for bulk commodities, particularly copper, remains positive, with anticipated price increases despite short-term fluctuations due to macroeconomic factors [10][36]. Conclusion - Tengyuan Cobalt Industry is well-positioned to capitalize on growth opportunities in the electric vehicle and AI sectors while maintaining a strong focus on R&D and operational efficiency. The company's strategic initiatives and robust supply chain management are expected to support its long-term growth objectives in a challenging market environment [1][2][5][45].

Core Viewpoint - The company is actively engaging with various investment institutions and is focused on expanding its production capacity and addressing challenges in the cobalt and copper markets, particularly in light of recent regulatory changes in the Democratic Republic of Congo. Group 1: Production Capacity and Sales Structure - As of the end of Q1 2025, the company's production capacity includes 26,500 metric tons of cobalt products, 10,000 metric tons of nickel products, 10,000 metric tons of manganese products, 5,000 metric tons of lithium carbonate, and 60,000 metric tons of copper products [2] - The cobalt product sales structure for 2024 indicates that cobalt chloride accounts for approximately 50%, while cobalt sulfate makes up nearly 40%, with the company operating at near full capacity for electric cobalt [3] Group 2: Financial Performance and Challenges - The company's net profit in Q1 2025 decreased year-on-year primarily due to power shortages affecting copper production capacity in Congo, prompting the company to expedite the construction of its fourth phase project and diesel power generation to ensure adequate electricity supply [3] - A significant increase in contract liabilities in Q1 2025 was attributed to rising cobalt product prices, leading to higher prepayments from customers, particularly for copper [4] Group 3: Regulatory Impact and Market Response - The Congolese government's ban on cobalt ore exports, effective February 22, 2025, aims to boost the struggling cobalt market, resulting in an upward trend in cobalt prices. The company maintains a safety stock and plans to source raw materials through purchasing intermediates and recycled batteries [5] - Following the export ban, cobalt product prices have risen, and the company reports that sales remain normal, with pricing based on various market indicators [6] Group 4: Strategic Partnerships and Future Projects - The company is establishing a joint venture smelting plant in Congo with SAWA Group, aiming for an annual production capacity of 30,000 tons of copper and 2,000 tons of cobalt, with an investment of 980 million yuan (approximately 136.11 million USD) [7][8] - Key projects for 2025 include the rapid release of 5,000 tons of cobalt capacity, the production of 5,000 tons of electric cobalt, and the acceleration of a photovoltaic project to diversify power supply [9] Group 5: Market Outlook and Growth Opportunities - The company anticipates strong demand for copper driven by global economic growth, infrastructure development, and the rise of electric vehicles and renewable energy applications, maintaining a cautiously optimistic outlook on copper prices [10] - Future cobalt production capacity is expected to increase to 46,000 metric tons, with plans to prioritize the construction of a 5,000-ton electric cobalt project and additional projects in fine chemicals [11] - The company recognizes significant growth opportunities in solid-state batteries, energy storage, and the aerospace industry, with a focus on recycling and sustainable resource utilization [11]

| | 1、请介绍公司目前的产能情况？ | | --- | --- | | | 截至2025年一季度末，公司产能如下：钴产品2.65万金属 | | | 吨、镍产品1万金属吨、锰产品1万金属吨、碳酸锂0.5万吨，铜 | | | 产品6万吨。 | | | 2、请问2024年公司钴产品产销结构是什么样？ | | | 公司钴相关产线均为柔性化设计，可根据市场需求的变化灵 | | | 活调整各产品产量。2024年整体来看，消费电子市场回暖信号明 | | | 显，公司钴产品中氯化钴占比约50%，硫酸钴占比近40%，电钴基 | | | 本是满产的状态。 | | | 3、请问2025年一季度公司营收净利润同比下降原因？ | | | 公司2025年一季度净利润同比下降原因主要系刚果腾远受电 | | 投资者关系活 | 力紧缺影响，导致铜产品产能未能充分释放。在电力保障方面， | | 动主要内容介 | 公司将积极推进刚果腾远四期项目建设进度，同时柴油发电项目 | | 绍 | 也将在二季度投入使用，补充生产用电，充分释放既定产能。 | | | 4、请问公司一季报中合同负债大幅增长，是什么原因？ | | | 公司2025年一季度合同负 ...

