证券代码：301219 证券简称：腾远钴业 公告编号：2025-046 根据致同会计师事务所（特殊普通合伙）出具的验资报告，截止 2025 年 9 月 15 日，本次员工持股计划的认购资金已全部实缴到位，最终缴纳的认购资金 总额为 7,661,942.82 元，认缴股数为 421,449 股。股票来源为公司回购专用证 券账户的股份。 2025 年 10 月 28 日，公司收到中国证券登记结算有限责任公司出具的《过 户登记确认书》，确认公司回购专用证券账户所持有的 421,449 股公司股票已于 2025 年 10 月 28 日通过非交易过户形式过户至本次员工持股计划专用证券账户， 过户价格为 18.18 元/股。截至本公告日，公司 2024 年员工持股计划持有的公司 股份数量为 3,941,049 股，占公司总股本的 1.34%。公司本次员工持股计划预留 拟授予 431,540 股，由于存在部分员工放弃认购情形，本次预留部分实际授予股 数为 421,449 股，未超过本次员工持股计划预留部分可分配股份数的上限，资金 来源为员工合法薪酬、自筹资金以及法律法规允许的其他方式取得的资金。 根据《赣州腾远钴业新材料股 ...

Core Insights - The company reported a revenue of 5.752 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 17.65% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses reached 725 million yuan, up 19.18% year-on-year [1] - In Q3 alone, the company achieved a revenue of 2.219 billion yuan, a year-on-year increase of 31.60%, and a net profit of 271 million yuan, reflecting a growth of 45.42% [1] Group 1: Business Performance - The company has established a multi-layered security system to adapt to policy changes, with inventory at 3.399 billion yuan, an increase of 28.71% from the beginning of the year [1] - The company has elevated the recycling of secondary resources to a strategic level, increasing the proportion of recycled materials in total raw materials [1] - The company and its subsidiary have formed a synergistic business model, leveraging technological advantages to synthesize high-quality cobalt products from battery waste [1] Group 2: Copper Business - The copper segment provides stable profit support, with global copper prices remaining strong amid expectations of U.S. interest rate cuts [2] - The company plans to build a hydrometallurgical plant in the Democratic Republic of the Congo with an annual capacity of 30,000 tons of copper and 2,000 tons of cobalt, expected to be operational by Q4 2026 [2] - The copper smelting capacity will reach 90,000 tons, benefiting from local copper concentrate procurement models [2] Group 3: Financial Metrics - The company's contract liabilities surged by 2,431.20% to 86.1385 million yuan due to rising cobalt and copper prices [3] - The fixed asset return rate was recorded at 23.27%, and the overall gross profit margin was 25.01%, significantly higher than industry peers [3] - The controlling shareholder has committed not to reduce holdings within 12 months, indicating confidence in the company's long-term development [3]

Summary of Tengyuan Cobalt Industry Conference Call Company Overview - **Company**: Tengyuan Cobalt Industry - **Industry**: New Energy Battery Materials - **Main Products**: Cobalt and Copper - **Current Capacity**: 60,000 tons of copper in the Democratic Republic of Congo (DRC), with plans to expand to 90,000 tons. Cobalt production currently at 31,500 tons, with a target of 22,000 to 24,000 tons for the year 2025 [2][3][4]. Key Financial Performance - **Q3 2025 Revenue**: 2.22 billion yuan, a 32% year-over-year increase - **Net Profit**: 280 million yuan, a 48% year-over-year increase - **Total Revenue for First Three Quarters**: 5.75 billion yuan, an 18% increase year-over-year [3]. Production and Sales Insights - **Cobalt Products**: Cobalt chloride and cobalt tetraoxide account for over 60% of sales, driven by demand for lithium-ion batteries [2][10]. - **Copper Production**: Annual target set conservatively at 50,000 to 55,000 tons due to earlier disruptions from power shortages [4][12]. - **Inventory**: Approximately 3.4 billion yuan in inventory, with cobalt raw material stock among the top tier in the industry [4]. Profitability and Margins - **Cobalt Gross Margin**: Slight increase in Q3, while copper gross margin saw a slight decline due to rising raw material prices and transportation costs [9]. - **Expected Gross Margin**: Anticipated to be between 20% to 30%, potentially reaching 30% to 40% with inventory gains [4][12]. Supply Chain and Resource Management - **Raw Material Supply**: Actively negotiating with DRC government for cobalt quotas and ensuring stable raw material supply through multiple channels [4][14]. - **Recycling Initiatives**: Dominating the market with over 70% of high-cobalt scrap procurement, expected to account for 30% to 50% of total raw material needs by 2026 [4][14]. Future Growth and Expansion Plans - **Copper Capacity Expansion**: Plans to add 20,000 tons of copper capacity by the end of 2026, with an additional 10,000 tons in the first half of 2025 [18][16]. - **Market Outlook**: Anticipated copper prices may reach $10,000 per ton, boosting profit contributions significantly [4][16]. Strategic Insights - **Technological Edge**: All production processes are self-developed, with a fixed asset return rate of 23.27%, significantly above the industry average [6]. - **Supply Chain Advantages**: Strong relationships with downstream clients in various sectors, including new technologies like AI and drones [7][15]. Market and Pricing Outlook - **Price Predictions**: Short-term price expectations range from 28,000 to 35,000 yuan, with potential extreme fluctuations by the end of Q4 [24][27]. - **Industry Trends**: General consensus in the industry suggests a price peak around year-end, with companies likely to release inventory [23]. Conclusion Tengyuan Cobalt Industry is positioned strongly within the new energy battery materials sector, with robust financial performance, strategic growth plans, and a focus on sustainable resource management. The company is well-prepared to navigate market fluctuations and capitalize on emerging opportunities in the cobalt and copper markets.

Core Insights - The company reported a revenue of 2,219,425,314.62 yuan for the third quarter of 2025, representing a year-on-year growth of 31.60% [1] - The net profit attributable to shareholders of the listed company was 282,078,974.99 yuan, showing a year-on-year increase of 47.84% [1] Financial Performance - Revenue for Q3 2025: 2,219,425,314.62 yuan, up 31.60% year-on-year [1] - Net profit for Q3 2025: 282,078,974.99 yuan, up 47.84% year-on-year [1]

Group 1 - The core viewpoint of the article highlights the financial performance of Tengyuan Cobalt Industry (301219.SZ) in the third quarter, showing significant growth in revenue and net profit [1] Group 2 - The company reported a total operating revenue of 5.75 billion yuan for the first three quarters, representing a year-on-year increase of 17.65% [1] - The net profit attributable to shareholders of the listed company reached 751 million yuan, reflecting a year-on-year growth of 21.65% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 725 million yuan, which is a year-on-year increase of 19.18% [1]

Core Viewpoint - Tengyuan Cobalt's Q3 2025 revenue reached 2.219 billion yuan, marking a year-on-year increase of 31.60%, with net profit attributable to shareholders at 282 million yuan, up 47.84% [1] Financial Performance - For the first three quarters, the company achieved a revenue of 5.752 billion yuan, reflecting a year-on-year growth of 17.65% [1] - The net profit attributable to shareholders for the same period was 751 million yuan, representing a year-on-year increase of 21.65% [1] - Basic earnings per share for Q3 2025 were 0.96 yuan, while for the first three quarters, it was 2.55 yuan [1]

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]