Core Viewpoint - In 2024, the company achieved significant revenue growth, but it faced a decline in performance in the first quarter of 2025, prompting concerns about market conditions and future prospects [2][8]. Group 1: 2024 Performance - The company reported total revenue of 6.542 billion yuan in 2024, representing an 18.02% year-on-year increase [5]. - Net profit attributable to shareholders reached 685 million yuan, a substantial increase of 81.24% compared to the previous year [5]. - The gross profit was 1.445 billion yuan, reflecting a 38.54% increase, indicating effective cost control and product optimization [5]. - The company expanded its product offerings, including cobalt salts and battery-grade lithium carbonate, and established long-term partnerships with several well-known enterprises in the industry [5]. Group 2: Q1 2025 Performance - In the first quarter of 2025, the company reported revenue of 1.46 billion yuan, a decline of 3.6% year-on-year [6]. - Net profit attributable to shareholders was 123 million yuan, down 14.3% compared to the same period last year [6]. - The company experienced a negative operating cash flow of 19.12 million yuan, despite a 19.6% increase in cash flow from operations [6]. Group 3: Future Growth Plans - The company announced plans to expand its copper and cobalt production capacity overseas, including a new wet metallurgy plant in the Democratic Republic of the Congo with an annual capacity of 30,000 tons of copper and 2,000 tons of cobalt [7]. - The project is expected to have a construction period of 18 months and a post-tax internal rate of return of 35.01% [7]. - The company maintains a safety stock of materials and is prepared to manage potential disruptions due to local policy changes in the Democratic Republic of the Congo [7].

Core Viewpoint - Tengyuan Cobalt's profitability has significantly improved due to the gradual release of production capacity from domestic and international projects, leading to substantial revenue and profit growth in 2024 [1][2]. Group 1: Financial Performance - In 2024, Tengyuan Cobalt achieved an operating income of 6.542 billion yuan, a year-on-year increase of 18.02%, and a net profit attributable to shareholders of 685 million yuan, up 81.24% [1]. - The net profit excluding non-recurring gains and losses was 671 million yuan, reflecting an increase of 83.39% year-on-year [1]. - The sales volume of cobalt, nickel, and lithium products saw significant year-on-year growth of 22.8%, 658.92%, and 1368.38%, respectively, while copper sales volume increased by 11.55% [2]. Group 2: Production Capacity and Projects - The company has invested 1.101 billion yuan in its IPO fundraising projects, achieving a progress rate of 64.84% [2]. - Tengyuan Cobalt plans to establish a joint venture in Hong Kong to develop a copper mining project in the Democratic Republic of Congo, with an investment of 980 million yuan (approximately 136 million USD) [3]. - The new project aims to build a hydrometallurgical plant with an annual capacity of 30,000 tons of copper and 2,000 tons of cobalt, with a projected internal rate of return of 35.01% after tax [3]. Group 3: Market Position and Future Outlook - The expansion of production capacity through new projects is expected to enhance the company's economies of scale and competitiveness in the global cobalt and copper markets [3]. - Despite the strong performance in 2024, the company reported a decline in revenue and net profit in the first quarter of 2025, with operating income of 1.461 billion yuan, down 3.59% year-on-year, and net profit of 123 million yuan, down 14.27% [2].

◆ 电池 ◆ 宁德时代发布多款电池新品 01 4月21日， 宁德时代在超级科技日上发布了多款新品，其中包括： 第二代神行超充电池。据介绍，该款磷酸铁锂电池续航达到800公里，峰值充电倍率接近12C，峰 值充电功率超过1.3兆瓦，可以实现"充电5分钟续航超520公里"。 "钠新"钠离子电池，并推出了第一款产品宁德时代纳新24V重卡启驻一体蓄电池，预计今年6月正 式量产。据透露，宁德时代的钠离子电池可以在多面挤压、针刺贯穿、电钻穿透和电池锯断等实验 之下，做到"不起火、不爆炸" 骁遥双核电池，这是宁德时代双核架构自生成负极技术深度融合的重磅产品。双核架构，可让一个 电池包拥有两个独立能量区确保动力输出连续性、稳定性和安全性；自生成负极技术则是原子层级 的突破，可在同样的电池包空间内配置更多电量，支撑更长续航。 江苏年产60万套电池仓总成项目签约 02 4月17日，江苏省盐都经济开发区与金保利（江苏）新能源科技有限公司举办电池仓总成项目签约 仪式。据悉，此次签约项目计划投资10亿元，一期征地100亩，项目采用"自主研发+联合创新"模 式，与产业链上下游深度协同，重点生产新能源汽车电池托盘及储能箱体，年产能达60万套 ...

| 代码 | 简称 | 每10股送转 | 每10股派现 | 派现金额（万 | | 派现占净利润比例 | 股息率 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | （股） | （元） | 元） | | （%） | （%） | | 601899 | 紫金矿 业 | 0.00 | 2.8 | 744171.21 | 23.22 | | 1.72 | | 603993 | 洛阳钼 业 | 0.00 | 2.55 | 545554.91 | 40.32 | | 3.29 | | 600362 | 江西铜 业 | 0.00 | 7 | 241660.13 | 34.71 | | 3.06 | | 601168 | 西部矿 | 0.00 | 10 | 238300.00 | 81.29 | | 5.67 | 4月21日腾远钴业发布2024年度分配预案，拟10派5元（含税），预计派现金额合计为1.47亿元。派现额 占净利润比例为21.40%，这是公司上市以来，累计第4次派现。 公司上市以来历次分配方案一览 | 日期 | 分配方案 | 派现金额合计（亿元） | ...

证券代码：301219 证券简称：腾远钴业 公告编号：2025-006 一、重要提示 本年度报告摘要来自年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规划，投资者 应当到证监会指定媒体仔细阅读年度报告全文。 所有董事均已出席了审议本报告的董事会会议。 致同会计师事务所（特殊普通合伙）对本年度公司财务报告的审计意见为：标准的无保留意见。 本报告期会计师事务所变更情况：公司本年度会计师事务所未发生变更，为致同会计师事务所（特殊普 通合伙）。 非标准审计意见提示 □适用 √不适用 公司上市时未盈利且目前未实现盈利 □适用 √不适用 董事会审议的报告期利润分配预案或公积金转增股本预案 √适用 □不适用 公司经本次董事会审议通过的利润分配预案为：以实施权益分派股权登记日登记的总股本扣除公司回购 专用证券账户中的回购股份为基数，按分配比例不变的原则，向全体股东实施每10股派发现金红利5.00 元(含税)，送红股0股(含税)，不以公积金转增股本。 董事会决议通过的本报告期优先股利润分配预案 □适用 √不适用 二、公司基本情况 （一）公司简介 ■ （二）报告期主要业务或产品简介 1、公司主要业务及主要产品情况 ...

Core Viewpoint - Tengyuan Cobalt Industry plans to expand its copper and cobalt production capacity overseas to ensure raw material supply for domestic cobalt smelting enterprises, with a new wet smelting plant project in the Democratic Republic of Congo (DRC) [1] Group 1: Company Expansion Plans - Tengyuan Cobalt Industry intends to build a wet smelting plant in DRC with an annual production capacity of 30,000 tons of copper and 2,000 tons of cobalt [1] - The company expects to produce approximately 20,000 tons of cobalt and 54,500 tons of copper in 2024, indicating significant capacity expansion [1] - The project will be funded through a joint venture with Kenvista, and the total investment for the project is estimated at 980 million yuan, with a construction period of 18 months [1] Group 2: Market Outlook - Global cobalt consumption is projected to reach 200,200 tons in 2024, a year-on-year increase of 7.15%, with continued growth expected in 2025 [2] - The global refined copper market is anticipated to face a supply shortage of 553,900 tons in 2024, with tight copper supply likely to persist into 2025, supporting higher copper prices [2] Group 3: Strategic Positioning - Tengyuan Cobalt Industry aims to become a leading competitor in the new energy battery materials sector, focusing on securing resources and expanding its product offerings in cobalt, nickel, lithium, copper, and manganese [2] - The DRC holds over 70% of the world's cobalt reserves and production, making it a critical area for Tengyuan's resource strategy [2] Group 4: Partnership and Local Relations - The partnership with SAWA Group is significant due to its extensive experience and established relationships with the local government in DRC, which may facilitate smoother project execution [3] - SAWA Group has been operating in DRC for over 20 years, covering various sectors including mining, real estate, and international trade, enhancing its influence in the local mining market [3]